How to do bookkeeping in Malta minus complications


20 August 2018



Bookkeeping and accountancy are always seen as a complicated and tedious process. It does not have to be because you just do a book as long as your know-how. The major purpose of the book is recording financial of the organization. Learn the basics of doing books in Malta so that you eliminate perceived complications from this process.

Bookkeeping is the procedure of recording your financial transactions as a business in the year. It is among the necessary processes that your business cannot survive without. The bookkeeper is the one to do your books.

The importance of this book

Even though it is viewed as the routine task and does not directly contribute to the process of generating income for the business, it has to be among the priorities of the business for the following reasons.

The generated records from the book are good for getting you the finance you need for the business. This is usually the basic requirement from lenders before approving a loan for your business.

Also, your records will determine the financial obligations of your business to the taxman so as to provide the required deductions as reflected in the records. In case you are not able to give these documents and fail in fulfilling your obligation, you may end up facing huge penalties.

Your books have the ability to determine the steps you require to improve your business operations and how to take the business to another level. Minus accurate diagnosis of financial conditions, you will not have the ability to handle cash flow in the right way.

It is assumed that the most crucial individual in the organization is the accounting clerk or bookkeeper. Why is it that there is a lot of value for the bookkeeper or accountant? The underlying reason is that the business will not see progress when it does not have transaction records. For the financial institution or business entity to move forward, it requires an organization of financial records. This is crucial for having the ability to plot growth and to have the ability to design or contrive an action plan for growth.

Bookkeeping in Malta is, therefore, a process of recording financial transactions of a firm. The bookkeeper will keep track of transactions of the business or company and then prepare a report that can be consolidated into a daybook that consists of sales receipts, payments, purchases, receipts for the business entity or firm. After the consolidation of these reports, they will then be utilized by accountants to formulate an income statement plus a balance sheet. Due to its extreme volatile nature, the work of the bookkeeper is very crucial for the functions of the firm, and are the first to get pirated by other firms or in case there is a takeover from another company by competitor entities, it is the role of the bookkeeper that stays put.

Bookkeeping in Malta is not just the only crucial aspect to the business entity but is also very crucial for individuals. Most likely since the whole world is feeling its effects due to the financial crisis, bookkeepers, accountants, and accounts clerks are now increasing in their demand. Even companies specializing in information technology are cashing in on the requirement for the necessary bookkeeping packages by coming up with software solutions that will fit in the company type that is in need. There are also sites that are providing bookkeeping and accountancy services.

You can do your books in two methods; you can record your entries manually or automate your process by use of reliable bookkeeping software. Since most of the tasks are routine entries, many businesses choose to go for automated processes by use of reliable and preferred software. The programs enable you to experience simplified bookkeeping in Malta to get accurate results.

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Background Check

What Do Employers Look For In A Background Check?

Background checks have a significant impact on the job search process. These checks are used by employers to establish a secure and reliable work environment rather than to spy. It's not a spy; it's a shield. This piece delves further into the what, why, and how of these checks, elucidating their place in recruiting. Think of it as the employer's safety goggles, ensuring they hire people ready to learn. Here, the goal is to shed light on the procedure rather than to lower morale. Now, let's take a leisurely stroll through the realm of background checks, revealing the meticulous procedures that companies apply to cultivate a workplace based on dependability and trust. Legal Considerations Employers negotiate a legal minefield regarding background checks to guarantee a complete and equitable screening procedure. Complying with federal and state standards and comprehending the legal structure guiding background checks are crucial factors. Accès Identité, specializing in background checks, investigations, and pardon petitions, is a significant player in this scene. They have an exclusive license from the RCMP to transmit fingerprints, demonstrating their reputation for excellence. This Private Investigative Security Bureau-licensed organization upholds the highest standards of operation. It places a great value on confidentiality while catering to a wide range of consumers. Basic Personal Data Basic personal data is the next item on the list. They are verifying that you are who you claim to be. This is when your Social Security Number (SSN), which functions as your professional ID, comes into play. In addition, they verify your name, address, and contact method. Easy enough, huh? It resembles a handshake of trust. Nothing to hide; just checking to make sure everything lines up. So, don't worry when that background check shows up; it's just a pleasant conversation to ensure you and your information agree. Criminal History Reviewing a person's criminal background is the next item on the schedule. Companies try to find any prior convictions that could hurt the company's harmony. Felons and misdemeanors are examined carefully since the seriousness of the offense can affect the assessment procedure. Painting a clear image and comprehending a person's past context are key. Work Experience As one proceeds through the checklist, employment history comes in first. Employers go above and beyond simply confirming the information on a well-formatted resume; they also take the time to confirm that a candidate's employment history and dates are accurate. The past talks loudly, and reaching out to former employers is like opening a time capsule—you can see performance reviews and references that have the power to influence the hiring decision. Educational Background The educational background is the next place this research voyage will stop. Companies work hard to verify that the academic honors proudly displayed on a resume are real. Was that degree truly earned by the candidate? Did they go to the schools they said they did? Seeking the facts to ensure the educational foundations are as strong as they appear. Credit Record Evaluating a person's credit history is an unexpected but crucial aspect of the background investigation. Employers use credit checks to determine financial responsibility outside money and cents. It is considered how this relates to the employment position, keeping in mind that financial reliability can be crucial in some professional settings. Social Media Screening Social media is becoming a digital stage for examination in the age of digital footprints. Companies search publicly accessible data for insights that cut through the formality. However, this isn't unrestricted; moral issues and legal constraints raise questions about the extent of this social media exploration. Professional Licensing Official endorsements are frequently necessary for professional excellence, and employers confirm the legitimacy of professional licenses pertinent to the position. It goes beyond a person's formal credentials to ensure they meet industry norms and the legal requirements for their line of work. Verification of References Like ghosts of the past, references tell a story written by people who have collaborated closely with the candidate. Employers contact these references to have comprehensive knowledge. However, here is where a nuanced dance between professionalism and secrecy occurs when character traits and work habits are revealed. Conclusion Employers set out on this complex path to make educated decisions rather than to act as detectives. In summary, they seek a balanced online presence on social media, legitimate professional recommendations, truthful character references, honesty in job and school claims, and an accurate criminal background. They are also looking for fiscal discipline in credit histories. A comprehensive and impartial evaluation procedure is more important than simple dissection in this complex inspection dance. Employers maneuver through this environment, knowing that every jigsaw piece adds to an individual's professional identity. Finding the ideal fit for an elaborate workplace mosaic is more important than looking for defects. So, it's more than just putting up a polished front when people go on their career search journey. It's about accepting honesty, appreciating the layers, and realizing there's a tale waiting to be revealed behind each application checkmark.  Read Also: Commonly Misunderstood Facts About The Employee Retention Tax Credit Only the Best for Your Business: Check These Hiring Strategies What Are the Ways to Prepare a New Employee?

who owns shopify

From Concept To Commerce: A Deep Dive Into The Ownership Of Shopify

The app developers placed special emphasis on creating a system that would motivate new sop-owners to open an online store for e-commerce. As a result, PHP programming knowledge is not necessary. One of the few systems that operates in a modular fashion is Shopify. The customer selects a pre-programmed layout and can add product images and content, as well as make additional changes. Shopify appeared to be gaining traction because of how simple it is to use, particularly for smaller enterprises. So, who owns Shopify? Let's find out. Who Owns Shopify? The headquarters of Shopify Inc., a multinational e-commerce company based in Canada, are in Ottawa, Ontario. The IT expert Tobias Lütke, who co-founded Shopify with Daniel Weinand and Scott Lake, is the company's founder. Their love of snowboarding led them to establish "Snowdevil," an online store, in 2004. But as a result, they realized that they couldn't advance rapidly because there wasn't a suitable software solution. The three of them decided to work together to construct their e-commerce platform. Other businesses wanted a piece of the new shop system because Snowdevils presented such a polished image. The three partners officially dubbed the e-commerce platform "Shopify" in 2006. When smartphones first started to gain popularity, Shopify wanted to be ahead of the curve and keep up with the latest innovations. In 2010, Shopify developed an application for the App Store in this manner. Shop owners can view insights and updates about their stores from this app. Shop owners can now check and prevent potential errors by having constant access to their shop. The owners of Shopify demonstrated to the world in 2010 that there are easy fixes available. There was a contest to see who could create the best online store and use Shopify most effectively. The Shopify Foundation offered the winners a mentoring program to help launch businesses. When it comes to answering the question of who owns Shopify, a whole new world opens up. The idea behind empowering shop owners to have an online shop with ease changed the world of business forever. Success Of Shopify Shopify's growth has been exponential over time. If you search on Google "who owns Shopify," you will find out how big the company is. This is how initiatives like Shopify Plus, which addressed big businesses for the first time, changed the game. As a result, there was heavy criticism of Shopify for the Shopify Payments. There will be additional costs if you do not use PayPal or Klarna payment options. However, it's crucial to keep in mind that Shopify provides excellent customer service. In 2019, the e-commerce platform was among the first to set up a live chat feature so that store owners could get free assistance and recommendations. Payments On Shopify You can use the built-in Shopify Payments feature or link your own payment processor to Shopify. Shopify charges a transaction fee for each online sale, which can range from 0.5% to 2% of the total charge if you use your own payment processor. If you use Shopify Payments, you are exempt from this fee. The flat-rate payment processing rates that Shopify Payments offers are based on your subscription plan. Using Shopify's retail store POS system and mobile POS app, in-person sales are also supported by Shopify Payments. You can use Shopify's integrated shipping label printing on any plan if you ship orders. With USPS, UPS, DHL, and other carriers, you'll get competitively low rates; additionally, your discounts get bigger with higher-tier plans. Every time you process an order and print a shipping label, shipping costs add up. When charges exceed a certain threshold based on your average shipping volume, your card will have to pay these expenses. On the other hand, there will be shipping costs for your monthly Shopify bill if you only ship a small number of orders each month. Pros Overall user-friendliness: Novices in rank can quickly deploy a stunning Shopify store, numerous sales channels, and order processing workflows in the morning, ready for sales by the afternoon. Competitive monthly fees: Entry-level plans have low monthly fees, while higher-tier plans have competitive rates. Safe technology: All technical details are taken care of by Shopify's fully managed platform. Smooth retail and mobile in-person sales: You can sell in person anywhere with fully integrated mobile and retail store point-of-sale features. Integrated product sourcing: Utilize Shopify's integrated dropship and wholesale networks to stock your store with little to no initial outlay of funds. Integrated email marketing: With just one click, you can increase sales with the help of automated email marketing and abandoned cart alerts. Limitless growth potential: Shopify hosts some of the largest brands on the internet and is equipped to handle both rapid and steady expansion. Cost: If money is tight, there are free or incredibly inexpensive alternatives to Shopify that you can use. Transaction fees: Every credit or debit card sale you make will result in a transaction fee if you choose not to use Shopify Payments. Cons The limitations of Shopify themes include their basic design, which makes it difficult to add advanced features and functionality without specialized coding. Reduced options for search engine optimization (SEO): When it comes to SEO, Shopify online stores are less advanced than WordPress platforms. Easy-to-use blog tools: In comparison to WordPress, Squarespace, and Wix, Shopify's blogging features are fairly limited. Other Costs The point-of-sale (POS) feature of Shopify facilitates in-person sales for mobile pop-up shops, services, market selling, and even multiple retail locations. Online sales, inventory, customer information, and business reporting are all seamlessly connected to POS-based sales. Every Shopify plan comes with free POS Lite, or for an additional monthly charge, you can add full retail checkout functionality: High-end Shopify Themes Although Shopify offers nine free store themes to its merchants, many sellers choose to use the premium themes that come with more customization options, specialty designs, and additional features. Over 100 premium themes are available in Shopify's theme store. Wrapping Up It's almost impossible to find an e-commerce platform that matches Shopify's level of simplicity and smooth integration with sales channels. Shopify's many selling opportunities and essential business management tools outweigh its few shortcomings. It includes basic SEO tools, limited store customization options, and simplistic blogging features. There is just no platform that compares to Shopify in terms of ease of use, sales volume, room for expansion, and cost for both new businesses and seasoned retailers. If you have thoughts to share or questions to ask about who owns Shopify, please leave a comment below. We would love to hear from you! Learn More About: Walmart 101: What Is Walmart Neighborhood Market? Magento vs. Shopify: Which Is Best For Your E-commerce Store? Operating Hours: What Time Does Walmart Customer Service Close And Open?


IT Quick Fixes for Your Business During the Crisis by Paul Belogour

The incipient economic crisis leaves most businesses without customers and profits. The economy is losing billions of dollars every day, and there is no saying when the crisis is resolved, and we can all go back to business as usual. If your company is struggling during the switch from offline to online operations, there is still time to implement quick fixes and keep the business afloat until the end of the economic slump. Today Paul Belogour, Boston Unisoft Technologies CEO, shares two proven ways IT vendors can help you outlast the crisis and make most of the new reality. Update Your Website to Withstand Increased Traffic With mandated social distancing protocols in place, your customers turn to websites and mobile apps for goods and services. According to Vox, US traffic has increased by 23% since the beginning of the year. New York has seen the biggest increase of 36%. The Internet traffic will continue to grow as more people are forced to stay indoors, and companies switch to remote operations. While this provides endless business opportunities, traffic growth can also spell trouble if your website is not ready to handle the additional load. You should act fast and audit the technology stack and hardware behind your online presence and get it ready for a boost in traffic. If you cannot afford an in-house IT department, outsource the audit and updates to a professional team, such as Paul Belogour and Boston Unisoft Technologies. Our experts will assess the current state of your website and offer solutions that can stabilize it in time for increased load. Professional developers will ensure your site stays online through the rush and prevent failures. Do not wait for your website to crash, contact our team today to ensure your business stays strong throughout the crisis. Automate Business Processes to Increase Efficiency Amazon and Walmart are opening over 250,000 new positions amid the worldwide crisis to handle the increased customer demand. Even international giants struggle under the growing number of orders and have to adjust quickly or risk losing business and profit. If your company is seeing an increase in demand, you can follow Amazon’s lead and hire new employees or increase efficiency through careful analysis and automation of business processes. You would be surprised how much faster and smoother your company can run with process organization and automation in place. Boston Unisoft Technologies can help you achieve increased efficiency quickly by implementing one or more of these solutions:  CRM updates or implementation. Small and medium business owners rarely see the need to incorporate customer relationship management solutions into their daily operations. However, those who do will win in times of crisis, as they can easily communicate with customers, engage them, run promotions, process orders, and increase profit. Boston Unisoft Technologies team specializes in developing intuitive CRM systems for businesses of any size and industry. With our experts on your side, you will prevent business losses and make most of the growing demand.  Order payment automation. If you are not ready to start a large-scale business operations overhaul, start with essentials, such as payment processing. Our software engineers can incorporate a secure and user-friendly payment system to ensure your customers can add items to a bag, pay for them, and receive order confirmation without engaging any of your employees. The automated order system will stave off the need to inflate your order processing staff.  Third-party software integration. Yet another way to improve operational efficiency is by making most of the ready-made solutions available for your business. Boston Unisoft Technologies team has been working on integration and synchronization projects for years, and we can make your business run like a clock despite increased load and employee shortage. Trust Paul Belogour: UAE, US, UK, EU – wherever your business is based, you can turn this crisis from a death sentence into a growth opportunity for your company. Contact Boston Unisoft Technologies business analysts for more information on efficient, quick fixes during the crisis. Read Also: 6 Tips for Effective Crisis Management 6 Benefits of Working with a Managed IT Support Company