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When Should You Outsource SMSF Administration?

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When Should You Outsource SMSF Administration

The self-managed super fund or superannuation fund (SMSF) is a financial instrument that allows you to manage your own money, which you traditionally hand over to a professionally-managed funding manager. As a result, you get full control of your money and you can choose which investments to back.

While there are benefits, SMSF administration can be complex because of the structure and the rules that you need to follow, as well as government regulations you need to comply with. You may need help in delegating tasks and completing manual processes to make sure that your system is up to par with the industry standards.

Among the benefits of managing your own super include:

  1. You are responsible for your own money
  2. Wider investment choices, which include collectables, commercial or residential real estate, direct shares, and term deposits.
  3. Convert pension into an income stream or minimise the tax payments
  4. Use your super to pay for your life insurance
  5. Protect your assets from bankruptcy or property lawsuits

However, most of the tasks involved in managing the SMSF can be repetitive such as end of the year financials, the tax audit and returns, as well as reporting to government regulators. You will benefit from outsourcing some of these responsibilities to a third-party service provider instead.

Here are some ways to know that you need to outsource your SMSF administration:

  1. When the tasks take up most of your time — Smaller accounting firms might get overwhelmed with the enormity of the tasks involved, especially since they are typically understaffed. If all of your personnel are spending most of their time crossing the t’s and dotting the i’s, then it is high time you hire service professionals to unload your burden.
  2.  When you find it difficult to keep up with the regulations — Since it involves trillions of dollars in assets, the SMSF industry is heavily regulated. So, you can expect new rules and legislation that will be introduced to help improve the services and the health of the funds. When you outsource the SMSF administration to experts, you do not have to waste a lot of time updating your knowledge at the risk of facing a penalty.
  3. Easier access to information — Small practices tend to hunker down to do their numbers near the end of the fiscal year or the tax month. However, professional SMSF administrators will process and audit your transactions throughout the year. You can then ask them to pull out the figures that you deem necessary in the fulfilment of your duties.
  4. Spend more time on value-adding services — Instead of wasting your time on manual and repetitive tasks, outsourcing will free you up to focus more on thinking of ways on how to grow your funds. The industry is very competitive, which means you always have to think of innovative ways to add value to your menu of services.

Not many are aware of it, but SMSFs make up about a third of the total retirement fund assets in Australia. The segment used to be the domain of retail, corporate, and industry funds, until recent years. For instance, the superannuation system in Australia is estimated to be worth over $2.3 trillion. Hiring SMSF administrators will allow you to protect your assets and have more time to focus on your practice or investment prospects.

BUSINESS

Purchasing Commercial Property in Dubai

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Purchasing Commercial Property in Dubai

To make a smart investment decision, it is of paramount value that you remember how the property market of Dubai operates. This is very essential because the Dubai property market is still in its initial stages. Therefore, it is simply a surprise to know that the property market of Dubai operates from the US or United Kingdom market.

Getting Professional Help

If you are interested in buying a Commercial Property For Sale In Dubai, make assured that you take a few professional help 1st. Some of the real estate brokers have direct access to commercial properties from real estate developers. Real estate brokers will not simply take into account your requirements but also provide you advice throughout the purchasing process and assist you to deal with the legal aspects too.

Off-plan Properties

Real estate developers of Dubai have realized the reality that today, the real estate market is buzzing with high demand for commercial property. Because of this, recent months have seen several new off-plan best projects being released in the market. Plenty of businesses are seeing this new trend as the best opportunity to pay high rents that are being commanded in few portions of Dubai.

With the high growth rate in Dubai, lots of foreign business houses are involved in doing business here. The Dubai government has recognized that the need of the day is quality commercial space that is in huge demand by local as well as foreign companies. If the government is not capable to give that, the possibilities of achieving an even bigger growth rate get slim. It is worth mentioning in this regard that there is quite a bit of undersupply of office space for businesses in Dubai at the time. For more detail please visit retail space in Dubai.

Less Volatile Investment

The point to be noted here is that commercial property investment is usually much less volatile as compared to residential property investment. It has been mentioned that as a tenant you are required to stay on the premises for a longer time. Based on the lease agreement, you are limited to hold on to your investment.

Ready Occupancy

At this time, there are only little completed commercial developments finished in Dubai. If you are one of the best investors who want quick returns on your investment, then buying commercial property in Dubai is excellent for you. Because of the shortage of finished property in Dubai at present and a large number of new businesses also coming, there is the best opportunity that demand may outweigh supply.

To conclude it can be said that buying commercial property in Dubai is recommended and extremely profitable at this time. Not only it is profitable as an investment opportunity but also quite beneficial if you want to start a new business. However, before you purchase commercial property in Dubai, contact 1 or 2 reputed real estate brokers to get few insight into the property market of Dubai. Following this process will assure that you will not make any mistakes during the purchasing process.

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BUSINESS

Best 7 Providers for Digital Oilfield Related Services

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Best 7 Providers for Digital Oilfield Related Services

Market trends are changing and promoting day by day due to advanced technology and the latest needs. Digital oilfield services are one of them that track all the startups of ecosystems worldwide. They follow the setups at a global level and emerge with new themes and uniqueness.

There are about 789 outfield companies worldwide, but the best seven companies are under discussion!

1.     FutureOn

FutureOn is one of the best companies that provide digital oilfield services. This company has teams spread worldwide to observe and visualize all the oil reservoirs by field ideas management to increase their investments and promote their market values. It uses visualization software and incompatible designs to optimize its project, mainly its field designs. So, decreasing your carbon footprint provides you with the best data for making good decisions. FutureOn analyzes projects keenly to help you make the right resolutions fast and gives you quick field designs.  

2.     Nabors

Nabors operates the land-based inculcating supply and coastal drilling rigs. It offers the services of pressure, offshore and directional drilling. Various types of equipment are provided as tools for down holes and wrenches with mechanized floor systems. In addition, different types of software are available for data analytics, drilling, and fuel management.

3.     RigNet

RigNet provides the solutions for the remote communications of the gas and oil company. It offers remote transmission of oil industries, telecoms system management, and synergetic applications to the gas and oil industry. The best thing about it is to give services of both onshore and offshore drilling supplies.

4.     Drillinginfo

Drillinginfo is the provider of data analytics for the oil and gas industry. It mentions a variety of suite solutions, and companies avail it according to their need. The company gives details of data quality, details of geophysical aspects, quality of the reservoir, layers of Earth and its map, and all the historical energy records.

5.     Rovco

Rovco provides remotely operated vehicles and other services for the investigation of the ships. Powerful vehicles that are remotely used are considered under this provider. A strong survey and inspection class is there as a main of Rovco. It offers the joy of HD, 4K camera, blue view, and even SONAR system.

6.     Maana

Maana is considered as the platform for graphic details and analytics for the applications of multi-companies. This program analyses, orients, manages, arranges, classifies, interconnects, and correlates the data to plot and optimize the performance. Moreover, the basic program helps separate the data from the information means distinguishing the valuable data from the whole.  

7.     Silixa

Silixa is the program that provides solutions that are controlled by fibre optics. In addition, this program uses acoustics and thermo-sensitive technologies. Its main offices are situated in the US and UK, and it manages all the installations, re-entry, and observations related to all the gas and oil pipelines.

Verdict

In the grooming world, the latest technologies are the basic requirement. Digital oilfield service is one of them that sketch all the oil and gas reservoirs present worldwide in each ecosystem. Oilfield teams are there scattered in every area to optimize and visualize the points by strong digital connections to give a graph/map full of knowledge and provides field designs to make your decision strong. Undoubtedly, all the given companies are good, but if you are looking for the best one, choose FutureOn.

For more detail please visit All You Need to Know About Digital Oilfield – FutureOn.

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BUSINESS

How to Encourage Your Employees to Think Strategically

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How to Encourage Your Employees to Think Strategically

Employers are having a hard time finding talented employees right now. Despite millions of open jobs following the COVID-19 pandemic, many employees are reluctant to return to work.

As an employer, that means now might be the time to rethink how you’re doing things.

You need your employees to be as productive and loyal as possible as you navigate an unusual labor market.

You want them to be strategic thinkers and problem-solvers.

When your employees think strategically, they’re going to be more innovative, and they’re always learning and working to improve themselves, which translates to better job performance. They can make empowered, data-driven decisions, and they take calculated risks that are more likely to benefit your entire company. Strategic thinkers are also more inclined to take constructive feedback and integrate it into the work they’re doing.

With that in mind, the following are ways you can help current and future employees be more strategic thinkers for the benefit of your business.

Automate Where You Can

If you were to automate, for example, your accounts payable department with a software solution, this is going to not only reduce things like human error but it’s going to give your employees the freedom to think more about problem-solving solutions.

When your employees are too bogged down with repetitive tasks that aren’t high value but are necessary, then they’re always doing the mundane. That’s preventing them from thinking on a higher level.

Many employers worry their employees will be resistant to automation, but that’s not the reality at all.

Your employees can do more with less and improve their productivity.

Do an audit of some of the most repetitive processes that could initially be most benefited by automation and start there.

Cultivate an Ownership Mentality

There are a lot of specific ways that you can get your employees to think like owners. First and foremost, give them authority and empower them to make decisions. Autonomy and decision-making power are so essential to create a mentality of ownership among all of your employees.

Put them in charge of something. Even something small that an employee gets to take ownership over will help them think like an owner in other areas.

You can also help employees take on thinking that’s more in line with being an owner by rewarding them financially. For example, when your employees, either individually or as a team, can succeed and help promote company growth, maybe you reward them with a cash bonus or some type of profit-sharing agreement.

Even if you can’t financially always reward your employees, recognition is another way to reward them that will help with that ownership mentality.

Let Employees Do Things Their Way

We touched on this a bit above, but there’s so much value in letting your employees decide on their own way to do certain things. It’s empowering for them, and they’re forced to be strategic as far as how they choose to approach tasks or projects.

If you have workflows that are too rigid or you micromanage too much, then your employees don’t feel like they have the opportunity to be strategic, and this is what guides your company culture.

You want your employees to be proactive in addressing things in the workplace, and again, letting them decide on the best path forward, as long as they meet whatever the outcome is can help with this.

Along the same lines you do need to be very specific in what outcomes you expect if you’re going to let employees decide on their own way to get there.

As you let employees make decisions, they don’t have other people to rely on to help them along the way, which allows them to develop a sense of confidence, and as was addressed above will also help create that ownership mentality that’s so important for strategic thinking.

Give Them Time to Think

Sometimes your employees can be so busy or feel like their time is so overly scheduled during the workday that they don’t have time to dedicate to strategic thinking.

Set aside blocks of time where your employees have the freedom to think things through and identify solutions, whether that’s in a group or individual setting.

You might have a specific problem you’d like them to solve in the short or long term.

Offer Mentorships

Mentoring is great for employees and employers. When you partner your high-performing employees with a senior-level employee, then they can improve those so-called soft skills, including leadership and strategic thinking.

If your employees are currently working remotely some or all of the time, mentorships are especially important to keep everyone connected to your culture and make sure you don’t forget about development opportunities for remote workers.

When your employees are paired with a mentor they can see first-hand what broad thinking can look like.

Be Transparent and Share Information

If you want your employees to be able to see the big picture and think more broadly, they need all of the available information.

This is where you, as a company leader, are especially relevant. You want to be transparent and share as much information with your employees as you can.

This will help them look at things in a larger way. Maybe you’re sharing your company’s plan for the future, or you’re sharing new insights you’ve just gotten based on data.

Whatever it is, your employees can’t think strategically and make problem-solving decisions without all the relevant information.

While a lot of helping your employees be more strategic in their thinking relies on giving them freedom, there should also be boundaries.

Let your employees know when it is time to come for you to ask a question or have a conversation. Let your employees know how you prefer to be informed if there is a problem that they can’t solve.

Give your employees a framework for what to do when they need help, and create an environment where they aren’t afraid to approach you when necessary.

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