Book Summary

This book will help you keep more of your money. As you start generating cash, you need to protect it and shelter it legally. Statistics show that 34 cents of every dollar goes toward interest and 30 cents of every dollar goes toward taxes. These are hefty premiums to pay for success. It does not have to be that way.

Why is this important to me? This book is a great resource if you have decided to go into business yourself. You need to understand that there are risks that are EASILY mitigated if you take the time and set things up properly. Taxes can cost you up to 50% of your money. As you all know, our government agencies are efficient machines and spend our money wisely - NOT! One thing the government is smart about is setting up incentives for businesses. They do this because businesses create value and jobs. The key here is moving from "Earn-tax-spend" to "earn-spend-tax". This subtle difference makes a huge difference over time.

Lawsuits are a nightmare. Wealthy people get a bad rap sometimes but it is the bottom feeders that really need to be punished. It takes years to build up a reputation and ANYBODY can file a lawsuit and destroy it even if they are lying. There are more lawyers in law school than there are lawyers. These people need to make money somehow and this is why we are the most litigious country in the world.

This book is packed with a ton of information. For the sake of time, I will highlight some of the things that have helped me in my business career. Diane has worked with Robert Kiyosaki in the past as a Rich Dad Advisor. You will see that this book falls under Team and legal areas of the BI triangle.

Type of Payment Processing

This article looks at the ways in which a company can pay their staff and the process it goes through.

The processing of payment within the workplace

When it comes to payment every company must abide as there is no setting stone method so the employees must be paid. The type of method used will differ from company to company making this very confusing for some employees. Nearly all of companies will use iris compatible forms which are explained in depth further in the depths of the article. There are some common principles that companies have to follow, but they all have their own ways of dealing with payment options.

Its down to the employer of which payment method they prefer but generally not always an option provided by most companies. Regarding the types of payment processes there are two options these include direct debit transfer or a standing order/direct deposit- but this can contrast with different employers. The preferred method for employers and employees is almost always via direct deposit nowadays, due to it being quick and easy, however some employees may prefer to receive a check as payment, although this is gradually being phased out, due to it being time consuming.
 

The process of the payment comes into play next. Again, the way each company does its payroll will vary, so an exact method to payment processes cannot be given, only a rough overview of how a basic system would work. The first step is to have some form of invoice/statement, which will include all hours worked and all other relevant information which will form your wage. The accounting department will check the invoice and if there are no mistakes the payment should be approved. Once it has been approved the payment will then be placed in some form of queue, to be processed on a set date.

When you get to the next stage the invoice payment will finally be sent out or given to the employer. An example of a payslip that may be given are iris compatible forms. The slip received will display several pieces of private information including name, date, department, total pay, taxable pay, hours worked and deductions. These are given out so that each employee can see exactly how much they have earned and where any deductions have been taken, what for and precisely how much.

If you're looking for the best payment method then you need iris compatible forms.

The author of the article loves writing and learning new things. Recently he has been focusing on payment processing and the stages it goes through until it gets into our bank accounts.