Jumat, 17 November 2017

A Virtual Treasure Trove of Information Regarding The Profession of Accountancy in London



Growing Popularity of Factor Receivable Financing It is quite possible that you and your company are not familiar with factor receivable and its benefits. It is also possible that you are of the opinion that this type of financing is adopted only by those companies that are in deep financial crisis. Well, although many businesses are of the opinion that this is an option that should be taken only when there is no option left, many believe that this can help them maintain the apt cash flow that the need to run their business smoothly. Reasons can be many, but the process of asset based finance system is simple and speedy and is one of the most efficient ways to get cash when any company needs without going the traditional way of arranging for money. In fact, the exchange that takes place benefits both the parties because one gets the cash and the other gets the receivables at a discount. The invoices that are still to be recovered are sold at discount since long and it is not a new concept of generating money to support your business. In fact, factor receivable finance system is quite effective and many companies consider it an excellent option. Usually new companies that are looking for more financial support, the companies that are in need of working capital and those that have been denied by banks for loans consider this finance system quite helpful and effective. One of the most apparent and effective benefit is that the company gets immediate cash and that too without getting into any debt. Another remarkable advantage of factor receivable financing is that once the invoices are sold, the factor takes the responsibility of collection duties. However, you can discuss the way this should be handled and if the factor agrees to your ways, you can opt for financial assistance of this type. This is important because you would never prefer damaging your relationship with your client simply because you are being supported financially when you are in urgent need. When a business person seeks traditional loan, the first thing that bank shows concern in is the cash flow of the business. However, the asset based finance lenders are primarily concerned with the performance of the assets that are pledged as collateral. Since the asset based lenders focus on collateral instead of creditworthiness, they make more business than traditional lenders these days. If you are smart enough, you can get the receivables at least possible discount.

A Virtual Treasure Trove of Information Regarding The Profession of Accountancy in London


Impact of Low Quality Reference Data on Bank Processes While Basel III, FATCA and the Dodd-Frank Act will see renewed pressure on businesses to ensure high quality of reference data, focusing on satisfying regulator concerns as the sole reason for improving data management and data quality, would be short sighted. High quality reference data is even more important to the business itself and this alone should provide a strong case for its improvement. Reference data refers to static information such as product descriptions, calendar events, pricing etcetera. The following are some of the ways low reference data quality inhibits the smooth function of specific departments and processes in a bank: Sales & Marketing The absence or low quality of reference data can make it difficult to identify opportunities for cross or up selling. If sales staff do not have a comprehensive and accurate view of client behaviour and preferences, they cannot know what bank products that client would be interested in purchasing. In addition, the business cannot accurately perform analytics that would show the profitability of a particular product, client or region. Poorly managed reference data also lengthens the time it takes from client acceptance to actual transaction execution. There is also the strong likelihood that the institution can take on a client that they should otherwise not because the client would not satisfy AML (anti money laundering) considerations. Getting rid of the client after they have already signed up can result in regulatory censure and a dent on the bank's reputation. Operations/Transaction Execution Poor reference data can lead to an inaccurate data warehouse or ineffective pre-transaction risk assessment and analysis. It can delay or compromise the setup of new products resulting in unreliable pre-product analysis and pre-transaction analysis including potentially disastrous pricing errors. In the high octane world of financial services provision where transaction volume and value can be enormous, even a seemingly miniscule error that's fractions of a percentage off the mark can have substantial repercussions on the bank's P&L. The surprise $2 billion trading loss by international banking giant JPMorgan Chase announced in May 2012 is probably the most classic recent example of how catastrophic a slight oversight can be. Poor quality reference data can also inhibit straight through transaction processing (STP) of both outgoing and incoming payments. This slows down transaction execution, ties down human resources via increased manual repairs, increases the likelihood of erroneous transaction posting and thus exacerbates customer dissatisfaction. With some estimates placing the cost of bank transaction repair at a hefty $25 to $50 each, repairs in high transaction volume institutions can be difficult to sustain. Middle and Back Office Poor quality reference data in a bank's risk data warehouse means more reporting errors. Reporting errors in turn entail additional manual intervention in order to generate accurate external or internal reports. While such manual interventions are of themselves costly, they are also time consuming and make it virtually impossible for the financial institution to have increasingly crucial real time risk reports. But they also present another problem. The risk and compliance units are not the only ones generating reports for management and regulators. The finance department of a bank often has to generate regulatory and management reports of their own - in most cases, much more reports than the risk or compliance teams. Manual interventions increase the likelihood of inconsistency, discrepancy and a lack of reconciliation between reports generated by different departments and even those from the same unit. Wrong reports can require more capital charges than is necessary and thus placing substantial constraints on other profit making activities of the business. Another middle and back office concern from poor product or client data is erroneous settlement instructions including delays, wrong payment, reconciliation challenges, cash flow disruptions, and reputational and financial losses. Customer Service For a bank, sending a customer an inaccurate statement of their account is anathema. Worse still is if such an error simultaneously affects several customers. The impact on the institution's reputation can be devastating. As a customer, wouldn't you be wondering whether you can really entrust your hard earned cash to an institution that cannot get something as basic as a statement right? Yet, this is precisely one of the risks poor reference data poses to financial institutions' brand strength. Note that the inaccuracy need not be numbers related for it to dent the firm's reputation. It could be sending statements to the wrong client, missing the correct date for issuing dividend payments or continuing to use an old company name post-merger/acquisition.





Do You Know Why You Should Hire a Brisbane Accountant Already? Finding a Brisbane Accountant to manage your affairs can be the smartest thing you can do to protect your money. Pay attention to these five reasons and learn how much you can gain. One of the most significant reasons to hire a Brisbane Accountant is that it just gets harder to deal with government institutions. New laws are made and old ones are changed all the time. As time goes on, there is more and more you have to know to keep your finances straight. That's why hiring an expert account that knows everything there is to know about the laws in the field you need help with is so important. Similarly, another really big reason for hiring a Brisbane Accountant is that they actually care about what happens to you. Many accountants just deal with you for as long as is necessary to get your money, and don't have any concern for what happens after the check clears. However, Brisbane accountants actually want to see you happy. Because of that, they will work extra hard to guarantee that your finances and your property flourish into long term security. Hiring a Brisbane Accountant is such a smart decision just because they are familiar with the specific local ins and outs of the laws as well as the special obstacles that you will have to deal with. If you just read about the laws online or in a book, you won't get information specific to where you live. Hiring an accountant who knows how to work around those local problems is crucial to your success. Does not that ring some bells in your mind yet? A Brisbane Accountant is worth hiring because they can actually pay for themselves. If you are in tax trouble or just have unusually complicated taxes, then there's a good chance you are giving up more money than you need to be. Someone who knows how to work the system can help you save huge money on your taxes. Because of that, the money you have to spend when hiring an accountant is more than made up for in savings. You really should hire a Brisbane Accountant to manage your affairs; they just make your life so much easier. It takes so much time and causes so much stress dealing with the government and all the paperwork and different agencies. With an accountant to manage everything, you can relax and enjoy life. Even if you don't get any other benefits, the sheer improvement in your quality of life justifies the expense. There are just so many ways that an accountant can help you that there's no reason to wait. Hire a Brisbane Accountant today and see how much better life can be.

Tidak ada komentar:

Posting Komentar