Monthly Archives: February 2017

Now Learning To Formulate A Balanced Cash Management Plan Is Essential

The budget management system controls our financial condition at home as well as in business. Today, the young generation has come up with larger than life rules of finance management and believe in living the current moment to the fullest. Although it is correct regarding life experiences, but when it comes to a practical life, stable financial condition is what makes sense. And we must think of many more factors than just living in the current moment. The formula that makes your finances regular and well managed is a heedful management of the future expanses, present cash availability and learning from the failures of the past.

The belief of investing everything in the current moment easily leads to financial crisis that doesn’t take much time in getting worse. When our financial web is scattered and broken, we start facing money problems such as debts and losses. The other factor that is related to cash management plan is also a lack of fundamental financial education that we hardly receive when we are growing up. We have to shoulder the huge responsibility of financial management suddenly without any warning and we start struggling in making our way through the challenging situations. That is why a balanced cash management plan is essential.

The modern age education and smart technology system has brought many positive changes and awareness about the importance of a well-built cash management plan. Many educational programs have been included in the curriculum to teach children about proper financial management from a young age. Businessmen are approaching personal budget coaches to deal with problems that may arise due to poor cash management to strengthen the chances of their success. Various financial institutions are offering interactive services of stewardship and other budget management plans.

People who are extremely busy in their work and hardly get time to look after their financial aspects are considering professional services that not only assist them in managing finances but also look after their major expenses. If you have already made mistakes and are thinking of ways to get out of your debts, there are also professional help options available that will help you find the optimal solution. You can always browse online for financial and cash management services to manage your money in a better and more efficient manner.

Here Difference between the NRO and NRE fixed deposits

The financial savings of local Indian residents and NRI’s are vastly different. For one, NRI’s will be earning in their local foreign currency. At the same time, they may or may not also be earning a small substantial amount from India through rent or dividends. Keeping these factors in mind, the government has set up a banking system that caters to the needs of these individuals. This is where the NRI bank deposits come into place.

The NRI deposit systems has been divided into two different accounts, namely the NRO and the NRE fixed deposits. They function similar to the local fixed deposits. These accounts offer a host of benefits such as repatriation, tax benefits, currency flexibility, etc. that make them the preferred choice for NRIs.

However, there is a considerable difference between the two deposits. They include:

Interest rate: In most cases, the investing bank will have different rates for each account. You will need to check the available rates, to know what the highest returns will be for you.

Taxation: When it comes to taxation of fixed deposits, the NRO is taxed. Any interest that is earned from an NRO FD is taxed, according to the Income Tax Act, 1961. This attracts around 30% of the income, which is comparatively high when compared to FD tax rates. On the other hand, the NRE fixed deposits do not attract any taxed on any income earned. This factor alone makes the NRE fixed deposits favourable over the NRO deposit.

Repatriation: NRO fixed deposits does not offer repatriation on the principal investment. In fact, the interest earned from this deposit can be transferred to a foreign account. NRE fixed deposits offer the option for full repatriation of funds, which includes both the principal and accrued interest to a foreign account. These accounts simplify the process of transferring funds earned from a local Indian account, making it a great deal.

Joint accounts: An NRI can opt for another NRI joint account holder, for the NRO or the NRE joint account. However, an NRI can only opt an NRO account jointly with an Indian resident. NRE fixed deposits cannot be opened with any Indian resident, even if the said individual is a member of one’s direct family.

Withdrawal and deposits: Only funds that have originated from India can be used to open and invested an NRO account and fixed deposit. This is not applicable for funds earned abroad. Funds from the NRE account be transferred into an NRO account for the purpose of opening a fixed deposit. However, funds from the NRO account cannot be transferred to the NRE account. Any withdrawals that have to be made from either account will need to be done only in INR currency.

Interest rates
The rate of interest in NRO and NRE accounts may vary according to the bank you are applying in. As such, it is imperative that you check the available rates to find the option with the highest returns for you. Typically, an NRE or NRO FD is offered with maturity between 1-20 years.

A Guide to Purchasing the Right EPOS System For You

Today EPOS for small businesses is also becoming vital, obviously due to its multiple advantages. It is an integrated system that can be the one man army of your business and can organize, control and analyze various aspects of your business, be it cash transactions, backend reporting, staff monitoring or inventory control. The best EPOS solution also offers many additional features over cash transactions though essentially, it is just an integration of all functions in a single system to create a seamless workflow for any merchant. A sophisticated EPOS system can also give you reports about the best-selling items, peak sales time, best-performing staff, etc. It can bring to your business financial accuracy, accountability, speed and efficiency, stock management as well as reporting easily to optimize and streamline your entire business flow. Well, if you intend to purchase it be prepared to get thoroughly confused and baffled in your first purchase of it. To provide clarity, we provide a guide below to buy the right EPOS system to suit your business needs.

Select an EPOS partner instead of a supplier

Hands down, your first goal is to find an EPOS partner that you are comfortable with. You do not need a vendor as it is not a one-time purchase. In reality, you are selecting an IT partner for your business, and he should always be available to advice on how to utilize different technologies to enhance and improve your business. Thus compare EPOS providers and gain an understanding of the company. Know who will be your contact person and account manager there ascertain that he would have your best interests at heart and would be accessible to you always. Inquire about the technical support contact as well. Also, try to get details about your assigned technical advisor since he would be the one helping you take your business ahead by offering you fresh ideas through technology. A solid partnership with a technology company can understand your business needs and prove to be a highly valuable asset. The mere salesman would not do.

Be clear about your needs

To make the right purchase, it is important that you know what you want out of your first EPOS system. Before even speaking to any vendor, prepare a prioritized list of what you want out of your EPOS system. Afterward, while talking to various potential partners, you can add or delete items to the list and reprioritize it. It is because nobody knows your business better than you and you need an EPOS system that complements it and not reinvents it.

Software selection

Next step is to look into the software. Ensure that the vendor knows about your list and structures a demonstration around it. The obvious advantage of this is that not only would it stop the sales person get lost in a confusing waffle despite his best intentions but would help you understand the software better. Not only do you need to know the software well but you should also feel comfortable using it. Educating yourself on various EPOS reviews would also be helpful as it would you understand and grasp which software is easy and intuitive to use, pleasant to look overall simple to understand and teach. It is important also to understand that EPOS is not a one size fit all. However, your selected software must be able to satisfy 95 percent of your needs. Finally, check out not only the immediate costs but possible charges in future if enhancements are made. Your mind should remain doubt-free here.

Hardware selection

For purchasing hardware, you need to compare the features and durability provided at what costs. You can choose between a standard office PC and a retail PC based on their cost, performance as well as ease of working.

Cash or lease

Finally, you need to choose between a lease and an upfront pay. Many prefer to lease computer equipment. The advantage here is that most leases allow you to purchase the equipment at a nominal price at contract end thereby actually helping you pay for the hardware in installments.

Here Benefits Of Leasing For Veterinary Business

Starting a veterinary business with limited funds can be tough. But for a veterinarian, equipment financing or leasing enables him to set up his business with lesser funds. This is why leasing is a popular choice of veterinarians who wish to start their own business. Some of the major benefits of leasing includes –

* Start Your Business With Low Cash: With leasing, you can avoid using your capital to buy equipment. Instead, you just have to make smaller monthly lease payments. For example, if you have a capital of $50,000 and you wish to secure equipment worth $35,000, it would be very hard on you since you will only have $15,000 left as capital should you decide to purchase it. This can put your business in a very difficult position. You can avoid this by choosing to lease your equipment. When you opt for leasing, you can preserve your capital of $50,000. As such, you will be more confident of your business and use your capital more efficiently in other areas.

* Get Latest Equipment Easily: With leasing, you can replace your existing veterinary equipment with the newer, latest equipment with great ease. If you had purchased the equipment, then it may be very difficult you to upgrade your business with the newer equipment. Since you invested so much money in procuring it, you will be focused on using the equipment to get the most value out of it. As such, it is very likely that you will not be able to change the equipment frequently. But with a lease, changing the equipment is very easy. You only need to end the lease on the current equipment and then you can take a lease on the new one. Leasing thus provides a very easy, affordable way to enable your business use the latest veterinary equipment.

* Benefit From Stepped Down Payments: Some leasing companies will also offer you stepped down payments option. This means that your monthly lease amount will reduce over time so as to reflect the current value of the equipment. For example, if your equipment is valued at $30,000 currently, then you may be paying a monthly lease amount of $500. But if the equipment is valued at $15,000 after a few months, then you may only need to pay $250 rather than $500.

* No Collateral Required For Lease: Unlike a loan which requires you to provide collateral so that you can secure a loan to purchase the equipment, a lease does not require you to provide a collateral. When you lease an equipment, the equipment itself is considered sufficient lease.

Picking A Good Leasing Company

To ensure that you associate with a good leasing company that benefits you, keep the following things in mind –

* Check the history of the company and make sure that they have been operating in the veterinary equipment financing or leasing industry for a long time. It is best to avoid companies who have just begun their operations. A good long experience in the industry ensures their work ethics and accountability.

* Know what type of lease you want and then check whether the company offers them. You can choose from a lease that will offer you the ownership of equipment of lease at higher monthly installments or you can opt for a lease with lower monthly payments but with no ownership at the end of the lease term. Once you decide which type of lease is good for you, look for a company that offers such lease.

* Check if they offer zero payment option for the first few months. Some companies do offer them and allow their customers not to make any monthly payments for the first few months (generally 3 – 6 months) of a lease period. If you are starting your veterinary business, this means that you can wait for a few months to generate sufficient revenues in order to start making lease payments.

If you are interested in leasing veterinary equipment, you can look for leasing companies in your area and enquire them further about their services. As long as you have a decent credit score, you should be able to get a lease without much hassle.