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Statistics shows that eight out of 10 new businesses fail within the first three yearsof operation because of an uncontrollable variable, which is labor cost. How could emerging businesses keep themselves from falling on the same ground?
According to the Department of Labor and Employment (DOLE), labor cost represents all costs incurred by the employer in the employment of labor.It covers remuneration for work performed, employer’s social security expenditures, welfare services and other miscellaneous items such as transport of workers, work clothes, bonuses, and gratuities.These expenses need to be controlled to meet optimum business results, according to Alma Luz Borja, President &CEO of Prople, Inc.
“The budget defines any company’s lifeline and eventually, its success. With that, there is a need to board the right people on the right job without shelling out huge chunks of the company’s budget,” Borja said.
Because of this, Prople Inc.—one of the world’s leading business solutions provider known for its excellent services in the areas of finance and accounting, human resource, tax and data management—offers the right manpower for the company to help them cut labor costs without compromising work efficiencies.
Prople, Inc. has an excellent team of CPAs, HR officers, auditors, project managers, business analysts and IT professionals who can help get the job done in time.
Each company’s Human Resources (HR) department can be revitalized with Prople’s services. These include better payroll, timekeeping, benefits management, andemployee records administration. Statutory compliance among employees will also tighten up.
“A good HR department is not just an internal asset–it’s a powerful weapon in the war to win external customers and ultimately increase profits,” Borja emphasized.
Aside from HR services, Prople also houses finance and accounting services which include custom-fit solutions in accounts payable, receivable, general accounting and strategic finance. By integrating Prople’s finance and accounting professionals into the organization, “You not only cut labor costs—you also reduce operating costs, improve forecasting of daily cash flow, reduce late-payment penalties and decrease turnaround time,” Borja said.
Prople also offers tax services including processing personal financial statements, tax returns preparation, and financial consulting.
Borja said, “Letting professionals prepare the taxes could actually cost a company less as it eases the burden, reduces errors, and gives professional tax advice. In turn, adverse consequences may be avoided.”
Furthermore, Prople alsohas data management services that include data capture, conversion, clean-up, organization, standardization, data mining and analysis, and health care management.
“As a solutions provider for companies that need expertise in these areas, we have committed to assess the business landscape of every organization we are working with to give them the right services,” Borja said.
Borja concluded, “Prople has been supporting companies to achieve their business goals for decades. We will continue to identify and scrutinize the issues faced by our Filipino businesses in order to power up growth towards achieving success. At Prople, we prove that processes and people go hand-in-hand; by doing so, companies can head towards a more successful future.”