Category Archives: Legal

Keep a Positive Attitude To Become Good Leader

As much as leaders wish their team’s day-to-day operations could run smoothly all the time, they’re bound to run into the occasional obstacle. Whether it’s a minor miscommunication or a major error, the way you handle a negative situation says a lot about your leadership skills. Robert Mann, author of The Measure of a Leader (iUniverse, 2013), recommended focusing on the good in any set of circumstances. “Look at three positive things about a problem before you identify what makes it dissatisfying. The more you look at the positives in a problem, the more positively people react with one another.”

In his research, Mann has found that after individuals point out things they’re happy with in a problematic situation, they don’t feel so strongly about the problem and are better able to think clearly and solve it. The same is true when a leader needs to improve their strategy. If you or a team member notices a particular course of action you’ve taken that just isn’t working, figure out some things you’ve done in the past that have worked.

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Patoliya added that focusing on solutions, rather than problems, can help your team maintain positive engagement. “A positive environment is more likely to create a more engaged and productive workforce. By displaying enthusiasm and confidence, a good leader will see the impact that they can have in their working environment.”

An effective leader knows how to show others what is required, rather than simply telling them. Luke Iorio, president and CEO of the Institute for Professional Excellence in Coaching (iPEC), said leaders should coach their team members toward a more collaborative, committed work environment – without coaxing them.

Learn More About Shipping Schedule, Shipping Volume, and Guarantee

Consistency is one of the keys to customer retention. People support your business because of the quality and reliability of your products and services, and ensuring their satisfaction requires a lot of preparation behind the scenes. The frequently with which you ship items is a part of that preparation, as it keeps your operations flowing smoothly.

Determine how much inventory you need to ship and how frequently you need to do so. If you are working with a third-party shipper, ask about the shipping schedules to ensure they will meet your needs.

Your business might be seasonal, which may change the preparation and frequency of your shipments. Regardless, be on top of all of the factors that will affect your shipping schedules.

Shipping Volume – As a small business, you do not want to take on more inventory than you can handle. To avoid issues that will disrupt your business operations and incur unnecessary costs, keep your shipping volume in mind.

There are two ways to think about shipping volume: the size of your product and the number of products you receive or send out in a shipment. Make sure you have enough space for your inventory.

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Consider using a third-party option, like drop shipping. Perhaps your business can hold a limited number of smaller items, so you could use a drop-shipping service for your larger products to help you save space.

Guarantee – Few things provide more peace of mind to your customers than a guaranteed receive-by date. Hitting these marks shows consistency and care for your customers’ business.

Mistakes and challenges are bound to happen, which is why having a guarantee on your shipping can assure your customers that they will be taken care of if problems do occur. Ensure good customer service – for example, by reaching out to the customer directly and providing some form of compensation.

In addition to guaranteeing the time of arrival, make sure your product is labeled properly and packaged securely so no damage occurs during shipping.

If you are looking to work with a third-party vendor, find out the vendor’s rate of incidents, and make sure you understand the insurance policies. Customers usually remember how you handle a shipping mistake more than the mistake itself.

All About State Overtime Laws At Business

In addition to federal laws, employers should be aware of how state laws affect their policies daftar judi slot. The federal overtime protection rules are just a minimum, and some states go above and beyond them. It’s as critical to acquaint yourself with state law as with federal law, and failure to do so could result in penalties at the state level even if you’re compliant with federal law bandar judi slot.

The following states have overtime laws that supersede the FLSA:

Alaska: Nevada
California: New York
Colorado: Pennsylvania
Kansas: Vermont
Maryland (only in certain industries): Washington
Michigan: West Virginia
Minnesota

In all other states, employers must follow the FLSA.

Federal overtime law changes
Federal overtime laws have changed in a few ways since 2016.

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The Obama administration
Further complicating the overtime picture is a series of proposed rule changes that were raised, scrapped and then raised again. In 2016, the rules governing overtime protections seemed like they were about to change, but the rule change was scrapped at the eleventh hour.

In 2016, the Obama administration’s DOL appeared ready to change the rules for employee exemptions. These changes would have tightened the definitions of each classification and raised the pay threshold to $913 per week, or a salary of $47,476. That change was expected to extend overtime protections to 4.2 million additional workers compared with the current regulations. Many businesses adjusted their policies in preparation for the change, which included shifting salaried employees to an hourly wage, but the rule change was ultimately scrapped after the Trump administration took office.

The Trump administration
In 2019, the Trump administration proposed an overtime rule change that would have set the income cutoff at $679 per week starting in 2020. This rule would have extended overtime protections to about 1 million more workers, leaving the status of workers making more than $679 per week unchanged.

However, one report found that this rule would exclude 8 million employees from overtime pay whom the Obama-era rules would have included. The proposed rule change would not extend to first responders, nurses or construction workers either.

Ultimately, the Trump administration’s proposed changes were implemented with slightly different numbers. In September 2019, the DOL formally raised the maximum salary at which all workers must receive overtime to $684 per week ($35,568 per year) from its prior $455 a week. This change went into effect in 2020 and purportedly did, as expected, make 1 million more employees eligible for overtime pay.

How Does LegalTech Help the Legal Industry with Contract Management

Contracts are essential to ensure legal obligations are met by both parties (primarily businesses) with their mutual consent, which in turn maintains a healthy commercial relationship. It is therefore vital to keep contract-relevant papers secure and organized because failing to meet obligations can lead to costly fines in the long run. This reflects the difficulty level of a lawyer’s fundamental job responsibilities.

Most businesses rely on lawyers and law firms for contract management services to prevent contract-related issues, such as a contract breach. However, companies lose 9.2% of their annual revenue due to poor management of contracts, according to the International Association for Contract & Commercial Management. Here, lawyers and other legal professionals can embrace LegalTech to enhance contract management efficiency, helping their clients prevent this hefty damage.

HOW IS THE LEGAL INDUSTRY BENEFITING?
There are plenty of artificial intelligence (AI) tools on the LegalTech market that legal professionals can use to simplify various tasks. For example:

Clause identification & extraction – legal software can identify and extract specific clauses more precisely.
Contract review – this job has become easier with contract review tools and can be done in less time.
Contract management – software can be used to analyze a contract against a standard.
However, there are many firms that have not adopted new technology simply because of the lack of time and resources required to make the shift successful. Lawyers must realize the potentials of AI that can genuinely improve contract management. Instead of relying on traditional methods of drafting, consolidating, storing, and tracking contracts that consume a lot of time, legal practitioners can get better control with the help of AI tools by automating routine tasks and centralizing contract management.

Let’s now get into details of how legal technology benefits the industry.

CONTRACT DRAFTING
For contract drafting, AI-powered software allows lawyers to use several standardized contract templates, ensuring the usage of the latest and most accurate language. Also, there are tools that are integrated with both AI and Machine Learning (ML) technologies that lawyers can use for language assessment, especially while adding new contracts to the system and screening existing contracts for confidential data.

CONTACT REVIEW
Lawyers know how demanding the task of contract review can become. Considering the need for highly secured systems for contracts, many legal professionals are adopting new technologies to minimize their workload. Otherwise, since a contract is comprised of various important documents, many law firms depend upon an outside counsel or external, specialized document review services.

The latest LegalTech tools can automate the entire contract review process:

Reading contacts
Identifying key information
Presenting the information in a certain way so that it can be easily read and understood
Moreover, many law firms are experiencing the benefits of such software, which makes the review process a lot easier – it can even be automatically carried out within a few minutes.

CONTRACT MANAGEMENT
Many lawyers and law firms consider contract management an intricate and labor-intensive task that requires them to track terms, conditions, obligations, and deadlines for each contract they manage. However, with new technologies, lawyers can upload contracts to a central location where AI software adds tags to each document automatically according to a predetermined set of criteria (for example, contract’s starting and end date, parties involved, type of contract, etc.). This enables users to view a snapshot of ongoing workflows and upcoming events, which means monitoring important dates and deadlines becomes easier that used to be one of the most challenging jobs related to contract management.

Know More About PR Crisis

A PR crisis can be challenging to navigate, but these six steps can help your brand recover. A PR crisis occurs when negative events or reviews thre ditoraten to impact your brand reputation slot online. Bad PR is likely at some point, but how your company responds can determine how detrimental the impact becomes.

These six tips can help you navigate a PR crisis, limit the damage to your brand and emerge the other side unscathed. This article is for small business owners interested in strengthening and protecting their brand reputation. Public relations is a concept every small business has to deal with at some point. From online reviews to general customer satisfaction, if you run a business that has to deal with the public, you’re in the public relations business.

Part of public relations is effectively dealing with negative news and events related to your business. Accidents happen. Problems pop up. Your business can never be fully safe from potential negative events that could impact your relationship with your customers. What’s important, however, is understanding how to handle these problems when they occur, so you can mitigate damage and ensure your business weathers the PR storm.

 

Why is it Difficult for Small Businesses to Get Loans From Banks?

Capital is difficult for small businesses to access for several reasons. It’s not that banks are against lending to small businesses – they want to – but traditional financial institutions have an outdated Situs Nonton Movie Sub Indo, labor-intensive lending process and regulations that are unfavorable to local shops and small organizations. The difficulty of accessing capital is exacerbated because many small businesses applying for loans are new, and banks typically want to see at least a five-year profile of a healthy business (for instance, five years of tax data) before extending an offer.

Alternative financing is any method through which business owners can acquire capital without the assistance of traditional banks. Generally, if a funding option is based entirely online, it is an alternative financing method. By this definition, options such as crowdfunding, online loan providers and cryptocurrency qualify as alternative financing.

Why might small businesses seek alternative financing?
There are several reasons why small business owners such as yourself might turn to business loan alternatives. Here are three of the most common:

Lower credit requirements. Traditional banks are almost certain to decline loans to borrowers with credit scores below a certain threshold that, though different for each loan provider, is often between 600 and 650. Easier qualification. Not all small business owners meet the additional requirements to apply and be approved for traditional loans. In these cases, business loan alternatives are helpful. Faster approval. Traditional bank loans can take weeks to be approved, whereas some business loan alternatives give you access to funding in as little as one week.

Difference Between Cash & Accrual Accounting Method

Small business owners are often confused about the difference between judi online cash and accrual basis accounting. This might sound like something that an accountant should show but this information is useful for business owner as well. In this article, we’ve explained how each of these accounting methods work. Find out more which accounting method is best for your business.                 

Introduction to Cash method

Cash method is an accounting system that identifies income (or revenue) only when payment is accepted and expenses only when payment is done. The cash method is straight forward in sense that the business’s books are maintained on the basis of the real flow of cash in and out of the business. In this case, income is logged as soon as it is received, and expenses are reported when they are truly paid.

The cash method is implemented by several sole proprietors and trades with no inventory. The cash basis is generally practised by small companies and users because it is comparatively easier and less costly. Cash basis accounting does not follow with the rules of generally accepted accounting principles (GAAP) and it often leaves a time gap between recording the source of an action (purchase or sale) and its result (disbursement or receipt of money).

If in certain situation, a client pays you in advance, cash accounting method permits you to account for those funds on your income statement when they are accepted instead of waiting till you truly earn them. Cash method also offers a lot of inventive freedom to handle what you own in the bank to suit your own style of accounting and context at any time. This makes the accounting process easier for tracking internally.

Introduction to Accrual method

The accrual method of accounting is the theory of recording revenues when received and expenses as gained. Accrual method of accounting is the normal approach to recording and maintaining transactions for businesses.  This method logs revenues on the income statement when they are received even if the client will pay after period of 30 days. In the situation when the revenues are earned the business will credit a revenue account and will also debit the asset account Accounts Receivable. In this case, when the customer pays after 30 days passed when the revenues were earned, the company will debit cash and will also credit Accounts Receivable.

The accrual method of accounting is supported under both generally accepted accounting principles (known as GAAP) as well as international financial reporting standards (known as IFRS). These accounting frameworks offer sufficient guidance on how to account for revenue and expense transactions in the devoid of the cash receipts or expenses that would activate the recordation of a business under the cash base of accounting.

In terms of accounting, the accrual method and the related adjusting entries will outcome in a complete and precise reporting of a company’s properties, equity, liabilities, and remunerations during all accounting process.

Jeff Bezos announces first beneficiaries of Earth Fund

The world’s richest man, Jeff Bezos, the Founder, CEO and President of Amazon, has announced the first situs slot online beneficiaries of the Bezos Earth Fund.

The announcement of US$791 million, as part of Bezos‘ US$10 billion Bezos Earth Fund treasure chest, makes the 56-year-old the world’s biggest backer of climate activism. In one day, Bezos single-handedly boosted the total amount of climate-related philanthropic funding available in the US by around 11%, Quartz reported.

Bezos Earth Fund’s money is equivalent to more than 7% of his net worth. It is also 10 times as much as philanthropic foundations gave globally in 2018 to efforts to slow climate change.

“I’ve spent the past several months learning from a group of incredibly smart people who’ve made it their life’s work to fight climate change and its impact on communities around the world. I’m inspired by what they’re doing, and excited to help them scale. Today, I’m pleased to announce the first Bezos Earth Fund recipients —16 organisations working on innovative, ambitious and needle-moving solutions. This US$791 million in donations is just the beginning of my US$10 billion commitment to fund scientists, activists, NGOs and others. We can all protect Earth’s future by taking bold action now,” Bezos said on his Instagram page.

The organisations represented in the investments all have solid reputations for climate activism. The largest individual grants (US$100 million) go to top Washington DC environmental groups including the World Resources Institute, Environmental Defence Fund and Natural Resources Defence Council.

“This generous gift from the Bezos Earth Fund enables Natural Resources Defence Council to move even faster on achieving the climate solutions we need at the federal, state and local levels to protect people’s health, strengthen nature’s ability to help fight climate change and grow the clean energy sector and all the jobs that come with it,” Natural Resources Defence Council administrator Gina McCarthy said in a statement.

The full list of recipients of Bezos’ largesse is: The Climate and Clean Energy Equity Fund, ClimateWorks Foundation, Dream Corps Green For All, Eden Reforestation Projects, Energy Foundation, Environmental Defence Fund, The Hive Fund for Climate and Gender Justice, Natural Resources Defence Council, The Nature Conservancy, NDN Collective, Rocky Mountain Institute, Salk Institute for Biological Studies, The Solutions Project, Union of Concerned Scientists, World Resources Institute, and World Wildlife Fund.

The Bezos Earth Fund is Amazon’s answer to its own record on carbon emissions. Amazon has pledged to reach carbon neutrality by 2040. Its most recent sustainability report showed that its carbon footprint, for now, is rising quickly —up 15% in 2019 compared to 2018, when the company disclosed its emissions for the first time.

What Small Businesses Need to Know About IRS Form 1099

A 1099 form is a tax form that Agen togel businesses use to report certain types of non-employee compensation – such as payment for professional services, royalties, interest, and awards or prizes – paid to other businesses and to individuals who aren’t full-time employees of your company.

Businesses submit Form 1099 both to payees and directly to the IRS. However, the form only reports business-related compensation for intangibles like interest or services to other companies and people who are not your company’s W-2 employees. It is not used to report payments for purchases like inventory or office supplies.

Types of 1099
When most people think of 1099s, what comes to mind is Form 1099-MISC – the form used to report miscellaneous payments for freelance and other contracted services provided to companies that don’t employ the workers full time. But there are many types of 1099, each reporting different types of payment.

Here are five of the most common types of 1099:

1099-MISC: Businesses file this form for each individual they have paid during the year for miscellaneous services.
1099-INT: Financial institutions file this form to report the interest they paid account holders.
1099-DIV: Financial institutions file this form to report dividend payments and investment distributions.
1099-LTC: Insurance companies and government agencies file this form to report long-term care and accelerated death benefits paid out on life insurance policies.
1099-SA: Health insurance administrators file this form to report distributions from health savings accounts, Archer medical savings accounts or Medicare Advantage medical savings accounts.
The types of 1099s you complete (or receive, in the case of a payee) depend on the type of organization you have and the type of compensation you issue or receive throughout the year.

Social Network Entre Promoted as a LinkedIn Competitor

Freelancers and entrepreneurs searching for an alternative to LinkedIn should take a look at a new social network called Entre. It’s been designed to supply everything needed on idn poker online to kickstart your enterprise in one spot.

Small Business Trends contacted Michael Marra, the CEO/Founder at Entre, to find out how this product folds into The Future of Work.

“Entre is a social network for entrepreneurs, investors, freelancers, and anyone that is self-employed,” he writes. “Our mobile and web app makes it easier for entrepreneurs to network, start and grow their businesses online.”
Entre Social Network for Entrepreneurs
Like a lot of good products, it was born from personal experience. Marra explains.

“I started Entre from my own struggles finding like-minded people to connect with when I quit my job as a Civil Engineer. There wasn’t a place and easy way to get started as an entrepreneur.”

There’s a free mobile and web app. Marra stresses how Entre brings everything entrepreneurs need together under one roof. That’s a bonus, he says, that was hard to find.

“Entrepreneurship is completely fragmented,” he says. “Entrepreneurs are using 8-12 different platforms to network, start, and grow their businesses.”

This alternative to LinkedIn seeks to streamline the process for startups.

Get Feedback
“If they’re just starting out, they can ask questions, get feedback on an idea and find their co-founders,” Marra says. “Entrepreneurs can also get the support they need from a community of like-minded people.”