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Business Intelligence, How It Can Help You

If there’s one thing that businesses are interested in, it’s making sure that their business is successful. The success of a business can be measured in many different ways but in most cases, it is going to be the bottom line that makes a difference. In order to improve the bottom line, many different things can take place but in most cases, it’s a matter of increasing productivity and automating anything that can possibly be automated, provided it does not harm the end product. Unfortunately, this is not something that is possible in every business and with every aspect of the business but there are some surprisingly unknown things that can be done which will help to automate your business considerably.

Let’s face it, we live in a different world than what was available just a few short decades ago. Much of our businesses are now run by software and although it may seem like this is beneficial, there are many times when it can actually be counterproductive. That is why it is so important that you consider the quality of the software products that you are using and how easily they are able to fit in with your existing business. For example, if your business uses software by SAP AG, you may be able to use SAP BW in order to improve the efficiency of the software. Of course, this is only one example but it is one that is frequently used with success.

You also need to think about many of the smaller things that are done on a daily basis in your business. This would include accounting and much of the paperwork that keeps our business going. Even when these things are done electronically, it can still be very time consuming and there is always room for error which can cost us additional time and money. By going with a business process management company, they can help to make sure that all of these items go off successfully. By getting personal attention to such items as accounts receivable, accounts payable, sales orders management and other processes, you will see that you’re on staff needs are reduced considerably and it helps to streamline your entire business.

Another benefit that you will see when you take advantage of this type of service is that it will reduce your costs. This is not only something that happens temporary but because of the fact that many of these items are going to be taking place electronically, the cost reduction is going to be sustainable. Additionally, as we discussed before, your productivity is going to increase because electronic items are going to take much less time for you to review and the information is always going to be at your fingertips when you need it.

The more you take advantage of this type of service, the more you will find that it is benefiting your business and your bottom line. By taking advantage of it today, you can begin seeing differences very quickly.

The LLC Is the Best Business Structure for Small Businesses

The limited liability corporation (LLC) is the best business structure, for small businesses because it allows them to behave like a corporation when dealing with the public, but like an individual when dealing with the Internal Revenue Service (IRS). The corporate structure of the LLC provides the very important legal protection from claims against the owner’s personal assets, while the tax laws allow the LLC to choose a tax classification that is suitable for the business. To choose a classification, the LLC must file form 8832 with the (IRS) within 2 and a half months after registration.

In dealing with The IRS the LLC has choices about how to be classified for tax purposes. A single member LLC can choose to be classified as a sole proprietorship or a corporation. Classification as a sole proprietorship allows the business owner to report business transactions with the individual return on schedule C, avoiding the cost of preparing a separate business return. A multi-member LLC can choose to be classified as a partnership or a corporation.

The LLC provides an added level of flexibility in that the business can change its tax classification to suit the needs of the business and the owners. For example a single member LLC may choose the classification of sole proprietorship initially, when profits are small and there is no advantage to be classified as a corporation, but change its classification to a corporation at a later date when profits are larger, and tax avoidance strategies are needed.

There are some rules members of LLCs need to be aware of. Once the LLC is registered, the business owner has two and a half months to file form 8832 to choose its tax classification. After the LLC files the initial form 8832 choosing its tax classification, it can change that classification every 5 years. If form 8832 is not filed, the IRS will determine the tax classification of the LLC. In the case of a single member LLC, it will be classified as sole proprietorship and in the case of a multi-member LLC it will be classified as a partnership.

The structure of the LLC is perfect for a small business as it provides the business with credibility and the owners with legal protection from day one, but allows the business the flexibility of changing its tax classification with the IRS therefore taking the best advantage of the tax code.