Tag Archives: Management 

Financial management is one of the most important aspects of any business. If the company's finances are handled appropriately and deployed in the right areas, it's sure to prosper. On the other hand, if amateurs manage the company's finances, the business can get into trouble before it takes off. So how can you ensure that your company's finances are managed properly? The answer is by finding an efficient financial advisor.

Services Offered By Financial Advisors

A financial advisor can help you with planning the company's finances in such a way that the working capital is adequately met, the operating expenses are under control, and the capital expenditure programs are well-planned. Wise financial planning also helps a company to restrict its borrowing, and protecting its high credit rating. High credentials, in turn, reflect on the company's transparent operation, and instill trust among the investors. This benefits the company over the long-term. This article aims at educating entrepreneurs in choosing the right financial advisor for their company:

Check The Advisor's Credentials

Find out the advisor's professional design. If he is a Registered Financial Consultant (RFC), Chartered Financial Consultant (ChFC), or Certified Financial Planner (CFP), you may rely upon him. These credentials give you an idea of ​​how qualified the professional, which will help you to determine whether he will be deliver quality services. Also check how many years of professional experience does the advisor have; ideally choose an advisor who has at least five years of working experience with good clients. Find out his record of accomplishment from the industry sources and hire him only when he has a proven track record of wealth creation and management.

Find Out The Charges of The Advisor

Do not hesitate in asking the advisor about how much he would charge you for providing various services related to financial management. Typically, these professionals have a fixed fee; if the advisor you are interviewing beats around the bush while discussing his compensation, there are chances that he is a fake or a new entrant in the financial services industry.

For your information, most financial advisors charge their clients a flat fee or a fixed commission on the sale on investment and related products. They may also charge a fee that is a combination of both flat fee and commission; there could be a fee fee in the entire compensation structure, which is generally based on a percentage of the total assets that the advisor manages for you.

Above all, meet the advisor before proceeding with any deal, to find out wherever your chemistry matches. You have to feel comfortable talking to the advisor; otherwise, you may have problems sharing highly sensitive information with him. Feeling the positive vibes during the meeting is important. …

Financial experts are a key element in the mutual fund industry. If they're expert and unbiased, they're worth every penny they earn. Unfortunately, the mutual fund industry works against finding such a person. Here's what to do.

Conventional wisdom says that your broker should have your best interest first in mind and should know more than you do. But when a financial advisor or broker's compensation is connected to which funds pay the most fees, how could they be completely objective? They can no longer be unbiased. They no longer put the client's interests first. This is systemic. This hurts you as an investor.

It does not help that investors often hurt themselves by having this childlike naiveté about how they work with financial people. The investor can have the trust of a child. I mean, the amount of trust they have with this stranger called a financial advisor is mind boggling.

And the financial advisor has to talk good, look good, look successful, be successful, form relationships easily, act like they have the client's best interest at heart. For the most part, that's what an investment advisor truly believes. It's part of what creates the bad performance.

It does not get any better when the financial advisor is embedded in the community. In fact, it's worse. The advisor is a friend to many people, but the things that lead to investment failure are still at work. We may like and trust this financial advisor, but they are still what they are: mostly biased and not objective.

Even as I talk pretty starkly about the mutual fund industry, you should know that you are part of it if you are partaking of it and not getting educated. You are creating or providing some of the momentum. A major key is to understand how the financial planners and brokers themselves operate. It's extremely interesting how they operate their business, which is not much different than how the fund families operate their. I'm talking here about financial planners, financial advisors, and investment brokers. For the sake of this article, let's refer to them all as financial advisors.

Financial advisors are an important layer of the mutual fund industry. At the very top you have the mutual fund companies. Right up there with them, you have managed account companies like GoldmanSachs, the JP Morgan family and Fisher Investments; below that, you have financial advisors.

A financial adviser is alleged to act as a fiduciary to his or her clients. This is how Wikipedia defines a fiduciary: "A fiduciary is someone who has committed to act for and on behalf of another in a particular matter and circumstance, which gives rise to a relationship of trust and confidence. care at either equity or law. "A fiduciary is expected to be extremely loyal to the person to whom he owes the duty."

This is key here: "He or she must not put their personal interest before the duty to the client."

A true fiduciary must …

Complete financial accounting course or tutorial covers a range of following topics. It is being evaluated that how computers have affected traditional accounting methods and practices.

• Financial Accounting with Double Entry Bookkeeping
• Principles of Accounting
• Basic Book of Accounting – Journal
• Accounting Ledger
• Accounting Sub Journals – Cash Cook
• Subsidiary Accounting Books
• Accounting Verification by Trial Balance
• Banking Transactions Bank Reconciliation Statement
• Depreciation
• Rectification Of Accounting Errors
• Balance Sheet and Profit and Loss Account
• Single Entry Bookkeeping Accounting System
• Non Profit Organization Accounting
• Capital and Revenue
• Reserves and Provisions

In a very short span of time, computer has grown from a scientific curiosity to an indispensable tool of modem society. There is hardly any scientific/technical or business activity which is not in one way or the other, affected by modern data processing techniques.

The human mind can handle only a limited number of things at a time. The digital computer, on the other hand, can be programmed to compare, measure, calculate and evaluate thousands of readings in an extremely short period of time.

The computer industry has become the fastest growing industry these days. The sale of mainframe computers is increasing day by day. The computer industry has been further pushed up by the introduction of mini computer and micro computers which are small, cheap, reliable and very light. These are being routinely used for process control, production testing, scientific instrument recording, in store check out systems, in automobile test and evaluating systems, and medical monitoring etc.

Computers are now being used extensively in office administration to perform the routine clerical work. Today, most large and medium sized organizations are almost totally dependent on their computers. Routine uses of computers are given below:

(i) Accounting, Billing, Inventory Control Software with MIS, CRM

Computers are extensively used in accounting and there are multitude of computer software for Accounting, MIS, CRM. HiTech Financial Accounting is one such software which has been customized for users in many segments in business and services.

(ii) Payroll and personnel records.

Payroll accounting was the first commercial area to become widely computerized. The calculation of wages or salaries involves a number of variables which relate to the personal details of each employee, such as gross pay or rate for the job, individual deductions, tax liabilities of the employees and so on. These facts can be retained in the computers and processed every month of produce pay slips for the employees.

(iii) Stock control

The computer helps to exercise the type of stock control needed by the organization. It upto dates the sales and purchases records, determines optimum re-order levels for different items and prints out the stock lists when desired. The system can be so designed that it triggers orders when stock level reaches order point for various material items; tests those item which are slow moving or gives list for over stock items.

(iv) Sale accounts records

Programming can be done for any sales accounting system. The computer will pin point defaulting debtors, determine the right …