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Financial Services‎

Financial Planning Services You Did Not They Existed

Most investors believe handling finance is a matter of minimizing losses and keeping balances in the right books. But will that push them towards their goals? Financial planning services take you through a deeper look into your current assets- money and specific plans that will help you achieve your objectives within a certain time.

The results of a successful financial plan are adequate and paying investment, an active retirement plan, ample savings, tax wellness, and multiple insurance plans. Having said that, let us look into types of financial planning services.  

Tax Planning Services 

Tax is one of the burning issues in an organization; it often drains cash out of the company unnecessarily. But with financial planners who are experts in tax, you are sure to solve most of these problems. Financial planners will help you limit tax expenses and maximizing your tax refunds. In some cases, you will find financial planners taking you through the actual process of filing tax returns which is highly beneficial to the organization.

Retirement Planning Services 

Your employees need a secure future with a proper retirement plan. A retirement plan prepared by financial planners ensures that you save enough money to enjoy happy days when you can’t work anymore.

Estate Planning Services 

Most people have grand plans for their loved ones after they cease to exist. This includes signing up for various life insurances, expanding your long-term investment goals, and saving more for the uncertain future. But you can secure a better financial future for your loved ones by adding estate investment to the list.

Financial planners will help you invest in appreciating estates whose value increases with time. So, in case of your death, your family may start living off your estates as they fit through the loss. Also, good financial planners will help you file tax returns related to your estates on time to avoid penalties and seizure of property.

Budgeting  

In many organizations, the driving force behind its objectives is spending the right amount of money on them. A proper budget plan may generate millions. For this, you need financial planners who will take you through the entire budgeting process.

Investment Planning Services  

Financial planning plays a crucial role in investment. When you have the money or the assets, and you want them to generate income, financial planners will help you out. First, they will identify a suitable investment opportunity and advice you on how to channel your resources to produce profits.

However, note that financial planning is not part of investment management. For, these you can seek help from asset or investment managers.

Bottom Line 

Financial planning services stem from a single perspective of ensuring that your money generates profit and on time. Other than income, planners will help you secure a better future for your loved ones through estate investment, retirement, and insurance plans. But the exact service a financial planner will offer is tailor-made depending on your needs. So make sure you are dealing with a planner who understands the industry very well.

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Financial Services‎

Why do we need Tax Planning?

Tax planning is necessary because it changes your experience of paying tax. Where you would have to simply find out the amount of tax payable and make the payment, tax planning helps you knowing the different types of ITR and smartly minimizing the income tax payable. This means that you end up with more money in your hands. This money can be used to invest in profitable avenues for financial security today and in the future.

Many taxpayers are fully aware of this. Hence, near the end of each financial year, there is a rush to find new and effective ways to save tax.  This search primarily involves finding investment options that would be great tax saving options as well. But, to know which investment options to look for, you need to know the various tax benefits that financial instruments can offer.

Tax planning through investment

Tax planning and tax saving can be done by investing your money into the right investment opportunities. More precisely, you have invested it in opportunities that the government grants tax benefits for. Since, tax deductions can only be granted by the government, it is important that every investment opportunity you look into has provision in the Income Tax Act, 1961. Here are the various investment opportunities that the government offers tax provisions under:

  • Life insurance

Life insurance is one of the most preferred types of tax saving opportunities. However, most people look at it as simply a safety net to be used in the case of an unfortunate event. But the ones that have a better financial knowledge know how much of a tax saving tool life insurance can be. It qualifies you for a tax deduction under the Section 80C of the Income Tax Act.

In addition to the tax deduction, premiums for life insurance are also very affordable. This means it is one of the most cost-effective tools you can have for financial security. The tax deduction in life insurance depends on the amount of life insurance you get. The amount of life insurance, in turn, depends on a host of factors like income, expenses, liabilities, financial goals etc. Nearly all life insurance products offer tax benefits. However, if you want to get higher coverage and in turn get higher tax benefits, you should go for term insurance.

  • Equity Linked Savings Schemes (ELSS)

First thing you should know about ELSS funds is that they are a type of mutual fund. However, what is unique about them is that they are the only mutual fund type that come under the scope of Section 80C of the Income Tax act. ELSS funds make you eligible for a tax deduction up to a maximum of ₹ 1,50,000 per financial year.

Before the year 2018, the returns that you would earn after you invest in ELSS funds would be tax-free. However, the 2018 budget by the government added a stipulation to the gains you make off of ELSS tax saving mutual funds. As per these changes, any long-term capital gains you may have above the limit of ₹ 1,00,000 will be taxed at a percentage of 10%. This means earnings made from ELSS funds do not work on an income tax slab. However, even with the 10% tax payable, you would still have enough returns left with you.

  • Fixed deposits

The idea of a fixed deposit is that invest a lump sum amount with a bank or other financial institution. This lump sum amount then earns you profits in the form of interests. While you are earning profit from it, the principal investment that you made remains the same.

A tax saving fixed deposit comes under the Income Tax Act’s Section 80C. Under it, the amount you invest can earn you tax deduction. How much of a deduction you get depends on the amount of money you invest in the FD. However, you can only get a maximum of ₹ 1,50,000 in tax deduction each financial year.

Tax is a mandatory and important contribution you have to make as a citizen of the country. But paying large amounts as tax can have a bad effect on your finances. Hence, picking the right investment plan to invest and save tax in the process is the best way you have to contribute and save money at the same time.

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Financial Services‎

Recharge any mobile on Airtel Payments Bank in simple steps

Airtel Payment Bank is a digital Indian bank that allows people to open paperless savings accounts in just a few steps. Anyone can open a bank account and deposit up to Rs. 1 lakh in the account. Bharti Airtel Limited holds 80.01% stakes, and Kotak Mahindra Bank has 19.9% stakes in Airtel Payment Bank.

There is no minimum amount to open an account, and once the account is opened, the user gets a virtual debit card which he can use to make online and offline payments. The annual interest provided by the bank is 2.5%, and it also offers free personal insurance of Rs.1 lakh.

Services offered by Airtel Payment Bank:

  1. Easy money transfer to friends and family
  2. Utility bills payment
  3. DTH/mobile recharges
  4. Shopping
  5. Deposits and withdrawals with banking points

How to open an account?

The process of opening an account is very straightforward. You just need to follow the few steps mentioned below:

  1. Visit a nearby Airtel retail outlet and submit your Aadhar card.
  2. You can also open an account by downloading the My Airtel App from the Google play store.
  3. Click on payments bank and finish one-time registration.
  4. Submit your personal details like name, email id, and mobile number. Once done, click on register now. You will get an OTP on your mobile phone, which you will need for verification.
  5. Once you are verified, you will need to enter a 4-digit PIN to activate your wallet.
  6. Under ‘my profile tab,’ you can click on Apply for a saving account.

How to recharge mobile on Airtel Payment Bank?

Using Airtel Payments Bank, mobile users can recharge their mobile easily without any payment fee. The only thing you need for mobile recharge is a savings account from Airtel Payments Bank or an Airtel money wallet. There are few steps that you can follow for prepaid mobile recharge using the website Airtel payments Bank:

  1. Visit the website and log in by using the MPIN.
  2. Now click on the payment and recharge tab.
  3. Select ‘post-paid’ and select the service provider.
  4. Once done, enter your mobile number and the amount you want to pay.
  5. Hit proceed and make the payment.

This is one of the simplest ways to recharge any mobile number like Airtel, BSNL, Vi, Jio recharge using Airtel Payments bank. Airtel payment bank has made prepaid recharge easy by simplifying the process of making payment. The mobile-only bank is getting popular day by day due to its benefits to its users. On every recharge, the company offers a few discounts and cashback to its users, which people are finding quite lucrative as it helps them save some money.

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Financial Services‎

Why Should You Outsource Your Accountancy Services?

Many small businesses find it difficult to hire a chartered accountant to handle all of their business transactions. Chartered accountants charge a competitive salary, and it’s generally too high for an average small businessperson to afford. Instead, many companies are simply outsourcing their accountancy services.

Hiring a local accountant in Salisbury is often the primary choice for most people, and for good reason. There are several key services that accountants offer, including but not limited to:

  • Managing financial accounts
  • Preparing tax statements
  • Recommending strategic decisions based on financial performance

Here are a few reasons why it’s best to outsource accountancy services.

They Are Expert Professionals

One of the biggest reasons why you should outsource accountancy services to a private company is because these experts employ trained professionals with considerable experience. The chances of errors are going to decrease by a significant margin and you won’t have to worry about any last-minute errors affecting your fiscal accounts.

It’s a More Affordable Option

Another reason why you should outsource accountancy services is because these companies charge an affordable fee from their clients. Instead of paying an exorbitant salary and providing benefits, you can just pay a monthly fee and make sure that your accounts are managed by an expert.

These companies also sign privacy agreements, so you don’t have to worry about data leaking or any kind of problem arising over time. It’s an excellent option for small businesses that want to resolve their business accounting issues without having to pay a lot of money.

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Financial Services‎

Factors to consider when hiring a financial planner

A financial planner advises clients on how best to save, invest, and increase their money. They help you handle big financial goals like buying a house or understanding the importance of different assets. Some financial planners specialize in real estate planning, while others specialize in offering consultant services in various financial matters. When looking for a financial planner to hire, ensure you hire the best.

Here are factors to consider when hiring a financial planner:

1.Other sources of information.

Most of the information that a financial planner gives is freely available for everyone on the internet. You must pay to get advice on managing your assets with a financial planner. Before you hire a financial planner, consider if you can get the information from other sources. However, most people are usually busy, and they need a financial planner to manage their assets. It’s a good thing to look for help when you need it.

2.Financial planner’s pay structure.

When looking for a financial planner, avoid the one that demands payment on commission. They are biased and have less selfless motivations to push a certain life insurance or mutual fund if they receive a percentage of the money. But also fee-based financial planners are not perfect. A planner earning 1 percent of your assets might be unwilling to encourage you to liquidate your assets or purchase a big house, even if those were the right moves at a particular point in your life because their earning would reduce.

If you are starting and do not have many assets, a financial planner who charges by an hour would be the best. They are best if you have simple financial needs. Hourly financial planners will handle your financial matters right.

3.Look for fiduciary.

The financial planner should pledge to act in your best interests at all times. Financial planners who are not fiduciaries are often held as low standard planners. They offer convenient services for you but not in your best interests. When looking for a financial planner, ensure you look for a fiduciary.

4.Qualifications.

A financial planner should have good credentials. When interviewing them, consider finding out if they have the required skills to handle your money. You should hire someone who has professional qualifications. They should have certifications like certified financial planner (CFP).

5.Ask for recommendations from your trusted people.

When looking for a financial planner, you might consider asking for recommendations from people you trust and who seem to be managing their wealth in the right way. Looking at online reviews can deceive you as some firms pay people to fake positive reviews or from people with grudges. However, seeking personal recommendations, you are assured of hiring a good financial planner because they have worked with and know their services are good.

Bottom line.

 Finding a serious financial planner capable of managing your investments is challenging. It will help if you look at serious considerations when hiring a financial planner, as you do not want to lose your money.

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Financial Services‎

What Is Accounts Receivable Turnover Ratio?

Did you know 45% of new businesses fail during their first five years of being in business? If you are a new business and want to avoid being part of this statistic in the future, it is important to learn all about what is accounts receivable turnover ratio and how to calculate it.

Keep reading to learn everything you need to know about this specific ratio.

What Is Accounts Receivable Turnover Ratio?

This is the number that is used in business accounting in order to quantify how companies are managing the credit that they extend to their customers. The point is to see how long it takes a business to collect any outstanding debt from a client.

In simple terms – the accounts receivable turnover ratio will show how long it takes customers to pay on average.

How to Calculate the Accounts Receivable Turnover Ratio

The calculation will depend on whether you calculate the monthly, quarterly, or yearly time period. The Net Credit Sales are divided by the Average Accounts Receivable and it will give you the Accounts Receivable Turnover Ratio.

In order to understand the process and determine the correct number, you have to figure out your net credit sales first. This is the total sales that were made on credit (not the ones paid in cash upfront).

Then you have to determine what your average accounts receivable amount is. This is the money that your clients or customers owe you. With both of those numbers, you can divide them and find your accounts receivable turnover ratio.

The lower the number is the lower number of payment collections you have from your customers and the higher the ratio, the higher the number of payment collections.

Importance of This Ratio

One of the reasons you want to make sure you always know your own ratio is to help you determine if your credit policy and processes support good cash flow or not. Another reason is to understand how quickly your company is currently collecting payments.

Knowing this will help you pay the bills you have and will also help you place future investments strategically without going into a black hole.

Improving Your Turnover Ratio

If you find that your ratio is on the low end then you can make a few changes to help improve it. First, you can always state your payment terms. If your clients are not clear on your repayment policies, you can’t expect to enforce something you have not announced.

You want to make sure that your invoices, contracts, and agreements cover your policy clearly. You can also offer customers different ways to pay. Giving them options might make it easier for them to pay you quicker.

Feeling Like a Turnover Ratio Pro?

Now that you know the ins and outs of what accounts receivable turnover ratio is and how to calculate it, you can make informed decisions on your own company moving forward.

Did our article help you out today? Browse around come more for our latest.

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Fulfill Your Personal or Business Needs With ‘Loan Against Property’ From PNB Housing Finance Limited

Residential or commercial property is one of the biggest assets that you can own. Apart from giving a decent return on investment, these assets can also be used as collateral to take a loan. These assets can easily be mortgaged to apply for a decent amount of loan without any hassle. There are a lot of financial institutions that can help you in getting a loan if you have a residential or a commercial property registered in your name.

Certain unforeseen circumstances can lead to a cash crunch. Be it your child’s higher education or your daughter’s marriage. In these uncertain times, you can use your assets to take a loan against property. What is even more interesting is the fact that these loans are available for a larger tenure and at a lower interest rate. Isn’t it interesting? Let’s go deeper into this and learn about the benefits of taking a loan against your assets.

  1. Larger Capital – Pledging your assets for taking a loan can make it very easy for you to get a very high amount of capital as a loan. Financial institutions like PNB Housing Finance offer a huge amount of loan amount for this kind of arrangement. This amount can go as high as 1 Crore for salaried people and 3.5 Crores for self-employed people. Funding up to 60% of the property cost is applicable in this loan arrangement for eligible candidates. The loan against property interest rates is also very attractive.
  2. Larger Tenure – The tenure is flexible for people applying for a loan against property. The tenure is usually much higher than what is offered in normal circumstances. Hence, this is the ideal way to apply for a loan of the huge amount which can be paid in a longer duration of time. An individual is allowed to prepay the loan anytime at minimal charges. PNB Housing offers a tenure of up to 20 years for this kind of arrangement.
  3. Transferrable – If you already have an existing loan, then you can easily transfer it using ‘Loan against Property Balance Transfer’ facility. This requires minimal documentation and is processed quickly.
  4. Smooth Application Process – When you require funds immediately, then a tedious application process can really hurt your plans. However, financial institutions like PNB Housing offer great services like personalized doorstep service for this kind of arrangement to make the application process very smooth.
  5. Online management – Today’s era of the digital revolution has changed the way that financial institutions work. For loans against property, the entire process offered by PNB Housing Finance is digital. Right from the application to the post-application services, everything can be done from your home using your computer. The doorstep services and customer care will manage the rest of it.

PNB Housing Finance offers a wide range of products for people from all income groups taking you closer to your dreams. The application processes have become very smooth with attractive interest rates. Applying for a loan against property is a great way to get a large amount of capital for a longer period of time.

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Financial Services‎

Discover The Benefits Of A Business Accounting Audit

A bookkeeping audit can enhance your organization financing. Inaccurate tax filings, labor law offenses, and extra accounting mistakes can interfere with the achievement of your organization. Audits help discover these problems until they lead to significant financial losses.

If you don’t have accounting knowledge, it’s better that you entrust this to a professional; the costs won’t be exceedingly significant. This is particularly wise if the restaurant has been comprised as a company because its bookkeeping is more complicated.

Ensure The Accuracy Of Your Home Practices

If your present accounting process is wrong, your finances are in danger. Accounting companies examine your financial data and sales tax consulting the procedures which you utilize to guarantee accuracy.

An auditor can identify problems that might boost the probability of mistakes. A small, unnoticed mistake can later result in significant financial losses. Assessing your present system ensures the truth of your bookkeeping and enables you prevent future errors.

Auditors also help teach you and your bookkeeping department. Throughout the audit, the inner accounting staff may discover strategies to streamline bookkeeping tasks. Small business owners who manage their own financials and accounting can find out to increase their accounting procedures.

Prevent Tax Issues and Legal Issues

Incorrectly calculating your tax obligation may result in over or underpayment to this authorities. These inaccuracies raise the danger of a tax return audit. An auditor can assist with your tax preparation, and they allow you to make the most of your taxation write-offs and steer clear of issues that raise your chance of obtaining a tax audit.

Inaccurate accounting might also result in legal troubles. Errors which might cause legal actions include supplying erroneous advice to investors or creditors; those issues can easily be averted with a powerful and precise bookkeeping system. Auditors may detect the reason behind the inaccuracies, assisting you to avoid repeating the error.

Failure to abide by employment or company regulations is another possible threat of incorrect accounting. Including details associated with labor legislation. An audit makes it possible to avoid penalties or penalties for violating these regulations and laws.

Get Unbiased Financial Recommendations

Audits may also incorporate a good look at your small organization planning. Business expansion demands funds; prior to obtaining financing or funding from a lender, you want to guarantee the truth of your financing.

The knowledgeable accountants may review your strategies and help determine if now is the correct time to concentrate on company development. It is possible to get unbiased tips and help with your financial planning.

Auditors May Help Uncover Fraud

While most accounting disagreements are caused by human error, employee theft may happen. Auditors will help find internal fraud. An auditor is aware of what to search for and may determine any gaps in accounting. You could even receive information to shield your company from potential fiscal theft.

Firms of all sizes can gain from bookkeeping audits. Small companies and massive organisations equally require specialized accounting to prevent costly mistakes. Schedule an audit of your company to discover any possible inaccuracies.

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Check, If You Are To Get The Financial Aid This Year

A lot of students want to get financial aid. It is quite clear why they want to get it. First of all, it is very rather satisfying to receive money that can cover your education. And to understand that they are given to you because of your outstanding abilities and knowledge.

There are a lot of ways of getting financial aid, as well as types of it. In this article we will tell you about the most popular types of financial aid. So here they are:

Scholarship. It is the most popular and widespread type of financial aid. Also it given more often and to biggest quantity of students (even for a designation of other kinds of the aid). Scholarships are paid in various forms, it can be either a sum of money or a check, or something like that The grant can be paid as periodically, as one time;
Grant. It is a onetime financial aid which is directed on the certain goal. As a rule, it provides competition to get it;
The grant for research work (Fellowship). it is the grant which implies that the students who received it must carry out some researching, trainings, etc;

Award. It is a rather small sum. It is paid one time for a winning any competition, and also for certain achievement in educational process or a social life of your alma mater.

As you can see, there are a lot of types of financial aid. Perhaps, you will try to deserve at least one of them. It is really great to be one of the students who receive financial aid. Try to be one of those who are marked with the aid. Besides, receiving financial aid because of your research work is also great, as this financial aid is paid by private funds and organizations, you can continue your research work being employed to the company which once paid financial aid for you.

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It Professionals Accounting Tips For Maximum Profits

Most IT professionals tend to only hire an accountant when tax season rolls around or to help with payroll. However, an accountant can be highly beneficial to many other areas of your small business. Hiring a professional small business accountant can help you with a number of the financial aspects of your business. Additionally, IT professionals can greatly use an accountants services to save on time, costs and stress.

Why Hire A Small Business Accountant?

1 – If you have yet to create a business plan than an accountant is going to be useful when mapping out the financial statement of your business plan. A business plan is a highly effective way for you to keep your business on track and is essential if you are looking for investors to collaborate. The financial portion of your business plan will consist of a number of charts, graphs and reports. A small business accountant will be able to help you properly organize all the projections you have for incomes and expenses. They will also be able to help you assess your assets and liabilities that need to be included in the financial statement. It is highly recommended you hire an accountant to help with your business plan. The reason is, because this is where investors will look to see if your IT company is worth investing in or not.

2 – If you are looking to grow your IT business, an accountant can help you properly track your revenue to show the most cost efficient way to expand. Your accountant can also utilize benchmarking techniques. These benchmarking techniques can show you just how your revenues and expenses compare with other industry leaders in your market.

3 – If you are considering taking out a loan for your business you’ll need an accountant. It can be difficult for a small business to get approved for a business loan. The reason is because they look like a bigger risk to lenders. An accountant can help you improve your chances of getting approved for your business loan. There are a number of ways an accountant will be able to help you get a loan. One such way is by presenting facts and figures that back up your repayment plan. As well as, being able to answer the more confusing questions about your business projections and various expenses. A professional accountant will also be able to assist you in finding the most suitable loan for your business. A loan with the best interest rates and favorable terms.

4 – An accountant can save you time and allow you to focus on generating more income. If you consider how long it takes you to file taxes, do your monthly bookkeeping and the various other financial tasks. All this adds up to hours or days of your time. This is time that you should be spending focusing on revenue generating areas of your business. It may seem like the best money-saving option is to just take on all the financial aspects of your business yourself. This “Do it Yourself” strategy could easily backfire. And an accountant can ensure everything is organized and updated properly. What would take you ten or more hours to complete, will take a professional accountant just a few hours.

So there you have it, some of the best tips to ensure your small IT firm runs smoother everyday. And having your numbers area in your business under control will almost guarantee your control on maximum profits. Furthermore, these tips will align your company for running it with peace of mind for many years into the future.

George Wall, the author of this article, started his accounting firm 25 years ago. And he has grown his client base to over 1000 clients across Canada. If your a small business owner in the IT Industry, then George has an amazing Free offer for you. For a limited-time George is giving away a free small business coaching session to you (Valued at $197). And in this session you’ll never be obligated to purchase nothing. Instead from your business coaching session you will glean how-to insights into the most innovative, up-to-date practices for the Information Age. And you’ll discover fresh new ways to increase your profits and decrease your expenses