An effective manager will have to communicate with his/her accounting and finance professionals team to ensure daily business activities and projects are completed as per the plan. Here are six tips that will help a manager effectively communicate with his/her finance department.
Ask them to speak up – Ask your finance team to be more vocal and request for their feedback, questions, and concerns.
Check in often – Often remind your accounting team that you value their input and need their expertise to ensure that the business runs smoothly.
Don’t catch people off guard – Avoid waiting till an annual appraisal to give your team feedback, as this will give no time for a staff member or team to improve. Look at informally offering regular performance reviews.
Give it to them straight – Accounting professionals will value a communication style that is honest, reliable and direct.
Be specific – Accounting professionals will focus on data, so if you want them to work on something ensure that you are precise, accurate and technical. Avoid being general and request for numbers that will help you understand the situation better.
Ward off rumors – Office gossip can confuse employees and create misinformation and half truths. When you’re speaking to the finance team, request for information in numbers as this will provide a more accurate picture of a problem.
Training – Adding training programs to help employees communicate better is a good way to help departments and managers communicate more effectively.
Small businesses are often tight on budgets and therefore should include energy saving methods to reduce their utility bills. Here are seven tools and tips for small businesses to save money on energy.
Increase the efficiency of your boiler – Upgrading and cleaning your boiler will improve its efficiency. Look at removing soot, scale and fixing leaks to reduce costs at your facility.
Insulate piping and ductwork – Pipping and ductwork done properly will reduce heat losses, saving energy and costs.
Replace inefficient lighting – Look at energy efficient lighting that will reduce your energy consumption and produce less heat.
Upgrade your AC – New air conditioners will use less than 50% less electricity than those used in the 1970s. Therefore, upgrading your AC can reduce your electricity costs by at least 30%.
Reduce fan speeds – Reducing your fan speed by one notch will reduce your energy consumption by as much as 30%.
Disconnect non-essential loads – If you have appliances like coffee makers, water coolers, vending machines and registers that are not in use, it is best to switch them on when needed or sell them to reduce your energy load.
Maintain your electrical distribution system – Look at a well-maintained electrical system that will distribute, protect electrical usage and reduce electrical energy usage. You will need a qualified electrician to assess your business to rectify any issues.
A start-up’s finance team is the key to ensuring a start-up stays a float. Building a finance team from scratch can be difficult. Here are some tips that can help you get started.
When should I add finance staff? – Your finance team should be hired as soon as possible, instead of expecting key players to take on this role. Avoid failing in this area as it can have serious
What positions should I fill first? – If the organization is a forward thinking one, it is best to look at a financial analyst first. However, if someone on your team is handling this area, look at investing in someone to manage payables and receivables. You could also start by hiring a CFO and then look at an accountant to handle day-to-day tasks. Afterward look at filling middle management positions like an accounting manager or a controller.
Previous startup experience needed? – Your candidates don’t necessarily have to have previous start-up experience, but they should be able to fill a role that will involve a lot of multi-tasking.
Contract or permanent staff? – The choice of selecting contract or permanent staff will depend on the market and the specific skills you are after. A combination of both is advisable to ensure you get the right resources you require. Start off by hiring for your immediate needs and then look at what areas need improvement.
Warren Buffett is one of the richest people in the world, and he has been an inspiration to many. Here are some wise words that will help anyone in business.
- “Someone’s sitting in the shade today because someone planted a tree a long time ago” – The lesson here is to look at the future and see what methods of investing, saving or spending can help you lead a more comfortable life or one that achieves your goals or dreams.
- “Only buy something that you’d be perfectly happy to hold if the market shut down for ten years” – Invest in businesses that are stable but look at holding your investment for the long-term. As your investment matures, keep an eye on it to ensure that it is still valuable and your original reasons to buy still apply.
- “Price is what you pay; value is what you get” – The price you pay for something and the value you receive from it are quite different. Therefore, it is important to buy stock that you believe is more valuable than the share price in the market
“Cash … is to business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent” – This lesson is an important one, Buffett understands the importance of keeping an “Emergency fund.” Your emergency fund will help you face financial challenges with ease and eventually when you come out of it; your business will be stronger.
Summary: Global money transfers are relied on more than ever in today’s economy. Here’s how it’s done.
One of the most pivotal components of today’s modern economy is the global money transfer system. As large-scaled businesses are continue to shift their focus on cutting costs by outsourcing work to contractors overseas, there’s a substantial increase in the amount of global transfers.
The Utilization of Online Wallets
One unique way of transferring money online is through the use of an online wallet. For some individuals, the wallet is either a checking or savings accounts. This allows the consumer to maintain a fair currency exchange rate when spending around the globe – essentially when one works with any merchant service that will accept credit cards online. Also, for businesses that send their employees to various countries, it’s also a significant factor in cutting costs.
Bitcoin: The Currency of the Future
Bitcoin is considered the most popular forms of crypto currencies. Furthermore, it’s also being utilized across the globe as we speak. With a complex algorithm system, money is safely transferred from country to country without duplication concerns. This is done similar to that of a merchant credit card processing system, but varies in the amount of keys that are assigned to each transaction. Already, the economy is witnessing a substantial increase in digital currency, and it’s only the beginning. It may become a universally accepted means of money transfer, but only time will tell.
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Starting a new business can be difficult and involve many financial mistakes. Here are six financial tips for entrepreneurs launching a startup.
Manage your cash flow – It is important that new startups are aware of where their money is coming in from and going. Manage your cash flow by hiring an experienced accountant or by taking a few courses in accounting basics to understand your financial position.
Monitor spending – Understanding how your business is spending its money is important as it will give you a good idea about how to manage your business and maintain growth.
Limit your fixed expenses in the beginning – Avoid investing in an elaborate office and furnishings and instead concentrate on how you can grow your business and generate revenue.
Remain optimistic but prepare for the worst – Business environments are ever changing, therefore stay alert and prepare for the worst. Make sure that your business has grown before you decide to quit your current job and eliminate your main source of income.
Reserves – It is important that you have personal and business reserves that you can tap into when bad situations arise. Remember that as an entrepreneur, you have to take control of your retirement fund to ensure that you have something to fall back on when you are unable to work anymore.
Every minute has monetary value – Small businesses revolve around the owner and therefore your time is very valuable. Schedule your daily activities to ensure that you have sufficient time to look into all aspects of your business.
Summary: Passive income has become a popular market for those that want to earn money without putting forth much effort.
Passive income can be defined as money that flows in on a regular basis without requiring a substantial amount of effort to be put in. Now, the idea behind this is to make an initial investment and allow everything to fall into place. Afterwards, there’s minimal maintenance involved and one reaps the benefits. That being said, not all passive income opportunities are beneficial for you. For investors, you’ll want to build a solid portfolio, which means understanding which passive investing strategies are worth pursuing.
Real Estate Investments
The real estate market, despite its ups and downs, remains to be a preferred choice for investors that want long-term returns. Investing in rental property can provide a solid source of regular income that comes in on a monthly basis. On the other hand, the investor has to put a 20% down payment to purchase the property, but that may not be an option for those that aren’t saving regularly. Once the tenants are installed, there’s little to do but wait for the rent checks to start flowing in.
The P2P industry is barely a decade old, and the market has grown substantially within that time frame. Investors that want to help other while adding passive income to their portfolio tend to look to P2P lending for a golden opportunity.
There are fewer barriers to enter this market as opposed to other types of investments. Some P2P platforms will allow investors to fund loans with as little as $25. The road to success with P2P however, lies with diversification. Remember, you’re funding individuals that you don’t know. You’ll have to rely on their credit score and other information that’s made available to you. If they end up defaulting on their loan, your initial investment will be lost. This is why investors will strategize and invest in multiple loans to minimize their losses.
Bio: An entrepreneur by trade, Omar Amanat is a successful investor that has seen his fair share in the technology and finance industry.
Entrepreneurs invest in real estate because they know that the return on investment in much higher in real estate than investing their money in the bank. However, there are few tips that entrepreneurs should keep in mind when investing in real estate.
Plan your financial goals – Before investing in real estate, it is best to analyze what you expect from your investment. When conducting your analysis, look at the time you are willing to hold your asset in comparison to the return you will receive.
Don’t only look at learning – Learn the basics about real estate investments and then compare them with the goals you want to achieve. If you have any specific areas you need clarification, look at searching for this information online or delve into a book or a seminar.
Look at plenty of properties – Look at as many properties as you can and consider areas beyond your personal preferences. More options will provide you with a wide range of choice which will make for positive
Avoid postponing your investment program – Avoid waiting for that perfect deal as it may not happen. Perfect deals rarely exist. Instead look at if your investment meets your goals.
Do a thorough financial analysis – Once your analysis is complete, look at these details as guidelines to determine your price and your terms.
Avoid buying a property that the seller is not motivated to sell – If a seller is not motivated to sell their property, the chances are that the price of the property will not suit your financial goals.
The future of online credit card processing lies with companies that are diving head first into the market for mobile payments. The more mobile devices are deployed with applications built for sharing payment data, the better the integration of this technology. Consumers need to know it’s safe to use a cell phone to make payments, and more retailers are beginning to accept these alternative payment forms as a result. This was a major step forward in supporting freelancers worldwide, and will no doubt be the first in many to come.
Mobile Offers Convenience
With smartphone adoption rates trending upward, almost everyone has the ability to move money from wherever they are. What’s changed is that more retail outlets are beginning to accept mobile payments from customers on the go, which means they are no longer tied to the debit card or cash. These new merchant accounts protect a customer’s identity and payment information. Making everything safer. Mobile devices are usually protected by a password, and are often secured by the person carrying them. So, rates of physical theft are low and there are multiple security measures one can take to protect their device.
Mobile payments also allow a lot of tracking on the merchant’s end, which is a good thing for consumers. It’s possible to allow customized coupons that apply specifically to what a consumer actually buys, rather than forcing him or her to buy outside of habit. It may be possible to “remind” customers of deals at the payment processor, where the customer would be most receptive to loyalty offers and coupons. There are exclusive deals you can offer through mobile that encourage customer loyalty as well.
Imagine you’re in line at a terminal, when your phone buzzes. Upon opening, you discover that the item you’re about to buy has a coupon for 20% off the store’s asking price. You can scan this coupon from your phone, without remembering where you might have left it, and you’ll be able to claim your offer seamlessly from the terminal.
Ultimately, it will come down to experimentation but mobile payments are finally beginning to see increased adoption rates. Companies will be looking for ways to harness this new technology, so that merchants can deliver tailored solutions to customers looking for a great deal. Consumers will love taking advantage of the new methods to save money and earn loyalty rewards bonuses.
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Most will give you their opinions on how you should handle your money matters. But not everything you hear will be helpful advice. Here are a few money tips that you should ignore.
Don’t ever go into debt – Sometimes taking a loan is the only way to progress in the areas of buying a new house, a car or to go on that holiday of a lifetime. In this case, it is important to take a loan that does not leave you overextended and unable to pay back your debts.
Pay off your debt before savings – What you should do is weigh your investments in comparison to the loan repayment period. Remember that most establishments earn from interest and therefore paying off your loan will cost you a penalty.
College is a must if you want to make good money – Some employers will require a college degree, but some well-paying jobs are offered to those with a technical training. The point to note is, don’t go to college if you don’t feel motivated to do the course.
Only invest in stocks that provide dividends – Most people will want their annual dividends to be paid on their stocks to consider them profitable. However, dividends are deducted from the earning of the company and therefore this could reduce the amount of each share.
Buy bonds to generate income – Bonds are a risk reducer and it is good to invest in bonds, as this will ensure your money is safe. However, remember that you will not make much money from them.