Business Finance Articles

Your First Financial Choice....

Tristan D. Porter

How IT Support Services Can Enhance Your Financial Management

Last Updated on By Leave a Comment

Managed IT Service Provider (MSP) can provide solutions to most of the issues and concerns that businesses have with maintaining their financial records and financial management systems. MSP can enhance financial transactions, bookkeeping and recording, invoicing, and generating reports.

If you’re a business operating out of the state of Texas, you’re probably looking for some Information Technology (IT) solutions for your financial management concerns. Hence, you might want to consider expert managed IT services in Houston and other similar firms. Moreover, here are some of how IT support services can enhance your business’s financial management.

team explaining graphical data chart

1. Automate Financial Transactions And Accounting Records

An IT consulting service can enhance your financial management through the automation of your bookkeeping ledgers, journals, and accounting records. There are many aspects of bookkeeping and accounting that can be enhanced through automation. Some of the things that accounting clerks do can be easily done by computers through automation solutions and accounting software applications.

Automation software, for example, may evaluate scanned sales invoices and receipts. Furthermore, the information is stored automatically in the ledgers and journals in the computer files and databases where it belongs. The majority of commercial proprietary accounting software can easily accomplish this. Some of the most fundamental bookkeeping chores that an MSP may automate are listed below.

  • Record bills, delivery receipts, sales invoices, official receipts.
  • Prepare invoices and send them to customers or clients.
  • Document transactions according to their category.
  • Create journal entries both in the general journal and the account journal.
  • Track and save bank deposit slips and bank statements.
  • Take note of payment of bills, utilities, rent, and other operational expenses.
  • File statements of account received from vendors and suppliers.

2. Use CRM For Sales To Enhance Financial Management

Sales is another area where MSP can enhance your financial management. An MSP can install and customize a Customer Relationship Management (CRM) for a sales software solution for your company. CRM for sales is a powerful technology tool that can optimize the capabilities of your sales force. With CRM, your sales team can access all the customer data to engage the customer’s needs and requirements and convert the interaction into a sale.

An MSP can integrate your CRM for sales with your financial management systems and software applications. This would allow your sales teams to access information about the purchasing behavior of your existing as well as repeat clients and customers.

For example, MSP IT can integrate the data on a customer’s payments history to the CRM for sales system. This would give your sales teams an insight into the seasons when a specific customer would most likely place an order. It could also show the times when they would have the cash to pay for what they bought. This would enable your sales team to know when to engage for possible repeat sales. It would also enable your accounting teams to know when to send statements of account or follow through on payment requests.

3. Automate Your Sales Invoice Management

 Invoicing is a crucial aspect of business transactions and financial management. Delays in preparing and sending invoices mean that your business would also be delayed in sending them to your customers and clients. Buyers and customers who haven’t received invoices from you would have no reason yet to process their vouchers and checks to pay for what they owe your company.

These delays would exacerbate the operational issues and inefficiencies experienced by your accounting, field messenger, collection, and bank transaction employees. By automating your sales invoice administration, an MSP may help you eliminate these inefficiencies.

They can install and set up existing invoicing software and integrate these with your messaging, transmittal, and communications systems. Your accounting staff can schedule the sending out of invoices once the conditions or requirements are completed. Your collections staff can be copied in the transmittals so they’d know which customers and clients have already been sent their invoices.

4. Give Managers Real-Time Access To Financial Documents

An MSP IT can help your company’s financial management by providing real-time access to financial records of their offices and departments to the company’s senior leadership and managers.

checking graph in team

For instance, the sales teams could have access to the remaining budget allocations of buyers who have contract or sales agreements with your company. This information could enable them to make follow-through sales calls and presentations if the customer or client still has a lot of unused allocation.

The procurement team could have real-time access to the budget used up by the different departments out of their respective annual allocations. This would enable the procurement team to coordinate more efficiently. It would show the requests and expenses of the various departments based on what they’ve used up and spent so far up to that accounting period.

5. Give Mobility Solutions To Your Employees

An MSP IT can also enhance your financial management by providing remote and mobility solutions to your managers, staff, and other employees. There are financial management difficulties and inefficiencies that can be solved and increased if managers and staff can deliver conversations or documents via remote or mobile solutions.

The MSP may, for example, assist collection managers in establishing a strategy with their messenger and collecting personnel that would reduce the number of aging invoices with unpaid payments. The messenger staff would know, for instance, if they’re going to collect a check from a customer whose office or manufacturing plant is also near another customer with an uncollected payment. This would enable the collections staff to try to collect payment.

If the procurement manager has access to current financial information, he or she may handle the acquisition of particular supplies and materials more efficiently. They can also more effectively manage the timing of purchases and procurements with the fluctuation of the market prices of inputs and other raw materials. In short, they can buy when the prices are low. This might be done provided they have a clear understanding of the company’s planned cash flow and forecasted procurement appropriation.

Conclusion

Getting an MSP can address the gaps and inefficiencies in your financial management systems that you thought couldn’t be solved anymore. IT solutions are highly suitable for financial management systems because both deal with information management. Many facets of financial management can benefit from technological advancements.

Why Glass-Like Appearances is a Key Decor and Architectural Trend for 2022

Last Updated on By Leave a Comment

We could not undermine the beauty of glass. Its application allows as much natural daylight, which reduces the need for mechanical ventilation. So it is not surprising that builders are leaning towards transparent materials, like polycarbonate for roofs, because it gives off an inward and outward view and provides a unique appeal to any building. A polycarbonate roofing system is also versatile. It may come in varying thicknesses to keep up with the impact of the elements, including snow and wind. They are highly preferred for their physical properties, durability, and competitive cost.

Glass is fast becoming the main architectural feature of choice for 2022. It highlights some of the biggest projects slated for this year, including the Sydney Modern in Australia, Taipei Performing Arts Center in Taiwan, and the Far Rockaway Library in New York, USA. Although it has been used for many years, it was only recently that a vast spread of glass was used in modern architecture, taking advantage of its versatility and flexibility.

building-architecture-landmark

Sydney Modern Art Gallery, Australia

The extension of the Art Gallery of New South Wales, built overlooking the Sydney Harbour, will open its doors to the public this year. It has 7,000 square meters of gallery space housed within cascading glass wall pavilions. It also has an underground gallery built on top of an oil tank used during World War II. The Sydney Modern is a complete opposite of the existing 19th-century neo-classical building of the Art Gallery of New South Wales. But it is interlocked by a square identified as a public art garden, a multilevel atrium that offers scenic views of the Harbour through, again, glass walls.

Taipei Performing Arts Center, Taiwan

This 59,000 square meter cultural venue slated to open in Summer is much anticipated for its unique futuristic appeal. Among its many impressive features is the central glass cube, where the three main theaters are plugged into, which draws in much of the spotlight. The project was unveiled in 2009 on a site adjacent to one of the country’s most popular night markets, the Shilin Night Market.

Far Rockaway Library, Queens NY USA

The new 18,000 square foot, two-story library sits on a 1968 public library, which was last used as a relief center when Hurricane Sandy hit in 2012. The community has outgrown the structure, so a replacement was made in a rectangular fritted glass that reflects the Long Island sky.

Glass is becoming a predominant feature in modern architecture. It offers various benefits, from inviting the outdoors in to fitting any structural design to providing a quality that will continue to impress people for years to come. It is a great way to keep a striking balance between aesthetics and timelessness. It is also valuable in eliminating practical barriers with its flexible features. Building with glass helps you achieve various goals at once, enjoying the benefits of natural light while giving your structure a convenient access point for the outside views.

A Small Business Guide To Indirect Tax Governance

Last Updated on By Leave a Comment

Now that you’re gradually venturing into the world of business, you’re most probably concerned about the indirect taxes you have to pay and impose on your products. You’re not the only one bothered by them. Even large businesses are affected by it, and of course, the consumers who will purchase the products.

Unfortunately, indirect tax grows in importance, leading to a complex and frequently changing taxation system. But why is it becoming essential in society? It is because the revenue collected by the government from indirect tax is increasing.

Indirect tax can be found on every product you purchase. Depending on your country, indirect tax is often referred to as value-added tax (VAT) or goods and services tax (GST). However, these two are just a part of it. If you want to learn more about these taxes, you need to continue reading this guide.

Moreover, if you want to compute the tax on any product, you may visit apps or websites that offer their calculator for tax computation for free.

What Is Indirect Tax? 

Indirect tax is a type of tax collected by a business entity from the supply chain. It is imposed on a manufacturer but is passed on to consumers as part of the price of goods and services purchased. So basically, the consumer is paying the taxes by buying the product, not the business that produces it.

Tax value

How Is Indirect Tax Different From Direct Tax? 

As mentioned above, indirect taxes are paid from the purchases made by the consumer. It will be collected by the businesses that sell the products. Then, they will be forwarded to the government as a tax payment. That’s how indirect taxes work. 

On the other hand, direct taxes, as the name suggests, are paid by consumers directly to the government. It could be in corporate tax, income tax, wealth tax, and more.

With this said, the main difference between the two is how the taxes are paid.

What Are The Different Types Of Indirect Taxes? 

Indirect taxes come in many forms, depending on what products you want to purchase. For example, the tax imposed on alcoholic beverages is different from what is on basic consumption necessities. Here are the types of indirect taxes you might need to know:

Value-Added Tax (VAT)

Value-added tax is placed at every step of production, starting from purchasing raw materials to their final purchase. It means that the government receives revenue from every manufacturing process that adds value to the product. To further elaborate the confusing taxation process, here is how VAT implementation works, assuming that the VAT rate is 10%: 

  • A small business manufacturer purchases a raw material costing USD$1. It will become USD$1.1 with added VAT. 
  • Then, the product produced with the raw material is sold to a retailer for USD$3. It will become USD$3.3 with added VAT. Only two cents will be forwarded to the government minus the previous one cent incurred during the product’s initial production. Note that the two cents are only 10% of the gross margin of USD$2.
  • Lastly, the retailer will sell the product to consumers, following the above principle. 

However, VAT may vary, depending on where you live. Different state or country means different VAT rate. For example, Louisiana has a different tax rate from Maine, Massachusetts, and others.

Because of its nature, VAT is full of controversy. According to experts, it only increases government revenue by placing additional costs on consumer goods instead of charging wealthy taxpayers who can afford it more.

Sales Tax

Sales tax is imposed on all goods and services you can see in the market and is only levied at the point of sale compared to VAT. So, when you plan to buy your favorite products in the department store or visit one of the best spas in town, remember that you are about to pay indirect tax in the form of sales tax. 

Also, do not worry if your product will be double-taxed because it will not. As the name suggests, sales tax will only function after the sale of the product. On the other hand, VAT is added not on the sale of the product but every step of its production. Therefore, rest assured that your product won’t be double-taxed because of their difference in application. 

Excise Tax

Excise tax is a special tax required on specific products, including tobacco, alcohol, and fuel. If you’re a manufacturer of these products, you are already paying this tax to purchase the necessary raw materials. Unfortunately, the excise tax will only make the product more expensive and burden consumers.

For example, the manufacturer buys a living substrate to produce alcoholic beverages. Because they need to pay indirect taxes as soon as they purchase the raw materials, they need to raise the product price, transferring the burden to their consumers. 

Customs Tax

Have you noticed that the products you purchased abroad are slightly cheaper than buying the same in your country? It is because of an indirect tax called customs tax.

Customs tax is also known as tariffs. It is the tax imposed on all imported goods and is also the reason why your favorite brands abroad are way too expensive once they reach your country. Tariffs may differ, depending on which country you live in. Some countries offer higher tax rates, especially if the government sees a fast movement in the line of imported goods. 

If you’re planning to sell your products overseas someday, you will need to determine the tax rate on imported goods imposed on your products.

What Are The Advantages Of Indirect Tax? 

Even with many negative implications to consumers, indirect taxes can still benefit society. Here are some advantages you might want to know: 

  • The low-income household can still participate by purchasing even low-cost products in the market. 
  • Indirect taxes are not noticeable, so consumers won’t feel that the government has taxed them. However, they can still see the tax breakdown on their receipt for transparency. 
  • Indirect taxes are easier to collect than direct taxes. 
  • These taxes discourage everyone from purchasing harmful products, such as alcoholic beverages and tobacco. 

Final Words 

Starting a small business is not easy, even more so when governments impose indirect taxes on your products, making them more expensive than their actual value. Also, as an owner, you must apply these taxes properly on your goods and services. To do this, you will need to know the type of taxes applicable to your business, such as sales tax, VAT, or excise tax.

Also, remember that tax rates vary from state to state or country to country. So, make sure to do your little homework to avoid having errors in imposing taxes.

How To Manage Your Cap Table After A Fundraising

Last Updated on By Leave a Comment

A cap table is a dataset often started in a spreadsheet containing detailed information about the different people who own a company. The cap table includes a detailed breakdown of a company’s ownership or capitalization structure. It usually contains a list of the persons who own shares of stock in a company. It also indicates how many stocks are owned by each person or shareholder on the list.

The cap table contains other data aside from the list of shareholders and their capital stock. It includes data about any grants the company may have received, such as liquidation rights and classifying shares into preferred, common, convertible, and warrants. The cap table also includes entries about debts incurred by the company. Here are some suggestions on managing your cap table after a round of fundraising.

How To Manage Your Cap Table

Adobestoke

Update Your Cap Table

One of the first few things you have to do after fundraising is to put all the relevant information about those who put up the money. It would be best to put in the new or updated information on your shares of stock as soon as possible, so you don’t forget or lose the data.

Since you’ve recently conducted a round of fundraising, there might have been changes or transactions which would affect your existing shareholders. If they’re all new investors, you’ll have to input the investments they brought in during the fundraising.

Compare Post-Money Results With Your Fundraising Action Plan

It would be best to have a fundraising action plan before executing any fundraising round. This will enable you to manage the fundraising to meet your immediate funding requirements yet stay aligned with your strategic business goals. After the fundraising, it’s best to compare the results of your company’s post-money situation with the goals and forecasted scenarios in your fundraising action plan.

Among the things in your checklist should be the overall ownership and capitalization structure. The post-money structure should be well within the range envisioned before the fundraising. Venture Capital (VC) specialists suggest that the founders maintain majority ownership during the seed and early financing rounds.

Some VC professionals suggest founder shares should be somewhere between two-thirds (67%) up to ideally 80% of the total capitalization. This would ensure the founders would have enough stake and motivation to make the startup fly. This also leaves them enough shares to unload for future rounds of financing. The suggested share of early angel investors should be not more than a fifth (20%) to give room for subsequent investors. Some startups also allocate around 10-12% for Employee Stock Option Programs (ESOP).

Check For Rounding Up Errors

Rounding up decimal numbers is one of the most common errors after a company goes through a financing round. This is expected in all mathematical computations involving decimal numbers. It also happens in preparing accounting reports and statements and engineering computations.

It’s specifically relevant in managing cap tables because the Price Per Share (PPS) can be in real numbers (numbers in fractions or with decimal points). In contrast, the shares will always be integers (whole numbers without decimal numbers, i.e., 300, 367, 521 shares, etc.).

The typical error that occurs when the PPS of an investor is rounded is that it will affect the total number of shares owned by that shareholder. For example, a PPS of USD$7.33033129 won’t be equivalent to the same number of shares if the PPS was rounded to USD$7.33. The difference could run up to more than a hundred additional shares of stock. This will impact the overall capitalization structure and the ownership percentage of other shareholders across the board.

Check Transactions Involving Existing Shareholders

It’s also possible that some of the transactions involved a transfer of shares between some of your shareholders and other external incoming shareholders. There could have been a transfer of shares among your existing shareholders. These types of changes will most likely require adjustments in the data entries of those shareholders who were parties to the transactions.

Some of these things can be easily adjusted using popular spreadsheet software applications. But there are changes that you have to keep track of almost every day. This is why some businesses prefer to use special software applications to create their cap tables rather than do it using popular spreadsheet applications.

Avoid Over Dilution After A Fundraising

You should review your capitalization structure after high-resolution fundraising. This happens when the business puts out a variety of offers for Simple Agreement for Future Equity (SAFEs) and convertible notes containing different terms. Startups usually do this to entice specific investors to buy in. They’re hoping these investors would greatly help the venture, especially in the early stages.

High-resolution fundraising gives the startup founders a lot of room for flexibility, especially during the early rounds of pre-seed and seed. The problems come up when the business loses track of what they offer. The variety of discounts and valuation caps, combined with pre-and post-money valuations, can result in so many messed-up values that would be difficult to track manually with your usual spreadsheet.

Consider Using Cap Table Software

This can happen when you’re not using advanced software for managing cap tables. After sorting the cap tables, you might find out that you’ve given away an ownership portion of your company way beyond what you had in mind. It might also dilute the stock shares of other investors who wouldn’t know any better if they don’t have real-time access to updates to your cap table.

Stock dilution happens when the company authorizes the issue of new stocks and offers them to investors. The influx of the new shares brings down the value of the existing stock because it reduces their share in the overall ownership of the company.

Review Alignment Of Legal Documents With Cap Table

Keep in mind that stock certificates are also legal documents. They’re proof that the investor owns the number of shares in the company specified in the certificate. Aside from that, it entitles the shareholder to a bundle of other rights. It means they can access the financial documents. They can sell or assign their rights to other shareholders or even use them as collateral to get bank loans. Additionally, they can team up with other shareholders to form a new majority.

This makes it essential for the founders to ensure that all these legal documents and agreements align with your cap table data. You should include a review of all the discounts and convertible securities. You should hire someone who understands cap table mathematics. It would help if you also asked for help from a corporate lawyer who has experience in equities and securities transactions.

Conclusion

There will be numerous and sometimes sweeping changes in your capital structure after a round of fundraising. The issue of new stocks will dilute the ownership share of the existing stockholders. Some shareholders may transfer or exchange their stocks to another existing shareholder. They may also sell to the incoming investors. All these changes have to be managed so that your cap table will accurately reflect the ownership structure of your company.

4 Ways Your Business Can Benefit from Corporate Events

Last Updated on By Leave a Comment

Marketing strategies for improving your business can take many forms. But living in a digital age, where online marketing is hugely prominent, you could be forgiven for neglecting more traditional marketing methods, namely networking with clients in a social setting. 

Whether you’re a sole trader, a small local business, or a major organization, the benefit to your brand that a trade show can offer should not be undermined. Industry events not only help you get an inside view of your market, but they can also help you find potential clients and competitors to your business.

1. Plan Ahead

Most major industry events will have a schedule published beforehand. Don’t just turn up, look at the program of events and identify any relevant items that your business can use to its advantage. If there is a particular seminar that you think would be useful to your company, make sure you have the resources for a member of your team to attend the event without leaving your stand short-staffed.

If you’re hosting your own corporate event, it pays to plan everything in detail. Have you considered your budget for what kind of event you wish to hold? Is the venue accessible for wheelchair users? Have you ordered enough food and drink? A poorly run event will reflect badly on your brand and might result in you losing clients and credibility.

2. Network

Perhaps the most obvious benefit of any trade event is the opportunity to network with customers. If you’re manning a stand at a corporate showcase, consider encouraging passing customers to try out your products for free, or engaging them in conversation.

When it comes to gaining the trust of clients, face-to-face marketing should not be excluded. Offline marketing, such as face-to-face networking, can even be more effective than digital marketing in some instances, for example, if your target audience is of an older generation.

3. Get Advice

Consulting

There’s nothing quite like an expert opinion if you’re looking to maximize your company’s profits, so it’s a good idea to consult a reputable, expert service. Whether it’s hosting your own business conference, or your company has a stand at a corporate extravaganza, it’s worth seeking out the best advice to give you that edge over your competitors.

If you’re located in the UK or own a global business, you can check out RX Global for best-in-class insight and data to help you make the most out of your event.

4. Use Tech

Just because an industry event consists of networking in the physical world, it doesn’t mean you should neglect your digital marketing. Hybrid events, which combine live and virtual events, are becoming more popular, particularly in the wake of the pandemic.

If you’re attending a trade show in person though, consider using the event to drive up your brand’s awareness on social media by posting live updates from the venue. Whether you post videos via Facebook Live or short Tweets of information, make sure you use hashtags and handles to get more reach.

Many large-scale industrial events also have their own apps, so it’s worth looking into that if your organization is attending a major showcase.

Take Away

Attending trade showcases is certainly effective for networking, as well as assessing competition. Whether you’re attending a large-scale corporate program or hosting your own company exhibition, industry events can really benefit your business.

7 Features Of An Effective Enterprise Resource Planning Solution (ERP)

Last Updated on By Leave a Comment

Suppose you feel like your production facility can’t meet production schedules and you’re experiencing high costs or overstock. In that case, you might want to invest in an enterprise resource planning (ERP) solution to alleviate these problems. At present, an ERP has become an essential tool for numerous manufacturing facilities, particularly those seeking to maintain their competitive edge.

An ERP manages all the company’s customers, products, employees, and suppliers. Moreover, these computerized systems integrate and support the business processes and help control or calibrate the resources within any manufacturing facility.

However, it’s important to note that not all ERP systems are the same since some are tailored to specific industries, and others are equipped with advanced cloud technology. For this reason, it can be overwhelming to choose the right ERP solution. To make your search easy, here are the core features of an effective ERP solution:

1. Integration Capability

This ERP feature is a significant part of what makes the system different from other business solutions. While most standalone solutions take pride in their ability to integrate with some systems, there’s nothing like a suite of apps built to work together. Integration also ensures the countless capabilities offered by an ERP system works together properly.

An ERP offers an intuitive and fully-integrated platform through which you can conduct, monitor, and analyze data-driven tasks. In addition, an ERP collects, analyzes, and stores data across every department through a database.

Analyzing and storing data across departments ensure seamless communication within your business. Businesses today no longer need to work in silos because of an effective ERP solution. Working from a source of information prevents discrepancies with associated costs and errors.

Integration also enables your business to work with different components at once. For example, with an integrated customer relationship management (CRM) feature, users may access customer information and order history in one system.

Data analysis provides insights into business trends and may provide predictions based on previous practices. Accurate predictions may boost efficiency on an organizational scale, which ensures improved productivity and smooth operations.

2. Data Analysis

Since an ERP is already processing and collecting data from all your business functions, it’s wise to capitalize on that information through analysis. The good thing about ERP is that it works by finding patterns and trends in your processes, enabling users to reflect on specific tasks’ effectiveness and offer forecasts for future business decisions.

ERP analyzes data relating to every business operation, including production statistics, client data, sales data, and more. For example, an ERP may help you create a budget, predict demand, and analyze your human resource (HR) functions. Data analysis provides easy access to critical business data and provides you with the tools you need to track organizational efficiency and productivity.

3. Compliance With Industry Regulations

All industries have their own set of rules and regulations to maintain good standards with their product delivery. Also, there are tax-related and finance-related standards specific to every country.

In practice, it’s hard to stay updated with the constantly changing industry standards and regulations. However, with advanced ERP solutions, compliance isn’t a problem anymore. The ERP may manage and handle the tax-related requirements from the start with every transaction that happens via electronic invoicing, billing, and so on. Therefore, you don’t need to waste effort and time filing for taxes at the end of the year.

4. Marketing And Sales Features

Providing sales quotes is a big part of overall marketing and sales management efforts. Sales forecasting apps use sales funnel status tracking and historical data to make better projections for sales in the future.

Marketing and sales features within an ERP solution may also include the following:

  • Point-of-sale (POS) capabilities to help register-based or in-person customer payments
  • eCommerce capabilities to help host online shopping carts and product catalogs
  • Order entry to communicate order requirements and create sales orders in the organization

5. Automation

An effective ERP helps streamline processes across different workflows and departments. Referred to as automation, it’ll help limit the necessary manual input and time to complete the tasks.

Initially, an ERP was made to link and automate business operations processes. It helps connect departments by automating processes when specific procedures or steps become complete. As a result, it helps knock down barriers businesses have in terms of silos. With the best ERP solution, data can be kept in a centralized location, allowing users to access it whenever necessary.

6. Remote And Mobile Accessibility

An ERP system that understands the growing need for data anywhere and anytime is only successful in this age. A cloud-based ERP system not only supports the remote working culture but it’s also less expensive, unlike on-premise deployment and maintenance costs. Users can also share and access information from remote locations or allow them to make mission-critical decisions anytime.

Since most people are more connected to mobile devices than laptops, remote and mobile accessibility are crucial features of an ERP. With such functionality, the business may ensure that the employees stay updated with the latest business-related dynamic information.

7. Reporting

Reporting is another essential feature of an effective ERP, designed to sort and gather data, help analyze results, and create engaging visuals. This feature may appear in various forms and refer to as many things. For instance, reporting features can be data visualization, dashboards, bar graphs, pie charts, and Gantt charts in other solutions.

Reporting features happen in all kinds of business software, and reports can be made from every data type. It may include marketing success levels, contact management, lead management, and sales activity.

The primary goal of reporting features is to boost reporting by providing visual data display capabilities and intuitive reporting interfaces. Such features can make a difference in achieving your business growth goals. You’ll be able to make more informed decisions like identifying issues before they happen and enhancing how you operate your business.

Final Thoughts

Selecting an ERP solution can be challenging. Aside from the above features, there are other capabilities and features to consider. Depending on your niche or industry, choosing an ERP provider with a good reputation and industry experience is crucial. This way, you can be assured that you’ll get an ERP that will meet your needs and work best for your business.

Reasons Why Finance is a Popular Career Choice

Last Updated on By Leave a Comment

Is it true that most youngsters prefer to opt for finance as their career path? Is finance the most in-demand choice of career these days? According to BLS, the job outlook for finance professionals will grow by 5% in the coming years. Finance-related occupations will rule the economy, becoming a preferred field for many.

Let’s explore why finance is rapidly becoming a popular career choice.

There are many reasons for this, the most apparent being that finance offers some of the most lucrative career options. It provides excellent opportunities within various finance subfields, meaning you can land a job in either the stock market or investment companies. But, the most crucial reason for finance being a popular career choice is that it offers stability and job security. Organizations were willing to pay more significant compensation to financial specialists, experts, and analysts even during the pandemic. So, they might assist them in steering their businesses away from the ravages of the economic downturn. So while organizations were laying off other employees, they eagerly hired finance executives.

Such trends indicate that finance is an ever-evolving and in-demand field even during economic crises.

Let’s dive deeper into other reasons that make finance a well-desired field.

Offers Multiple Subfields

Finance is often considered a dry and dull field. Still, it has a lot to offer to anyone interested and passionate about it. There are many opportunities in finance that can take you on different paths, depending on what excites you the most.

Whether you want to improve your financial accounting skills or prefer sales and trade, MBA in Accounting Concentration can help you. You can also switch between fields and choose from a variety of paths. The accounting concentration of the MBA program will teach you about investment and trading, which is an integral part of running a business. The most interesting feature is discovering how businesses use these talents to boost their bottom line daily.

Another option in finance is banking. You can learn about banking and loans and become a personal banker or a loan officer, working in private or government organizations.

One of the highest paying jobs in finance is investment analysis. With a master’s degree and experience in private finance, you can pursue this career path even without a specialization.

Challenging and Fast-Paced

Financial analysts are responsible for crunching numbers at a dizzying pace. Still, their work is essential for any investment firm that wants to grow among the cutthroat competition.

The fast-paced world of finance has its perks—you might find yourself constantly surrounded by complicated jargon or graphs that make your head spin. But this also means it’s essential to know what you’re doing when analyzing finances and find opportunities to find new ways to solve problems and create sustainable solutions.

Finance is difficult to work in since it is demanding on both ends. This job requires knowledge in economics and business management skills. However, this also means there’s always something new to learn! Some days you’re working with numbers, and other times people are giving advice that could impact your entire lifestyle. It makes decisions difficult without professional help from someone who knows the ins & outs.

Opportunities for Career Growth

Progress in Career

One of the best aspects of a financial career is the numerous prospects for advancement. Many financial analysts start their careers as accountants or banking clerks and work their way up to positions of greater responsibility. With experience and hard work, finance professionals take roles such as portfolio managers, investment bankers, and chief financial officers.

On average, financial analysts can earn salaries from $50,000 to $100,000. The high end of this range is for experienced analysts with many years of experience in the field. Salaries are augmented by bonuses often paid once or twice a year.

Finance occupations are some of the most in-demand careers with increasing salaries and opportunities for advancement for those willing to seek new possibilities and ready to thrive in innovative roles.

Learning Potential and Job Stability

Most industries are rapidly evolving, which means there’s always something new for you to learn. The field of finance is no different. Modern innovations offer you opportunities to advance your skills as you advance in your career.

It makes it equally beneficial to your professional development. As you progress and climb the career ladder, you will receive training on the latest tools and learn skills that guarantee job stability. From financial planning and analysis to financial software development, investment banking, and financial analytics, careers in finance show a high projected growth that comes with hefty compensations and benefits.

Finance has always been a popular career choice because it offers stability, security, and the opportunity to achieve high levels of success. Finance also boasts one of the highest learning potentials in any industry, with new skills constantly being developed. It means there’s no shortage of opportunities for professionals who want their career path promised by this field.

Conclusion

Finance is one of the most common career choices for those looking to enter a high-paying, stable industry.

So, if you’re looking for a stable and rewarding career, choosing to work in finance might be right for you. You will have the chance to use the latest technology and tools in your work, and you will be well compensated for your efforts.

Top 10 Best Practices In Healthcare Communication

Last Updated on By Leave a Comment

Communication skills are essential to all staff members, especially those working in the healthcare industry. One of the most critical patient care factors is communication between doctors and patients. Doctors are trained to diagnose patients. However, some may not fully understand the psychological aspects of their patients’ illnesses. On the other side, patients should explain their symptoms and tell doctors everything relevant. Both parties should ask and answer questions and communicate appropriately for the situation.

With accurate and effective communication between the patients and doctors, people involved can eliminate the dangers of misdiagnosis and mistreatment because of poor communication. Here are the top ten best practices to follow to ensure that communication between patients and doctors is as effective as possible.

Always Use A Professional Tone When Communicating With Patients And Their Families

When communicating with patients and their families, always use a professional tone. This means using polite language, asking questions instead of making statements, and avoiding sarcasm. When doctors use a professional tone with their patients, this leads to better patient satisfaction, higher patient retention rates, and a more friendly doctor-patient relationship.

Make Sure All Written Communication Is Clear, Concise, And Easy To Understand

HIPPA Complaint

Miscommunication is often the result of unplanned written messages for many businesses, which cost time and money. Healthcare is no exception.

Written communication is sometimes overlooked in healthcare, but it’s just as important as verbal communication. Written communication can be even more critical because it allows doctors to convey complex information without a long and tiresome explanation.

One of the most important things to keep in mind with written communication is to make sure it’s clear, concise, and easy to understand. If written communication is long-winded or filled with complicated medical terminologies, then the message will be lost to patients. When this happens, it may lead to misunderstandings, inaccuracies, and loss of important information.

Furthermore, errors in written communication can completely alter the meaning of a sentence and create misconceptions. For this reason, doctors should always strive to make sure that their written communication is professional and free of grammatical errors.

Avoid Using Too Much Medical Jargon Or Acronyms That Could Confuse Patients

When doctors speak with other medical professionals, they may use acronyms to save time. However, many of these acronyms are unfamiliar to patients, leading to confusion if not properly explained. To avoid confusion and ensure that patients understand what healthcare professionals are saying, it’s important for healthcare providers to use a language that patients can understand. This means avoiding using too much medical jargon or acronyms to confuse patients.

For example, a doctor should never use “CHF” when explaining a patient’s condition to their family. Instead, they should use terms like ‘heart attack’ or ‘heart failure’ that are more familiar to patients.

Always Give Patients Enough Time To Ask Questions And Participate In The Conversation

Healthcare professionals should constantly allow their patients to ask questions and offer their inputs during conversations. It can be difficult for doctors to understand their patients’ conditions without hearing their thoughts and concerns. Allowing patients to ask questions and participate in discussions provides for a two-way communication flow.

In addition, doctors should always take the time to listen to their patients. This means allowing them to complete their sentences and not interrupting them. Patients may often feel rushed during a doctor’s appointment, making it difficult to gather their thoughts and communicate effectively. That’s why doctors need to take their time and give each patient as much time as they need to speak. Giving patients enough time to ask questions and participate in the conversation is essential for effective communication.

Avoid Making Assumptions About Patients’ Knowledge Or Understanding

When communicating with patients, it’s important not to make assumptions about their knowledge or understanding in a particular matter. This is especially important when explaining medical procedures or treatments because patients often have different levels of understanding about these subjects.

For example, a doctor may assume that a patient knows the difference between a biopsy and a CT scan. However, this could lead to potential misunderstandings about the procedure and hinder the doctor-patient relationship. It could also lead to them downplaying or not seeking treatment for a serious medical issue.

Always Provide Patients And Their Families With A Way To Contact You If They Have Further Questions Or Concerns

Consult to a doctor

One of the most important things that doctors can do to improve communication is to provide patients and their families with a way to contact them if they have further questions or concerns. When patients feel that they can’t reach out to you, it can lead to a loss of trust and a communication breakdown.

Understand The Different Ways People Can Receive Information–Visual Or Auditory

Medical professionals can improve communication with patients by understanding how people receive information. For example, some people can better understand the information presented visually, while others prefer to hear information explained to them. Asking patients how to receive information can help healthcare professionals better communicate with them.

Be Aware Of Your Body Language And Tone Of Voice

Healthcare professionals need to be mindful of their body language when communicating with patients. For example, if you’re speaking with a patient in a condescending tone or while crossing your arms, they’ll likely feel belittled or unimportant.

In the same vein, if you’re not making eye contact or not speaking clearly, patients won’t feel heard and will lose interest in what you’re saying. Healthcare professionals need to use positive body language to convey their message effectively.

Practice HIPAA Compliance At All Times

HIPAA (Health Insurance Portability and Accountability Act) is a set of federal laws that protect patients’ health information privacy. Healthcare professionals must abide by HIPAA regulations when communicating with patients. This means that they must keep all patient information confidential, and only share it with those who need to know and are authorized to access it.

Use Technology To Improve Communication

One way healthcare professionals can improve communication with their patients is by using patient portal technology. A patient portal is an online system that allows patients to view their medical records and communicate with healthcare providers.

Patient portals provide a secure and convenient way for patients to access their health information. They can also use patient portals to ask questions, schedule appointments, and pay bills online.

Bottomline

Healthcare professionals can improve communication with their patients by using a professional tone and positive body language when speaking, understanding how people receive information, and abiding by HIPAA regulations. Additionally, they can use technology to improve communication by utilizing patient portals. By following these tips, healthcare professionals can create an effective line of communication with their patients.

The Ultimate Guide to Best Companies With Health Insurance

Last Updated on By Leave a Comment

For a lot of employees, health insurance coverage can be a deal-breaker. Aside from the salary offer and leave benefits, having support and fallback for health matters is important for us and our families.

Despite the continuously rising costs of healthcare in the country, some companies take the extra mile and get their employees the best health insurance plans available. It’s no longer about compliance or providing healthcare as an industrial standard but about taking care of employees the best they can.

If you’re looking for what the best healthcare benefits look like, here are a few of the best companies in terms of health insurance:

1. Ultimate Software

Tech companies have established a reputation for being the cool places to work: competitive salary packages, outstanding perks, and flexible work arrangements. Working for a tech company that develops human resource solutions must be even more–something Ultimate Software makes a case for.

For starters, the HR software development company covers 100% of its employee healthcare as well as its dependents’ premiums. This includes coverage for dental and vision, as well as mental health needs. Their plans also include subsidies for prescription drug purchase and offer coverage for homeopathy and acupuncture.

More uncommon benefits with Ultimate Software include comprehensive infertility coverage. Employees having difficulty conceiving can have up to three cycles of in vitro fertilization treatments and up to six rounds of intrauterine insemination processes. 
 

2. Boston Consulting Group

Boston Consulting Group is known for offering management consulting services for a wide variety of organizations, but they’re also famous for always being among the best companies with health insurance packages. Despite the rising healthcare costs, the company maintains 100% coverage for its employees and their dependents.

All plans by the consulting company also include prescription drugs, dental, vision, and mental health coverage as well. For its dental plans, for example, covers full preventive dental exams. Additionally, the Boston Consulting Group allows its employees to have a spending account where employees can store a part of their paycheck, tax-free, and use it for paying bills such as medical emergencies.

Employees are also given the option to pay for more inclusive healthcare plans with more coverage. These benefits also extend to the company’s part-time employees who work for at least 20 hours a week.

3. NuStar Energy

NuStar Energy is one of the country’s largest pipeline operators that store and distribute oil and other specialty liquids. It also provides one of the best healthcare packages available, starting with full coverage for its employees’ health care premiums as well as their dependents. On their website, the company explains that their benefits overall are valued at 36% of their employee’s salary, which is equivalent to about 36 cents for every dollar NuStar employees earn.

Most of their health insurance coverage also extends to part-time employees who work a minimum of 30 hours per week. One distinguishing feature for NuStar Energy healthcare for employees is its in-house medical clinic that provides basic medical care, assessments, and check-ups.

4. Kimley-Horn and Associates

Throughout the years, Kimley-Horn and Associates have remained one of the largest planning and design consulting firms there is. It has more than 100 offices scattered across the country, retaining over 5,000 staff members on its payroll–and yet, they still manage to offer one of the best healthcare insurance packages in the market.

Like most entries on this list, Kimley-Horn covers 100% of its employees’ health insurance premiums although dependents’ premiums are covered at 90%. The company also offers partial coverage of employee premiums for additional plans such as dental, vision, mental health, and prescription drugs. Health insurance is also available for part-time employees working a minimum of 30 hours per week.

5. FactSet

As an American financial data and software firm, FactSet provides integrated data and software solutions for its customers to help optimize costs and streamline workflow processes. In terms of health insurance coverage, FactSet also has a “no contribution plan,” which means that the company pays 100% of employee-only premiums. Employees will only be paying for their deductibles.

For the employees’ dependents, FactSet also offers 100% coverage of their premiums but only for certain plans. The same health insurance benefits extend to part-time employees working at least 30 hours per week.

Conclusion

Healthcare insurance becomes more expensive with each passing year, which means it costs more for employees to pay for their premiums, not to mention the separate deductibles that come with their plans. However, there are companies that continue to provide more than what is required in order to give more to their employees.

Why Settle for Less when you can have the Best Saving Plan?

Last Updated on By Leave a Comment

Have you ever witnessed your parents save money or set aside a few dollars from their salary for the future?

We have all witnessed, learned, and even practised this essential behaviour from our parents from an early age. When it comes to investing, it is advised that one begin as soon as possible to reap the most rewards. This also applies to a savings plan. Furthermore, it is critical to open and invest solely in the finest savings plan to attain both long-term and short-term goals.

No matter how much money one makes, it is best to develop the practice of assembling several investments to build a corpus over time. However, with so many possibilities available, deciding which investment to make may be difficult. Given that we’re discussing saving plans, let’s go through what they are, how they may assist, and how to choose the ideal one.

saving plan

What is a Savings Plan?

Saving plans are a sort of life insurance plan that allows people to save and collect assets over time to meet their future requirements. Such programmes are created so that policyholders may develop a disciplined saving habit while earning significant returns.

Why Do you need a Savings Plan?

For a good reason, most of us consider money to be something that should be saved for the future. In general, the Indian populace places a high value on security; thus, it is sensible to start saving money today to plan for future financial stability and security.

Investing your money in savings plans is a dependable approach to do this. The saving plan in India will assist you in covering all of your needs, including financial and medical crises, as well as post-retirement life. If you invest in the finest saving programme, it may serve as the cornerstone of your future and help you attain genuine long-term stability.

Furthermore, unless you work for the government, you may require a financial contingency plan more than the average individual. Because the work market is so uncertain these days, the security of a savings plan may make a huge difference in your financial planning.

How to pick the Savings Plan that yields the best returns?

Saving plans are undoubtedly one of India’s Benefits most significant investment plans since they are offered in various schemes and types. However, before establishing the optimal saving strategy for your requirements, you must first determine your goals and investing preferences.

Make a list of your short- and long-term goals that your investment will assist to choose the optimal saving strategy. Include essential aspects such as the best saving scheme’s distinctive features, adaptability, and additional incentives.

Investing in the best saving plan is merely the first step toward a wealthy future. Proper savings planning is the second, but equally crucial, component in determining the success of your investment and financial goals. It might be tough to select the best long-term savings plan.

Finding the best saving plan in India, on the other hand, gets easy if you know what you want:

Assessing Risk and Return Ratio

Before deciding on a savings strategy, an individual’s risk profile and financial cushioning to deal with any unforeseen monetary shocks must be assessed. Investors want to maximise their profits by selecting aggressive savings programmes, but they should be mindful of the substantial dangers that come with them.

It is best to balance the risks and profits connected with a savings investing strategy. Young people in their twenties, who have little financial duty, may afford to invest in a high-risk savings plan. Still, middle-aged investors, who have larger financial duties to their families and themselves, should choose low- to medium-risk savings plans.

Protection and Flexibility

A solid savings plan should offer essential financial security to an individual’s family while he is gone, in addition to establishing a considerable corpus of savings during the policy duration. In the case of an insured’s death, proper life insurance coverage plus a few essential riders can meet a family’s financial demands without burdening them.

Although the primary purpose of a savings plan is to fulfil long-term financial goals over time, it must also give some flexibility to fund unforeseen short-term requirements by surrendering the policy whenever the occasion calls for it. Furthermore, the plan must allow the policyholder to increase or reduce the premium or investment amount as needed.

Investment Options

A savings strategy must have the appropriate mix of fixed and liquid investment choices to provide the investor with adequate backup in the event of unforeseen situations. Selecting a savings plan that invests in fixed assets such as government securities is a low-risk alternative, but it will not produce significant returns. A savings plan that invests in liquid assets such as shares, on the other hand, will give better returns but at a higher risk.

So, instead of overexposure to a single financial instrument, choose a savings strategy that combines fixed and liquid assets to offset risks with higher returns while incurring less loss to the investor in turbulent scenarios. It is also crucial to search for choices in a savings plan, such as a fund switch, which allows for moving between investment funds with varying investment risks based on changing demands.

Tax Benefits

The finest savings programmes are also practical tax-saving tools. It is advised to choose a savings plan whose premiums are tax-deductible under sections 80 C and 80D and whose maturity profits and death benefits are tax-exempt under section 10D of the Indian Income Tax Act, 1961. These tax breaks can help you save money in addition to what you would have saved if you had joined a savings plan.

Wrapping it Up

Investing and saving is a time-consuming but necessary process that identifies specific financial objectives over time. While the above checklist is very useful in selecting the right savings plan, it must be preceded by more in-depth market research on the available plans. Unit-linked insurance policies (ULIPs) are the most popular saving plans that serve a variety of financial objectives while yielding handsome returns.

It is never too early to begin a savings strategy and place yourself on the road to accomplish crucial life goals. Saving plans are the most popular option for people of all ages since they make it easier to achieve your life objectives. However, before settling on a savings strategy, remember to analyse and analyse your requirements and aspirations.