As a firm, we should establish clear-cut payroll policies for employees, describing the top things to focus on in 2019. Although the new year started less than three months ago, the official financial year in the U.S. usually starts on October 1 and ends on September 30. Companies from any part of the world prepare balance sheets and income statements for one year. The start of this year varies from country to country, but universally, we refer to this year of planning and budgeting as a financial year. Since the financial year in the U.S. is ending in a few months, here are some things that companies can incorporate into the new financial year of 2019–2020. These tips can help you reach even greater success and profits.

top things to focus on in 2019 for your business

CYBERSECURITY

Cybersecurity is one of the most crucial aspects of an organization, if not the most crucial. But more often than not, companies do not take it seriously, and usually, they do not implement proper measures until the damage is done. For a successful organization, it is not enough to maintain productivity and high functionality alone. However, it is equally important to protect the resources of the organization from both internal and external sources. Most organizations do not see the value of having well-established protection for their online resources and data. They believe that having a password or having a firewall is enough. But, in recent times, with the increase in technology, cybercriminals have evolved. Before the management of a company can even predict it, these cybercriminals can steal important data and personal information, exploit messages, or leak confidential information about the organization. These can cost them millions of dollars. These real-time scenarios are very few of the many that might occur if there is continued ignorance about properly securing a company’s resources.

BOOKKEEPING

The next thing that an organization should focus on is bookkeeping. It is the recording or keeping track of financial transactions and is a part of accounting in business. Transactions can include various purchases, sales, receipts, and payments by a person or an organization. In 2019, bookkeeping is the main aspect that you need to focus on since the maintenance of these accounts and transactions can affect the cash flow of the company. Poor maintenance can cause an imbalance in the financial accounts and real-time cash flow of the organization, which can indirectly lead to losing clients. Proper maintenance can help keep track of the organization’s budgets and expenditures. Proper maintenance can shine a light on any unnecessary expenditure that the company can cut down on.

HUMAN RESOURCES

Just like bookkeeping and cybersecurity, the next aspect of the company that is very important and that needs a lot of attention is human resources. Human resources are the people who make up the workforce of an organization, business sector, or economy. Since the workforce of the organization is the biggest driving force and the most crucial deciding factor in the success or failure of a company, we must carefully choose it. Human resources is also the function in an organization that deals with people and issues related to people, such as benefits, recruiting and hiring of employees, performance management, training, and organization development and culture. The human resources aspect of a firm not only recruits and hires people, but it is also in charge of keeping the recruited employees satisfied and content with the work culture and the benefits that are being provided by the company. Hence, it is easy to say that they have one of the most important tasks to uphold in the entire organization.

POLICIES

Policies are a set of guidelines that are specific and are established by that individual or organization. A clear set of policies is important to set an organization apart from its competitors. Policies need to be established for different aspects of the work culture of the firm. This may include a sick leave policy, a salary policy, and a suspension policy. Policies give us a defined idea of what to do when a certain situation arises, and we should follow them without taking them lightly.

PAYROLL

A payroll policy describes the payroll process as it relates to the administration of salaries, timekeeping, payroll schedules, and payment methods. An organization with an established and well-followed payroll policy can assure employees of accurate and timely payment of salaries and wages. We should establish clear-cut payroll policies for employees. It will describe their respective outcomes under different situations, such as paid leave, maternity leave, and emergencies. Policies for taxes and other income cuts should be well defined beforehand and must be communicated to the employee. Policies for taxes and other income cuts

MARKETING

Since we are entering the financial year of 2019, the methods used to sell a product to the customer must also change with time. With technology, conventional methods cease to be relevant in this day and age. Therefore, with the help of technology, an organization can market its products in a better and more relevant manner. Various social media platforms that are available are a great way to start digital marketing without additional budget costs. Advertisements during movies, television, and other brand endorsements are another great way to promote a product, along with digital marketing.

OPERATIONAL BUSINESS PLAN

The organizational and operational plan of an organization describes how you will structure your company. It also directs how you will carry out everything that you present in your business plan. Without an execution strategy, the rest of your plan is meaningless. Having a proper operational plan is a sure shot for a successful and long-lasting tenure of an organization if you carry it out efficiently. It not only affects your lenders and investors but also an individual, the management, and the employees. Hence, the above points describe a few measures that you can implement. These make the most of the financial year 2019–2020. We wish you and your organization the best of luck.