Connect with us

Business

How the Lack of Financial Inclusion Can Be Detrimental to Your Business

mm

Published

on

Financial inclusion is the access of equally distributed financial services to individuals and businesses worldwide, no matter the level of their income and social status.

Although the World Bank has agreed about the fact that financial inclusion is an important key asset in diminishing poverty and enhancing prosperity in any country, we can still see that more than half of the world’s population have been deprived of their availability to financial services. In fact, according to The Startup, it is has stated that about less than 15% of citizens in many countries in Africa and Asia are the only people who own a bank account.

Some of the most common needs that have to be met for the population who require financial assistance include transacting, saving, insurance, making and getting payments, and credit on time. Once these resources are available to target individuals or businesses, they will be able to meet their financial goals.

The Affects From Lack of Financial Inclusion

Developing and underdeveloped countries consist of the largest population of people who are operating within an informal economy. Thus, there have been significant negative effects on their lives and the economy.

One of the most common struggles that these poor populations have to deal with is the lack of reliable means of making and receiving their daily payments- leading towards an inability that disturbs their chances of gaining and making full potential of their mobility. Consequently, these countries are always forced to be dependent on external sources who can help them obtain financial services through most often unethical means.

Additionally, they are also deprived of credit, so most of the population in emerging countries tend to be working within the informal sector. One part of the population grows crops and maintains animals; the other serves as artisans who sell their crafts to the population. And the rest of the people simply sell basic necessities such as food to their local consumers. Even though they have the potential to make further progress in their small-scale business, lack of credit denies them the opportunity to make the most out of their business endeavors.

Consequently, all of these factors lead to them being unable to make any savings for themselves or their businesses. Being able to save up on money helps people improve their life or business conditions, such as buying more products to enhance business revenue.

However, we have been witnessing a change within developing countries such as Bangladesh due to the relentless efforts being made by Tanvir A Mishuk.

As a Bangladeshi Fintech entrepreneur, Tanvir A Mishuk believes that in order for Bangladesh to improve its economic condition, they would need to have access to a stable stream of financial services for their business or personal projects. Hence, after being a part of the fintech industry for many years, he started investing his time and efforts towards entrepreneurship. One of his many accomplishments includes serving as the founder and Managing Director of Nagad in 2017. His progress with Sigma Telecom Limited and Sigma Group has aided in radically changing the International Telecom Gateway (IGW) business has made it easier for people to communicate over the internet.

Furthermore, by integrating technology with finance, he was able to give them an opportunity to attain financial inclusion which has significantly improved the socioeconomic structure of Bangladesh.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Why Multi-Province Payroll Compliance Is the Hidden Challenge Canadian SMBs Face and How Folks Solves It

mm

Published

on

Photo courtesy of: Folks

Byline: Shem Albert

Running payroll in Canada can feel like crossing a country stitched from many different fabrics. Each province weaves its own pattern of tax rules, leave policies, and benefit requirements, creating a landscape where a single misstep can ripple through every paycheck. For small and mid-sized businesses, the challenge often remains hidden until growth pushes hiring beyond provincial borders or brings remote workers into the fold. What seems like a routine back-office task quickly becomes a test of accuracy, timing, and local knowledge. This is the gap that Folks set out to close, offering a way for employers to navigate Canada’s regulatory patchwork without slowing their momentum.

Provincial Rules Add Complexity

Canada’s payroll environment varies sharply by province. Federal rules set the foundation, but provincial tax rates, deductions, statutory leave entitlements, and benefit premiums add layers of complexity that employers must monitor carefully. Small and mid-sized businesses with staff across provinces or remote employees face different tax tables, reporting deadlines, and leave calculations that directly affect pay accuracy and remittance schedules.

Folks built its payroll module to address these differences. The platform calculates the correct provincial tax rates and deductions for each employee, applying updates automatically so employers avoid misapplied withholdings or late filings. Multi-location tax management allows a company with workers in Ontario, Quebec, or several other provinces to process payroll without creating separate accounts for each jurisdiction. Bilingual functionality in English and French and secure Canadian data hosting support compliance while keeping employee records accessible across language and regional boundaries.

Unified Records Improve Accuracy

Payroll errors often stem from mismatched employee data. Changes in pay rates, banking details, or benefits eligibility may not align between HR and finance systems, creating incorrect deductions or delayed payments. Smaller teams juggling separate platforms spend valuable hours reconciling information instead of focusing on strategic work.

Folks resolves these issues by combining HR and payroll in one platform. Updates to wages, hours, or tax information entered on the HR side flow directly into payroll without re-entry. This single, verified record strengthens the accuracy of every payroll run and ensures employees receive the correct pay and deductions. By removing the need for repetitive administrative work, HR staff can redirect their time to tasks that support growth and employee engagement.

Automation Keeps Provinces in Step

Each province sets its own requirements for holiday pay, pay frequency, and statutory benefits, making manual calculations both time-consuming and error-prone. Businesses that expand or hire remote employees must keep pace with shifting provincial regulations or risk penalties and audit issues.

Folks address these demands with automation designed for Canada’s regulatory landscape. Pay statements, deduction calculations, and custom pay schedules follow the applicable provincial rules without extra configuration. The system’s automated updates mean that a company hiring staff in British Columbia or Quebec can meet local payroll standards without adding new layers of setup or monitoring. Employers gain the ability to expand into new regions while maintaining accurate, on-time pay.

Reporting Strengthens Compliance

Changing tax rates and reporting requirements require ongoing attention from HR and finance teams. Companies that rely on disconnected systems risk missing a provincial update or submitting incorrect remittances, which can lead to fines and interest charges.

Folks provides detailed reporting tools that compile payroll, deductions, and benefits information across all locations. Employers can generate clear remittance and deduction summaries, simplifying the process of meeting provincial filing requirements. For organizations that want additional guidance, Folks also offers a payroll management service that brings in-house specialists to assist with configuration, compliance, and regular updates. These reporting features help companies stay audit-ready and avoid costly compliance gaps.

Scalable Payroll for Expanding Businesses

Many small businesses begin in a single province, where local tax and payroll demands can be learned over time. Growth into new provinces or the decision to hire remote staff adds a level of complexity that manual processes cannot handle efficiently. Errors multiply, compliance risks rise, and payroll teams spend more time correcting mistakes than supporting expansion plans.

Folks provides payroll that scales with company growth. Provincial tax logic, automated deductions, bilingual support, and secure Canadian data storage are built directly into the platform. By maintaining an accurate employee record and applying province-specific rules automatically, the system allows Canadian SMBs to expand with fewer administrative surprises and more predictable payroll operations. Companies gain the stability of compliant payroll across provinces while controlling the time and costs that typically accompany multi-jurisdiction growth.

Continue Reading

Trending