Friday, February 28, 2014

Financial Pitfalls of Travel Abroad for Work

To my mind, travelling the globe for your business is the pinnacle of entrepreneurial success. Reaching new markets, meeting new people, experiencing new things- it’s living the dream.

It can also be ungodly hard on your finances. Sure, most expenses can be written off, but that doesn’t keep you from forming unhealthy spending habits. Below are the top financial obstacles you should look out for when traveling for business.

Travel Abroad for Work

Conversion Rates

I can’t stress enough how important it is to become familiar with the currency of the countries you travel to. It shouldn’t even take all that long- on the flight to your destination, simply learn the base unit and how it compares to that of your home country. Even a cursory understanding is better than ignorance. Just to be safe, you can also install a conversion app on your phone.

If you saunter into Japan thinking that 1,000 Yen should cover you for the day’s expenses, you’re going to have a bad time. ¥1000 is worth less than 10USD. Conversely, if you think that 20 Kuwaiti Dinar isn’t much to drop on lunch, be advised that it comes to over 70 USD.

Even the difference between a US dollar and Australian dollar can cause havoc on your budget when you’re talking about a week long stay, let alone a month.

Know Your Work Expense

It’s easy to get complacent when you have a work expense account to use while traveling. The last thing you want to do is get called into your boss’s office to discuss why you’ve put $400 worth of Pocky on the company’s tab.

Before you leave, get clear direction from your supervisor, HR, or the accountant as to what acceptable expenses are. Some businesses cover all meals including drinks, while others refuse to comp alcoholic beverages. The act of verifying appropriate expenses will also help you get in the mindset of being financially aware.

Accident and Injury

One of my biggest fears when I did more globetrotting was that I would get injured in the field. I’ve seen coworkers contract illnesses and take spills that landed them in hospitals thousands of miles away from home and family.

Coordinating with medical professionals across the planet can be mind-blowingly difficult and expensive, so it’s important to be financially prepared for injuries large and small. In my case, I know that my accident insurance with GIO.com.au covers me worldwide, but not all carriers are willing to extend their benefits outside of their country’s borders. Check with your insurance company and be sure that the benefits you have at home can help you abroad.

Always be sure to have all your necessary insurance information on you, with extra copies to keep in your luggage and hotel room. If you are allergic to any medications, keep that information prevalent as well. If you are taking an international phone, then clearly mark emergency numbers.

Culture/Sticker Shock

For all of you titans of industry out there, you know that business travel is as much a social endeavor as much as a financial one. Forming partnerships, particularly business partnerships, is handled differently in cultures around the world.

Did you know that Korean culture is gift-oriented? When dealing with Korean manners, it’s considered impolite to fail to offer gifts to those who host you. You might need to spend more money than you planned in order to keep up with this atmosphere of generosity.

Did you know that you should plan on drinking every single night you spend with your Japanese partners? Be prepared to buy multiple rounds of drinks for your partners.

If you’re being sent abroad by your work, you’ll likely receive some kind of etiquette training. Regardless of whether your employer has offered such training, you should research the customs of the country you’re visiting so you can budget accordingly. If you are expected to buy gifts, meals, and drinks for potential clients or business partners, those costs should be reimbursed by the company.

Traveling for work is exhilarating and exhausting and rewarding. You can see the world, gain new skills, and build an impressive reputation. But it can also put a serious dent in your finances if you’re unprepared. As I always say, an ounce of prevention is worth a pound of cure. Look ahead and anticipate expenses before they occur- it’s the best way to ensure that your professionalism is reflected in your budget.

Wednesday, February 26, 2014

Benefits of Mortgage Payment Protection

If you are unable to work due to accident or sickness, you can get payment by going for mortgage payment protection insurance.The payment will begin either 31 days or 60 days from the date of unemployment. However, there are best payment plans through which you will get backdated payment as well. The payment will be to the extent of the first 12 months of unemployment. The time frame is fixed so that you will attend work at the earliest. When you avail the mortgage protection insurance, the payment will be paid to your back account or to your mortgage company directly.

Mortgage Payment Protection

What are the benefits?

When there are sufficient funds to manage your financial obligations in spite of all the odds, there will not be any requirement to go for payment protection insurance. On the other hand, if you want absolute peace of mind in spite of loss of job through various uncertainties, you should go for payment protection insurance. Mortgage payments should be done as per the agreement with the company on or before the due date. If you fail to fulfill the commitment, the property will be seized. You might get notice from the court as well. It will be a great deal of time and effort to deal with hefty penalties and court rulings. Hence, to avoid all kinds of uncertainties and embarrassing situations, you should want to utilize the mortgage payment protection insurance. By going for the best insurance, you will get maximum payment. The installment premium should be less so that there will not be any burden on your monthly expenditure.

How to get the best mortgage protection payment?

In order to purchase the best mortgage protection insurance, you should want to go through the details of various insurance products available in the market. When there are a number of products and insurance carriers, it will be difficult to settle for the best. You might want to go through the price comparison websites as a shortcut for this process. It is true that you will be exposed to numerous options through the premium comparison charts.

It is also important to understand the fact that you might not find some insurance companies that charge a very low premium and deliver maximum benefits. For example, Ant insurance offers insurance policies to protect income at very low premium and the benefits are very high. You will get maximum payment when you go through the uncertainty. Price comparison websites will list insurance plans of companies from which they get commissions. If an insurance company objects to pay any commission to the website, their products will not be listed. Hence, necessary care should be taken to make the most of your investment.

Steps to get the best mortgage payment protection

You can get the best mortgage payment protection when you cannot work due to various reasons. The accident, sickness or redundancy will not deter you anymore from withholding your payments. You will be able to pay promptly to your mortgage company from which you availed the loan for your house. You should go through the quotations from 3 or more companies. By spending a little time through the online search process, you can save great amount.

By not narrowing down your search for price comparison websites, you will be able to make the most of your time and effort. The best mortgage payment protection will let you manage payment right from the first month without fail. Thus, your credit score will not be affected and you will enjoy better terms with various lenders. You can purchase mortgage redundancy insurance so that your unemployment will be protected.

Monday, February 24, 2014

5 Signs You Might Need Insolvency Help

Whether you’re operating a business as a limited company or partnership, a sole trader or a private individual, it’s vital to seek professional advice as soon as your business starts getting into serious financial difficulties. There are always warning signs before a business becomes insolvent, and hiring an insolvency expert to help you recognize those signs and change course before it’s too late could make the difference between your business sinking or staying afloat. Here are some tell-tale signs you probably need outside help to restructure your business and improve its fortunes.

business Insolvency Help

  • Poor Management

Without effective management control, it’s hard to spot the other signs that your business is heading south. Poor management can include the failure to report regularly on how the business is performing or the lack of an adequate system for forecasting cashflow and correcting imbalances. Receiving lots of penalties for late payment may be the result of having a poorly managed system for prioritizing payments, or perhaps there is just no proper procedure for their authorisation. Either way, you probably need professional assistance to resolve these issues.

  • Long-term Losses

If you’re not regularly reviewing your business’ financial accounts, you may not be aware of structural problems that are causing ongoing losses. While most businesses expect their margins to ebb and flow somewhat, several months of consecutive losses should be enough of a warning that your business needs to effect action to stem the tide and avoid insolvency.

  • Late Payments

If you’re always receiving “final demands” from your suppliers, or incurring fines for going beyond the agreed terms, this is another sign that your business may be in trouble. As well as suppliers, are you always late in paying your taxes, VAT and employer contributions? While it doesn’t always make sense to pay bills early unless there’s an incentive to do so, being constantly overdue with your payments will strain your business relationships and usually indicates a more fundamental problem with the accounts.

  • Cashflow Concerns

If you can’t meet your payments when they’re due, it’s likely down to poor cashflow. Even businesses that are profitable on paper and have a high turnover can find themselves in trouble if they don’t have enough cash on hand to pay suppliers or salaries. This is often less about the viability of the business itself and more about the inability to control credit. For example, if you fail to keep well-organized records of what is owed to your business, and by whom, or you regularly allow unpaid invoices to get written off as bad debt, this is a sure sign that your credit control needs reforming.

  • Writing Post-dated or Bad Cheques

If your cheques are bouncing and you can’t honour the payments, this is a clear warning sign that the business is in serious financial difficulty. If you’re at this stage, you should organize a directors’ meeting as soon as possible and arrange for an insolvency practitioner to oversee the accounts. If your business is already insolvent at this stage and you continue to trade despite being unable to honour your payments, you could risk severe financial penalties or even prison time if you are judged guilty of financial misconduct.

Many business owners think that employing an insolvency practitioner is something only done when company liquidation or bankruptcy is inevitable, but that’s not the case. The sooner you get expert help, the more options you’ll have available to you and the more likely you’ll be to avoid having to wind up your company. Click here for more information on things that might help if you have a struggling business.

Tuesday, February 18, 2014

Prepaid Funeral Plans – The Facts, Pros and Cons

The Infographic is designed to elucidate and educate the people about what is the actual meaning of funeral plans are and how they function in real time . This infographic is created to educate people to take better decisions by imparting all the useful and helpful information related to funeral plans in UK and possible consequence that they might encounter.


You will find different points that are covered in the info graphic like What actually is a PrePaid funeral plan? How Prepaid Funeral Plans Work ?How Secure and authetic are Funeral Plans ?Some questions that you should ask a potential provider inorder to know your plan inside out .Advantages of Funeral Plans and Laws in UK pertaining to funeral plans.

A prepaid funeral plan gives you facility to organise and pay your funeral upfront at current price. Ensure that the funds for your pre paid funeral should be will be securely held in an Independent Trust Fund. No one should be excluded from Funeral Plan – the only requirement is that you are should be 50 years of age.

Only individuals that are 18 or older can take out funeral plans as consenting adults.If you want to give the take care of your funeral plan then you need to give someone else the power of attorney. 

 

To know more about pre paid funeral plans and insurance  please visit: http://www.prepaidfuneralplansuk.co.uk/ 

Thursday, February 13, 2014

Usage of The Terms ‘Loan’ and ‘Lending’!

When we say ‘loan’ it means the financial support offered to a person in need. The term ‘lend’ is the act of offering funds. Both these terms are used in financial transactions. However, the term lend is used while referring to passing strength to a specific cause. When an individual needs financial support to meet some requirements, it is natural tendency to look for sources of financial aid or loans. In this context, the term loan is used as noun to mean funds to be obtained for satisfying some financial needs.

Loan and Lending

How do they differ?

Basically, the term ‘lend’ is a verb and the term ‘loan’ is a noun. The term ‘loan’ is approved as verb in the dictionaries, but most of the English speaking people are not comfortable with the usage of the word loan as verb. However, it is to be acknowledged as verb as authorized by the dictionaries. View website and The usage of the term ‘lend’ as verb is quite common and it is considered more comfortable. Though people have been using the term loan as a verb for a long time and it is an established term as verb in the American English. However, we cannot always interchange the terms loan and lend as they might not look apt in all the contexts.

In the context relevant to financial transactions, we can use either of the terms loan or lend as verb, though it is not considered correct in British English. There are various types of loans initiated for specific purposes and each of the loans has unique features though the basic concept it more or less similar. While applying for loans, the borrower can make a good choice by getting sufficient knowledge about the different types of loans. The basic types of loans are secured and unsecured. Understanding the pros and cons of these types will enable you decide which of these two types can be beneficial to your financial situation at Facebook.

Loan is the financial support that you obtain from someone and you need to return the loan amount within the time specified in the loan agreement. Lending involves the process in which you offer funds to the borrower who will return the money as agreed. If the borrower fails to return the loan amount as specified in the agreement, the lender is entitled to dispose the property set as collateral for the loan to recover the loan amount. This method of lending is known as asset based lending.

When you borrow money for the purchase of home or vehicle, the home or the vehicle that you are about to purchase serve as collateral for the loan. Though you use other assets for qualifying for the loan, they cannot be taken as direct collateral. Lending with security is termed as secured loan. If the borrowers are not required to submit any collateral for obtaining loan, it is known as unsecured loan in which the lenders must be prepared to face the loss in case the loan is not repaid. However, the lenders try to minimize the risk by charging high interest rates.

Sunday, February 9, 2014

Best Mortgage Options after Bankruptcy

Bankruptcy is the legal proceeding in which the properties of the debtor is being seized and acquired by the lending agencies on the event of payback failure of the loan. Bankruptcy is one stage where the victim searches for various options to become debt-free. In such situations, it is very common that we again choose loan options which are charged with very high interest rates than usual. But we fail to understand that such an act would again push us to a bankrupt situation when we are not able to manage the repayment of interest as well as the principle at website. 

Mortgage Options after Bankruptcy

Steps involved in choosing a best mortgage loan

1. Checking credit report and maintaining proper documents

As soon as you become bankrupt, your unpaid dues would reflect in your credit history which results in the inability of further loan claim. It is also essential for you to maintain proper documents related to the debt repayment failure following bankruptcy. This is because of the reality that you attempt for other credit options without clearing the older dues and that erodes your credit score. Do not forget to organize your debt report, bankruptcy papers, tax records, foreclosure documents, etc. You may not use it for that time, but it helps you later while applying for other mortgage loans.

2. Applying for credit cards

Credit cards will be helpful during this phase since the secured ones report to any of the major credit concerns. It requires maintaining a particular amount that equals your credit limit. With the help of this card, you can easily purchase things at particular intervals and pay the bills on time to reveal your liability. Another option is an unsecured store credit card which can be used to purchase at a higher interest rate. Major thing to be kept in mind is that you should not drag your balance more than 30 percent from your credit limit.

3. Purchase a large loan

When you put the above things in order then you are in a position to try out bigger options. By maintaining a fair credit score after bankruptcy, you can check out to try a sizable loan such as a car loan or student loan. Be careful in handling these loans and see to that it fits your budget. Do not put yourself in trouble again by purchasing high interest loans. Try to pay back the loans on time and if possible with larger amount than expected. This is to reveal the knowledge you gained from your previous bankrupt situation.

4. Finally VA or FHA loans

The Federal Housing Administration (FHA) or Veteran Affairs (VA) loans are offered by the federal government which is issued by an intermediate government approved no credit check loan lender. FHA does not bother your previous bankruptcy unless and until you have established a fair credit history as mentioned above. VA loans require a funding fee which is collected by the U.S. Department of Veteran Affairs. In such mortgages where the government is involved, you have to be prepared to express your past due problems and the concerns you have regarding the loans at present and that you would avoid such bankrupt situation in future.

Friday, February 7, 2014

Preparing For A GXP Audit? Read These 5 Tips to Get It Right

Any business that is preparing for a GXP audit needs to hire the services of an experienced contract research organization that can complete projects quickly, cost effectively and accurately. The organization should offer a team of skilled and experienced staff members who are well versed in all research processes and procedures. Here are five tips to help you find one so you can complete the processes on time and within budget, minimizing your time to competence. 

GXP Audit

1. A Company That Features Trained and Highly Experienced Researchers

The staff are the backbone of the organizations so whether they are contractual or permanent placements, they should be the cream of the crop. The company should have an ongoing commitment to education and learning and the staff members should all be well qualified. Staff should also have real world experience in sectors such as pharmaceuticals, research, biotechnology and device development.

2. A Multinational Presence

If you want your products to be competitive in a global environment the company you choose to work with should have multinational presence, as well as local headquarters for convenience. Regardless of where the organization is situated, they must comply with all local and international laws and regulations.

3. How Experienced Are They With International Audits?

The organization should conduct international audits to global standards and regulations. It should also employ international auditors, who have experience that is relevant to your individual needs. In order to derive maximum benefit, it makes good sense if one team is deployed to handle a project in its entirety, from start to finish. The company should align the client’s standard operating procedures (SOPs) with their own, to ensure client satisfaction along with legal and regulatory compliance.

4. Project Management Services

Strict project management is essential for any audit to be completed successfully. It is important to appoint a company that prioritizes project completion with the requested deadline and within budget. The organization should have diverse experience working with small international institutions and projects, as well as larger operations. Make sure they have the capability to handle a project of your size.

5. Clinical Development Experience

Make sure you contract an organization that can provide assistance with clinical development plans that are cost effective. Shortlist a few potential organizations and get a costing beforehand. An organization that is dedicated to ongoing learning and development will be able to give you the greate st assistance in developing, researching, producing and marketing your products and services. 

This guest post about GXP Audit was written by Triligent .

Wednesday, February 5, 2014

Top Tips to Positive Cash Flow Investing

Placing your bet on rentals and property management can be much safer than corporate stocks. This however, does not mean you escape from the risks and downfalls of failing to recognize viable estates. It is then useful to know the objective of why you should invest in properties in the first place.

Cash Flow Investing

On a broad perspective, estates can accumulate into assets. You would still need to set a value on how much return you would aim for, but the ideal scenario is to invest on a specific home, and have it rented out. The rent pays would eventually build up, which means aside from having your house, you would breakeven on how much you have spent on buying the property. This, in the long run, is classic positive cash flow investing.

Here are five tips to guide you and ensure your gain towards seizing in-demand lands:

  • Research as Much as You Can

Today’s real estate translates to convenience, which is brought about by online channels. You no longer fully need to cut out samples of properties from the newspaper’s Classifieds or make actual house visits.

You can access property details right at your fingertips. Browse through the Internet and subscribe to your target area’s newsletters and mailing list. In other words, you can exert as much as effort as possible through gathering numerous prospects, while never having to physically visit each and every estate.

  • Shop around

You can refine your top listings by looking through properties which best meet your criteria. One strategic step is to speak with a handful of agents you can trust. Start off by looking through online forums and communities that exchange industry knowledge on increasing positive cash flows.

Once you have found an agent worthy of your efforts, you may start by scheduling a meet up. You can gain the real blow by blow of what happens in the industry, or if you can’t meet with an agent, try going to talks, symposiums, and exhibits on real estate.

  • Check the Vicinities

Your property can potentially increase in value through the local areas by which your prospective home may be situated. See the spots where opportunities for employment would rise or where schools may be. If an estate is near a shopping establishment, or transportation may be easily accessible, this would then be a boost for your property’s value.

  • Talk to Area Experts

The most effective investment strategies can be shared by real estate veterans. This is why it pays to know their two cents’ worth in regards to property selling and acquisition. What you may need to learn and work hard for in years, may be given by a seasoned specialist during a quick meeting.

  • Start Bidding at the Bottom

Upon finally deciding to purchase a specific lot or property, always start your price at the bottom of the barrel. This gives you more room for an increased return on investment. Picture this: you bought a property which was priced at below market value and have it rented at a competitive price. In several more years, you can gain back the amount by which you bought the house and continue to earn off from the property’s rent at an increased interest rate.

Working through the challenges of property investing can be tedious. Once you gain further skills on choosing the right estates and offer them at competitive prices, you may see yourself building an empire, one deal at a time.

Author: Anna Francesca is an avid writer, who enthusiastically explores about challenges of property investing and enterprise opportunities. She is also a music geek, a fan of European languages, an ardent reader, and very gung-ho on all things new and interesting. You may follow her on Google+.

Sunday, February 2, 2014

Why Other People Are Preventing You From Saving Money

It might seem harsh to blame your problems on others, but sometimes it may also be accurate. If you are trying to save money you see, you'll find that other people can often stand in your way and create barriers that make it more difficult. And when you're saving up for something important such as a mortgage, this can be a serious problem.

Saving Money

The solution of course is not to cut other people out of your life and stop hanging out with your friends and family. Even if this would save you lots of money it wouldn't be worth it and you wouldn't have much fun with that cash if you didn't know anybody you could enjoy it with.

Rather the solution is to learn to deal with those people and to have a good time with them without letting it cost you. Here's how.

The Issue

First of all, how is it that other people can be so detrimental to your saving efforts?
When budgeting normally, most of us know precisely how much we have available to spend on different things. We can predict how much money we will need on a day to day basis and we can thus assign different allowances for each.

The problem with other people though is that they don't respect these allowances and they can't be predicted. You can have just come to the end of the week – having spent all of your 'personal expenses' budget – only to then be invited out by your friends for the night. You're then left with two choices: be left out, or accept and spend money.

Likewise it's your friends who will probably encourage you to go to that concert, to have those extra drinks on a night out, and generally to spend lots of cash that you don't really have. And making matters worse is the fact that most of us don't want to lose face and don't want to let the people we care about know that we're struggling. We want to look successful, so of course we can afford that comedy night. Never mind that it will prevent you from ever getting a home mortgage…

The Solution

The solution then is to simply learn to say no, and to learn to be more honest and straightforward with your friends and family. This means letting them know to begin with that you are struggling. As soon as you do that, they will then expect you to have less available cash and to have to refuse a few matters. And if you don't want them to know you're losing money, then how about just telling them you're saving for a house? That's as good an 'excuse' as you need to buy a little less. Limit your social activities to one or two things a week and you'll find that your finances – and your energy – sores.

Another solution is to suggest more activities that aren't going to cost you money. That means offering to host (as long as you aren't cooking everyone a five-course meal) and it means suggesting trips to free museums etc.

Jack Norman, the author of this article, is a freelance blogger, currently writing for First World Mortgage, a leading mortgage company. Jack has a flair for writing and is a regular contributor to many home improvement blogs.

7 Essential Starter Tips for Small Businesses

Planning to build your own startup? To increase your chances of success, you need to look at the long term and know the exact direction your business is headed, as early as the beginning stages. This way, you will be better able to determine concrete steps of action to realise your vision.

Small Business

Here are seven essential tips to help you get started on your small business:

  • Create a Business Plan

Planning is crucial for any startup business. You need to create a business plan, which would serve as a blueprint. Make the business plan as detailed as possible: include your objectives and planned courses of action. When pitching to investors, your business plan can be a powerful tool. It is also possible that your plan may require some changes as your business develops.

A large part of your plan would be based on projections and assumptions. Here’s a basic outline of a complete business plan:
  • Primary product(s) or service(s) you will provide
  • Pricing (not covering hard costs) or how much you plan to charge for your products(s) or services(s)
  • Delivery cost for product or service
  • Quantity you will sell or the number of clients you must secure to create the revenue you’re targeting
  • The target market for your product(s) or service, including demographics and psychographics
  • Benefits of your product(s) or service(s)
  • Marketing plan
  • Available resources such as office, staff, equipment, or low-cost solutions
  • Obstacles, hindrances, or the reasons you may not be successful with the business
  • Benchmarks for success

  • What Type of Business?

Every business starts with an idea. It could be an idea for an innovative product or a solution to an existing problem. Develop that idea and determine the potential for growth. Is your business idea scalable? How tough is competition? How would you set yourself apart from other businesses that offer the same product or service, but have been around far longer than you?

Start with assumptions and validate those assumptions by doing a study. It is entirely possible that your assumptions are wrong. A little market research could go a long way. Find out more about your target consumers and what they want. Determine a gap in the existing market and fill that gap. Factual data can help you build a strong foundation for your business.

  • Pick a Name

The name of your business should of course be indicated on your business splan. Picking a name also needs careful consideration. The name you choose for your company must embody key elements of your business. You can be creative but try not to be confusing.

Experts even suggest doing a test—all for a business name. It takes more than just picking a random, hip-sounding term, after all. Think of naming your business as part of your branding. Check out this article from Entrepreneur.com offering tips on how to come up with a name for your company.

  • Finance Your Business

You need capital investment before you can start getting profit—this is how business works. Owners and founders can resort to various options to finance a business. The most obvious one is tapping into your own savings. However, money from your own pocket is often not enough to pay for initial expenditures including taxes, supplies, rent, and other overhead costs. You might need to explore other options such as crowd funding, loans, credit cards, and investments.

  • Hire People

Although you’re the founder, there are some business aspects that other people can do a lot better than you. You might need to hire the services of an accountant, a legal consultant or attorney, a sales manager, a product manager, and other professionals who can ensure that your business runs smoothly. And besides, you as the owner need to focus on the management side of business.

  • Launch Your Business

Plan and prepare for a launch date to let the world know that you are open for business! If you can’t afford to rent space just yet, it is easy to launch your business online. You can offer discounts or freebies to the first few customers or those who recommend you to their friends.

If you have a physical store, make sure that everything is ready for you launch, including contracts and business permits.

  • Market Your Business

There are different strategies and techniques on how to efficiently market your business. Together with your team members, formulate an effective sales and marketing strategy to reach your targeted customer base. Invest in providing good customer service because they are essential for your business’ growth. 

Venturing in the world of entrepreneurship is both challenging and exciting. Plan accordingly and be prepared for anything. Take inspiration from many of today’s successful entrepreneurs who started with nothing but their computer, ideas, and persuasion skills. Even big companies started small, but with perseverance, determination, and vision, you too can be a successful business owner.

Author Bio: Article Written by Cristina Beltran – a blogger & writer at comparehero.my, Malaysia’s leading comparison website. This portal helps individuals in making the best decision by comparing rates from different finance and insurance providers.