Nwa-entrepreneur

Business and Industry

Month: February 2019

5 Major Considerations When Using A Turret-Based Voice Recording Solution

5 Major Considerations When Using A Turret-Based Voice Recording Solution

Voice recording and voice trading systems have been an integral part of the financial and air traffic industries for many years. Even though 10-year-old turrets may look like outdated equipment to some 21st-century traders, they can still offer excellent performance and serve important purposes. 

5 Major Considerations When Using A Turret-Based Voice Recording Solution

But does your old voice recording solution cost too much? In order to minimize costs while getting the best ROI, you may want to consider the following points.

1. Repairs And Replacement

Each piece of voice recording equipment has a certain lifespan. Just like a used vehicle, it may start costing you more and more money over time. Meanwhile, some manufacturers may declare the equipment outdated, forcing you to get an expensive upgrade. 

According to the experts from Market Communications, you can cut costs on replacement or upgrades by finding third party end-of-life (EOL) services. Experienced EOL engineers can support your old system so you can save on the upgrade/replacement. 

2. Learning Curve

If you are spending too much time trying to teach new employees how to work with an old system, you are losing profit. If the learning curve is too high, your employees won’t be able to get as much work done as necessary.

In the modern world of staff being under pressure to get more work done, an additional learning curve can be problematic. Meanwhile, if the new employees you hire are used to working with newer systems, you may need to spend time and money re-educating them. This is often more frustrating than teaching something from scratch.

3. Problematic Communication

If your voice recording or trading system is becoming obsolete, you may be missing new opportunities and falling behind the competition. With the lack of due support, you may have to spend too much time keeping the equipment up to date and staying on par with the competitors.

In case you feel that maintaining the machinery is taking up more time than using it, your system may be costing you too much.  

4. New Technologies

Today, the trading turrets we are used to seeing on traders’ desks are gradually yielding to software-based trading systems often based in the cloud. The number of turrets is slowly decreasing.

With time, obsolete turrets will become a burden for companies while costing too much money. This hasn’t happened yet so it may make sense to keep using them as a cheaper alternative. However, it’s important to realize that they will need to be replaced at some point. 

5. Peace Of Mind

Working with old equipment may be cheaper and more convenient today. However, if the competition is making its way toward new technologies, it’s hard to maintain peace of mind. If your voice recording or trading solution is making you worry about the future too often, it’s costing you too much.

Turrets, as we know them, are likely to give way to high-tech solutions in the future. However, they are still here and can still be put to good use. Still, you must ask, are they … READ MORE ...

Want to know what Making Tax Digital is all about? An introduction to Making Tax Digital

Want to know what Making Tax Digital is all about? An introduction to Making Tax Digital

The HMRC has announced that from the 1st April 2018, all UK businesses will be required to submit all of their financial records in a digital format to the HMRC. It’s important to note that a recognised and approved accounting software will need to be used to submit the information.

The hopes and dreams of the Government are that the new “Making Tax Digital Initiative” will not only make it easier and quicker for individuals and businesses to submit accurate financial data, but it will also provide a more efficient streamlined process that should save businesses time.

Want to know what Making Tax Digital is all about? An introduction to Making Tax Digital

Do you know how the changes to Making Tax Digital will affect you?

If you are a business in the UK or overseas with an annual turnover that is over the VAT threshold, you will be required you will need to by law to submit all of your finances in a digital format to the HMRC. No businesses are exempt from the new regulations.

For a UK registered business the current VAT registration threshold for VAT is £85,000 and the new MTD For VAT rules have been devised to make it easier for taxpayers to get their tax right. All relevant VAT return data should also be linked so that it is easier for transactions to be traced from their original source.

The Government believe that by having a more efficient streamlined process will help in providing real-time filing for all individual transactions submitted to the HMRC and improve and optimise VAT completion.

Are you ready?

If you aren’t ready then now is the time to invest in appropriate Making Tax Digital Software, its essential that you do so if your company turns over more than £85,000 and is based in the UK, now is the perfect time to invest in  the new initiative which is coming into force on the 1st April.

At the same time, the Government has advised that all businesses should

take the time to ensure that all accounting records are up to date and MTD compliant.

VAT policies and practices should also be up to date and all individuals handling financial processes within your business should be aware of the Making Tax Digital Initiative. … READ MORE ...

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