A number of business owners make the terrible mistake of thinking that petty cash is insignificant and doesn’t need much of management. Petty cash is the small amount of cash that is spent on small company expenses like daily coffee runs, staff birthday celebrations, postage costs etc. However, just because petty cash doesn’t constitute a huge amount of money, doesn’t mean that it’s not important to track and manage it. All the little company expenses add up to make a pretty good amount. And, when properly managed, petty cash helps you keep an accurate record of all the finances of your company.
Regulatory Technology, more commonly known as RegTech, is defined as the use of new technologies for helping financial institutions effectively meet regulatory requirements of reporting, monitoring, compliance and risk management. RegTechs is often confused with FinTech but the latter is defined as using technology for delivering financial solutions. Unlike FinTech, RegTechs focuses more on rethinking the way finance and regulation work. RegTechs provides cost effective solutions to financial firms for meeting regulatory requirements through automation and digitization.
Small businesses face a number of challenges among which finance management definitely tops the list. Financial decisions must be exercised with utmost caution, right from the beginning, as small businesses operate on limited financial resources. Establishing a successful business requires a lot more than just a good business idea. For generating profits and staying credible in the industry, entrepreneurs need to excel in finance management. If your small business is struggling with managing the finance, you just need to rehash your strategies and modify your operations a little to improve your finances.
One of the prime factors that drive a business towards success is great customer service.No matter how great your product is or how talented employees you have in your organization, if your customer service isn’t good, your business won’t thrive. It isn’t very easy to provide awesome customer services and it requires skills and well thought strategies. Research suggests that if people receive good customer service they tell 2 or 3 people but if it’s bad they tell 10 to 12 people. In this scenario where recommendations and word of mouth hold such great value, it’s extremely important to be consistent in delivering great customer services. Even if you have been recognized as an excellent organization in terms of customer services, you need to constantly upgrade and refresh your skills to keep your customers consistently satisfied. Your customer service team is the face of your company and their skills determine the experience of your customers.
Bank audit refers to the procedures for evaluating the services and processes in banks and other financial institutions. All financial firms need to undergo this routine procedure to ensure that they are complying with the industry-specific as well as jurisdictional laws and regulations. Bank audits are conducted by specialist accountants known as bank auditors that focus on the completeness, accuracy and legitimacy of the financial activities. Although many banks and financial institutions find the audits a dreaded and strenuous experience, periodic audits are essential to ensure that the institute is fully in compliance with the regulations and is operating with high efficiency. Considering the significance of such audits, it’s important for an auditor to have a checklist for bank audits and use it as a tool to test and evaluate the processes. It also helps the auditor to ensure compliance with the laws and regulations of U.S. Securities and Exchange Commission (SEC) and International Financial Reporting Standards (IFRS).
Return on Investment (ROI) is defined as the ratio of net profit and financial investment of a business. It is the financial return a company receives from spending money on its business. For business owners, increasing ROI depends on how well they manage the company finances and business assets. In small businesses covering expenses requires well thought strategies to ensure that “less is more.” Often employees need to take care of multiple roles and work with limited resources to minimize investments and increase profits. However, be it small or big, for every business, it’s crucial that the ROI keeps on increasing. Although, business always comes with multiple risks, there are a few strategies that can help in increasing ROI of your business:
Financial modeling is the process of creating mathematical models for representing the financial performance of business entities. Financial models are usually used for cash management and budgeting but there are many more valuable benefits. They also provide important insights about the company which help in decision making. Such models help in analyzing how much profit is required for achieving target which, in turn, helps in formulating effective strategies. A good financial model should be detailed yet simple. No matter whether you are a startup or an enterprise, financial models help in predicting and estimating opportunities, investments, risks, outcomes and other important scenarios.
After the Sarbanes–Oxley Act was passed in the year 2002, many firms were forced to review their internal controls for Accounts Payable. Although implementation of effective internal controls could be a tedious job, it could prove to be extremely beneficial in preventing frauds. One of the most common ways in which a company can encounter significant financial losses is Accounts Payable fraud. It’s often perpetrated by the employees of the organization and could go undetected for a long period of time leading to major losses. The signs for such frauds cannot be always easily observed. But fortunately, there are effective strategiesto detect and prevent accounts payable frauds. However, once you detect the crime, it’s quite easy to identify the offender as there are always paper trails leading to the perpetrator.
When you start a business, one of the most taxing and confusing tasks could be managing the payroll. Calculating taxes, overtime, vacations and benefits, even for a small business having a few employees, could take hours. There are many companies out there which still lack effective management of payroll processing which leads to various problems like legal issues, dissatisfied employees and many more. Being an employer, you also need to make many payroll related decisions and if your payroll process is disorganized or has errors, you may land in a serious trouble.
Continuing education programs refer to learning activities aimed at educating professionals and helping them advance their skills and knowledge regarding their field of work. The programs include webinars, seminars, formal lectures and many more. These are optional for certain professionals whereas for some these are required for maintaining certification or licensure. A continuing education credit (CEC) or continuing education unit (CEU) is a measure used in continuing education programs. A CEU equals to 10 hours of participation in an accredited program. Training Doyens offers CEU approved webinars for various industries. By attending the webinars you can not only enhance your knowledge and skills but can also earn CEUs to establish yourself as a competent and expert professional. Training Doyens features webinars approved by SHRM, HRCI and IRS.