One should learn how to combine the available resources to make the maximum profit for your trade. This refers to either the large or small enterprises. The essentials of a firm will rely on various factors like the business’s conditions, category, size and many more One will also be required to attain consent, certificates or any other deeds obliged by the state and regional laws.

Putting your business’s funds separate from your own funds is important. It is a good safeguard especially during tax evaluation when you want to sell the enterprise. There are some small firms that do not require the separate finance accounts for example, design and hair dressing. This is because it is possible to keep correct estimates of financial records as it is not confusing. However, for the large firms, annual tax estimates have made separation of the tallying between private-owned and company-owned accounts to be crucial.

Get to decide the make-up of your venture. It can be a limited liability company, sole proprietorship or an S corporation. Most individuals will go for the limited liability so as to make it legal body. This means you can open a bank account for the venture in its own name. Private owned are not considered as legal bodies. They are contemplated as a continuance of the individual running the venture. S corporations are companies that have registered themselves with the governing authority to a specified tax bracket. If you are uncertain as to which authorized arrangement will suit your venture, you can get advice from a business advocate or do more investigation.

Make use of the accounting computer packages like the sage, pastel, Excel and Quick-books. There are many ranges of software that are affordable and worthy. There is also software that is available without charges. This makes your work of recording ledgers simpler by eliminating a lot of paperwork. It is also more accurate and faster. You will be able to acknowledge payments, manage payroll, client’s information and many others.

One may also seek help of a professional accountant, be it on a full time or part time basis. If you want to focus on the core activities of the firm, you may sub-contract the accounting services. This is recommended particularly when it comes to circumstances surrounding your business tax. A skillful accountant will assist you in getting the most out of the trade deductions and locate other ways to boost your profit. He will facilitate the calculations of self employment taxes which are critical for small ventures. An accountant will also be of assistance during an audit.


Digital Marketing Trends for Banks

Financial institutions should integrating delivery channels so as to reduce overall costs, improve customer experience and minimize competition.

The following marketing trends will shed some light on how banks are now functioning.

  1. Cause-driven financial services and Millenials

Marketing initiatives, communication strategies and Millenials developing specific services that are relevant to the demographics of 21-34 years old, have overtime been the main focus of most financial brands .However, financial brands are now coming up with better communication tactics and strategies. In an effort to attract and maintain new customers and also to build loyalty of brand, banks must, through its marketers serve up content to their customers through mobile phones while at the same time leveraging and analyzing data for improved engagement of brand. An example, Barclays bank is now issuing relevant content to its clientele every 72 hours. The bank is also using You Tube to link up with a younger audience.

  1. Virtualization and Further retailization of high street banking.

Many banks are now becoming customer friendly places like retail shops, thereby making it easy for the customers to understand a lot. The banking experience has to be tailored so that the utility is for the customer instead of a profit centre designed to primarily be of benefit to the bank. Most banks are now centering on people and their life plans and are therefore shifting focus to people’s life journeys instead of financial products. It is believed by some of the industry experts that fin tech digital payment systems such as Paym, Square and also banks with no physical presence, meaning digital only banks, that are available in handy apps will in the near future substitute bank branches.

  1. Increased digitalization for convenience and reducing costs.

Banks are now accelerating the uptake of digital technology so as to stay relevant in the competitive banking market by keeping up with growing demands and anticipation of the customers. This includes the internet banking in Smartphone applications that is now available for download in the Google Play store. Also content marketing by integration of direct mail, search engine optimization and marketing, social media marketing, affiliate marketing, blogging, email marketing and display advertising

Banks are also using technology to improve on security. Some banks such as the RBS and Nat West have managed to introduce fingerprint recognition technology to verify their transactions. Some banks have even gone to the point of testing their customers’ heartbeat pattern as a security verification method. Others also use the heart rate measuring wrist band, Nymi, and sync this band with android mobile devices, iOS or Windows. Experts, such as Marc Lien; Halifax director of innovation and digital development, says that the heartbeat pattern is more secure than iris or fingerprint scanning since it cannot be replicated or stolen to fraudulently access the bank account.

Some companies are also taking the responsibility of nourishing digital financial literacy and improving the digital skills of their customers, be it organizations or individuals.