Month: April 2022

Top 10 best project management tools

When running a business, it is important for the organization to make sure that you are using the right system to keep the business on track. There must be good communication between employees and between the organization and their clients. One way to achieve this is to invest in the right project management tools. Unlike traditional forms of communication such as sending a document and to-do list via email which can be quite busy and stressful, a good project management tool and the right staff to manage it will help ensure everything is organized and working. Well done and timely.

Top 10 Project Management Tools:

1. Base camp

Base Camp is ranked to be one of the best project management tools. This is because the application enables you to work and communicate faster and more efficiently with both your coworkers and clients. With the best camp app, you can create as many projects as possible. From staff discussions, setting dates for meetings, to-do lists, and project files. Another benefit associated with Base Camp is that you can install it on your mobile and track project progress wherever you are.

2. Trelo

Trelo is an essential tool if you want to get a platform where you can organize all your project related documents in one page for easy access. You can create your ideas in the form of cards or even create a to-do list where everyone involved in the project will be able to participate.

3. Teamwork project

A teamwork project is an app that helps you manage tasks between people in the same group. It allows you to share documents, manage projects and keep all the necessary documents in one file so that everyone can easily access them. This application is essential for tracking staff work, and so you can view and follow the whole project through a marked calendar and set up reporting as well.

4. Zoho project

If you are looking for management tools that will help you keep track and manage your project from start to finish, Zoho Project is the best solution for you. Because it has all the features like Google App, Bug Tracking, Wikipedia Page Setup and Dropbox that are needed to set up a data and information center.

5. Active collaboration

This is another management tool that every business must consider when installing. The application has been upgraded to a brand new version 5.0 which is more powerful and useful for project management. Some of the features of the application include task management, time tracking, and cost overruns such as import costs. One of the benefits of this app is that it offers invoicing features that allow the company to track how money is being spent. Also, you can use money transfer platforms such as PayPal and credit cards to make payments.

6. Cumin

This application is suitable for those who work with software development because it enables them to detect any track and monitor bug system and from there the team may encounter any problem and spend time dealing with related tasks.

7. Seats

If your business needs a management tool that will help you track the work of everyone involved in a particular project, Asana is the best tool. This particular app has great features like dashboard, conversations and projects that help you keep the task organized and easy to read. Another advantage of Asana is that you can download the app on your Android and iOS phones so that you can easily track your work anytime and anywhere.

8. Podium

If you need a tool that will help you communicate and organize your work within the organization, Podio is one of the best tools in your business. This app allows you to recreate and personalize the app to meet the needs of your business. You can use the app to store your files and create a network to link all employees within the company where they can share information together.

9. Free camp

Freed Camp is a management tool that lets you plan and manage your projects efficiently. The app has a dashboard feature that enables you to see the entire work on the same page. Some of the areas where you can employ this app in your business include preparing invoices and creating wiki pages.

10. Write

This app helps one to work on a budget as well as be able to get their work done on time. You can use the app to set up Google Apps, Microsoft Excel and Dropbox applications for your business. You can also use the app to recreate your emails and make them more efficient by converting them into a taskbar.


When choosing a management tool to run your business, it is important that you choose one that will help you run your business smoothly and also make your work easier.

DIY PR: 6 PR Tips for Small Business

If you are a business owner, you can save a lot of money by doing PR yourself instead of hiring a PR company. However, to grow your business you need to be creative, practical and determined. Here are some important PR tips:

Tell a story about your brand

When doing PR, you need to tell a story about your brand so that your clients understand you, your business and the brand. In business, consumers are so attached to a brand that they know and don’t understand, they can’t explain their origin or even what it is made of. So tell a story about how your brand was created, how it has evolved over time, and where you will see it in the future. In the long run, you can have an emotional connection with your customers because they understand you and your business. In addition, you can tell your consumers the main purpose of your business, the protocols and policies you follow, or anything else related to your business.

Connect with top influencers

If you keep in touch with industry reports and top influencers, you have a lot of knowledge about the industry and all you have to do is network with them. Ideally, you should have a list of blogs or sites for which these influencers write and try to keep track of what they write. After taking some time to analyze and understand what they write, you can find out where you can comment to get involved with these writers. This could be a blog post, a Twitter chat or a Facebook post. When you network well with these influencers, you build your name and your brand name in the industry. However, you should not force comments or promote your brand to avoid losing purpose. You need to be honest and trustworthy with the comments you make so as not to ruin your business prospects.

Keep up with the industry

To be able to perform in your art, you need to be informed and knowledgeable. Therefore, you need to read a lot to make sure you are up to date and knowledgeable about managing the various issues that may arise. Also, in this modern age of technology, you can set up Google Alerts, Twitter mentions, LinkedIn accounts, Instagram and Facebook accounts to connect and learn what’s happening in your industry.

The Internet can give you the success you are looking for, so make the most of it. As a way to stay informed and set up, you can follow industry influencers to find out what they are doing and what they are doing. In addition, you can use articles from specific sites, such as IFTTT, to find specific keywords that you are looking for. With everything at your disposal, it’s hard to miss something in the industry at any given time.

Do your research and be informative

Keeping pace with the industry is discussed, you should do a thorough research before having a conversation or contributing to the industry. It helps your readers get the information you need and you become more reliable depending on how informative you are.

Generally, you should not comment or post on any subject unless you clearly have enough information to support yourself. So, you should really study the outlets that you want to pitch for your contribution and help those who are reading your writing later.

Perfect before pitching

When doing PR for a small business you are just starting out, you should aim to perfect the product you are selling or the services you are offering. Therefore, before going to the press you should seek opinions, ideas and suggestions about your product or service from a small group of trusted people. Once you’re in the press, your product should be perfect to avoid negative customer reviews that would tarnish the name of your product or service. Your goal should be to get high quality services or products because they market and sell easily.

There is a creative and purpose-oriented pitch

While you may think that what your business is offering is the best, some people will differ with your opinion. Therefore, you should have a purpose when pitching your brand or product to make your brand outstanding.

In addition to being creative and personal when creating your pitch, you should tell a story about your brand before discussing it. The story should be short, sweet and precise. If you send your pitch via mail, you should draw attention to your subject line to avoid marking your mail as spam.

As your business grows, you can hire a PR company to help your company reach new heights. However, for a small business, your drive and commitment can help you grow your business.

Balance of trade and balance of payment. What is the difference between them?

Nowadays, international trade has become a common practice. Thanks to globalization, we see that countries can engage in transactional activities with each other. In this case, it is necessary to record such activities in the financial report of a country.

As a result, there are two distinct statements in the accounting system. These statements are called Balance of Payments (BOP) and Balance of Trade (BOT). These can be used to keep track of a country’s economic transactions done internationally.

This article is here to help you better understand the differences between the balance of payments and the balance of trade.

Balance in payment

A balance of payments is a report that is used to keep track of a country’s international transactions over a period of time. It covers many aspects of trade of goods and services as well as any transaction with the nature of capital.

We know that products are things that are visible, which means you can see and touch the items in the business. However, we can’t actually see and touch the service, can we? Therefore, this part is often classified as an invisible item.

Moreover, the balance of payments keeps track of every money coming and going within a country as a result of international trade. It is important for the government to keep a record of the economic situation in the country. Only with such information can a government decide on fiscal and fiscal policy which can be beneficial for the country.

The balance of trade

By definition, trade means the act of buying and selling. However, in the context of international trade, a balance of trade means a balance between the import and export of a country’s goods.

The balance of trade is a key element of the balance of payments. It only keeps records of visible items, not invisible things like services or capital transactions. With a balance of trade, we can see the balance between a country’s import and export transactions.

There are two ways to analyze a country’s trade performance. This is seen in the balance of trade. If the volume of imports is greater than the volume of exports, it means that there is a trade deficit in the country. On the other hand, large exports mean that the country has a trade surplus.

The difference

There are several differences between the balance of trade and the balance of payments, you can see it in the list below.

1. Balance of Payments Keeps records of all international trade transactions, including goods, services and capital. Meanwhile, the balance of trade only keeps records of commodity transactions.

2. Balance of trade Trade may show trade surplus or trade deficit, but the balance of payments is always balanced.

3. The balance of trade is a part of the balance of payments Therefore, the balance of payments can offer a more comprehensive view and cover more aspects than the balance of trade.


In conclusion, we can see that the balance of payments as a part of a country’s economic report is extremely important. It covers international transactions of goods, services and capital. A large part of the balance of payments is the balance of trade, and it only covers commodity transactions. Both reports can be used by the government to measure the economic condition of a country.

Top 5 Challenges Faced By The Australian Accounting Industry

Accounting is a process through which the economic information of a company is identified, measured and communicated to the internal and external customers. It helps to identify the financial health of a company, which in turn facilitates to judge the performance of a company. So, it is very important to have a good accounting system, to implement effectively.

Globally, the business environment has kept on changing over time. For example, the businesses have been globalized; Multi-national companies came into existence. Information technology has been advanced to a great extent over time. These all have an impact on the accounting system. So, it is prerequisite to identify the challenges in accounting system from time to time and it is required to address them. These challenges can be typical for different countries depending on the accounting practices, government intervention and the prevailing regulations for accounting practices. Let’s have a discussion on the challenges that the Australian accounting industry is facing.

Accounting Failure Impacts

There are many examples of different Australian companies, for instance Allco Finance Group, HIH Insurance, etc., which collapsed financially. It caused the shareholders of the respective companies to lose billions of dollars. At the same time, it had impacted the society as a whole through raising the unemployment rate. So, such cases of collapses are seriously taken into consideration and the flaws in the accounting system, if any have been focused to address them. In response to these unfavorable financial crises, in Australia, different regulatory guidelines and a professional code of ethics were brought into practice. Different parameters such as transparency and commitment to ethics should be focused on the accounting system.

The Five challenges, faced by the Australian Accounting industry

Unaccounted Accountants

One of the challenges in this industry is the unqualified and incompetent professional or accountants. It could be a serious issue for this industry. There are no regulatory rules in Australia to start a profession as an accountant. For other professions such as solicitors and doctors, they need to clear the qualification exams and also requires to associate with their relevant professional body. But, in case of accountants, anyone can start practicing as an accountant, even if he or she does not hold the sufficient qualifications as an accountant. Some businesses seek advice from even such unqualified accountants. With the lack of skill of accountancy, they provide poor advice, which in turn adversely affects the business. Such information can help with accounting assignment.

Financial Instruments

Another challenge is associated with the financial markets. There is a very competitive environment for different financial instruments such as convertible notes. So it becomes challenging to create such financial instruments with the extended features so as to attract more investors. And, at the same time, it is even tougher to deal with such complicated financial instruments.

Online Accounting Softwares

The development of online software technology facilitates business owners to do their business related services like the tasks of an accountant, by themselves. So, they prefer to do these tasks themselves. But, they don’t realize that professional accountants have expertise in handling account related things and so they can provide services in the best way with a very little chance of making mistakes. In such a scenario, businesses end up with a losses to the tune of crores.

Merging Resources

Next one challenge that the accounting industry is facing, is the trend of consolidating or combining two companies. If there is a problem in a company, the management starts thinking to consolidate it rather than trying to find the real problems. Just consolidating the firms never solve the upfront problems. Sharing resources and providing the diversified products at lower costs are a good approach, but in order to provide it, consolidation of firms is not always the ultimate option.

Accounting Assumptions

Another one challenge in this industry is one of the assumptions, made in accountancy; the going concern assumption. The treatment of the available accounting data is different for the company if we assume the going concern assumption about the company rather than considering it to be liquidated in one year, two years, five years or ten years. In an audit report, it has to be mentioned. If the audit report is prepared, assuming the going concern assumption for the company and unfortunately, the company will be liquidated in the near future, then in such a scenario, a case can be registered against the auditors, who did auditing.

Need for an Effective Accounting System

In order to have an effective accounting system in place, we have to first identify the challenges in this field and then should be addressed properly. Not just business but it also helps young finance students understand the different accounting systems & their repurcussions. It is very important for some one learning accounting and finance to learn them in the correct way. Otherwise the students may get low grades in accounting and screw altogether.

The best big city to start a business

Low initial costs and modern methods make Asian countries attractive to entrepreneurs. There have been several new business registrations recorded by the World Bank in East Asian and Pacific countries. The Organization for Economic Co-operation and Development reports that the creation of new enterprises has developed positively internationally. Large manufacturing groups saw their profits decline while small service industry stores grew.

Today, it takes an average of 21 days worldwide to start a business, up from 46 days 10 years ago. According to the World Bank’s annual report, which measures regulations that affect businesses, starting a new business can be challenging but easy. The report shows that a record 137 economies around the world are undergoing significant changes that make it easier for small and medium-sized businesses to operate. Developing countries have used more than three-quarters of 283 reforms last year, and sub-Saharan Africa has implemented more than one-fourth of all reforms.

To start a business, finding the perfect place to set up is an important first step. The set-up should provide attractive features such as low cost of living, especially for self-employed people; And a well-trained workforce ensures that you have a lot of good job applicants ready for recruitment. Some cities are better than others for startup business. Location plays an important role in starting a business. A number of different topics are very important, such as availability of resources, business-friendly government, small-business lending environment, business tax rates, internet-know-how, recruitment pool and sites with online surveys.

United States

The workforce in the United States is diverse and efficient. It is a well-known leader in research and development as well as innovation. There are different types of funding sources from investment firms, banks and venture capitalists through angel investors. The U.S. Small Business Administration recommends that one first determine business requirements, access your finances, examine whether the area is business friendly, and conduct investigative research on other businesses in the community.

James Wilkinson, COO of Streaming Tank, praised the business benefits of New York because New Yorkers are open and hungry for new ideas and concepts. The best cities to start a business in the United States are Silicon Valley California, Oklahoma City, Minneapolis, Miami, Atlanta and Seattle.

Beijing, China

According to the World Bank, starting a business in China takes about 28 days and costs less than 1 percent of the average per capita income. Entrepreneurs must file their new business at a local career service center and have job notifications issued and certified during the registration process. Twice a year, the National Development and Reform Commission publishes a five-year objective that sets economic targets that can help entrepreneurs move into industries that the government expects to grow. From 2016 to 2020, it is mainly focused on innovation, especially in the science and technology sector.

Chinese culture does not promote entrepreneurship. Recently, young people live a life that is strictly supervised by parents and traditional jobs are still highly valued. There are a growing number of twists and turns and success stories. China is increasingly focusing on high-margin improved production. Products made in China are no longer cheap and are inferior in quality.

The business, founded by formerly unemployed workers and recent college graduates, has a tax relief program in China for newcomers, with an annual tax abstraction of RMB9,600 (US $ 1,500). Earlier this year, China raised USD 6.5B VC funds for startups and now employs at least 1,500 incubators under the Ministry of Science and Technology’s 27-year-old Torch Program, a worldwide program that provides funding and consulting services to high-tech companies.

Sydney, Australia

Being an entrepreneur in Sydney is well-respected and startups excel, but people still aim for a more comfortable lifestyle in business employment. Entrepreneurs in Sydney face considerable obstacles. Many startups focus only on their local market but change perceptions where they think more globally from the beginning. Sydney’s ecosystem is booming and thriving. There are various collaborative co-employment events brought together by Muru D, Fishburners and Open House Networking Events.

The government does not provide special tax incentives for entrepreneurs. There is a 45% discount for R&D projects and any capital expenditure up to 20,000 AUD (14,500) is tax deductible, otherwise not much is seen. However, there is a new impetus to change the current system, where employees are taxed on the expected assessment. If you want to start a business in Australia, don’t forget to contact us Those.

Moscow, Russia

Entrepreneurs are considered today though failure is still feared; But we have seen it in all business environments. The collection of superior engineers due to their Soviet heritage is similarly the number of hardware companies. There is a strong emphasis on the Internet of Things these days, although political tensions and currency depreciation have become a brain drain where entrepreneurs tend to leave countries in Asia and Europe to build their businesses. The ecosystem, however, is more mature in both cases when it comes to starting a business than others.

London, United States.

London is Europe’s best startup spot and United Sate uses these destinations to set up stores abroad. Significantly fewer startups in London than in Silicon Valley but the two areas have similar support systems. London-based entrepreneurs are strongly attracted to like-minded colleagues in their area. Each single startup consults with more than three advisors.

In the first quarter of 2015, stakeholders ran a record £ 459m from the Venture Capitalist Fund in London’s digital sector, up 66% from the same quarter last year. The Seed Enterprise Investment Scheme, the British Business Bank, the R&D tax break, and the government startup loan all add to the big picture. Technology is seen as a groundbreaking contribution to the economic recovery of Britain. The total annual revenue of UK financial technology players is estimated to be around bn 20bn, with a capital of more than 2 342m in 2014 alone.

Merging a company into the UK is both quick and cost-effective, making it one of the easiest places in Europe to set up and run a business. David Mighton, creator of Server Monitoring Startup Server Density, gives some reasons why the UK is a good place. Go to work:

  • Starting a business is easy because starting a company can be done within an hour, at 14.
  • The tax body understands that new companies are not usually profitable in the beginning.
  • The British government provides tax benefits for investors, founders and employees.

The best cities to start a business in the UK are Derby, Stoke, Belfast, Sterling and Durham.

Bangalore, India

According to the World Bank, starting a business in India takes about 26 days and costs 16.5 per cent of the average per capita income. In 2015, Prime Minister Narendra Modi launched Startup India, a campaign to promote and support new business creation. Recorded entities receive benefits, including tax exemptions and learning opportunities. There are more than 19,000 technology-related startups in the country, according to the government’s Economic Survey.

Entrepreneurs are developing especially in Bangalore, Mumbai, Pune, New Delhi or Chennai. The market is quite large and the number of engineers graduating every year in the country is significant. The startup scene in Bangalore is more focused on the development of engineering and technology, so the founders of the city struggle to find their equal in their business development and design. Corporate tax level is 30%, extra charge. There are no incentives for startups and it can take months to set up a business because the cost is not too high.

Don’t let costs become a drag on your finances

Summary: Lack of oversight, inefficient policy enforcement, non-use of data and analysis, and lack of process manual are some of the reasons why costs can drag down your organization’s finances.

Although employee-initiated expenses are essential for the firm’s operations, there can be a huge pull on the company’s finances. A big reason to allow this to happen is that companies don’t give enough importance to the function. They also follow certain habits that allow spending to reduce profitability. In this post, we will look at some of them and how to remedy them:

Lack of policy and application

Having a proper spending policy and fully implementing it is a sure way to make cost management efficient and productive. It will streamline all work and ensure that it is processed by the right people within the right time frame. However, many companies do not even have an accurate and comprehensive spending policy, let alone the implementation system.

This is a surefire recipe for disaster. Apart from the policy, many other works are delayed or even derailed. Policy is the glue that holds your cost management together. So make sure your policy is OK and working.

Lack of supervision

Another factor that can drag on costs is the lack of proper oversight. When employees spend company money, someone has to account for it and someone has to authorize the use of the money. Then there should be someone who makes sure that whatever is happening is on board. Without oversight, there is no telling where the money is being spent and how much the bill has inflated. For example, your employee may claim $ 200 for a $ 50 meal with clients, but without proper supervision it will never come out and you will continue to lose money for unwanted practice.

Also, it is a good idea to monitor at multiple levels so that there is no corruption, which can happen if control is centralized.

Data and analysis

If oversight helps in its own way, it works together to improve the data analysis process and provide comprehensive insights into the expenditure report so that the process can be improved. Taking the same example as above, if an employee spends more than that, how will anyone know if data is not collected and analyzed? How does one know if the annual budget is helping or if there is data on spending being overran? Therefore, you need to have proper data collection and analysis system.

Also, analytics must be accessible to everyone or they will lose their use. It is not just a matter of analyzing processes without sharing the results with relevant stakeholders. Everyone needs to be aware of everything so that their tasks become easier. Also, since cost management is dynamic and new things always come into the picture, it would be nice if employees could create their own analysis sets and analyze them. Expense software does all of this and lets people make data-driven decisions.

Manual process

After all, this is the age of digitalisation and automation. There is still no use of manual processes or automation in place here. Your competitors will automatically outperform you. Whether it is human resource management or cost management, automation can play a huge role in cost control and making processes efficient and efficient for everyone. Therefore, switch from manual process to software that helps you manage costs. You will see ROI between process efficiency and employee productivity.

How online payments benefit small businesses

It’s hard to believe how fast things are moving in the IT world. Some businesses have been accepting online payments for over 20 years. But two decades ago, there weren’t nearly as many businesses selling online, and global payment gateways weren’t used to receive online payments worldwide.

Some businesses are still stuck in that position, relying solely on in-store sales to create an impressive bottom line. This does not mean that businesses are set to fail, but it does mean that they can make more money if they start selling online.

If your business is considering accepting payments online, the good news is that online payment processing is faster and more secure – and the benefits of accepting them are better understood than ever before. Here are four key pointers in moving forward with the online business.

1. Rapidly expands sales zone

Expanding a sales area by creating more locations is time consuming and expensive. Even global brick-and-mortar retail giants like Walmart and Costco are still trying to cover all emerging market bases.

When a business offers products and services online, it makes them available to anyone who can access the e-commerce website (e.g., you probably won’t even be able to sell a portrait of Kim Jong Il to North Korea). With few exceptions, the Internet can make the world your permanent sales zone.

2. Affordable payment processing fee

You can reach consumers worldwide with a retail website, but the site needs a payment gateway to process online sales, which means you will pay a processing fee (MSP) to the gateway provider merchant service provider. However, you can set the fee in your favor based on how you sell.

For example, depending on the provider’s processing protocol, the amount of sales over a given period, the average revenue per sale, and the total revenue from sales over a given period may be a consideration for you when selecting a payment gateway.

Considering that you should earn more from online sales than you would pay for an MSP to process a transaction, processing fees should not stand in the way of your online sales goals. If you use a global payment gateway, you can accept a variety of international payment cards in addition to the current 164 official currencies.

3. Opportunity to work only online

One of the primary hurdles in running a profitable business is startup costs. The chain of events is often as follows: a startup takes out a business loan to get things started, expects to repay the loan within three years, and achieves profitability at the end of three years. Many small businesses cannot do this far. Nonprofits are a major factor in paying off debt while covering business expenses in an early period.

Just working online will not cover all your initial costs. You need to create at least one business website and implement a payment gateway. But these medium costs are not in the same universe as buying or leasing double-net or triple-net retail property and providing overhead.

If you sell products that can be easily shipped without loss, and you’re not just interested in the presence of a brick-and-mortar, transforming a web-based business will offer two major benefits: the opportunity to grow a global customer base and the long term Operating costs.

4. Promotes the purchase of bricks and mortars

It may seem that online shopping and in-store shopping are mutually exclusive, but research suggests otherwise. Consumers often shop for products online, then search for products in stores, so that they can “kick the tire”, test products directly. This activity is called omnichanneling because it involves multiple sales channels to make a sale.

According to Forbes, “retailers indicate that consumers prefer to browse the Internet to research major products, but when it comes to actual shopping, about half of retailers (46%) say they prefer to do it in person, in stores). More than a third say customers do research and purchase online. Only 18% say customers do both in-store. “

In addition to opening up a new revenue stream in the form of online shopping, accepting online payments can also increase a business’s in-store sales by establishing an all-channel presence.

Advice for new companies from a business rescue expert

In the 1970s, freshman graduate Fred Smith founded a new delivery company called FedEx with উত্ত 4 million in inheritance and $ 80 million in loans and investments.

Just three years later, Smith’s new company was Flandering.

With only $ 5,000 in the bank and a total of $ 24,000 in fuel bills, the future did not look bright.

So, what happened?

In a moment of insanity (or business brilliance), Smith picked up a taxi at the airport, bought a ticket to Las Vegas, and headed straight for the nearest Blackjack table. At the end of the night, he increased the amount of his stack and won enough cash to keep FexEx running for another month.

It has grown rapidly over the decades and FedEx has become a global delivery powerhouse, employing over four million people and processing 13 million shipments per day.

Now, the point of this story is not to legitimize gambling as a fundraising strategy. (Seriously, don’t try to copy Smith’s success.)

The point is that even exceptionally successful companies go through difficult times and carefully return to their profits.

This article will share four tips for new business. If you address these issues, it will be easier to keep your business on track and follow FedEx for global success.

Don’t ignore credit control

Startups and small businesses really struggle with asking their clients and customers for payment.

It can hit you as weird. Small, cash-involved business No. Ask for payment? Really? Well, yes and there is a very simple explanation for that.

Small businesses usually have very small employees and since they have small employees, employee members usually take on multiple roles. Perhaps the most common role I see in doubling is sales and credit control.

It’s only two steps of the same process so it makes sense to stick to the roles, doesn’t it? No.

Asking a person to build a relationship with the customer and chase them for money after closing the sale creates quite a confusing relationship.

Often, salespeople will ignore the credit, feeling that their work is already done. If left unchecked, poor credit control can and will destroy your cash flow and potentially your business.

The simplest solution to the problem is to completely separate the two roles. Work one employee with sales and the other with credit control and set those roles apart.

However, many small businesses simply do not have the budget to create a dedicated credit control role.

For this business, there are some general tips to actually follow the loan.

First, when you write credit terms, make them clear, strong, and consistent. When a customer agrees to your terms, they should know exactly what they need and how the agreement applies.

Second, put your business at the top of the credit line. The stark reality of the business world is that lenders who shout louder and tend to pay first for the longest time – usually at the expense of a quiet company.

If you want to pay first, it’s important to schedule follow-up with your customers to remind them of any upcoming shipments.

Third, if a customer does not repay their loan, it is important to take action and not let it slide. The most effective tool you have is a very simple – phone.

Phone calls are hard to ignore because they are literally ringing on your desk. And if you get to answer someone, you are talking to them personally, which again is very difficult to ignore.

Don’t rely on email or snail mail because your creditors will mark it as unread and close it for another day.

Realistic forecast

Time for more technical advice. Forecast. Forecasts are important and useful tools for virtually every business, helping business owners understand where they stand now and where they will be in the future.

Unfortunately, many business owners believe that the forecast is a one-time deal. When they write their business plan they set their forecast back then never look at them again.

This is a huge mistake.

Forecasting is a living document and, like all living things, requires love, care and attention.

As your business grows and develops, you revisit your forecasts and update them based on what you’ve learned. It keeps them as relevant and effective as possible.

For the practicality of designing forecasts, you should always base your predictions on past data. If you haven’t hit specific performance metrics before, why do you think you’ll hit them in the future?

If your predictions show unreasonable effectiveness, it’s time to revisit the data and create new predictions.

Now, why do you think forecasting is really important and this is a very good question! What good does a good forecast give you over a poor person?

Accurate forecasting gives you a clearer idea of ​​where your business will be in the future, which allows you to plan accordingly. Having a cash flow problem on the horizon? Do you have enough cash to bring in more staff? And so on and so forth.

Forecasting allows you to measure your performance by comparing forecast sales with your actual sales. If there is a discrepancy between the two, you can separate the problem and solve the problem.

Ready for the unexpected

In the business world, things rarely go unnoticed. Just think of Fred Smith and FedEx. Do you think he ever plans to rely on gambling income to fill a funding gap? Of course not!

The reality is that things don’t go as smoothly in the real world as they do in your business plan. So it pays to be prepared for the unexpected.

Unfortunately, new business owners assume that everything will run smoothly and there will be absolutely minimal budget.

When something goes wrong (and something goes wrong), idealistic business owners suddenly rush into disaster without cash or resources to adapt and survive.

The solution is simple. Assess the risks and build a shaky house where you can afford it. If things start to go wrong you will be grateful that you are ready for it.

Get help when things go wrong

When someone starts a business, they often jump into a million different roles in the first few years. It gives birth to the mentality that they do not need help and they can do almost anything by setting their mind.

This mentality works but only to a point.

If your business starts to struggle, you don’t have the opportunity to spend months learning about recovery strategies. Within a few months, your business may be in a downward spiral or even already closed.

The more time you give to a business rescue professional, the better the chances of a successful rescue.

So, don’t bury your head in the sand, don’t double down on risky gambling and don’t bother with it when you don’t know what to do. Go get professional help.

Top 5 Career Opportunities in Indian Financial Market

India is one of the fastest growing economies in the world. Financial services are one of the fastest growing sectors in the Indian economy. It has huge potential. Due to the large middle income population and low penetration of financial services in the country, making personal money management an absolute necessity. The financial services sector can be divided into sub-sectors such as banking, insurance, non-banking financial services and financial markets. There is a lot of potential for growth in all sub-sectors of the financial services sector Lack of awareness, low risk appetite and limited access to these financial markets have led to minimal penetration in the country. With interest rates falling, technological advances and awareness raising, more and more people are being attracted to the capital market.

The increased flow of capital into the Indian capital market offers great opportunities for talented and skilled people. The sector is looking for qualified professionals to take it forward. The rewards are best compared to other sectors of the economy.

Below are the top 5 career opportunities in the Indian financial market

Director of the Fund: This is one of the most sought after and highest paid career opportunities in this sector. Financial institutions such as mutual funds, insurance companies and other organizations with large investable funds hire a fund manager to manage the funds in line with the objectives of the organization / investment project. The minimum qualification here is MBA Finance, but preference is given to persons with CFA qualification. The chances of earning are limitless because the fund manager’s compensation is usually associated with the performance of the fund.

Portfolio Manager: Parallel to the fund manager is the portfolio manager. They have a similar role but in a slightly different way. Portfolio managers manage small amounts for multiple clients at the same time. Their job is to manage the portfolios of HNI clients or companies with small investable funds keeping in mind the needs of the clients and their investment objectives. Job expectations, qualifications and compensation profile are the same as fund managers.

Business Analyst / Financial Analyst: One of the most sought after career options in the financial markets is the analyst, who may be called a business analyst or a more specialized financial analyst. The role of helping top officials to get accurate information for decision making. Analysts work with data both internally and externally, understanding and analyzing it to create meaningful information from it. Analysts may have general assignments or specific assignments. Eligibility is usually MBA Finance, but the qualification at the undergraduate level will depend on the nature of the institution employed. The entry level salary is not very high, but as the individual gains experience and develops domain skills, the compensation increases geometrically. Basic knowledge of economics and skills to connect points and pull threads are required.

Risk Manager: With increasing globalization and the large number of startups popping up every day, business risk has multiplied over time. The number of business failures has also risen sharply. So risk managers help companies assess business-related risks and take calculated risks. They help to manage the risk and take appropriate steps to reduce the risk or hedge the risk. Risk managers need to have strong basic knowledge about the business. In addition to a master’s degree in finance, they must have additional qualifications in risk management.

Investment Banker: Investment banks help companies and governments raise capital. People who work with an investment bank are usually referred to as investment bankers. They are usually advisors to agencies and governments on fundraising – such as the right source, time and form of capital. They advise companies on mergers, acquisitions, takeovers, downsizing, share buybacks, and more. Investment bankers are also paid higher salaries. Desirable qualifications are MBA Finance and CFA.

Traditionally, the financial services sector has always been dominated by chartered accounts in the country for various reasons. Most Indian B-school curricula are not complete and updated to create excellent human resources to handle the above roles. IIMs are among the top 8 Indian B-schools in preparing finance professionals Other B-school pass-outs take a little more time and experience to get to the right job profile. Several organizations offer add-on courses to prepare people for the above roles. There is a huge demand-supply gap for skilled and experienced professionals in this sector.


Author Bio : Professor Sanjeev Bajaj did his MBA with Finance Specialization in 1992. He has a total of 25+ years of rich experience including 11 years corporate and 14+ years academic. He teaches postgraduate specialization finance courses in security analysis and portfolio management, project evaluation and finance, strategic financial management, insurance and risk management. He is interested in promoting financial literacy among the masses. He wrote guest posts on its behalf Besides, he has managed MDP for a number of corporations like Central Coalfields Limited, Hindalco etc. He conducts investor awareness programs for various financial institutions. He is also a master trainer for “Train the Trainer” programs.

3 Tried and Tested Ecommerce Tips to Reduce Chargeback

So, have you attracted users to your site, blown them off through exciting product pages and made them easier through the checkout process? Order confirmation pops up and you send their order within one hour. After a few hours, the funds will reach your merchant account.

Everyone is happy.

OK, everyone is happy until your bank withdraws money from your account and says chargeback and sends it back to your customer.

Yes, chargebacks are a nightmare for e-commerce businesses, costing them millions of dollars every year.

What is a chargeback?

Before we jump into our three tried and tested chargeback defenses, here’s a quick primer on what chargebacks are.

A chargeback is a disputed transaction between a customer and a business.

If the bank decides that the chargeback is genuine, it reverses the transaction and returns the funds to the customer’s account.

If the bank decides that the chargeback is not genuine, the trader must keep the funds.

How do I limit chargeback?

Unfortunately, not all chargebacks are used to counteract actual card fraud.

Sometimes the customer forgets that they bought something and assumes that it is fraud, sometimes they just don’t want to pay and so on.

Protecting your business from chargeback doesn’t have to be a huge ordeal. Doing simple things well can be a real boon for your business and can significantly reduce one of the more annoying parts of an online business.

In this article, I am going to look at three tried and tested strategies that you can apply to reduce the number of chargebacks you receive.

Create a non-abrasive return and refund system

The return process of a brick-and-mortar store is relatively straightforward. If someone wants to return something, they come back to the store and find your customer service desk.

Unfortunately, this can be bypassed-but not unless you’re a techie who knows what he’s doing.

I think so. Your business may be based in New York and your customer may be in Hawaii. This creates huge logistical challenges.

Who arranges the return? Who pays for shipping? When should your customer’s refund be released? Should you return the original shipping? What happens if your delivery company loses the package?

Even a very good return process is still painful for both the merchant and the seller.

Okay, that’s fine and good but how does that relate to chargeback?

Like the convenience of modern customers. Amazon Prime, Drive-Through Fast Food, On-Demand Streaming. Nowadays, people expect things to get easier.

If your return process is not easy, they will look for other alternatives. Unfortunately, more frustrated customers are turning to low-effort as an alternative to chargeback.

I strongly recommend that you start thinking of your return process and chargebacks as direct competition. Now, ask yourself if your return process is interesting enough to take your customers away from the chargeback route.

Okay, terrible enough. Here are some tips to help you create a great return process.

Basically, it’s all about reducing friction. Consider pre-paid, pre-addressed return envelopes included with the order, hiring dedicated return staff, publishing a very short return policy helpful and consistent communication.

Whatever you decide to do, always try and present yourself in your customer’s shoes and their feelings. For example, if you pay them back, how will they feel?

Once your customers know that you offer stress-free refunds, they are significantly less likely to charge back.

Use a name that people can recognize

There is an organization called 37 Signals in the United States. Although they’ve got a few products, they’re best known for a project management tool called BaseCamp.

Basecamp has become so popular that customers have started referring to the whole company as basecamp.

This makes things very confusing when it comes to billing. A customer will receive their statement and view this charge from 37signals LLC and immediately assume that someone has stolen their credit card.

In 2009, 37 signals were shooting chargebacks and they needed a solution So they started experimenting with the narrator of their statement.

After some trial and error, they changed their name to a URL – – so that customers saw instead of in their statements.

If a confused customer types in that URL, they are taken to a website that explains that there are 37 signal companies behind the basecamp and that is why they are being billed.

Chargeback dropped by 30% and (I guess) there were lots of high-fives!

The takeway tip is pretty clean. Choose a statement name that your customers will recognize immediately!

Keep in touch

Think about the last time you got bad customer service. I’m talking really really bad customer service. Warlord, stand-office, neglected customer service.

The type of service where annoyed, low-paid and disgusting support staff pull out the same tinnitus responses before transferring you to a different but equally incompetent department.

Can you feel your frustration boiling over? Can you feel your eyes rolling? Can you feel the urge to slam the phone down?

If customers are given poor service and can’t achieve what they’re trying to achieve, can you really blame them for resorting to alternative processes like chargeback?

The strange thing is, good customer service is not even difficult.

Yes, it’s hard work but you don’t have to completely refine your business or bring in thousands of highly skilled workers.

The biggest change you can make is improving your communication.

Do it regularly, do it fast and make it consistent. Respond to email, phone calls and social media posts as soon as you can

Provide as accurate an answer as possible. Don’t wait to contact your customers. Actively reach out and solve their problems.

You would be surprised at how loyal a customer would be if they thought you were working for them, not against them.

Average chargeback rate

So here you have it, three simple strategies you can use to reduce the number of chargebacks you receive.

Below are some industry standards from merchant services company Ingenico Find your art and see how you compare the average.

Art Average chargeback rate
Software 0.89
Financial services 0.79
Gaming 0.59
Gambling 0.56
Retail 0.45
Travel 0.37
Media and e-content 0.31

How does your business work against industry standards? Let us know in the comments.