The Importance of Finance Training Courses

Good credit control translates into smooth cash flow and financial strength for any business, which is why enrolling key personnel in finance training courses is always a good idea. Take note as well that credit control is an essential part of the entire sales process. Aside from practicing impartiality and objectivity, credit controllers can also ensure successful payment management by understanding what their part is in the sales process and what the impact of their decisions is both for the short-term and the long-term. This is especially true during difficult times, such as what the world economy is facing today.

There are several finance training courses being offered for staff of all levels of expertise, from those who are new to the job to those who already have considerable experience but still want to progress in their field. Even if you already have years of experience as a finance controller, you’ll surely find highly informative training courses that can provide you with fresh and practical solutions to the challenges you face each day. For the best results from these courses, you’d do well to take advantage of a combination of in-house and online training programs.

Basic Finance training courses

Basic courses are ideal for employees who are relatively new to the role of credit controller as well as those who’ve had no formal training in collecting money from trade customers. It can also be the perfect solution for those who are simply looking to inject some fresh ideas into the business. The primary aim of these courses is to build a credit controller’s knowledge and skills. By the end of the course, they’re expected to gain the ability to operate a complete credit and collections program confidently. The best thing is that the fresh ideas they learn from these courses are available for immediate use.

Advanced Finance training courses

There are also more advanced finance training courses designed for those who want to get a more complete picture. These courses are ideal for credit controllers and team leaders with more experience, but lack formal training and want to enhance their knowledge and gain a better understanding of the key aspects of their work. These are usually in-house training courses that last for two days and enable participants to discuss issues in detail. Furthermore, there are courses designed to introduce the basic principles of credit information to experienced credit controllers. These courses aim to equip credit controllers with basic knowledge and understanding as regards interpreting credit reports and making informed decisions on credit applications.

Telephone Techniques Finance training courses

To support your collection efforts, it’s also a good idea to enroll key personnel in telephone collection techniques seminars and workshops. This type of training programs provides an excellent opportunity for credit controllers to develop and enhance their communication, questioning, negotiating, and influencing skills. In fact, these workshops can have the greatest impact on the cash flow of your business as well as on overdue debt as measured by the usual parameters of Aged Debt and Days Sales Outstanding (DSO). What’s most important is that you choose the right finance training courses for your staff.

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How to Manage Your Personal Finances – Control Your Banking Accounts

In order to be in control of your own financial destiny, one must have full control over your own banking accounts.It is a fact that many people are completely ignorant about the interpretation of sundry bank charges and interest charges (or credits) on their accounts. We should all aim to reduce our banking costs and to maximize our interest earnings from our hard earned income. Most people have their monthly income paid directly into a bank and therefore personal online banking becomes a must in order to have total flexibility for daily control.

So, what is required to gain control? To get started, the following basic elements must be set up:

Apply to your bank to open an internet banking facility. The bank might charge a small fee for this but on some accounts it is for free.

Request your bank to link all your accounts to your facility. This should include your cheque account. investment account, savings account, credit card account, mortgage account and loan financing accounts.

Set up your payment beneficiaries to allow you to pay most of your accounts from home.

Set up your monthly payment maximum with your bank. This is for security reasons and you can apply to increase the amount in any month if required.

Once you have done the above, you are ready to move on to understanding your monthly payments.

The first action required is to understand exactly what the interest charges are on your various outstanding debts. This is very important because the key to having more of your own money is to leverage the interest that you are being charged. Similarly, you must understand what the interest income would be on your credit balances in your various accounts. Furthermore, if you have a normal cheque account, you should also open a flexible money market type account that pays a higher interest rate. Most banks have such products.

The next step is to make a decision on which account will give you the best return. Let us assume that the interest cost rankings are first credit cards, then bank overdrafts, then vehicle finance and then home mortgage. One can then priorities payments accordingly. Ideally, one should never pay interest charges on credit cards and bank overdrafts and any spare cash should go into paying off vehicle finance and home mortgages. It is good practice to pay off all interest bearing debt as soon as one can since saving in a savings account at a lower interest earning rate does not make sense. It is however necessary to have some cash on hand and such funds should be kept in a flexible money market account.

Armed with the above knowledge, one can now move on and start transacting online. The first priority is to ensure that your pay cheque is paid into your money market account. If this is not possible, then one must transfer the money on the same day to achieve this. This money will earn interest on the daily balance and such interest is compounded. The next priority is to fully understand when all bills and payments are due. Never pay a bill from a company offering credit terms before the due date since you are losing interest in your hands. Also ensure that you understand the credit terms offered by credit card companies and retail merchants with whom you might have accounts. One should use the full credit term offered and endeavor to pay the account in full on the due date. Beware of reduced payment amounts offered by credit card companies since the unpaid balances are subject to interest charges which are also compounded.

At his point, you are ready to start making transfers and payments online. The first requirement here is to draw up a schedule with due dates and dues as a payment guide. Next, decide on what your monthly cash requirement will be and any spare cash should be paid into the highest returning interest bearing account. A point to note here is that the earlier you pay money into interest bearing accounts, the more you gain. After this, you simply follow the schedule and pay the creditors on the due dates. Obviously, if one had no interest bearing debt, one would simply pay all creditors in full on the due dates and retain the balance of your income in the money market account until other investment options are decided.

A good discipline is to open your main account daily and to check for transfers (in or out) and charges to your various linked accounts to ensure that you are in control.

In conclusion, by doing your own daily banking, one gets the sense of being in control of your own financial destiny. Being able to exploit interest earning opportunities is very rewarding and to fully understand all your own credit commitments, is in my view, living in the real world.

This article was written by Norman Lansdell. I am a retired ex Company Director in South Africa. I am doing freelance consulting in Company management at present and I also enjoy writing articles for online forums.

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Control of Financing Controls Profit

One afternoon recently I tried to cash a check for $7,000 at my bank. Even though it is one of the nation’s leading banks, I was unable to do this because they didn’t have enough cash! They explained that a number of people had made cash withdrawals and the till was empty. Why were they short of cash? Because, while I was content to deposit money in a low-interest checking account, they were lending my funds to bank customers at more than 4 times the rate they were paying me.

I could have lent these funds out myself, but I wanted cash to be there when I needed it. The bank could rely on other branches to shore up their cash reserves; thus, they didn’t need to set aside idle funds to maintain their own liquidity. If they ran out of money, they could borrow from the Federal Reserve Bank so long as they maintained minimum reserves, which could be in the form of U.S. Bonds; so they needed little cash at all. There’s a lesson to be learned here:

First, if you will line up emergency operating lines of credit, you too can live with a lot less liquidity, and keep more of your cash earning high yields instead of lying fallow in bank checking accounts. Second, you can use your money to either buy and sell houses, or to lend to others. Third, if you pick and choose borrowers carefully, and secure your loans adequately, you can lend out a lot of money with very little risk of loss. Fourth, if you can use your money to help other entrepreneurs make more money, you will be able to cultivate a reliable group of borrowers who will be willing, able, and ready to share their profits with you.

It all starts with wholesalers. Wholesalers are people who can find houses that they can buy at around 50% of retail value then sell quickly with a small mark-up. As a rule the house will need some rehab to make it marketable to an owner/occupant. Once a wholesaler contracts to buy such a house, he sells it or his contract as fast as possible to someone else. This may be another wholesaler who marks it up a little more and resells it, or it may be a retailer who does the needed sprucing up to increase the value, and who then sells it to an owner occupant or another investor. At every step along the way, profit and value are added to attract another buyer.

Here’s a pro-forma transaction: Let’s say that a house that would sell for $150,000 after fix up can be bought for $80,000 cash. Wholesaler #1 marks up the property about 10% above his contract price, say $88,000. The next buyer then marks up the original price to $90,000 and makes $2000 selling to the ultimate person who will fix it up to sell in the retail market. That buyer adds about $25,000 in fix-up expenses, bringing his cost up to $115,000. He then retails it to the owner-occupant for $149,900. After paying out another $10,000 in commissions, closing and financing costs, he winds up with a $25,000 profit with 4 months work.

Thus far, all we’ve looked at is the way in which money was made with a house; what about the profit made with the financing? Each of the buyers and sellers will have had to pay for financing in order to make the whole process work. By enhancing the ability of the others to buy and sell by providing funding, the lender may make more money than all the players in the food chain. Let’s see how much a lender who both sold houses and financed them might make:

He buys the contract for $88,000 from the first wholesaler. He by-passes the #2 wholesaler and immediately sells directly to the retailer. By providing financing he is able to increase the cost to the retailer from the foregoing $90,000 to $100,000. He agrees to lend the retailer $125,000 to buy and fix up the house with $5000 down and $4167 interest (10%) callable in 120 days. The retailer can still make $15,000 after selling costs. Making $12,000 in a matter of days on the financier’s $88,000 purchase is great, but the joker in the deck is that he discounts the loan at settlement to an investor for $120,000 and makes a $7,000 profit without using any of his funds. The investor’s profit would be $9167 ($5000 loan discount and $4167 interest). That boils down to a return of 23% per year.

For more than 40 years, Jack Miller, has taught the most creative real estate investing techniques and strategies. His timely information is the most reliable and innovative in the real estate industry.

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Your Personal Finances: Controlling And Understanding Them

The new American Dream should be having complete control over your personal finances. True wealth is knowing that you never have to worry about any financial decision again in your life or for future generations to come.

For most Americans life is made of up of having a job, paying bills and then worrying about taxes. Now where in that scenario does it appear that you have complete control? When will you have a line in the sand moment and be ready to change?

The time is now!! Let’s take an honest look at the average life. Working for someone else will give you a future that has a sense of security but is it really? An employer pays you a percentage of the money that you make for him. I have explained to my employees for years that no matter how they choose to look at it that if they were not making me more money that I was paying them how could I afford them. I already do that for the government but we will talk about that in a moment.

Your job is not secure it merely gives you a certain number of dollars to pay your bills with each week. As the recent events have shown us even then most stable of companies have layoffs and then what happens?

The government and taxes is your ultimate boss. Currently employees must work until the middle of June each year just to pay all the forms of taxes imposed upon us. And we all know that the only 2 things in life that are certain are death and taxes, and the government is trying to control both. Not much for us to control there.

The debt that you have controls you. The only way to control debt is to eliminate it. Eliminating debt is like trying to quit smoking after you have smoked for 30 years. Debt is the drug of addiction for more households in America than all others added together. To have complete control of your life debt is the first thing that you gain mastery over.

To begin t take control you have to take what money you have and begin to make it work for you instead of you working for it. But how do you do that? First you begin saving before you do anything else. If it is $5 per day, that is a start that will give you the first step of control.

Next, begin eliminating debt. The key is here as you pay something off do not replace it. If it is a car that you pay off add that payment to your savings plan. Instead of paying 72 months for a car in 42 months you can pay cash. Add 50% life to the things you normally borrowed money for.

Find a way to increase your income. Work for yourself so you can gain 100% of the benefit of what you do. Start out small with a work from home opportunity. Take that income and add it to your savings. Build the amount of cash that you have on hand. Cash truly is king when it comes to being in complete control.

Focus on retirement and savings and your life will change. Don’t get discouraged at first it will be small steps but then it will leverage itself.

To learn more about personal finance and retirement planning visit the resource box below.

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A Look at Finance Controller Jobs

In our series of finance recruitment articles, we will be looking at various finance job roles. The first in the series is the role of a Finance Controller.

Finance Controllers work directly with Finance Directors to manage the day to day finance matters of a company. This senior role is seen as the stepping stone to becoming a Finance Director and involves tasks such as creating finance strategies, working with cash flow, creating accounts, creating and checking financial targets, working with management, monitoring departments and many others.

Finance Controllers use their knowledge to help make decisions when their company is looking at potential acquisitions and will be part of most major finance and business decisions.

Candidates for Finance Controller jobs will be expected to have a background in accountancy and once in the role will be in charge of managing teams of Ledger Clerks who will deal with the more administrative and accountancy aspects of the department.

The day to day aspects will see you working traditional hours, although you will be expected to put in extra hours where necessary. Like many high responsibility management roles, much of your time will be spent within meetings and travelling between offices to provide your services.

When businesses or finance recruiters are looking for candidates for Finance Controller positions, they will be looking for someone who is good at presenting finance data as they will be spending a lot of time doing this to various people in meetings. Other skills that will be looked for are motivation, ability to multitask, attention to detail, good decision making skills and obviously a good understanding of the financial world.

Previous experience in finance and management accounting will be expected for the role of a Finance Controller. You will also be expected to have a qualification from one of the accountancy bodies in the UK (ACCA, CIMA, CIPFA, ICAEW, ICAI, ICAS).

Finance Controllers often move on to become Finance Directors, and some even become Managing Directors or Chief Executive Officers, so there are some great career prospects that come with this role.

As with most jobs in the finance sector, salaries are at the higher end, trainees can earn up to £25,000 and qualified finance controllers can earn up to £45,000 a year. As your experience and time grows in the role, your salary can increase to between £50,000 and £100,000.

For more information on finance controller jobs you should talk to a professional finance recruitment company.

This article was written by Tom Sangers on behalf of Martin Ward Anderson who offer professional International Recruitment services for finance jobs and careers

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What Is The Cost Of A Physician Disability Insurance Cover?

Owing to the fact that the resources and assets at people’s disposal are shrinking day in day out, human beings have learned to be careful when it comes to spending. They will always remember to ask the question of what the cost of something will be. There are high chances that some people are interested in taking physician disability insurance and are wondering how much it will cost them. If you are one of them then keep reading to learn more.

Sincerely speaking it might not be possible for and individual to quote the exact cost of taking such a cover. Any person who comes up with such a figure might be wrong. They will be wrong because the conditions surrounding a single person might not be the same conditions surrounding another person. To determine therefore the amount of money an individual will be expected to part with will depend on some aspects which include the following:

Age of the insured

Once a person makes up their mind to go for Physician Own Specialty Disability Insurance then they should stay informed that their age will determine the amount of money they will have to pay as premiums. In most cases the amount of premiums increases as the age advances. This means that the younger a person is the cheaper their policy will cost.

This should be a motivating factor to the young people. They should try as much as possible to go for these covers because if they wait longer the price of the policy will go high. Taking this advantage can be a wise decision in one’s life.

The gender of a person

In most cases people forget thinking about gender of the person taking the cover. In general, the females have high chances of facing the risks insured against. This will imply that the higher the chances of getting impairments the more amount of premiums an individual should expect to pay.

Those people who are of a masculine gender will purchase the cover at a relatively lower price compared to their counterparts of the other gender.

Health history of a person

The health history of an individual can tell us more of what we should be expecting. Those people who have been having several ailments or those whose family tree is known for certain defects should be prepared to part with large sums of money. These health complications have high chances of making an individual suffer from a risk insured against.

An individual with a clean history in health issues should therefore be prepared to pay less amount of money in terms of premiums.

The type of policy

The insurance companies offer a wide range of policies. This means that when making a choice an individual should make sure that comparisons have been made. For instance an individual who gets attracted to the Guardian policy should be ready to pay a lot of money because this is the most expensive policy. So when taking Own Specialty Physician Disability Insurance the type and nature of policy taken is greatly vital to a person.

There is no way all these aspects can affect an individual negatively and therefore there is need of getting worried of things like one is a female, they are of an advanced age, or they have bad reputation in their health history all shall be well.

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Why Should One Go For Professional Disability Insurance?

How does it feel when a person is employed, is working and all is going well? They might be tempted to think that they will remain in such states for a very long time. The most important thing an individual should begin by appreciating is that the events of the next day, next hour or even next minute are uncertain. This is why a person should make sure that they have taken necessary precautions so that they can continue enjoy living on this earth.

It takes a few minutes to contract an impairment. To make the matters worse, there are some impairments which might make one unable to continue working. For instance, think about a news reporter who gets involved in an accident and ends up losing all their legs. Probably they will no longer be able to attend events and report as they used to do before the occurrence took place. This stretches to other several professions and therefore taking precautionary measures is what an individual should plan for. Some of the reasons as to why taking Own Occupation Disability Insurance policies remains benevolent to an individual include the following:

Ensures financial security

Every human being who is employed today has dependents. They also depend on what they earn for their daily upkeep. It might not be easy for such a person to survive and continue supporting the people they were supporting after an impairment given that they will no longer be employed. An individual who had taken a Professional Disability Insurance is assured of a happy living because they will be compensated.

There are some companies which pay up to 75 percent of what an individual used to earn. Even though an individual will be receiving less than what they used to earn, the most important thing here is that they have something to survive on. It can be frustrating for an individual who has no money, no employment and cannot work but has bills to settle.

Allows one time to transit to another profession

There are various types of professions across the world. Once an individual becomes disabled such that they cannot continue performing their work well, they should think about changing their profession. For instance in the case of a reporter, they can become an editor.

In most cases some training will be necessary to allow these people take up new roles. The compensation they receive will help them to go for such training activities. An individual who has nothing might not be able to change their profession because they lack moral and financial support.

Grants one mental solace

Think about someone who is bedridden because of an accident. This person has no food, no money and they have exhausted their savings. Such a person will have to survive at the mercy of friends, relatives and other well-wishers. At some point they might be taken as a luggage to those taking care of them.

When a person mentally surveys all these conditions and realize that it was not their mistake, they might contract mental frustration. The only way such a person will be healed is by getting an assurance that they have support. There is no need of waiting for an assurance that might never come. One has to go for Professional Own Specialty Disability Insurance and all shall be well with them.

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Get The Best Americas Doctor Disability Insurance

It is very important for doctors in America to have disability insurance. Unlike many other professions they work in an area of high risk. No doubt they are well trained educated and are working 40 hours a week, most of the time on their feet.

They need insurance to take care of any eventuality in their life wherethey fall ill and have to take rest. It is become extremely difficult for physicians to get disability cover in their own specialty. There is work being done at Doctor’s Disability Shop so that doctors can avail of a discount to get disability insurance for their ‘own specialty’

How Does Own Specialty Insurance Work?

Doctors are given the opportunity to choose their ‘own specialty’ disability insurance plan that is ideal for them. Once the doctor has decided on the plan, it is easy to apply since it is done electronically and does not require any paper work.

Disability Pro protects your income so you can provide for your family when you are faced with a disability. All that the physician needs to do is get the right amount of coverage. Disability Pro helps you to meet your financial needs when you are disabled and cannot take care of your patients. You can get remuneration which is equivalent to your own specialty.

Physician disability insurance covers the physician in his own specialty. The insurance stays with the physician even though he changes his employer. He can get up to $15,000 in monthly benefits. If it is catastrophic disability the doctor can get nursing at home and health care. All physicians get 15% reduction while AMA members get 35% reduction.

Physician’s Disability Insurance Policies

There are different types of disability insurance policies that physicians can avail of. They are Mass Mutual, MetLife, Berkshire Life (Guardian), Principal, and Union Central Life. Many of the provisions are same in each of the companies. But there are a few differences which may help to choose the particular insurance company.

It is very important to classify the medical specialty to determine the premium rate. The higher the occupational classification assigned to the medical profession the lower is the premium rate. Different companies may assign a different class of occupation to the profession which might change the rate of premium. The financial planners or the agents are in a better position to advise the best insurance company to insure as per the medical specialty.

The Best Physician Disability Insurance

Like all professions doctors also take precautions to see that health and life insurance are taken care of in their life and try to invest wisely for a good retired life. But many times they do not take into account a disability or injury.

The chances of a disability and injury are quite high and at such times it is difficult for social security, worker’s compensation, insurance and savings to meet all the bills. Disability insurance is a necessity. You have to know what the coverage that the disability insurance provides and the policy that is not taxable. The agents are the best people to guide you in taking the right policy.

So, if you are a physician who wants to take disability insurance contact the agents to find out the best policy for you.

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Why Do You Md Own Specialty Disability Insurance

When it comes to insurance types that are usually very much ignored, disability insurance tops the list. This is due to the fact that you hardly see people paying for disability insurance as they are more concerned about auto insurance and the more popular type of insurances. Generally, you might not know about habits you indulge in or the fact that your health is deteriorating regularly until you are suddenly down. Furthermore, there are also a number of sudden disasters that could suddenly make an individual disable in an instant, especially accidents. This is apart from the unpredictable nature of the body as illness or disease that could lead to disability can attack an individual in an instant.

Md own specialty disability insurance is a type of insurance policy that covers a good percentage of your monthly income from your job in the instant that you are suddenly unable to do any time of work. Overall, you will be protected in terms of your finances, should you become unable to work. Most people find it difficult thinking about disability as nobody wishes to be disable. This notwithstanding, there are several people who due to one disability or the other cannot work. With a disability insurance, you will be protected from having to face serious financial hardships if you suddenly become disable. Here are some reasons why you should have a Md own specialty disability insurance.

Income Loss

A major reason why you will need Md own specialty disability insurance is as a result of income loss. If you are losing your source of income due to disability, you will be getting some paid sick leave. However, the expenses on diagnosing what is wrong with you, treating it and recovering from the disability could be huge. Furthermore, your monthly expenses such as feeding and toiletries amongst others will continue. Even though your medical bills are to be covered by a medical insurance, you can still become stranded due to the other expenses. Furthermore, when your source of income is completely cut off due to disability and you have bills to continue to run, own specialty disability insurance can go a long way to help you cater for your bills.

Medical expenses

Even with your medical insurance, the increasingly expensive cost of healthcare can be a major challenge. You will need to continuously pay bills and buy drugs all through the period you need treatment and recovering. There are cases where a therapists or other specialist might be required to speed up your recovery. All of these require a lot of money. The transportation to and fro the hospital for check-ups will also require spending more money.

Other expenses

Miscellaneous expenses will also come up while you are suffering from your disability and unable to do any paid job. Having enough money to still sometimes make yourself happy such as going for dinner and even attending birthdays and other celebrations with friends, will go a long way to save you from a stressful and boring life, during your period of disability.

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Disability And Disability Insurance For Doctors

Disability has been described as a condition in which the sufferer is unable to perform optimally the normal day to day functions which they used to be involved in. For doctors disability is a condition in which they are unable to attend to their patients any longer. They cannot carry out surgeries or go to clinic and all the other numerous activities which they are usually involved in.

During the course of work and over a period of time, it is possible for a doctor to develop some kind of disability or the other which can seriously impair the functions of the doctor. Doctor Disability Benefitsdescribes the way which insurance can be used to ensure that doctors do not suffer unduly in the case of any eventuality and they get disabled and unable to work.

Some of these disabilities include

1. Cardiovascular diseases and diseases of the circulatory system- this might be due to the fact that long hours are spent standing up and working. It has been noticed that a lot of doctors suffer from heart diseases and circulatory system health challenges. When these sicknesses impair and affect the normal day to day function of the doctor then his ability to function and attend to his clients is impaired.

2. Musculoskeletal illnesses- the long hours of standing and not sitting down can also affect the bones and joints of doctors. This can lead to illnesses such as rheumatism, arthritis and the likes. One problem with these illnesses is the amount of pain which sufferers go through over the course of the illness. This suffering makes it most of the times impossible for doctors to attend to patients and perform surgeries.

3. Mental disorders- doctors are also human like the people they treat and so they are also prone to suffering from whatever illness which humans suffer from. One of such problems is psychiatric illness. Some doctors while on the job have been seen and reported to have exhibited erratic behaviour. When this wrong behaviour was brought under scrutiny, they found out that the doctors were actually suffering from one mental illness or another ranging from plain depression to schizophrenia and even manic depressive disorders. All these illnesses will certainly affect the doctor’s ability to function optimally and properly. In such an instance such a doctor might be asked to stop working.

All the illnesses mentioned above and much more can deter a doctor from being able to continue to function well in the capacity which is expected of him. When a doctor suffers from any of such disabilities, it will be a thing of sadness if such a doctor does not have an insurance plan. A disability insurance plan is a kind of insurance plan. If a doctor takes out a policy which has disability insurance as the thrust of its focus, such a doctor is better placed to ride out the waves of life which such disability has thrown at him.

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