Sunday, 5 May 2013

Tips to organize your company finances

Money matters in every business. If money is managed well, the business grows. On the other hand, if the management of financial resources is poor, business goes bankrupt. Managing the money, the inflow as well as outflow is time-consuming. Following simple tips on how to organize your company finances can save a lot of time and energy. By saving on time and energy, businessmen can focus well on other areas of strategic planning to grow the business.

Here are few of the tips that can be incorporated in organization of finance:

1.       Maintain clean filling system: Do not add junk in the files by saving even the unnecessary documents. Throw out the papers, envelops, bills that have served their purpose and are no longer required. A bunch of unnecessary bills delay important activities like auditing.

2.       Make separate billing files: Make separate files for purchase and sales transactions. Files can also be separated for different vendors. Within each file, arrange the bills in a proper order. Arranging bills as per the date on which they accrue is one of the most recommended process. It makes sure that bills are not misplaced. Date wise record keeping helps quick tally of the books of accounts and actual bill statements.

3.       Tally the bank balance: Make it a habit to tally the balance in the bank at the end of every month. The total debit and credit in the bank statement should match with the transactions done in the month. Mismatch with the business records, if any should be notified and clarified with bank authorities, without delay.

4.       Adapt technology: Start using technology like online banking to save the time and resources. Online banking helps to save paper by cutting on activities like banking through cheques. Online banking is also accessible 24*7, making the instant money transfer possible from anywhere.

5.       Consolidation of accounts:  Multiple account of same nature (current/ saving) with same bank can be consolidated into one account. Do not even spread the money in different account that is needed for investments. Let the entire debit of money for investments from one account. Cancel the accounts which have not been used for a long time. Transfer the money from that account to the ones which are operated frequently.

6.       Choose Auto debit: Auto debit of money for pre-defined purpose like monthly/quarterly investments make the life easy. A reminder message facility for the debits can be asked from the banks. The most important tip to organize finance is not to delay in clearing the bills and making payments.  Always make payment on or before time. Clearing debts on time increases the credit ratings of the companies. 

Friday, 3 May 2013

Tips to hire the best people from the pool

Great organizations stand on the capabilities of employees. So the first tip to be successful for the companies is to find and hire the best people from the pool. Some of the tips that can help to recruit the talent are as follows:

1. Walk the talk: Newspaper and other print advertisements occupy just a little space in comparison to various other methods of talent-hunt that a company can follow. The fresh and untapped talent can be found on the campus of colleges and universities. Today’s youth are full of bright ideas that can be incorporated for the success of any company. They are self-motivated and go-getters. The human resource should focus on

Ø  Building relationships with the study centres (follow communication channels and prefer walk-in to the universities at times)
Ø  Attending the conferences conducted by the top-universities and colleges

Conferences and debates organised by the colleges provide a platform to the bright students to showcase their talent. It is also an opportunity for the companies to recognize their talent as well as their unconventional thought process and en-cash on it by recruiting such students.

2. Hire the trained employees: The first point as described above applies more on companies which have time and resources to train the fresh graduates. For rest of the companies, it is best to hire trained employees. The companies can find trained employees by:
Ø     Advertising the opening inside the organisation: Referral programs bring in more talented employees to the company. The existing employees are more in touch with people whom they consider best for certain profile. Referral programs act as an incentive to existing employees to refer their acquaintances for job in the company. Involving existing employees in recruitment process can win their trust too.

 3. Maintain record of employees who leave: Maintain the record of employees who leave the company for one or other reasons. Be updated on what they are associated with. These employees if talented can be recruited back by the company, if their records are properly maintained. Maintaining internal records help to save the cost to be incurred on other advertisement sources.

4. Create an atmosphere for growth and pay reasonable well: What attracts talented employees to certain companies is
      The atmosphere and opportunities conducive for growth
Ø       A reasonable pay for the job offer ( as per the market standards and competitors offer)

Cost of hiring is more than cost of retention. So the companies should focus not only on hiring the talent but also retaining the skilled employees.