SaaS Vs Managed Services

June 25, 2023| Victoria| 0 Comment| 12:00 am

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Your decision ultimately will depend on both your budget and company management goals. Companies needing basic software for specific functions should opt for SaaS while those requiring ongoing maintenance and expert knowledge should select managed services.

https://www.bestmanageditservices.co/what-is-the-difference-between-managed-services-and-saas

SaaS provides IT with a more manageable way of allocating costs and tracking usage than traditional software licensing; however, several concerns still exist.

Cost

Are You Utilizing Software as a Service (SaaS) Applications Regularly? Most businesses today rely on Software as a Service (SaaS) applications like Microsoft Office 365 and DocuSign for digital document signing to make work more efficient and get things done more easily. These tools make your job simpler so that tasks get done on time.

SaaS allows your employees to access software from any Internet-enabled location, making the platform more flexible and enabling greater team productivity while decreasing unnecessary tasks that distract employees.

SaaS does have its own set of drawbacks, however. For instance, it can be challenging to adapt and customize software specifically to meet the needs of your business. Furthermore, data portability may become an issue with SaaS applications; should a service provider go out of business your data could be lost forever. Also many vendors don't provide 24/7 support which may cause difficulties when meeting deadlines or paying invoices on time.

Flexibility

Most companies utilize software-as-a-service applications such as Microsoft Office 365 and DocuSign to streamline workflow, while they also rely on cloud-delivered apps for crucial business functions like customer relationship management (CRM) and enterprise resource planning (ERP). When outsourcing IT services, SaaS or Managed Services should both be considered; both have advantages and disadvantages that should be carefully considered before making your choice.

SaaS offers several pricing models, such as flat fee, usage-based and tiered. A flat fee model resembles traditional software licensing models in that Monthly charges apply; usage-based charges vary based on usage; while tiered packages allow multiple packages at different price points.

However, it is important to bear in mind that SaaS may not provide as much flexibility as managed service solutions. For instance, SaaS providers cannot offer hands-on IT support beyond rebooting computers and reinstalling software; therefore it may be preferable to opt for managed services instead.

Security

SaaS provides businesses with access to software facilities via cloud portals at an annual subscription fee per user. SaaS allows companies of all sizes, especially those needing flexible solutions for their business processes, to access software facilities from anywhere with Internet connectivity via user portals and pay only one subscription fee per user. It offers the added advantage of working from anywhere with access to an Internet connection versus licensed software which must only be accessed at one physical location. Its accessibility has made SaaS an increasingly popular option.

But SaaS can have its drawbacks. Data portability could become an issue should the provider become insolvent; additionally, software delivered over the cloud doesn't always integrate well with each other and this is why managed services may prove useful in certain instances.

Managed services extend the concept of software as a service (SaaS) by offering hands-on maintenance and expertise, helping companies identify opportunities for software integration to streamline operations while improving workflow. Furthermore, managed services may provide additional services that don't come through SaaS like hardware management.

Reliability

SaaS applications reside in scalable cloud environments and integrate seamlessly with other software services, saving companies both time and resources by updating automatically. However, these solutions may not meet all your business's requirements as they may be unable to accommodate specific dates for information updates or payouts, for instance.

Managed services can be tailored to meet the specific requirements of each business. In addition, they offer ongoing remote monitoring as well as reports that help businesses stay ahead of cyber attacks or threats.

Managed services provide businesses with numerous advantages when it comes to IT projects, freeing them up for more important IT endeavors while decreasing IT professionals' daily workloads and freeing them up to focus on more experimental or innovative projects – ultimately leading to reduced employee turnover and enhanced productivity.

Managed Services vs Professional Services: What’s the Difference?Managed Services vs Professional Services: What’s the Difference?

June 25, 2023| Victoria| 0 Comment| 12:00 am

When it comes to outsourcing services for your business, you may come across two terms that seem similar but have different meanings: Managed services and professional services. It's important to understand the difference between them so you can make an informed decision about which type of service is best for your needs.

https://www.managedservicesproviders.net/what-is-the-difference-between-managed-and-professional-services

Managed Services

Managed services refer to a proactive approach where a third-party provider takes responsibility for managing and maintaining specific IT functions for your business. This includes monitoring, support, and maintenance of hardware, software, networks, and security systems.

The main advantage of managed services is that it allows businesses to focus on their core operations while leaving the technical aspects to experts. Managed service providers (MSPs) use advanced tools and technologies to proactively monitor systems and detect issues before they become major problems. They also provide regular updates and upgrades to ensure that your systems are running smoothly.

Professional Services

Professional services refer to specialized skills or expertise provided by a third-party provider on an as-needed basis. This includes consulting, design, implementation, training, and project management.

The main advantage of professional services is that it allows businesses to access specialized skills or expertise without having to hire full-time staff. Professional service providers (PSPs) are typically hired for specific projects or tasks that require specialized knowledge or experience.

Managed Services vs Professional Services

Scope: Managed services focus on ongoing management and maintenance of IT functions while professional services are focused on specific projects or tasks.
Pricing: Managed services are usually priced on a flat Monthly fee while professional services are usually priced per project or task.
Expertise: Managed services are provided by MSPs who have expertise in managing and maintaining IT systems while professional services are provided by PSPs who have specialized knowledge or experience in specific areas.
Responsibility: Managed service providers take full responsibility for managing and maintaining IT functions while professional service providers are only responsible for the specific tasks or projects they are hired for.

In conclusion, managed services and professional services both offer valuable benefits to businesses. The key is to understand the differences between them and determine which type of service is best suited for your needs. Whether you need ongoing management and maintenance or specialized skills for a project, there is a third-party provider out there that can help you achieve your goals.

Investing in Human Capital: Grant Kelley’s Approach to Attracting, Developing, and Retaining Top TalentInvesting in Human Capital: Grant Kelley’s Approach to Attracting, Developing, and Retaining Top Talent

February 4, 2024| Victoria| 0 Comment| 12:00 am

“Your most important asset is not your product but your people” – Grant Kelley.

In Today’s society, the business landscape has become intensely competitive, highlighting the importance of human capital as the CEO’s most valuable asset. Within an organization, exceptional talent has the power to drive innovation, ignite growth, and elevate the company to unprecedented levels of success. By acknowledging this, companies increasingly understand the significance of nurturing and leveraging their talented workforce to achieve remarkable outcomes. Being a visionary leader and prosperous entrepreneur implies that you comprehend the critical role attracting, developing, and keeping exceptional talent plays in attaining long-lasting success. Your top priority should be adopting a unique and strategic step to revolutionize how your company invests in human capital. If you find it uneasy to walk over the barrier of investing effectively in human capital, kindly read to the end. By exploring strategies great entrepreneurs use, you will learn how to build a company that thrives on a culture that nurtures and empowers employees, creating an environment dominated by unique and effective talents.

Approaches to Attracting Top Talent

1.Strengthen the image of your organization as an employer of choice

When you highlight your company’s mission, unique culture, and values to potential employees, this is how you can differentiate yourself in the market and attract individuals who harmonize with your vision.

2. Capitalizing on Networks and Referrals

Employee referrals are among the most effective ways to attract top-quality talent. It is worth emphasizing the necessity of creating an environment where employees are eager promoters for the organization. Setting up a well-organized referral program and promoting a positive work atmosphere encourages employees to recommend top-tier candidates from their networks.

Most Effective Way for Developing Top Talent: Rendering Continuous Learning Privileges

Training your employees to become experts is a substantial investment. You can achieve this by implementing training programs, seminars, and workshops that ensure employees can access the resources needed to develop and excel. Aside from skill enhancement, this approach supports an atmosphere of lifelong learning within your company.

The Most Effective Approach to Retaining Top Talent: Fostering Competitive Compensation and Benefits

If you do not want your best employees to leave your company, you must offer competitive compensation packages and attractive benefits. Providing market-aligned salaries, comprehensive benefits packages, and performance-based incentives is essential, as it helps demonstrate a commitment to recognizing and rewarding exceptional workers.

Conclusion

Grant Kelley‘s approach to human capital investment provides compelling insights for companies whose objectives it to lure, train and keep excellent talents. When you focus on leveraging the strategies in this article, you stand a chance to populate your company with the best employees in society, even in this competitive business landscape! Therefore, you ought not to take human capital investments as a mere strategic advantage but also as a critical approach to prosperity in business. Ultimately, who knows how great your organization’s potential is in driving the market? You could find that out by strengthening and maximizing your organization’s human capital.

For more information: Grant Kelley

2024 IRMAA Brackets: Amounts and How to Forecast for Retirement2024 IRMAA Brackets: Amounts and How to Forecast for Retirement

May 25, 2024| Pearl Green| 0 Comment| 12:00 am

What is IRMAA:

IRMAA is short for Medicare’s Income Related Monthly Adjustment Amount which is according to the Code of Federal Regulations:

“An amount that you will pay for your Medicare Part B and D coverage when your modified adjusted gross income is above the certain thresholds.”

IRMAA is a tax on your income through Medicare Part B and Part D coverage if you have too much income while in retirement.

Will you actually enter IRMAA:

According to the 2022 Medicare Board of Trustees Report, currently, there are over 6.8 million people in IRMAA. These people in IRMAA make up 16.63% of all eligible Medicare beneficiaries.

By 2031, according to recent reports the number of people in IRMAA will double to 13.8 million eligible people in IRMAA.

IRMAA is a revenue generator for both the Medicare and Social Security programs.

For the Medicare Program, IRMAA is an added cost that the person in it must pay. This added cost provides more money each year for the program.

As for Social Security, according to Congress, all IRMAA costs are automatically deducted from any Social Security benefit a person is receiving. Thus, for those who enter IRMAA, Social Security has to pay out less to them which reduces that program’s obligation to pay benefits.

With both Medicare and Social Security projected by the government to be insolvent (unable to pay) in less than 8 years the easiest way to save these programs is to make sure more people are in IRMAA.

How do you reach an IRMAA bracket:

IRMAA is all about your Modified Adjusted Gross Income (MAGI).

The more of it you have the higher the chances that you have to reaching IRMAA while having less of an MAGI reduces the chance of you reaching IRMAA.

What counts towards your MAGI:

According to Social Security your MAGI is the total of your adjusted gross income (AGI) and any tax-exempt interest you may have.

Both of these can be found on lines 2a and 11 of your 2022 IRS tax form 1040.

Some examples of where your MAGI will come from are:

Taxable Social Security benefits	Traditional 401(k) Withdrawals
Wages	Traditional IRA Withdrawals
Pension & Rental Income	Traditional 403(b) Withdrawals
Capital Gains	Qualified Annuities
Dividends	Interest

If you want to avoid IRMAA all together then the goal is to generate an income from financial instruments that do not count towards your MAGI and they are:

Roth Account Withdrawals

Life Insurance Loans

Non-Qualified Annuities*

Health Saving Account Withdrawals

401(h) Plans

Home Loans or Reverse Mortgages

*Non-Qualified Annuities – depending on certain factors a certain portion of all income you will receive from them can be completely tax free. Please see an IRMAA Certified Professional for more information on which Annuity is best for you.

For a complete list of what does and does not count towards IRMAA please click here.

How to File an Appeal

If you feel you shouldn’t be subject to IRMAA, you can file an appeal. What you do comes down to how you want to appeal.

For Medicare enrollees with a qualifying life changing event:

All that needs to be done is for you to fill out the SSA-44 form by competing the first 3 pages and then submit it with your corresponding proof of your life changing event to your local SSA office.

You can find your local SSA office here.

Once the paperwork is submitted all correspondence about your appeal will be mailed to you from the SSA. If the result is not satisfactory you can request a hearing which can also be done through your local SSA office.

For Medicare enrollees without a qualifying life changing event but who want to appeal based on an updated tax-return or income discrepancy:

Appealing IRMAA is even simpler than have a qualifying life changing event as all that is needed to be done is for you to request an appeal at your local SSA office.

Explain to the local field Representative that you have a received an IRMAA notification and that you like to appeal based on updated tax information.

A case number will be assigned to you as well as Field Agent, which could be the person at your local office, so always be nice and any correspondence about your case ill be mailed to you by the SSA.

If the IRMAA result is not satisfactory you can always request a hearing at your local SSA office too.

At the point of request your local agent will be able to submit your appeal and a case number at that moment should be assigned to you. As your case is evolving you will have to provide documentation that disproves the information that the IRS has provided which can be a corrected or amended tax-return or even a more update one

Conclusion:

The 2024 IRMAA Brackets are, by law, going to increase, but the odds of you or someone you know reaching IRMAA at some point are also increasing.