Business

Auditing is one of those activities that you do not look forward to, but you have to do it anyway. It is a vital part of your business operations, and you afford to make any mistakes. The good news is that you do not necessarily have to deal with the tedious task. You can simply hire an audit company in Malaysia and let experts handle the job for you.

More and more business owners now realize the benefits of outsourcing auditing services, which has led to an increase in demand for these services. This has, in return, resulted in a rise in companies claiming to offer the best auditing. While some have your best interest at heart, some are only there to scam you. Selecting an audit firm that you can fully trust and rely on is the major challenge. To make it easier for you, here are the tips to follow during your search.

Consider their expertise

Whether you are looking for an auditing company or simply in need of a company secretary in Malaysia, you should never overlook the power of expertise. This is a sensitive area, and you cannot afford to make any mistakes. You need someone who has been in the industry for a long time and has the necessary skills and expertise to offer the best quality audit services. A team that has dealt with business finances before and precisely a business in a similar sector as you will provide you with the best quality services without any mistakes, thus reducing any chances of losses.

Check their qualifications

They should have the papers on hand to show that they have undergone the necessary training and are a competent audit company. Do not forget to check if the company qualifies with the respective requirements and that they are fully registered and certified to offer the services.

The cost of services

One of the main reasons for hiring the audit firm is to help you save money. You do not have to break the bank to pay for auditing services. Remember that you have other expenses that you need to fulfill, and you need to consider that when setting a budget for accounting services. Compare the cost of auditing as per different companies to determine the average rate and then choose the most affordable. Note that the services should neither be too low nor too high. Cheap could be a sign of poor services, and expensive does not necessarily mean that you will get high-quality services.

With these tips, you will undoubtedly find an audit company in Malaysia that you can fully trust and rely on. All the best!

Bookkeepers are the backbone of any business enterprise. They serve the purpose of recording, summarising, analysing and interpreting the financial transactions for multiple uses. From checking the register till recording the payments and deposits, it seeks the leverage in providing high-end financial council to all the corporations at par.

Bookkeepers in Melbourne are highly skilled and deft in designing the bookkeeping systems that serves all the purpose of taxation, investments and portfolio management. Undoubtedly, they deal with the complex systems of preparing ledgers and journals for multifarious business requirements.

Purposes of Bookkeepers in Melbourne:

Bookkeeping is prima facia in the field of accounting. It provides an insight of the business growth and its related opportunities folded with risk management. Some of the important purposes of Bookkeeping firms in Melbourne:

1. Supports in Decision Making Process

Balance Sheet is the mirror of the growth of the business. It plays out an imperative role in determining the gap between Total Assets and Total Liabilities. Bookkeepers assist the firm about their financial status as well as act like a supportive role in loan proposals and loan approvals.

2. Helps in the Auditing Process

Bookkeeping firm keeps a regular track over the financial transactions with utmost transparency and reliability.  They analyse the liquidity position of the firm in context to current assets and current liabilities. Thus, Bookkeepers aids in the process of effective auditing.

3. Show Permanent Record of Business

One of the major objective of bookkeepers is to keep permanent record of the business and its associated transactions with thorough transparency. They are deemed to follow all the accounting principles and concepts that are relevant as per the respective accounting standards. These help in eliminating types of errors and omission for error free Income statement and Balance Sheet.

4. Enables to know the true financial position of the business

For every entrepreneur, Financial Statements serve as the basis in proposing their investments and preparing potential budgets. Thus, Bookkeepers helps in analysing the ratios and interpreting the performance of the firm in a way to compete with the competitors at helm.

Methods of Bookkeeping

Different business practices different kind of booking system. For an instance, some hire bookkeepers in Melbourne to work upon single entry system while other demand for double entry system.

• Single Entry System

Single Entry system basically deals with recording and evaluating the daily cash receipts and cash payments for regular interpretation of the cash flows.

It is the oldest method of recording the transactions. It is primarily used by sole proprietors and partnership firm. Here, ledgers, Journals and Trial Balance are not prepared on scientific grounds.

• Double Entry bookkeeping system

Double Entry bookkeeping system keeps record of the dual entry of the transactions. It provides check for the balance generating via debit and credit based entry. It is based on scientific and financial records.

It is also adhered with various principles of debit and credit. Transactions are deemed to be recorded when debt is incurred and revenue is earned.

The business industry is one of the most competitive ones. More and more business are starting up every single day from every corner of the world, but the big question is where do they get their funds? While starting a business, one of the most challenging phases is getting funds to jumpstart the projects. However, today with the many options available, entrepreneurs can source for funds from several places. For example, from family and friends, angel investors, personal savings, as well as bank loans.

Bank loans are among one of the most commonly used sources of financing for business. That is why we outlined the steps to finding the right lender for your business below:

1. Do Your Research

With many banks in the market today offering the same services, one is bound to get confused on which one to choose. That’s where the researching aspect comes in. You need to do your due diligence. Get on the bank’s websites and find out the types of loans they offer their customers. The types of loans offered by banks vary by location, which is why it is necessary to find the  bank that offers a loan that suits your business needs.

2. Get Referrals and Read Reviews

There are thousands of other businesses and entrepreneurs who have also needed to receive financial loans. Whether they are a friend or colleague, or just someone who left a review on the internet, you can learn from there. Many of those you talk to will not only give you the name of the banks, but may also tell you more about their experience with the bank. Additionally, after getting the referrals, go ahead and check the websites of the referred-to banks, if the ratings are high, then that could just be the right bank for you.

3. Weigh Your Options

After getting a list of the banks you can approach through the referrals and reviews, it is now time to weigh your options. At this point, you will need to do the math. Firstly, go back to the research you had done in the first step and identify if the bank that meets your financial needs accordingly. Secondly, you need to know the exact business payment options that the bank offers. This is because it allows you to plan on how you will pay the loan off in time. Keep in mind that there are interest rates; choose a bank that offers relatively low interest rates.

4. Approach Your Match Lender

At this point, you probably have a list of about 3 to 4 banks that match your financial needs. If the bank is within close proximity, you can head over to their offices and get to inquire more about the loan and find out if you are eligible for it. Do this for all the banks on your list before choosing one. In cases where the bank is not nearby, give them a call and inquire about the same information. Fortunately, today we also have access to mobile banking.

Once you have completed all of these steps, you will have a clearer picture of whom the right lender off their interest rates, fees, and reputation. With all of this information, you can have peace of mind when choosing the right lender for you.

Bookkeeping is the core of any business, be it large or small. In a business, you have to deal with money and lots of it. Not having the appropriate to manage them can be troubling in the long run.

For instance, when you’re filing for income tax, you will need to present all your expenses over the year. The same thing applies when you’re getting audited. Maintaining the paperwork is as important as running your business.

Of course, it isn’t easy to do all this by yourself. Small to medium size businesses owners think it’s easy to maintain a record. However, as the business grows and work starts piling up, it becomes almost impossible to handle all that workload. Hiring an accountant should be a top priority in such situations and the accountants in Oakville are just perfect for the job.

When hiring an accountant, make sure they are a perfectionist and a stickler for completeness. They should be adept at both accounting and bookkeeping (often confused to be the same).

Basic Bookkeeping

Bookkeeping means keeping a daily record of your company’s financial transactions. Bank transactions, expenses, sales all go down on the record. What you need to realize is that this ledger is the pivot of your company’s finances.The complexity of bookkeeping depends on the size of your business and daily transactions.

There are two bookkeeping methods, single-entry and double-entry. Usually, businesses opt for the double-entry system, where every transaction requires two entries in two different accounts, one being the debit (Cash) account and the other the credit (Revenue) account.

Nowadays, most bookkeeping is handled by computer software. This is just the basics and will give an idea regarding the whole process.

Basic Accounting

Accounting, also known as the language of business, is a process by which you can measure, process and communicate financial information across your company. Accounting helps you gather information on your resources, how they are being handled and financed and finally the results they yield through use.

The accountants in Oakville is like a supervisor who overseesthe functioning of your company and helps you manage the cash flow.

They do so by:

• Creating a record of all financial transactions of your company
• Interpreting the data collected by the booker and determining how it will affect your business in the days to come
• Presenting the present financial structure of the company and ways it can be improved and optimized
• Preparing tax returns and helping out during audits

In almost every country, imports are subject to a number of rules, regulations and norms, and if when you are importing something as expensive as a car, the process is even more complicated. The rigmarole of getting a car into Canada involves a bunch of steps. Experts will always recommend that you consider finding a broker, such as Clearit car importing, for the process. While you can always follow the website of Transport Canada for more details, we have simplified the steps for your help.

1. Make sure that the vehicle can be transported

Canada Border Services Agency sets the guidelines for importing cars into Canada, and it is a wise idea to consider if you can get the car imported in the first place. In case you get to know that the vehicle is not admissible into the country, the procedure can be expensive. Contact Registrar of Imported Vehicles (RIV) for more details, as needed.

2. Complete the documentation required for import

The country of origin always matters in case of imports, and we highly recommend that you follow the documentation required to get the vehicle. Generally speaking, you will need a few basic details, such as Certificate of Origin, Original Title, Bill of Sale, Recall clearance letter (for the US only), Export Certificate. Keep in mind that paperwork is the most important aspect of getting a car imported, and as suggested earlier, we recommend that you check with an import broker as required.

3. File AES, and submit required documents to CBP

A 72-hour notice must be given before export, called AES, and AES must be handled by a US domiciled company. Now, submit all the documents to CBP 72 hours before the export. Working a customs broker can help in simplifying the steps, because you can be assured that the paperwork has been done as required. Also, take a look at Canadian Food Inspection Agency (CFIA) Requirements and make sure that your import fulfils the same.

While the above steps may seem like cakewalk, it is not. There is considerable work to be done, and you must follow the guidelines to the T. Most businesses and importers don’t have the time to evaluate and understand the vehicle transportation needs, which is why they take help from known agents, who can handle the process, as long as they have the necessary papers and documents. Check online now to find more importing vehicles in Canada.

If you want to import goods and shipments to US for commercial gains, you have to ensure that all the norms, regulatory compliance needs, rules are adhered to. It is also absolutely necessary to pay the applicable fees, duties and taxes as applicable. To get your shipment cleared, you have to deal with Customs and Border Protection (CBP), and the norms and rules do change from time to time. Small businesses often have no clue how things work with CBP, which is exactly why a Customs broker like Clearit USA can be handy.

For the uninitiated, Customs brokers are licensed by Customs and Border Protection (CBP), and they help clients in clearing their shipments against a small charge. In this post, we are discussing more on how Customs brokers can help small businesses in particular.

Knowing the role

At the basic level, the role of a Customs broker is to streamline the process involved in clearing shipments. They will ask for the commercial invoice, with additional documents as required, and will ensure that the documents are prepared as required. They are also responsible for determining tariff classification and if you can actually get the imports in the US. They will also check for the applicable duties and taxes and ensure that everything is paid as required. Some goods might be subject to certain exemptions, and a Customs broker will check for those aspects too.

Besides that, most Customs brokers are experienced in handling vendor contracts, and they work as consultants for clients, so that they know the ins and outs of importing. As required, they may have a role in helping small businesses in getting their shipment to the required location, and they might offer assistance for understanding trade agreements. Lastly, they are immensely useful in staying compliant to regulations.

Final word

Think of Customs brokers as your extended arm for easy importing. They work for your business, and while there is no law that states that you have to hire a broker for importing, this is a wise step, especially when you don’t have the time to keep up with the procedures, changing regulations, and compliance needs. Most brokers have their websites these days, so you can find considerable amount of information online on how the process works, and since the process can be initiated online, you don’t need to visit the Customs broker time and again. Find a reliable service now!

There could be a number of reasons as to why personal loan application gets rejected by the ICICI Bank. But, not many understand these reasons. Lending institutions are cautious when evaluating a loan application. In case the applicant does not meet the eligibility criteria, then the loan is usually rejected. As a personal loan is an unsecured loan, where the bank does not demand security or guarantor, the lenders will not risk their money onto an unreliable applicant, whose financial position is not strong.

Click here to get more information on ICICI Personal Loan

So, if the ICICI bank turns down a personal loan application, following are the causes that could have been responsible for the rejection.

1. Weak Credit Score

By reviewing your repayment history, the financial institution judges your financial behaviour. If you default on payment of EMIs and credit card bills, then it guarantees negative remarks on your credit report. A poor track record of repayments can lower your credit score and dissuade the bank from providing you a loan. Your CIBIL score must be at least 700+ to get a personal loan approved. Thus, you should not miss or delay any credit payments.

2. Unstable Employment

For salaried individuals, ICICI bank may ask for a minimum 2 years work experience. You should be employed with the current employer for at least a year. If you switch jobs often, like every six months, then the bank cannot rely on your job stability. If you are self-employed, then you will need 2 to 3 years of work experience to get the loan approved.

3. Too Many Loan Applications/Rejections

Each personal loan application and rejection is recorded in your credit report. When you apply for a loan, the bank approaches the credit bureau for your credit report. The credit bureau considers this as a hard inquiry. Thus, more number of applications means greater number of hard inquiries, which will bring your credit score, down. It may even depict that you are too desperate for funds, and may put a dent on your eligibility profile.

4. Lower Income Than Required

If you do not meet the monthly income criteria, then you should not apply for the loan. If the income is insufficient to accommodate the EMIs, then chances of getting a personal loan from ICICI are low. Minimum income requirement can differ from a loan scheme to another. Usually for a personal loan, minimum monthly salary that a person must draw is Rs. 25, 000. Check the loan type and income criteria of the same before applying for the funds.

5. Too Many Ongoing Loans

If you are knee-deep into debt, then it is possible that the bank rejects your loan application. It is because holding several loans will count you as a risky borrower. Your debt to income ratio, if satisfactory may not stop the bank from giving you the loan. In case the debt to income ratio signifies that you are too dependent on loans and the remaining income is not enough to take out a new loan, the application could be rejected.

While the above-mentioned reasons for rejection of a personal loan application by ICICI bank holds true at many levels, it is the best to check with the bank personally and understand all their loan schemes. By doing so, you will know if you are an eligible candidate to take a personal loan from them, or not.

Let’s face it. Villas are a bit pricey compared with other properties out there. Despite that, there is still an overwhelming demand for villas. People are willing to pay for villas and get a mortgage to make their dream property a reality. Here are some more reasons why villas are popular to convince you that they are worth the price.

Exclusivity

Anything that makes you feel like you are getting something exclusive is definitely worth it. This is why people are willing to pay more for a first class seat on a plane than suffer a long flight in coach. The same concept is applicable for properties. People want exclusivity and comfort. Therefore, they are fine spending more money for a villa.

Amenities

Gated villas are not just exclusive, but they also come with amenities. Fitness facilities and walking trails are some of them. Every villa also has a swimming pool and even a Jacuzzi. The size may vary, but you will surely feel relaxed once you arrive. Kitchen and living spaces are also huge. They are really meant as a place for vacations. Families and large groups of friends usually use villas and so they are designed to be huge.

Safety

Villas are not just in any location out there. They are quite far from the city centre. They are not easy to access for a lot of people. Hence, you are certain that the place is safe. There are security checks on gated villas as well so that not anyone can enter the premises unless the person is the owner or has been permitted by the owner.

Location

This is perhaps the reason why people love villas. They just want to have a wonderful view when they get up in the morning. Villas are usually located on the beachfront or near the mountains. Once you open the windows and doors, you will feel the fresh air on your face. You can also appreciate the beauty of nature even more. These are some of the things you don’t normally see each day because of where your place is situated. Villas are in a unique position so you will appreciate them more.

Investment

Villas are always in demand. Their value will remain the same or even higher through the years. You won’t regret spending a lot on the property because you can either use it for relaxation or you can sell it later. It is wise for you to invest in properties that are highly valuable and will continue to stay that way.

These are some of the reasons why people prefer villas and could also be the reason why you want to have one. If you do, check out villas for sale in Moraira. The choices are just breath-taking. Once you see the images, you won’t have second thoughts buying such a property. Find an agent to help you search for the best property and finalise the deal.