POST CATEGORY : Finance

Why Your Business Needs Financial Transcription

In today’s volatile financial markets, the importance of financial transcription cannot be overstated. Every organisation or business enterprise deals with vast amounts of financial data on an almost daily basis and proper documentation is essential to keep track of these ever-fluctuating businesses. One false move can trigger a chain reaction that can have devastating consequences for your business.

Transcriptionist doing financial transcription

With that in mind, here’s why your business needs financial transcription.

What is financial transcription?

Transcription is the process of converting spoken words into written documentation. It usually involves taking an audio recording of a conversation, or dictating something to a financial transcriber out loud.…

Continue reading →

How Does Your Business Measure Up for Credit Facilities?

There are many ways that banks and financial institutions evaluate a business in terms of its creditworthiness. For example, one of the most important measures is cash flow.

Credit facilities

A business with a strong cash flow typically scores better in the creditworthiness department than one which is cash-strapped. Lenders will always look to the cash flows to see whether the business will be able to cover the interest repayments on the loans and maintain profitable operations simultaneously.

Of course, management needs to keep an eye on all aspects of the business.

Effective leadership at top management, middle management and lower management levels will also be considered when evaluating the performance of a business for credit facilities.…

Continue reading →

5 Ways to Improve Your Accounting Firm’s Bottom Line

The minute you start to become happy with the revenues in your accounting firm, you and, if applicable, your partners might as well refer to your business as a lifestyle, rather than a business intent on generating maximum profit.

Increasing accounting firms profits

The goal of any business should be to maximize revenues. Everything you do leading up to that point needs to be geared toward improving the bottom line – be it sales, customer service, administration, and so on. All tasks have the potential to help or harm revenues.

Here’s 5 ways you can start generating more profit in your accounting firm today:

1.

…Continue reading →

SME VOICE: Making Tax Digital (MTD) – How Your Business Can Prepare

It’s official. By January 2018, the majority of individuals and businesses will be on a digital tax reporting system. This change was arguably inevitable as many other aspects of our surroundings make this digital switch, but it may create difficulties for those who are not prepared.

Make Tax Digital (MTD)

While there are those that denounce HMRC’s move as an invasion of privacy, most countries have had a digital option or requirement for filing taxes for quite a while. Even with the criticism that HMRC is struggling to get this all implemented, the change is definite. Their belief is that by 2020 paper tax forms will be virtually extinct.…

Continue reading →

Are No Credit Check Car Loans Possible?

If you or your business have a low credit score or suspect that you might have a low credit score, one part of the loan application process that might cause you some trepidation is the dreaded credit check.

Lenders will pore over your history in minute, vivid detail to determine whether or not you’re the type of individual they want to trust with borrowing their precious funds, and the entire ordeal can be altogether unnerving.

No credit check car loans

Alternatively, you can skip this hassle and look for car loans with no credit check. Is it even possible? Conventional wisdom states that you have to have great credit to even be considered for any kind of loan.…

Continue reading →

3 Financial Tools To Help You Get Your Start Up Off The Ground

Do you have an idea for a business? Reckon your product or service could fill a gap in the market? Always dreamed of being your own boss?

If you’ve answered yes to these three questions, then congratulations – you clearly have an entrepreneurial spirit! Now comes the hard part. More than half a million businesses launch across the country every month and you need all the help you can get if you’re going to stand out from the crowd and succeed – regardless of how good your idea is.

Business planning

The biggest thing to be aware of is money. If you don’t stay in control of this, then you’re never going to get anywhere.…

Continue reading →

Future Finances: How Outdated Accountancy May Be Costing Your Business

Whether as individuals, families or businesses, how we manage our finances is one of the most important parts of our livelihood.

Small business finance

When we think of finances, we often relate it back to our personal experiences, such as managing our private savings, or evaluating whether our budget can accommodate the financial commitment of periodic mortgage payments when purchasing a home. However, when it comes to managing the financial side of a business, things become significantly more complicated.

As a business owner, your primary goal is to ensure that your income is greater than your expenses and that you have adequate cashflow to pay your liabilities.…

Continue reading →

How to Truly Take Your Business Payments On the Go

One of the most liberating parts of being your own boss is having the ability to call all the shots. At the same time, as a business owner you are going to end up working longer hours, with fewer breaks, and have far less vacation time available when compared to your subordinates. This is why it is vital that all business owners have the ability to literally take their businesses with them while they take a day off, go on the road, or just go out to run a few errands.

Work on the go

When it comes to taking payments on the go, portability is paramount.…

Continue reading →

A Taxing Endeavor: 3 Tips to Take the Stress Out of Tax Season

Benjamin Franklin famously quipped that only two things are certain in life: death and taxes. Given that inevitability, it might seem surprising that so many business owners struggle during tax season.

Tax season stress

Entrepreneurs are typically so focused on growing their companies’ products and services that taxes become an afterthought. Most people don’t think about taxes until the last minute, so they’re not ready when it’s time to file. This ends up making the process more stressful than it needs to be.

This minor annoyance can morph into a major issue, disrupting day-to-day business activities in the process. A survey of small business owners found that 73 percent felt federal taxes had major to moderate effects on their routine operations.…

Continue reading →

Mobile or Online Banking: What’s the Difference?

Today, there are so many options to conduct transactions at your bank without actually going to a physical branch. Two of these methods include mobile and online banking. While most people use these terms interchangeably, there’s still a big difference between these two modes.

Mobile banking

Defining Mobile Banking

Strictly speaking, mobile banking is an umbrella term to cover any transaction conducted using a mobile phone or device. For example, sending text messages to approve transactions or receiving SMS about your account’s status can fall under mobile banking.

However, these kinds of transactions are not as common anymore due to the advent of the smartphone.…

Continue reading →