Mobile time tracking was and is done with pen and paper in many companies. However, this method is both prone to error and unnecessarily time consuming. Thanks to digitization, we now have better solutions. Mobile time tracking apps enable companies to reduce their error rate and minimize their use of resources. However, implementing these tools leads to new challenges.
The FLSA has come up with some guidelines to make sure that employees are compensated for their extra working hours. As well as federal laws, certain states have their own rules which must be adhered to. Employers who do not follow these rules can be taken to court and may face jail time.
Accounts payable accounting is the part of financial accounting of a company that deals with vendors and is therefore the counterpart to accounts receivable accounting, which handles customers and money owed to the company. The invoices that vendors issue to a company go to the company’s accounts payable department. There the invoices are checked, prepared for payment at the right time and posted....
Coworking came about due to the ever-changing modern working world. In many professions, you don’t necessarily have to work at a specific location. Coworking spaces are an alternative to the classic office, but are also different to your own four walls or the café around the corner. What exactly is coworking?
There’s a sale in the store. Large queues at the counter. Hardly any staff to be found. Apparently, there was a misunderstanding about the work schedule: two employees didn’t show up because they had lost theirs. The solution? Go digital. With Excel, you can easily create a work schedule and send it as a PDF file to your employees’ smartphones. But how does this work?
Crowdfunding sites allow artists and start-ups to collect donations for their projects. Instead of relying on large investors, you place your trust in a donations-based financing concept, which operates on small donations by lots of individuals. In return, you reward your backers with updates about your developing project, as well as sending them a small thank you gift in return – although this is...
In an age where everyone is striving for efficiency, good communication and collaboration lie at the heart of any successful business. Given the huge range of options, it is often difficult to decide on which method or application to turn to in order to boost productivity and efficiency. In this article, we look at how a new approach on a well-established system can help improve internal...
What does the future look like for your product and services? The BCG matrix is a simple tool that helps you make your decision: should you invest in a business unit or not? We explain the individual zones of the portfolio matrix and use an example to illustrate how to set up the BCG matrix.
Is your business strategy working out? The balanced scorecard by Kaplan and Norton can help you answer this question. It enables a comprehensive analysis of the company from various perspectives; it also provides useful key indicators on where there may be shortcomings in the company. Identify the success factors at all levels of your company to ensure long-term success.
Your company should grow, that much is clear. But how? And in which direction? The mathematician and economist Igor Ansoff already dealt with these questions in the 1950s and as a result developed the Ansoff Matrix, which is aptly named after him. We explain to you how the individual Ansoff strategies work – by using a simple example.