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June 2022

Finance

3 Reasons Why You Shouldn’t Forget To Fill Form 15G

A significant number of individuals, the majority of whom have incomes that are not subject to the tax bracket, have predominantly invested in commodities, including such FD via which they can receive interest. If, however, our overall income is exempt from taxation, is there anything we can really do to ensure that the bank just wouldn’t take TDS on any interest which you garner?

Allow me to emphasize, in case none of you are aware of this already, that it is required by law for banks to withhold TDS from the investment earnings we get. If your income is not taxable, and unless we also collect interest from other investment instruments, etc., then we’ll need to give Form 15G and Form 15H to a bank. This banking institution does not take TDS from our interest earnings because your income isn’t really subject to taxation.

1. Save TDS

TDS is an abbreviation that stands for “tax deducted at source.” If an individual’s annual interest income amounts to more than Rs. 40,000, then the law requires banks to charge TDS from that individual’s interest earnings. Before determining the amount of interest you earn annually, the bank will first total up all of the money deposited in your name across all of their locations. Therefore, the TDS is deductible in this scenario if the interest is greater than the minimum limit on taxable income.

If, on the other hand, your overall annual income, which must include interest generated from savings, will be less than the total annual threshold, you can contact your bank to request relief or exemption from TDS by completing Form 15G. This would allow you to avoid paying tax on the interest gained from deposit accounts. Form 15H needs to be submitted by senior citizens.

2. Withdrawal of a sum from the EPF in the first five years

If you make withdrawals from your EPF account before you have worked for a total of five years and a lot you have in your EPF account is greater than 50,000 rupees, there is indeed a provision that says the tax will be withheld from it. You have the option of submitting Form 15G in this scenario as well, which will prohibit the bank from making TDS on the transaction. Be aware that your total yearly income, comprising EPF amount, cannot be more than Rs. 2.5 lakh if you want to avoid having tax deductions taken from it by the bank.

3. Senior citizen

If you have got a bank fixed deposit, now is the time to verify that your financial institution is not deducting tax just at source from the investment earnings that are received. In the event that you are exempt from paying taxes, the bank would not make any deductions of this kind. However, if you have bank fixed deposits and the interest received on those accounts seems to be more than Rs 40,000 in such a financial year, the banker would deduct tax at the source from your earnings until your income falls into an exempted income range. The restriction is now set at 50,000 Indian Rupees for older persons in a single fiscal year.

Conclusion 

By completing Form 15G or Form 15H to the banker, quite an indication is normally expected to be given just at the beginning of the fiscal year. Form 15H is for those who are sixty years of age or older (senior citizens), whereas Form 15G is for all the other individuals whose total income would not produce the limited amount that is exempt from income tax. Form 15H is for senior citizens.

 

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Finance

How to Get out of Debt

Struggling with debt can be stressful and debilitating. You may feel as though you’ll never be able to reach your goals. Fortunately, you have the ability to change your future and experience financial freedom.

Develop a Strategy

You need to come up with a specific plan to learn how to get out of debt. A smart way to start is to make a list of all of your debts. By doing so, you can determine if there are any debts that you can pay off now. For example, you may have a small credit card bill that you could take care of at this time. Even getting rid of one small debt can give you the motivation to continue on with this journey.

Prioritize Debt

You will also need to decide the order in which you want to pay off debts. Aiming to pay off revolving debt first is a good move. Then, you might decide to pay off the debt that has the highest interest rate first, or you may choose to pay off the bills that are the highest total sum first. Keep in mind that paying off the debt with the highest interest rate first can help you to save in interest overall.

Set Realistic Goals

If you set goals that are too lofty, you might end up failing. In other words, expecting to pay off tens of thousands of dollars of debt in just a few months is probably unrealistic. Speaking with a professional in debt reduction can help you to take a realistic look at your income and determine what goals you should set for yourself. Setting realistic goals is important because you actually want to achieve those milestones. When you accomplish one goal, you can feel empowered to continue to the next achievement.

Review Your Budget

You also need to know how much money to put aside for debt each month. The answer is going to depend upon your income, your total bills and the full sum of your debt. Not putting enough money toward debt could mean that you are in debt for far too long. However, putting too much money toward debt could mean that you are unable to pay for other bills and that you end up with no funds in your savings account. In order to stay in a healthy financial state, you must create a balance.

As you can see, getting out of debt involves a good deal of planning. You need to think about what is realistic for you and your financial situation. Doing so allows you to work toward the elimination of debt in a healthy way. Soon, you can begin to see other financial goals for yourself. Getting out of debt is an empowering experience; however, you must stick to the plan. You are likely going to feel tempted at some point to deviate from the plan. Remember how good it will feel to get out of debt and to fulfill your dreams. You can speak with experts about getting out of debt too.

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Finance

Understanding the Road to Financial Freedom

It’s an understatement to say that all of us want to be financially free, but not everybody understands or considers the necessary steps and hard work that this requires. It’s important to consider that when we talk about financial freedom, it’s all about understanding money, figuring out where you want to be financially, and doing everything in your power to get there.

We know that this might be a difficult thing to achieve. In our everyday life, we face challenges including the constant rise of gas prices, inflation, and even the social situation that our country is going through. We live in a world where we feel like we don’t have the time to think ahead, the power to plan our lives, and the ability to become better versions of ourselves.

That is why we want to emphasize what financial freedom is and what it can do for you. As MoneyFit defines it, “Financial freedom is having enough savings, financial investments, and cash on hand to afford the kind of life we desire for ourselves and our families. It means growing savings that enable us to retire or pursue the career we want without being driven by earning a set salary each year. Financial freedom means our money is working for us rather than the other way around.”

But what does this mean for us as human beings? It means that we can take control of our situation, take a step back to understand our goals, and work hard to achieve them. When most people consider the steps to achieving independent wealth, they tend to get confused and think that financial freedom is just having enough money to not depend on a salary anymore. It’s not as easy as that. It’s all about sitting down with yourself and making smart decisions with the money you already have to keep generating more sources of income. To put it simply, anybody can win the lottery. It takes a certain amount of skill to turn that into generational wealth.

Our goal today is to share with you the first four steps that you should take into consideration to start your journey toward financial freedom. Once you implement these changes into your life, you are likely to see some solid results in your wallet.

Set Life Goals

The first step to achieving financial freedom is to do a self-evaluation. Figure out where you are and where you want to be. We understand that this is easier said than done. Consider starting small by evaluating your personal goals, your close relationships, and what plans you have for your future.

When it comes to setting your goals, write everything that you can down on paper for future reference. Where do you see yourself in your desired lifestyle? How much money will you need to achieve it? Is there a deadline that you have in mind? Once you set concrete and tangible goals, you will be better positioned to create a path or a road map that will help you achieve them.

Make a Budget and Track Your Spending

You don’t realize how much money you are spending until you track it. Necessities, such as food and shelter, as well as unnecessary retail therapy or a night out on the town, can all add up.

While in our reckless youth, the mindset may have been to spend whatever money we made having fun. This may be fun in the moment, but this is not a strategic path toward financial freedom.

By creating a weekly or monthly budget, you will have a more realistic idea of how much money you are spending on your current lifestyle. You should take into account your household income, monthly bills, debts owed, and living expenses. This may seem daunting, but once you get used to it, you will see an improvement in your finances.

Always Invest Your Money

There is more to accumulating wealth than simply saving all of your money. Placing your assets into smart investments such as stocks, property, businesses, and even newfound opportunities such as cryptocurrency and NFTs can help you grow your financial profile considerably faster. According to Adnan Feroz, author of Beyond Riches with Income Properties: The 90/90 Strategy to Making it BIG as a Real Estate Investor, “Most people don’t understand that if they focus only on [growing their savings], they will actually never be able to get financially free.” He goes on to say, “I’ve failed enough times in life but because I had the right mindset, I’ve been able to move forward. Making money isn’t hard, changing your mindset is.”

You should consider the different options that are available and see which one is right for you. We highly recommend seeking financial guidance from a trained professional before making any decisions on your investment portfolio.

Have Different Sources of Income

The hustle should never stop. Placing all of your eggs in one basket when it comes to setting up a financial path is a terrible strategy. Long gone are the days of loyalty from both parties of a business relationship: employers and employees. Each side of the desk is only valuable until they are not. Don’t get caught blindsided and start building up income streams from things like freelance gigs, stock investments, or even second jobs. 

Jeff Rose, of Good Financial Cents, echoes this statement by stating that, “If you read many stories about entrepreneurship, you’ve probably noticed that most entrepreneurs have multiple streams of income.” Just like anything else, the key to financial freedom is learning from those who have achieved it before you.

With these tips in mind, you will be much better positioned to achieve financial freedom. We wish you the best in your financial journey.

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Insurance

5 Main Business Insurance for Any Liability Cost Companies Incur in Singapore

Corporate insurance aims to meet the unique demands of businesses and safeguard all their assets and interests. Just as people seek protection against common dangers, it is also crucial to protect organisations against certain risks inherent in commercial operations. The lack of business insurance can cost organisations in Singapore most substantial losses in the long run.

5 Types of Business Insurance Every Company Needs

Properly insuring your business allows you to focus on growing profitability and production. Starting on customised business insurance is the best investment you can make for your company if you are a business owner. The following are five main categories of business insurance covering every possible cost for companies in Singapore.

#1 Corporate Property

Mishaps can happen at any time. There is nothing you can do if a natural calamity happens. Furthermore, machines can suddenly malfunction and criminals can target your business at any time. For these reasons, four types of corporate or business property insurance cover the cost of damages for firms in Singapore.

1.A. Property

Property insurance protects your buildings, plant and machinery, equipment, stocks, renovations, furnishings, fixtures, fittings, etc. Businesses can set up this coverage as ‘All Risks’ or ‘Fire and Extraneous Perils’. The former is a more comprehensive coverage since it includes accidental loss or damage to covered company property unless expressly excluded in the policy.

1.B. Theft/Burglary

It is a type of business insurance that covers any cost businesses in Singapore incur due to theft or burglary. Properties included in this insurance policy are office equipment, machinery, stock-in-trade and business goods.

1.C. Business Interruption

The Firm Interruption coverage aims to help put businesses back in the same financial position if the covered property had not been lost or damaged. Companies can tailor their business interruption policy to provide coverage for rental or temporary facilities, fixed operating costs, employee wages, etc.

1.D. Fidelity Guarantee

Fidelity Guarantee is a type of business insurance that covers any cost a company in Singapore incur due to acts of fraud, dishonesty, forgery, or theft. It protects the firm against direct financial loss from crimes perpetrated by workers as long as they are under their employment contracts and obligations.

an-employee-visiting-a-hospital

#2 Employee & Health

This business insurance covers two of the most crucial policies for employees: the WICA and health insurance coverages.

2.A. WICA

The Work Injury Compensation Act (WICA) in Singapore obliges all companies to obtain work injury compensation insurance for local or international employees conducting manual or non-manual labour. Employers that fail to comply may face a fine of up to S$10,000 or a 12-month prison sentence. There are times that a firm will face both punishments. WICA also includes insurance policies that can insulate companies from legal liabilities stemming from Common Law claims by workers.

2.B Basic Medical

Every business must get health insurance covering any cost for hospitalisation in Singapore. The Employment Act compels all employers to contribute to CPF for all Singaporeans and Singapore Permanent Residents (PR). A part of the payment goes to Medishield Life, which offers life insurance against significant healthcare expenditures.

Employers must also purchase and maintain Foreign Worker Medical Insurance for S-Pass and Work Permit holders for their employment. This insurance covers non-work-related inpatient hospitalisation and day surgery charges of $15,000 per year.

However, the Medishield Life and Foreign Worker Medical insurance policies do not protect workers who are Employment Pass (EP) holders. Their employers may acquire group medical insurance to protect their personnel. It often covers group hospital and surgery, personal accidents, outpatient clinical/specialist consultation, and dental coverage.

#3 Legal Liabilities

Liability insurance protects companies from claims stemming from injuries and property damage. This type of business insurance helps cover any cost for businesses in Singapore from legal defence expenses. It can also include compensation that can hold the insured party legally accountable if proven to be at fault.

The following are the five most common legal liability insurance policies.

3.A. Public Liability

This business insurance covers any cost a company in Singapore can incur due to third-party claims for personal injury or property damage caused by activities and facilities.

3.B. Product Liability

This insurance policy protects your company from claims of personal injury or property damage caused by the items it manufactures, sells, supplies, or distributes.

examples-of-faulty-products

3.C. Directors & Officers Liability

The directors & officers, or D&O, liability insurance bought by companies in Singapore are for their board and officers. It protects them from personal liability if someone sues them while in their role for actual or suspected unlawful actions.

3.D. Professional Indemnity

Professional indemnity insurance is a coverage policy that protects a company against legal action. It provides coverage for losses due to inadequate professional service or advice claims.

3.E. Advertising Liability

It protects firms against allegations of defamation and violation of copyright and intellectual property rights stemming from the company’s advertising operations and collateral.

#4 Commercial Motor

The Motor Vehicles (Third-Party Risks and Compensation) Act requires firms that possess commercial vehicles, such as a truck or van, to get Commercial Vehicle Insurance. Companies must ensure their vehicles have at least third-party coverage before driving them out on public roads.

#5 Industry Specific

This business insurance policy covers any cost for risks firms in Singapore may face that are unique to their sector. A transportation business or freight forwarder is liable for the products they convey and can get Cargo Insurance to cover the cargo while in transit. Before project/contract work can begin, a construction or engineering firm must get Contractors’ All Risks or Erection All Risks coverage.

Get Your Business Insured Now

Are you looking for business insurance to help cover any cost your firm in Singapore can incur due to damages and liabilities? Come and consult with BLACAZ.

BLACAZ. is a Singapore-based insurance firm that aims to help CEOs, CFOs, Entrepreneurs, and HR professionals navigate the challenging insurance business. Their objective is to make getting cyber and business insurance online as simple as possible for SMEs and startups. They offer policies for D&O insurance to professional indemnity insurance coverage to clients. Explore their website for inquiries and more information.

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Finance

Get a Same Day Deposit for Your Payday Loan!

A payday loan is one of the quickest ways to avail of cash in a time of need. It is a kind of short-term, unsecured loan where a borrower has to pay back the full amount until the next payday within two weeks. A payday loan is more likely a personal loan that is utilized in urgencies before the time salary comes. This can provide a short relief from the sudden financial problems. Along with having a fair share of benefits, the payday loans also may affect as the lenders may extend a high-interest rate based on an individual’s income. However, the sector is extremely useful for those who don’t have a good credit score for regular bank loans.

Also, it features the same-day deposit availability to make it more convenient for the needful.

To sum up the fact, one can get access to instant payday loans online same day funding – Slick Cash Loan for quick same day deposit. Slick Cash Loan is a well-known financial service provider that works in the USA. It cooperates with many of the lenders that offer a great range of loans regarding the current financial situation. So. You can always find a financial solution with Slick Cash Loan.

How can you get same day deposit for your payday loan?

Since Slick Cash Loan provides a wide array of financial solutions, it gets partnered up with the majority of fully licensed lenders to provide multiple credit options. At the same time, it helps to get a quick deposit because of shopping around your loan to these lenders. Then check for your options and look for the requirements. You will more likely be able to find a suitable loan for your needs.

Make sure that the larger the loan, it may take longer to wait for it. You can expect it to be placed in the account quickly if you are looking for a short loan. To get a deposit on the same day, it is to be sure that the lender approves it and submits it before closing hours of the bank.

The interest rates for a payday loan

The lenders charge high-interest rates although these may vary as per some state laws. Most states limit interest charges from 5% to 30% due to usury laws. However, the lenders fall under exemptions, allowing for their high rates of interest.

The benefits of same day deposit payday loans

These loans are easy to get and have notable benefits as given below.

  • Payday loans provide the opportunity to cope with the current financial situation and move forward for the future.
  • The people who don’t have enough credit worthiness, payday loans with the same day deposit benefits them.
  • The individual who needs funds quickly, these loans provide the ability for them to receive cash assistance within 24 hours or less.
  • You also don’t have to have a credit report for securing a payday loan.

You can get a same-day deposit by finishing a simple application process on Slick Cash Loan. as it is not a direct lender, the fees and terms may vary accordingly. For financial assistance, it is a good idea to use a Slick Cash Loan. It is reliable and provides a broad range of loans with quick approval.

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Finance

No Credit Check Loan Same Day by Slick Cash Loan

Loans have become necessary guilt in this time of the year 2022. The people who are middle class or belong to the lower middle class cannot bear all the expenses in their limited salaries.

The inflation rate is extraordinarily high, and it has become very difficult for a normal person to make ends meet. So, unfortunately, many people have to buy loans to stabilize their living.

Many companies and financial services took benefit from this compulsion of ordinary people. A person with a low credit balance cannot buy loans from many companies. In this situation, many people face a lot of trouble getting loans or financial aid.

Slick Cash Loan is a company that will help you in this challenging situation. At this company, you can get no credit check loans same day online, regardless of your credit score.

What is no credit check loans?

No credit check loans are such loans that you can get easily without worrying about your credit score. Most companies don’t give this opportunity to their clients and prefer those customers with an acceptable credit score.

Companies with hard credit check policies scrutinize the loaning, delayed payments and repayment history, defaults, and other vital records. Many clients are unable to satisfy the company’s policies.

While Slick Cash Loan provides this offer to many stressed people to overcome their financial needs by getting these loans online, they now don’t have to check out their credit balance to get any loan.

How does no credit check loan work?

No credit check loans same day are very susceptible and have simple processing. Applicants must provide their basic information, including name, birth date, address, employment, income, and bank details.

After this, the company’s lenders will review and verify the information provided and disburse soft check loans to qualifying customers.

Types of No Credit Check Loans

No credit check loans are divided into some categories and sub-categories for the ease of customers. Customers can choose loans according to their needs.

  • Secured loans require collateral such as a car, land, or jewelry title.
  • Unsecured loans don’t require any collateral and involve a soft credit check.
  • Payday loans are a short-term borrowing option that allows the borrowers to receive financial aid in a few minutes. It’s a personal loan based on go much you earn.
  • Personal installment loans are long-term borrowing options. It offers its borrowers a longer payment duration than payday loans. Personal installment loans also have a better customer experience than payday loans.

Advantages

No credit check loans have been proven great in emergencies. When you need funds urgently, such short-term loans benefit you. You can have many advantages of these loans, including:

  • The medical bills can be very expensive if you don’t have insurance or any other aid. At this time, no credit check loans help to pay your medical bills.
  • Expenses required for child care, health, and education are mostly unbearable to many people. These loans help out people to bear these expenditures.
  • The people who want to start their own business can take help from these short-term or long-term loans.

Conclusion

No credit check loans are life-saving if you are choosing the right lender. Slick cash loan provides. Trustworthy lenders with transparent terms and reasonable interest and fees.

It offers its customers no credit check loans on the same day across the U.S. Costumers borrowing such loans complete the online application process and get fast loans on the same day.

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Finance

How to Evaluate The Exact Rent For Your House?

When investing in a real estate property, whether residential or commercial, always ensure to evaluate certain things like the exact amount of rent you can generate, ROI, and how much does it cost? And an essential aspect of all is the value of any property, especially if you plan to buy it as an investment.

If you plan to rent your commercial property, the best option would be to contact a real estate agent, as they will help you get the best rate possible.

Nevertheless, here are some ways you can evaluate the rent of your property by yourself.

Find out the market rate of your property.

To evaluate the exact rent of your property, you need to figure out the current market rate of your property. While that depends on several factors, calculating the market price is essential as it is the first step to determining the rent value of your real estate.

While calculating your property’s market rate, consider the following factors.

  • The locality your property is based in
  • Framework and accessibility

These two factors are significant in determining the price of a property. The location in which your property is based will set the standard rate of your property. Moreover, the infrastructure in your localities like schools, universities, and health care facilities helps figure out how accessible your neighborhood is and how convenient the day to day life is there. 

Calculate the rent per square foot.

It s the most popular way to evaluate the rent of any property. First, find out the rental rate per square foot in your locality. Then, measure the area of your house and determine what the total square feet of your property are.

After getting the exact figures, multiply them with the rental rate per square foot, and you will get an estimate of the precise rent of your property.

Browsing through rates

The internet today is a boon to our lives. There’s nothing that we can not find on the internet which involves rental rates too. So go on the internet and search for the rental properties around you. 

Compare them with your property in terms of area, amenities, number of rooms and bathrooms, etc. Comparing your property with similar ones will give you a brief idea of how much rent value you can get for your real estate. However, factors like location and infrastructure can differ between the rates, so do not forget to consider them.

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Trading

Amazon SEO: How To Rank Products

Just like typical SEO, Amazon search engine optimization is the procedure of optimizing your Amazon product listings to rank greater in search results for applicable products and manufacturers by key phrases. However, alternatively of rating for usual search effects (like in nearby or geographical-based SEO), you’re particularly rating for Amazon search results.

Why Is Amazon web optimization Important?

2.5 million Amazon vendor organic Amazon rankings are nevertheless one of the easiest methods to promote your product.

Unfortunately, very few Amazon customers stick around to view products from previous web pages one or two. Combine this with the reality that there are over 2.5 million retailers on Amazon, and the competition on the platform is incredibly high.

For your product to rank somewhere close to the pinnacle of manageable customers’ search results, you want to take gain of all the Amazon search results.

By learning Amazon SEO, you’ll additionally be attracting way extra income as humans are extra possible to purchase a product if it aligns with their search, which is what Amazon web optimization allows you to do.

How Is Amazon web optimization Different From Regular SEO?

Google SEO vs Amazon SEO Here’s the largest distinction between widespread website positioning and Amazon SEO:

– Regular search engines (Google, Bing, etc.) favor replying to questions

– Amazon desires to promote products

Standard search engine optimization needs to supply you with the most concise, informative reply to the query it assumes you are asking, like “what is the high-quality pc for designers?” Amazon search engine optimization desires to provide you with a product as close to your search entry as possible, like a “13-inch high spec laptop.”

Related Read: what is the best product to sell on amazon fba 

Understanding How Amazon Search Works

there are three factors to consider:

  1. Amazon’s Search Result Page

Keywords are the phrases (or mixture of terms) a purchaser makes use of in the Amazon search bar to locate a product. Using the proper key phrases will inform the Amazon search engine that your product is very close to the features looking for it,

Keywords can be included in product titles, bullet factors in the product features, and product descriptions.

Besides keywords, terrific product photos of at least 1,000 x 1,000 pixels are encouraged as higher photos lead to greater conversions, which Amazon sees as a higher business. Because as we all know—it is now not simply about getting the clicks, it is about getting the conversions.

  1. Amazon website positioning Sponsored Products Amazon subsidized any other way to “hack” the Amazon search engine optimization device is by using leveraging the platform’s backed advert service, which offers you committed area in the “related shopping” and “product pages” results.

While it is true—paying for subsidized placement on Amazon isn’t virtually SEO, the branding push subsidized marketing affords may additionally be sufficient to force manufacturer consciousness which can add gasoline to your natural Amazon SEO.

However, you will nonetheless want to add key phrases and have a descriptive product checklist to flip the enlarge in views into an extension in sales.

Truth be told, the majority of high-growth manufacturers on Amazon use an aggregate of natural web optimization and subsidized product or manufacturer advertising.

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Finance

The Difference Between Digital Transformation and Digitization

Ask ten small business owners if their companies have embraced digital transformation and most are likely to say ‘yes’. In reality though, some of those business owners would respond without even knowing what they were being asked. Like so many other confusing business terms, ‘digital transformation’ and ‘digitization’ are used interchangeably with little thought to their meanings. This, despite the fact that they are separate terms with distinct meanings.

Before discussing those meanings, a little background information is necessary. Both terms are derived from the word ‘digit’ as it applies to computer code. Break computer code down to its simplest form – which is essentially machine language – and you’re left with nothing more than digits. Computers do not understand words. They do what they do based on mathematical calculations. Therefore, digits represent their language.

When we talk about both digital transformation and digitization, we are talking about doing things that involve computer technology. That is the starting point. Now we can look at the two business terms more concisely. We will start with digitization.

  • Digitization Came First

Digitization is the starting point because it preceded the digital transformation concept. In its earliest stages, digitization was nothing more than converting analog documents into computer documents. Ink on paper became symbols on a screen. Those symbols were interpreted by computers as digits.

Companies began embracing digitization decades ago. In fact, you might remember that one of the early promises of the computer era was getting rid of all the paper that companies had to deal with. Computers would eliminate all sorts of paper documents from technical manuals to endless copies of boring presentations.

Digitization continues to be the norm in the 21st century. Just look at your own experience. How many printed bills do you receive these days? If you are like most people, you receive your bills in digital format.

  • Digital Transformation

Digital transformation is a concept that not only embraces digitization, but also the machines that make it possible. A company making the move to embrace digital transformation does not stop at converting paper documents to electronic equivalent. It also seeks to use digital technology to streamline business processes and daily operations.

Dallas-based BenefitMall has recently been talking a lot about digital transformation in the employee benefit space. As a general agency, the company is actively encouraging its agents and brokers to go completely digital. They are hoping that brokers and agents don’t just produce digital documents, but also that they utilize more digital technologies as well.

What does this mean practically? One thing it means is adopting an online technology platform through which brokers can search benefits, put together client quotes, sign up subscribers, and even facilitate annual open enrollment. Everything is done online. Meanwhile, the platform itself includes a number of helpful tools that make a broker’s daily work more efficient.

  • Transformation Is Key

The word to key in on with digital transformation is ‘transformation’ itself. If an organization is doing it correctly, digital transformation touches nearly everything. It completely transforms how an organization operates. It transforms how the organization communicates outside its own four walls. It gives customers entirely new ways to interact.

Merely converting analog media to digital form is not digital transformation. It is digitization. To truly experience digital transformation, organizations need to dispense with analog processes, tools, and equipment, replacing it all with digital technologies. Doing so transforms everything from communication to workflow.

Now that you know the difference, there is no need to use the terms interchangeably. Whether you are talking about digitization or digital transformation, say what you mean and mean what you say.

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Finance

5 accountant tips you can use today to save money

As a business owner, there are probably many things you don’t have time to do yourself. One of those things may be keeping your accounts up to date with income tax payments and other expenses throughout the year. When you hire an accountant, however, there are many things they can help you with that you probably didn’t even know about; here are five accountant tips you can use today to save money and make your business more profitable.

1) Don’t ignore tax

There’s an old saying that there are only two certainties in life: death and taxes. And, let’s face it, death is a lot less stressful than tax time! If you aren’t familiar with what your taxes are, chances are they’re too high. If you use chartered north wales accountants services, then you can be sure that you aren’t paying too much tax.

2) Use your cash wisely

Tracking your spending, even if it’s just with a simple cashbook or spreadsheet, can help you make sense of where your money is going. And it won’t take long before you start noticing some patterns. Are there certain shops that see you drop more cash than others? If so, why? Do your habits change depending on whether or not you have a pay rise in hand or at Christmas time? You might be surprised how quickly a few hours of tracking will teach you about your own spending. And once it’s clear where all that cash is going, it becomes much easier to understand what accounts for any holes in your bank balance and adjust accordingly. Hint: This could be as simple as taking an interest in coupons and discount codes!

3) Pay attention to your finances

Paying attention to your finances is an important habit that everyone should have, whether you are on a limited budget or if you are freer with your spending. Once a month, review your bank statement and check all of your transactions. Add up any numbers that don’t make sense and ask questions about them. From now on, look for ways to cut back where possible, avoid unnecessary purchases and keep track of how much money comes in from various sources each month so that it’s easier to see where it all goes. Keeping track of spending allows people who take care of their finances to avoid wasting unnecessary money or paying fees for late-payments and overdrafts.

4) Get some help

To reduce your energy bills, it’s helpful to know how much energy different appliances and devices are using. You might be surprised at what a difference that knowledge makes. For example, turning off a few lights or unplugging an extra device from your wall outlet can make a measurable impact on your bottom line. The best part is there are no complicated science equations or environmental impact charts—just cold hard numbers showing exactly how much each device is costing you per month. Best of all, it only takes seconds for free electricity savings estimates by plugging in some info about your utility company and home setup; it’s super quick and simple to get started! You can also learn ways to use home improvement to save money.

5) Save on energy bills

Ensuring your business is a responsible environmental citizen will likely earn you some added respect in your community and industry, but there’s also a very real financial benefit. Energy bills add up, especially if they aren’t already factored into your overall operating budget. They can be difficult to predict as well—for example, an unexpected equipment failure or a series of bad weather days that keeps people from coming to work. If energy bills are consistently taking up a chunk of cash that could be better used elsewhere in your business, it might make sense to investigate ways to improve efficiency and cut costs.

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