High Value London Property Market Dominated By Overseas Buyers?

Anyone working in or associated with the high value property market in and around London will know that the capital's top end residential market has seen growth (where other areas of the UK property market have not) due to an influx of overseas buyers looking for a solid investment. A report published last year by Savills, the global real estate services provider, revealed just how much this select market has been dominated by foreign investors.

The report and analysis revealed that international buyers comprised 63 per cent of residential property purchases in the prime new-build market in London and the Home Counties. This is in stark contrast to the situation in 2009 when 75 per cent of purchases in this same sector were by native UK buyers. And when it comes to properties valued in excess of 5 million pounds international buyers make up an even larger majority at 88 per cent.

It is perhaps not surprising that this change has occurred in recent years given both the economic downturn in the UK (and the rest of Europe, of course) and also that London has always been a cosmopolitan city that has been attractive to overseas buyers for a wide range of reasons, not least being the cultural highlights the city offers.

Perhaps what is surprising to observers without in-depth knowledge of this niche market is the speed with which this reversal has occurred. But it is less of a surprise to those involved in the high value London property market and to them it simply corroborates evidence that the market in the capital is very different to that in the rest of the UK even in the major cities and other desirable locations.

Of course, for those British people who already own homes in the capital, even if they are not in the realms of those valued at £5 million plus, there is a knock-on effect that seems to be benefiting all property owners. And for those selling high value properties they are grateful for the overseas buyers and the fact that they are not suffering so much in this economic situation as many others are.

Combined with the continuing desirability of London and all it has to offer this has boosted the prime sector beyond what might have been predicted at the start of this recession.

The non-prime property market in London and surrounding areas, and indeed in the rest of the UK, could certainly benefit from some of the boost in prices that the prime sector has been receiving of late. Certainly a lack of desirable property on the market has helped to at least halt any fall in prices and, whilst this may not be what sellers would have hoped for, it is certainly better than a falling market.

If new home builders continue to seek out and secure sites for new developments this may give the non-prime sector something of the boost that the prime sector has received from overseas buyers. There have been suggestions that there are brownfield sites unused by some of the UK's major organisations such as Royal Mail and the BBC and even some sites owned by the MOD that could be used to build enough new homes to meet demand for the average buyer. In the meantime the high value mortgage borrowers buying prime London property will, hopefully, bring a boost to the rest of the UK property sector and those borrowers without the need for such a large mortgage.

Vehicle Accident Checklist

No matter how careful a driver you are, chances are you will at some point find yourself involved in a road accident. For any accident situation the best thing you can do is be well informed, and well insured. Below are some key factors to keep in mind if you ever find yourself involved in a vehicle accident:

1: Assess the damage

Assessing damage, includes assessing damage to yourself and any passengers, not just your vehicle. You and your passenger's health should be your number one priority. If it appears that emergency treatment is required or you have any major concerns, then make sure to call for an ambulance. Do not take any risks with regards to you or your passenger's health. Remember to that not all damage may be visible, such as in the case of head trauma. If in any doubt, call for an ambulance. It is better to be safe than sorry. Next, check on your vehicle to see what damage has been caused. Then, contact the police. They will fill out a police report on the accident, which is an important requirement for your insurance claim.

2: Check for any witnesses

Take a look around for any bystanders who may have witnessed the accident take place, and request their contact details. Their testimony of the event will aid your insurance claim. Witnesses to the accident will prove particularly important if there is any insurance claim dispute. They can then be contacted for their version of the event.

3: Exchange details with any third party

If any third party is involved in the accident, make sure to exchange contact information, insurance details and your license plate numbers. Double check that you have taken down their driving license details correctly.

4: Make an insurance claim

Fill out an insurance claim with your insurance company as soon as possible. Better yet, if you have the insurance company details at hand whilst at the scene, call the company from there. Many companies provide their clients with a 24 hour claim hotline, so even if your accident happens outside of normal working hours, they will still be contactable. Of course, your insurance package will dictate what you can claim for. So make sure that you check out comprehensive car insurance comparisons to choose which insurance cover best suits you. Be aware that your insurance company will likely ask for your version of events that led to the accident, so be clear in your mind how the event took place. The best thing to do is to try write down the details of the accident as soon as you have an opportunity to do so, as your memory will still be fresh. If you are the party at fault then the other party shall make the claim against your insurance company for damages, so they will need your insurance details. In order to be well covered, consider taking out income protection insurance on top of your regular car insurance, which will cover loss of earnings if you are unable to work for any period of time due to the accident. Additional insurance may mean more outlay, but in terms of peace of mind, it is invaluable.

Challenge to the UK's Big 6 Mortgage Lenders

For those buyers looking to purchase a new residential property in the UK it is increasingly likely that you will not choose one of the Big 6 lending institutions that have traditionally dominated this sector. According to the Council of Mortgage Lenders (CML) in 2012 these are Lloyds Banking Group, Nationwide, Barclays, HSBC, the Royal Bank of Scotland and Santander in descending order with Lloyds lending £26 billion and Santander £14 billion after reducing its lending by 38 per cent.

However, what is now happening in this competitive market is that a number of "mid-range" lenders are gradually increasing their share of the mortgage market, and, in particular, some of the leading building societies. Maybe the major banks are no longer the best place to go for a competitive deal on your next mortgage? But should we be concerned that the major banks are not growing their mortgage lending; is this healthy for the market as a whole? The UK government's Funding for Lending scheme should be resolving this problem as should the Help to Buy scheme which is designed to encourage banks to start lending more.

The"mid-range" lending institutions on the other hand have not only increased their market share but are also lending more than in previous years. According to the Building Societies Association gross mortgage lending by building societies and other mutual lenders increased by 30% during 2012 to over £30 billion. The Yorkshire, Coventry, Leeds and Skipton building societies, Northern Rock and Clydesdale bank are amongst those lending institutions taking business from the dominant Big 6. These, and other, mid-range lenders have taken advantage of the plight of the larger banks to increase their share of the mortgage market over the last few years. Competitive deals and careful lending practices have helped some of the smaller lenders to expand their loan books.

However, one of the Big 6 that has not suffered at the hands of its smaller competitors is the Nationwide, which is being viewed as a success story in the mortgage sector in the aftermath of the economic crisis. In the year to April 2013 it increased its share of the mortgage market to over £21 billion; a rise of over 15 per cent that puts it second after only Lloyds as the country's largest mortgage lender.

Council of Mortgage Lenders (CML) figures show that ING Direct and the Co-Operative Group are also growing albeit in in relative terms and it appears that days of the large players dominating the mortgage market appear to be coming to an end. Certainly when it comes to large mortgages (typically a million pound mortgage or more) many brokers are increasingly turning to lenders such as private banks as well as some of the mid-range banks and mutual lender that provide not only competitive interest rates but also underwriting flexibility that does not engage in the purely tick-box exercise when assessing a client ability to pay the interest on their large mortgage.

When to Turn to a Credit Reporting Agency to Find Someone

When you own a business and you have given someone credit to make purchases, you put your trust into them hoping that this decision will turn out to be a good choice and investment. When someone stops paying you want he or she owes to you and seemingly disappears, this is more than a disappointment. You are losing money and need to regain what is owed to you as quickly and legally as you can. What can you do?

This is most likely the time to turn to a credit reporting agency that offers certain methods of finding people and notifying them of what they owe to your business. Many of these companies are able to track down individuals and possessions in order to notify them of your intent to collect on a debt or for legal repossession purposes. They know just how to flush certain people out to get them out in the open and out of hiding.

People who do not want to pay back money they owe are notoriously difficult to find. They may start using untraceable cell phones. This makes it nearly impossible to reach the person, because you may be told that you are calling the wrong number, no one may answer at all, or the number may suddenly be no longer in use.

Some of these people may be living with friends or relatives with no mailing address. This is especially difficult for you to reach out to them in any way. You may find that your letters go unanswered or sent back to you. You might have no way of knowing whether you have the correct address for that individual or not. The only way to know for sure is to have a credit reporting agency investigate for you.

This type of agency can determine who the person is likely living with or frequently sees. You will be able to make contact through these people, who may be able to reach the person you really want to reach. Some people will become tired of being contacted about the individual and just let you know where the individual can be contacted.

At this point, if there is an auto repossession or judgment involved, the credit agency will usually be able to pinpoint the location of the car by finding out where the person works. By contacting the employer, you may have an easier time collecting the money or items that are owed to you. You may be surprised at how easy it is to speak to the individual you are looking for once an employer has been contacted.

It is never a good idea to go out looking for an individual on your own. You should let professionals do it who know exactly what searches to conduct without putting anyone in harm's way. People can become very violent if they feel threatened or just do not want to be bothered. When you do not know how to handle a situation correctly, you may be putting yourself or others into harm's way. You may even be breaking the law.

A professional credit reporting agency knows what the law is in your area. They will know exactly what steps to take to find the individual or possessions you are looking for. They work quickly and efficiently and are well worth the extra cost if you are in desperate need to find an individual. In the future, they can scan credit applicants for you to determine whether someone is as trustworthy as they say. Knowing a person's background can save you all of this headache and hassle in the long run.

The Elements of Mortgage Processing

The mortgage industry is facing challenges of increased regulations and business instability. Entrepreneurs are looking for new and improved methods to achieve the business objectives in a better manner. In order to better the mortgage process, service providers are ready to extend their help. By collaborating with a mortgage service provider, organizations can reduce the total loan processing time, manage or control the costs better and enhance the service level.

Why do the entrepreneurs need an outsourcing firm?

The third-party outsourcing firms have years of experience and knowledge in this domain. With IT integrated solutions and proven skills, service vendors deliver measurable outcomes. This results in higher business scalability, drives sales conversion and increases the process quality and efficiency. Besides, the third-party vendors offer a wide variety of loan services.

Mortgage process service offerings:

• Underwriting research
• Pre-foreclosure
• Sales
• Foreclosure
• Loan modification
• Data management
• Analytics
• Collections
• Customer service
• Loss mitigation
• Bankruptcy, fraud & risk management

An outsourcing firm enables the financial institutions to thrive for success by establishing a certain environment and operational levers to tackle the issues of the industry such as capacity, regulations and cost.

In order to improve the overall efficiency of a business, service vendors standardize and structure processes. By assessing the loan processing functions of an organization, service providers identify the operating areas which can be outsourced. Entrepreneurs consider outsourcing as a strategic step to increase business productivity & reduce costs. Service providers undertake end to end credit analysis and other similar functions.

The Business Advantage

Service vendors have an in-depth knowledge of the market regulations and required licenses. The outsourcing team of dedicated mortgage professionals helps global clients, across various offshore engagements. In addition, the outsourced mortgage professionals are trained in end-to-end loan processing, documentation & underwriting, risk management & closure, etc.

Outsourcing firms have their own loan compliance department, that keeps an eye on the market regulations and licenses. Outsourced loan research team keeps the group updated with the trends, market dynamics and current issues in the industry. Besides, there are a lot of advantages of outsourcing a loan service provider.

• Flexible engagement model that caters for all loan transactions
• Integrated solutions with back and front office support
• Transaction based pricing options
• Specialized knowledge on several financial segments

Service vendors offer business consulting as well as planning solutions to consolidate and streamline operations, which ultimately reduces the cycle time.

Service vendors help in reducing capital expenditure. They even empower organizations to leverage the technology-oriented outsourcing services, automate processes, reduce errors as well as enable seamless operations.

Reaching Financial Freedom

Studies by the U. S. Department of Health and Human Services reveal that 95% of Americans do not attain financial independence by the time they reach age 65 and therefore are dependent upon the government or they must continue working until they die.

A survey of financial experts suggests that Social Security is considered to be a flawed system. According to the Social Security Administration, recipients currently receive, on average, 43 percent of pre-retirement income and that is projected to fall below 30 percent if additional funding is not found.

So now you've come to the realization that you desire much more from life than employment has to offer and are no longer satisfied with just a J.O.B. that leaves you (Just Over Broke). It's a sad existence to live life just for the weekend, because that means you're only living on the weekend. Monday through Friday (sometimes Saturday too) you belong to your boss.

Isn't it ironic how we put all of our experience, momentum, tenacity, resourcefulness, and expertise into our job producing tremendous profits for the employer and we accept our measly paycheck as if it adequately compensates us for our accomplishments?

Don't misunderstand what I'm saying; there's nothing wrong with making an honest living but ask yourself, when you're working for someone else, are you honestly living or merely existing? It seems that it would make much more sense to put all of those energies into something that would guarantee a much more fulfilling and abundant life.

When you're working for yourself no matter how many hours you put in you have a sense of satisfaction and gratification. Working a job only brings you a salary-leaving you in the 'rat race' and even if you win the race you're still a rat! Make no mistake about it becoming successful in business will take some hard work but "The only place success comes before work is in the dictionary".

According to USA Today, almost 96% of all adults ages 25-44 want to own their own business. Did you know that the Small Business Administration states that 70% of all new businesses last a minimum of 2 to 5 years? Furthermore, according to the Labor Department, Baby Boomers account for 54% of successful self-employed persons.

Information from 'Home Business Magazine' and the U.S. Labor Department states that a new home-based business opens every 11 seconds and home-based businesses generate $427 billion in revenue.

One of America's most influential authors refers to home-based businesses as the 'Smartest Success Strategy". Successful people take a course of action that coincides with their belief or passion.

Hard Money Lenders - Providing Support During Financial Crises

Hard money lenders provide short-term capital that is based on real estate properties acting as collateral. Loans provided by these lenders are undoubtedly more expensive and have higher interest rates than other kinds of loans owing to the fact that very less income documents are required for obtaining these loans, which can pose a great level of risks for the lenders. Unlike banks and other conventional lending sources, hard money lenders do not verify the borrower's income, credit history and assets while providing funds. In other words, they provide loans on the basis of the value of the real estate property acting as collateral, and not the personal income and assets of the borrowers that can be used by them to make repayments.

Let us discuss some of the significant aspects of the loans provided by hard money lenders:

These are short-term loans that can be obtained by people during times of financial crises or during times when they are facing bankruptcy or foreclosure.
You can conveniently avail these loans regardless of your employment status, your assets and your credit history. They are provided simply on the basis of the value of the secured real estate property.
In most cases, hard money lenders are private investors, including mortgage companies, private individuals, federal banks, SBA lenders, etc. The terms and conditions for the loans can vary from lender to lender. You must review and consider various important factors such as the lender's interest rate, loan to value, prepayment penalty, APR, work out solutions etc. in order to choose the right lender. In case you are wondering where to find a reliable hard money lender, one of the best ways is through a web search.
There are some important factors that you need to consider if you are opting for hard money loans:

The first thing that you need to consider while opting for these loans is your purpose for applying for them. This is important because you need to choose a lender in accordance with your purpose. While there are lenders specializing in foreclosure rescue, investor financing and commercial properties, there are also lenders focusing on land, homes and buildings.
If you are opting for hard money loans, it is important to have an exit plan. This is because firstly, these loans have your real estate property as collateral, and secondly they have extremely high interest rates. You can take certain precautionary measures when opting for these loans such as using the money from these loans to pay off pre-existing debts that have high interest rates. Paying off previous debts can effectively improve your credit records, thereby making it convenient for you to apply for refinance whenever required.
Different lenders provide loans based on different terms and conditions. It is important for you to make a thorough research of the market to be able to compare the terms and conditions offered by different lenders to choose the one that's most appropriate for you. If you think you do not have adequate knowledge and awareness in the field of financing, it is advisable to consult an experienced and knowledgeable counselor.

The Haney Energy Saving Group: Doable Steps to Save on Your Utility Bills

It never hurts to find ways of reducing your energy consumption in order to save and help the environment as well. Here are a few suggestions:

1. Reduce "phantom loads"

Phantom loads are energy consumption of appliances (75% of the power they consume when used) when they are turned off. Sounds unbelievable; but that is according to the US Department of Energy. So, it makes sense to unplug appliances when not in use or plug into a power strip which you can turn off when not using appliances.

2. Design windows according to your needs

Windows can reduce electric bills for homes that use heating or cooling units. In the tropics, big windows are preferable not just for lighting purposes during daytime (saving on artificial light) but also for bringing in cool air (saving on cooling cost) during windy days. However, many home builders today have forced people to buy ill-designed homes that have small steel-casement windows, trapping in more heat during the day and preventing cool night air to enter. Hence, people, who do not seem to see the connection, generally choose to buy air-conditioners when the air outside is cool enough to provide comfortable temperatures at night.

The main reason, as we know it, is that people who live in the urban areas try to prevent dust and pollution from entering their homes. The other reason is to prevent burglary. So, they close their windows at night. Steel grills solve part of the problem. Again, people do not realize it but those grills absorb heat at daytime, aggravating the heat inside the house.

3. For those who plan to build a home, make it energy-efficient

The ultimate solution, of course, is to build a house that is energy efficient. There are so many things one can incorporate to make it so. It all depends on the budget. Insulating it against heat or against the cold, as the case may be, will save you a lot of money. But even if you have an old home, you can do a lot more to make it energy-efficient.

4. Conserve water

People do not realize that water is the easiest resource to save money on. First of all, you can see and feel it. You can store it and even recycle it, unlike electricity. Finally, you can get it free from the sky or the ground, with a little investment.

Washing dishes, for instance, should be a cinch on how to save money: Whereas you open the faucet fully when doing this chore, try half-open and see how much water you save. The time it takes you to wash may not even differ. Then try one-third; it might take you longer; but, hey, you saved two-thirds of the water already! And if you really want to scrimp, try a trickle while washing dishes. Water from a fully-opened faucet will not completely touch the plate while soaping or rinsing it. Much of the water merely flows past into the sink. But a trickle and enough scrubbing (even without using a basin) will do the trick just as well. It is not in the amount of water you use but how you clean that matters.

Storing rainwater in a cistern used to be common; but nowadays, people do not even know what it is. Recycling gray-water (used water from laundrying, dishwashing or bathing) for other uses, such as cleaning dirty garage floors, watering plants and flushing toilets can save a lot of water.

5. Plant trees and shrubs

Keeping a cool house can be achieved through having plants around it and inside it. Plants never stop to produce protein through photosynthesis even at night or indoors. They can store sunlight and heat energy to survive and grow. They can help absorb heat inside and outside your home. They can also provide a buffer against solar heat and reflected heat from the surroundings.

If you plant fruit trees and vegetables, you can have extra income to cover part of your energy bills. If you cannot avoid paying power bills, grow some of the money to pay for it.

Even without spending so much and, sometimes, while making some money, you can save on your energy consumption.

Know the Common Services Offered by Certified Public Accountant or CPA

To manage accounts and to look after the matters related to accounts you need to hire a well qualified and certified accountant. Business owners mainly hire the services of professionals to handle their account department. Some people hire their services because they don't have right skills and expertise to handle the account related tasks. Today, you will come across with a variety of options while finding a highly qualified and reputed business accounting service providers. There are also service providers who individually work for several clients.

The Business Accounting Companies are the most reliable source to find a qualified CPA or Certified Public Accountant. These organizations have several certified professionals who provided services to a wide range of clients. So, if you are finding any expert professionals to look after your accounts then you may seek assistance from these organizations. There are also some professionals who have specialization in particular field of finance, while some many also have rich expertise in handling a variety of domains. So, you may first determine the purpose of hiring these professionals which will help you to hire the perfect services.

Depending upon your specific needs, you may hire their services. If you are looking for experts for tax preparation, then try to hire professionals who have experience in such field.

Internet is the perfect source to find the services of qualified accountants, but there are some important aspects that you need to consider before hiring. Some of the most common services provided by these professionals include:

Online accounting
Today, almost every business has embraced the advantages associated with internet and hence most of the firms are offering online accounting services to their clients. The online services are offered by expert professionals from remote location to their clients across the globe. The online services are becoming the most convenient way to handle account tasks of different clients from one remote location. Communication is possible with the professionals through electronic medium. There are several firms offering online accounting services according to specific needs of their clients

Tax preparation
This is most common service that almost every customer and business owner need. Both business owners and individuals hire professionals for this service. Some of the professionals charge their clients on hourly basis, while some may ask you for fixed charge for the preparation joint or single tax return.

Payroll Service
Though most of the companies have their own accountants for payroll preparation services, but still some business owners seek assistance of expert professionals for payroll services. Small business owners may not require their services, but larger business owners often need the assistance of expert professionals for such service. They enable them to carry out their business in worry-free way by preparing the payrolls for them in most convenient way.

Working in the money part of the business is always considered perplexing and bit confusing for people. So, hiring the services of a expert and qualified accountant will be very helpful indeed at times.

How To Make Money To Get The Things You Want And Have Financial Security

If you've wanted to learn how to make money to give you financial independence or for additional income to purchase things you've wanted, you will want to read on. No one needs to tell you how bleak or weak the U.S. dollar can be at times. All you need to do is walk into the grocery store and look at the price of a steak that will leave you in sticker stock. Working a second job away from home isn't an option for many people with families. There are several options to make money from the comfort of your home.

One option would be to buy gold and silver. Gold and silver prices change frequently, almost by the minute. Buying gold or silver bars can be pricey and not as easy to obtain. You could look into buying coins. Some of the most highly sought coins are:
• U.S. Gold Eagle
• U.S. Buffalo
• Canadian Maple Leaf
• South African krugerrand

This gives you an option to buy gold and all of these coins are all one ounce in weight in gold. There are other coins minted in Australia, China, Europe and Mexico that you can purchase but are not as popular. If you can come across gold coins, you can always check into silver coins. Some silver coins that are one ounce in weight are:
• U.S. Silver Eagle
• Canadian Silver Maple Leaf

These two silver coins are very popular and were minted with high quality. There is also junk silver. If you were born before mid-1965 you may remember how quarters looked. Quarters use to be all silver until 1964 when they began to mint them with part silver. You can purchase this junk silver at a cheaper cost, but still own silver and the commission is also lower when you purchase them.

Another option from making money from your home is to make money with blog. That's right! Do you have something that you love to do or are interested in? Why not start a blog on the internet. Maybe it is cooking, gardening, home repairs or one of your many hobbies that you'd like to write about.

If you write a blog you can place ads on your blog through Ad Choice, Amazon and even private sponsorships. For example if there is something in your blog that Amazon sells and you have a link to it in your blog and the person purchases the product through Amazon, Amazon will pay you money. Yes that's right, they will pay you money.

No matter what you're interested in, there are ways to make money all from the comfort of your home. There is no reason to be sitting at home on your computer with the lights turned out to save money when you can be making money from your computer. If you're really serious about changing your income potential, check into the forex tutorial to begin changing your life today.

Nothing Ventured, Plenty Lost

Popular wisdom declares "nothing ventured, nothing gained." The government is doing its best to rewrite the saying as "nothing ventured, nothing fined."

The push for harsh regulatory enforcement has reached the point where bankers at HSBC (and, we can safely assume, elsewhere) are unwilling to take even normal business risks, according to HSBC Chairman Douglas Flint, whose observation was reported in The Wall Street Journal. Flint blamed this regulator-imposed timidity, in part, for HSBC's fall in net profits for the first half of 2014.

"We're in a business that takes risk and manages risk and we have to avoid getting to a state where people believe there is a zero risk tolerance," Flint said. (1)

This outcome is a problem, but it is not a surprise. The negative consequences when traditional banking is unavailable due to low interest rates and overly aggressive regulation are obvious. When bankers are afraid to take even otherwise reasonable levels of risk due to the exposure to outsize penalties, homeowners are shut out of mortgages and businesses are shut out of credit.

Nor are the bankers' fears unfounded. The London School of Economics' Conduct Costs project found that the costs from fines and lawsuits at 10 of the world's largest banks reached nearly $265 billion between 2009 and 2013. Some $43 billion of that was last year alone, as international regulators have followed the United States' lead. (2) The total does not include the $16 to $17 billion deal offered early this month in the ongoing negotiations between Bank of America and the Justice Department, which would outstrip the $13 billion deal Justice struck with JPMorgan Chase last year.

The regulatory crackdown has gone well beyond punishing clear misconduct, such as the Libor scandal. It has gone beyond deterring tax evasion, a crime in our country but not elsewhere. The crackdown is not even only about punishing allegedly negligent behavior, such as making mortgage loans to willing borrowers who ultimately couldn't repay them.

Banks have been assailed for executing transactions that regulators, during the financial crisis, urged them to accomplish. The prime example is Bank of America, now facing huge penalties but at the time, actively encouraged - some claimed pressured - by regulators to close the Merrill Lynch acquisition. Merrill Lynch, along with similarly acquired Countrywide Financial Corp., has effectively saddled Bank of America with continuing legal exposure and pressure from the very regulators who blessed the deals in the first place.

Some banks have even faced regulatory penalties for their employees' honest mistakes. The prime example of this is JPMorgan, whose shareholders faced not only the losses caused by the London Whale debacle to the tune of $6 billion, but an additional $920 million in fines at the Securities and Exchange Commission's insistence. Far from protecting investors and shareholders, regulators have pushed far into territory that should have been a matter purely between a bank's shareholders and its management.

This is not to mention regulators' failed attempts, such as the witch hunt at Lehman Brothers and the futile effort to find a simple villain to blame for the 2008 financial crisis. The more settlements and fines regulators can collect, the better they can make themselves look, regardless of the merits of the penalties. But this behavior, over time, is training financial institutions to become so conservative that they can no longer effectively fill their role in a recovering economy.

Your Cloud Accounting Questions Answered

Cloud accounting is a real buzz word in the financial environments today but some people may still have some questions regarding this new technology and so let's address these issues.

What is Cloud Accounting Software?
Cloud accounting software is accounting software that is stored on website hosts and is available via the internet on your browser, whether this be on your PC, phone or tablet.

What are the advantages?


Always available - you don't need to be in your office to access financial information

Take the storage demands off your computer - offline accounting packages need large amounts of computer space, cloud solutions don't require any.

Secure - if anything happens at your office your information is still safe

Efficient - a number of features have been built into these software systems that make processing your books far quicker and easier.
Some Misconceptions about Cloud Accounting Software

Cloud accounting software doesn't mean you do not need an accountant or professional bookkeeper. The software does not make decisions. It can usually remember information you have entered before making things quicker but someone still needs to tell the system where to process different transactions to and it can't really offer advice about your finances that an accountant can. It can make bookkeeping easier for the layman but professional advice is definitely recommended along with your cloud solutions.

How do I Choose a Software Provider?

For me one of the most important things about any accounting package is the reporting function. Without accounting reports the information you enter is really useless. It is therefore important to take into consideration the reporting functions of the software you are considering.

Also consider how user-friendly it is and whether you find it easy to use or not. If you find a product difficult to use then chances are you will feel like you have wasted money on it. User-friendly functionality is critical to a good cloud accounting system.

How easy is it to move my Accounting Software Provider?

This very much depends on the system you are changing to but it should be fairly easy to change. Some functions in cloud systems that make moving easier is the ability to upload CSV files containing information you have entered into a previous software. This means you don't need to recapture everything you have done before. It is best to move at your financial year end so that you can take opening balances and start afresh in a new year but really you should be able to quickly and easily move any time of year.

I hope this has helped answer your questions regarding cloud accounting software. It definitely is the future and highly recommended. Choose a provider that meets your needs and a system you are comfortable with and you should reap the benefits.

Streamlining the Management of Corporate Payments

In today's global business environment, being up to date with the latest payment systems is essential for productivity and growth. Although a common misconception says that only large enterprises need business-class payment solutions, reality is different: choosing a fast, stable and intuitive automated payment and transfer system is essential from the very beginning. Perhaps one of the most important reasons why companies need computer-based solutions is that the manual handling of payments is very costly and time consuming. The average company needs to deal with multiple payments each month, which means that you will have to create an entire department to conduct intensive manual labor. Needless to say, this manual labor can also lead to inaccuracies and data entry mistakes that can cost your company money. To prevent this from happening, you can use an integrated liquidity control solution that provides much better security than manual processing. Initiatives such as SEPA credit transfers are highly beneficial for companies operating in the finance field and not only. Every business, regardless of its profile, can invest in automated systems to streamline money management and handle liquidity effectively.

Corporate payment systems send payment messages to beneficiary banks via SWIFT network, secure FTP or web service. At a European level, SEPA is a system that aims to extend the integration process by creating a unique market for payment tools. Implementing SEPA ensures a high level of efficiency and stimulates economic activity. To increase flexibility and transparency, SEPA has several guidelines. However, implementing payment systems does not require a lot of effort. Professional companies that develop this type of software make sure to conduct training for the staff that uses the software. In addition, you can opt for additional technical support, as well as regular updates.

Interacting with banks is a task that every company has to deal with. However, more and more financial institutions prefer automated money transfers, which is why you should consider switching from manual processing to computer-based operations. If you already use an automated system, it's advisable to check if it is up to date and if it complies with the latest regulations and quality standards. If not, you can discuss your requirements with professionals and implement newer software that provide better features. It should be pointed out that switching from an old system to a new one is a gradual process and rather difficult. It needs to be well planned. Payment HUBs offer organizations better liquidity, transparency, security and streamlined operations.

Understanding SWIFT MT and MX

Whether you send money from one bank to the other or exchange information or trade securities, at some point in this process a SWIFT message will be exchanged. The acronym stands for Society for Worldwide Interbank Financial Telecommunication and is essentially a protocol for banks to talk to each other. SWIFT MT are the messages that exist since the 70's and identify the different "sentences" that the banks or other financial institutions will exchange with each other. They are identified by three letters (e.g. MT103, or MT505) each one representing a different message. While the first digit of the three represents the category of the message, the last two represent the individual message. There are hundreds of messages that can be sent in this way and are formatted in a rather complicated manner. Few people understand the complexity of these messages, and yet they are extremely important in a company. Fortunately, you can utilize them without needing extensive technical skills if you work with a professional payment system provider.

SWIFT MX is the new financial messages standard based on XML and ISO20022. The network can be used by banks, but also by companies of all sizes that need to transfer transactions. This system has been developed to eventually replace MT since they are much more flexible, allowing messages to be sent clearer and faster manner. This type of message protocol has a format that includes an alphabetic code that identifies the business area followed numeric codes that distinguish the message and the version. Even though for an outsider these messages seem rather cryptic, nevertheless for banks they are an essential part in their daily processes, therefore they are very interested in finding solutions to help them process these messages faster and more efficiently. The SWIFT MX is considered to offer banks much more flexibility and accuracy, which is why many banks and financial institutions have begun transition to this protocol. However, the transition is expected to last many years, which gives the staff who operates the software to learn how to use it.

The new message types simplify maintenance and reduce considerably the development timeframe. This ease of use makes it suitable even for smaller companies. There are a few specialized companies that offer banks and financial entities the necessary tools to implement the new standard and you shouldn't hesitate to contact them if you want to learn more. Some companies also provide their clients with the assistance needed to understand and complete the implementation effectively. Whether you are a bank manager or a software developer or a solutions architect, you will need to understand the SWIFT messaging in order to guide your company to the right direction. In addition, if the concept of automated bank payments is not very familiar to you, then it's important that you discuss with a professional provider and find out how these systems can streamline money management and help you deal with financial tasks. At a European level, the transition towards solutions such as SEPA is mandatory.

There's No Off-Shore Medicare Help Aside From Rare Travel Exceptions

Your Medicare coverage pretty much stops at the U.S. border. There are only a few exceptions to this policy. I'll cover those with a few more comments.

Make no mistake about it. Medicare is a U.S. based health 'insurance' program, and only for those who've reached age 65. You've been paying into it for most all your life. And you still must if you work and live abroad since you must always pay U.S taxes which include the Medicare tax. But if you move offshore, Medicare will not pay your health expenses that you incur abroad. You, of course, can come back to the U.S. to incur your expenses there under Medicare's help. But the exceptions for Medicare help while outside has to do with traveling - and they are rather limited.

The Original Medicare Plan generally doesn't cover health care while you're traveling outside the United States. But note that Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, and the Northern Mariana Islands are considered part of the United States.

But there are some exceptions. In rare cases, Medicare can pay for inpatient hospital services that you get in Canada or Mexico. Medicare can pay only if:

* You live in the U.S. near a foreign (Canadian or Mexican) hospital, and you need emergency or non-emergency medical treatment. If a foreign hospital is closer or easier to get to from your home than the nearest U.S. hospital that can treat your condition, Medicare may pay for the services.

* You're in the U.S. when you have a medical emergency. If a foreign hospital (Canadian or Mexican) is closer or easier to get to than the nearest U.S. hospital that can treat your emergency, Medicare may pay for the services.

* You're crossing through Canada without delay between Alaska and another state, and you have a medical emergency. If a Canadian hospital is closer or easier to get to than the nearest U.S. hospital that can treat your emergency, Medicare may pay for the services.

-Normal or other Medicare coverage criteria also applies to the services you get in foreign settings:

Some Medicare Advantage plans may provide worldwide coverage benefits for health care needs when you travel outside the United States. You should check with your Medicare Advantage plan prior to traveling outside of the United States regarding worldwide coverage benefits.

Medigap policies C, D, E, F, G, H, I, and J provide Foreign Travel Emergency health care coverage when you travel outside the United States. For additional information about what these Medigap policies cover and if they are offered in your area, please visit the Medicare site for finding Medicare Prescription Drug Program Finder. Just go online to medicare.gov/MPPF.

The Applications of Financial Astrology

The fact that astrology has quantifiable effects on human life has been proven many times and, in the past years, experts have pointed out that the influence of astrology expands not only on a personal level, but also on a professional one. Just like the movements of celestial bodies dominate individuals, they can also influence entire societies and fields such as finance. The practice that is based on this principle is called financial astrology and, like the term suggests, it follows the connection between planets and finance. It became widely known in the first half of the 20th century, when astrologer WD Gann revealed an algorithm that helped him start successful trading actions by basing his decisions on planetary movements. He was a firm believer of the fact that astral energies have a certain influence on the financial and business environment, mainly on investors, brokers and insurance companies, determining their success. Although the views on this practice vary, American pragmatics have embraced Forex astrology, saying that any piece of advice that leads to the optimization of business activities is more than welcome. There is also an institute of financial astrology in Boston and the growing interest in this field has generated considerable amounts of specialized literature that is appreciated by the general readership.

Astro-economics has various applications and traders use this practice in multiple actions. The main application is the one of determining major economic trends and it stems from the cycle of planets. Economy tends to follow similar major cycles, in the same way as history repeats itself. By offering a global perspective, astrologers can foresee the evolution or crisis of the economy, sometimes years before analysts can see it coming. One of the most notable examples in this regard is Evangeline Adams, who warned stock brokers of the economic crisis before everyone else.

It is common knowledge that one of the most difficult things about trading is determining the ideal time and place to invest. In this regard, astro-economics is said to be quite accurate, helping traders identify the most profitable stocks and the best time to invest in them. Finance astrology can be linked to complex philosophical concepts such as the nature of time, which is why specialized literature often expands the topics and offers more than economy lessons. In other words, this practice interacts with many other topics apart from economy and focuses a global, all-encompassing view of market trends.

It is not the mission of astro-economics to demolish long-standing trading principles or make brokers give up what they have learned from other sources. On the contrary, this practice encourages a multi-disciplinary approach and advises traders to take into account as many factors as possible when taking decisions in Forex actions. Although specialized books offer useful details about trading, they are not written only for the use of traders and bankers. On the contrary, everyone can invest in them if they want to know more astrology and the way it can influence human life on a global scale.

The Truth Behind Finance Astrology Software and Books

There have been numerous debates on the topic of financial astrology and people have always been divided into two sides: those who believe and spend money on specialized finance astrology software and books, on one side, and those who do not trust these visions from the lack of courage and wisdom, on the other side. In order to avoid admitting that there are superior forces unknown by some and that certain persons have successfully and fruitfully harnessed these forces from an economic point of view, many traders simply ignore astrology experts, although some results and facts are getting harder and harder to be ignored. When it comes to searching for reasons that lead people on the path to purchasing books or courses on this topic, there are many aspects to be taken into account. For starters, there will always be large numbers of persons seeking the secrets of trade markets and stock exchange environments and envying the fact that some have discovered real methods of improving their trading abilities and gaining profit. Passionate traders, in particular, are the most likely buyers of astrology literature and predictions, as they provide a system or a real method of better understanding the movements of the financial markets and forecasting the economic future. There can be nothing better than going through insightful courses or lessons that show readers the easiest to understand and most simple method of predicting the trends in the economic markets.

Great writers in the field of financial astrology and related market trends are hard to find and thus their work and personal insights are even more precious or valuable for those seeking superior advice in the matter of economic trends and the prediction of shifts in the stock exchange markets. Whenever someone searches on the Internet for software finance astrology and books in this controversial field, the results will be simply astonishing. According to specialists like Mr. Wong, traders have the possibility to identify the full evolution of trading circles, from their beginning to their end, and hence maximize their income by taking advantage of the insights accumulated and the head start that other traders in the field do not have. Taking this into consideration, it has become clear why more and more persons resort to this type of literature and courses and hope for the best when it comes to their future trading operations.

By strictly following the guidelines and advice given by the truly professional and expert authors of trading astrology, anyone can have the possibility to know the deviations in the markets with a lot of time in advance. Every system presented in the courses and books sold online is a different and allegedly successful one, but it is only those that offer real results and impeccable customer reviews that are worth looking at. For instance, one of the dedicated astrology methods produces a winning trade in as much as 90% of the situations. One of the biggest issues that astrology traders have to face is which planet to use and how to know when the use of astrology principles will work in the market and vice-versa. Choosing the book that will enlighten them and point them in the right direction is of vital importance. That is why the most sought after writers will even help their readers by providing additional assistance and information via e-mail, in order to fully clarify their systems.

Family Office Advisor - A View of the Industry

What I wanted to do is provide you with a view of the forest as a family office advisor. There is a financial times article that came out recently that had some numbers in it about the industry that I did not really agree with. At lots of conferences I hear people say things I do not really agree with about the industry. I have met in person face to face with over a thousand family offices now, I know over 50 billion dollar families. So we have a lot of perspective of the forest of what is going on within the industry.

I wanted to share some of the advice with you here so you can hear from somebody directly who has focused his whole life on the industry. First of all, there are over 10,000 offices globally. I heard a well-respected organization say recently that there are only one hundred in Asia and I know that there are well over one hundred in Singapore alone. Hong Kong is a big competitor and are many being started in China as well. Part of it depends on your definition of a single family office, but there are many throughout the world. I would estimate there to be over 10,000 globally and the industry is really thriving.

What I want to focus on now a few quick bullet points and a 10,000 foot perspective of what is going on within this space.

Globally the industry is thriving, but some people in local geographies feel like it is moving very slowly for them. I was recently in Toronto to speak at an event and people were saying that in Canada they feel like thendustry is pretty new there, but people have been saying that for ten years.
There are only two to three formal family offices publicly known in Prague, but there are quite a few that are not publicly known. It is moving slowly in countries like the Czech Republic, Turkey, and even in Brazi.it is moving slowly for the amount of wealth that is there. It is thriving, but in certain geographies it is a slow process.
There is a big private banking vs family office turf war going on. Places like Singapore and Hong Kong there are big battles. Private banks try to keep the assets within their reach. As a result, private banks have been launching family office platforms for their private banks.
Talent is very scares in the industry. Family office executive search needs are growing, as well as family office recruiting and recruitment needs.
Single family offices are doing more co-investing and direct investing. They are really taking matters into their own hands after 2008 to 2011 economic crash.
In the future what we are going to see are more industry expansion globally, more single family offices, direct investing and co-investing investment clubs, and more formalization of the industry. There will be whole training programs, associations, and books on single family offices.
As the industry matures globally, what we are going to see is a much greater pool of talent and professionals working in the space. If you are a financial advisor, that is good news. But if you are an ultra wealth professional looking for solution within the industry, you might have to wait until one is available locally for you. If you are looking for resources in the space there is more available every single day.
That's a quick overview of family office advisory insights from my perspective from working with many different families. There is a great need to provide more transparency and knowledge in the industry. I see my role as connecting people together and to connect people with the knowledge they need to survive within the industy. To succeed in the space it is paramount that you seek out as much knowledge and certifications within the industry as possible.

To succeed you must wear many different hats and it is ideal to be able to handle whatever is thrown your way. Networking for the long term is key to advancing up the ranks. Many of the people that are helping me out right now have known me for seven years; they knew me as I started my business. If you network with people for the long term, respect their time, be organized and prepared, give them resources all the time that will help them in the long term. There are many netowrking conferences and workshops to attend to get more exposure.

Be a student of the industry. I do not see this very often. Many people come to me, and even though they have seven years of experience being an analyst, they haven't really studied the industry very much and they haven't really dug into it. There are only about thirty books ever written about the space and I own and have read every one of them. I encourage you to do the exact same thing. If you are serious about the industry, invest the money to acquire all those books and read them front to back. Know the industry that you are working in, you will find that nobody else really does that and that will really move you past everyone else. You will have the understanding an knowledge that will help you maneuver the industry. Knowledge is power, and it is very powerful within this space.The more you give away and be helpful to everyone in the industry, the more it will come back to you full circle.

Richard C. Wilson is a family office advisor working with family offices around the global, with a focus on single family offices and $1B+ ultra-wealthy families. This article shares his view of the family office industry from a high-level perspective after meeting with over 1,000 family offices in 20+ countries around the world. To learn more about using Richard as a family office advisor please visit.

Technology Poses a New Challenge to Financial System Inquiry

The landscape of the Australian financial sector has dramatically evolved since the 1997 financial system inquiry. The playing field has grown and technology has taken a huge leap between the inquiry led by Stan Wallis and the current one which is being chaired by David Murray.

In the series of articles published by Asia-Pacific Banking & Finance, Professor Ian Harper, a partner at Deloitte Access Economics and a member of the 1997 financial system inquiry panel, predicted that the significant changes in terms of technology will pose a serious challenge to the new panel.

The professor noted that the worldwide web was only switched on in 1996. Now, the financial system is dominated by Internet banking, Smartphones, tablets and apps. He added that during the 1997 financial system inquiry, their main concern was about bank branches. But today, we have a whole generation of people who wouldn't have a clue on what to do if they stepped on a bank branch. To sum it up, a lot has happened since then and technology has really revolutionised the way individuals access basic financial services.

New Players are Invading the Banking System

Harper stated that newcomers like Google and Bitcoin are presently entering the domain that used to belong exclusively to banks. He explained that the two have been operating outside the scope of the banking sector using devices to electronically copy how transactions are being done in the banking system.

So, he recommended that one of the concerns of the new financial system inquiry should be how to treat these new entrants. Then, he posed a question regarding the matter-"Are you going to oblige Google to get a banking licence and how could you licence Bitcoin even if you wanted to?"

How to Regulate the New Entrants

The 1997 financial inquiry veteran also pointed out that crowd-sourcing and deposits is no longer a minor subject. In addition to the other players that he mentioned (like Google and Bitcoin), he advised that these should be regulated.

Harper opined that it is no longer a question of what should regulators do. It is already a question about what they can do about it. Quoting from the AB+F article, the professor said, "things will be much worse than Banksia Securities if those fall over."

Lastly, the 1997 financial system inquiry member reminded everyone that there is a good reason why banks are strictly regulated when looking back at the painful lessons that the financial system has learned in the past. Therefore, Harper declared that the new digital financial service providers should not be allowed to entirely roam within the financial system without the appropriate controlling mechanisms set forth by regulators.

Financial Stress or Debt Free Retirement: What's Your Choice?

According to the latest report, Americans are running a massive debt burden during the final phase of their working years. Those who are planning to enjoy their post retirement life need to lower the debt burden. Near about 28% retirees turn to the Association of Independent Consumer Counseling Agencies for financial guidance. Studies reveal that a large percentage of senior citizens hold a massive amount of credit card debt, mortgage obligations as well as pending student loan payments.

Well, you'll be surprised to find that there is a common myth surrounding retirement. Most of the people assume that retirement means being debt free. If you've overwhelming debt, then it's a clear indication of delaying retirement for an indefinite period. Who doesn't want to enjoy his post retirement life? Retirement is actually a period of ease, so entering this stage with debts can be intimidating. Paying off debt is one of the essential steps while planning for retirement.

4 Steps to achieve a debt free retirement life to avoid financial stress:

Pay more on the mortgage: Use an amortization calculator to pay off the mortgage before your retirement. Supposedly, if you plan to retire in 15 years with 30-year mortgage, start making an additional principal payment per month. This can help you pay off the debt before you retire. If you keep your mortgage at a 30-year fixed loan, you're not required to make extra payment.

Move to a small apartment: You may often find retired people moving to a smaller apartment. In this slow real estate market, most of the people failed to get the right price; hence, they didn't sell their home. During the housing crisis, the lender tightened the lending standard, so the qualified buyers were unable to obtain the loan. As these people couldn't sell their homes, so it wasn't possible for them to buy a new one. Once the market recovers, make sure you sell the home. Selling the home can be beneficial, especially if you're unable to pay off the loan.

Increase your income: Even after cutting your expenses, if you still find it difficult to pay off your debt, find ways to make some more money. Start working little hard if you plan for a post retirement debt free life. Use your second job income to lower your financial obligation. Plan for a home based business or work as a freelancer to make some more money during your spare time.

Avoid borrowing from 401k plan: If you're planning to dig your money from retirement account, then it's not a good option. You may have adequate retirement savings, but it may not be enough to manage your expenses post retirement. Exhausting your retirement savings can be a major reason for messing your financial situation. Try to pay off your debts before retirement.

Appraising The Alternatives To A Reverse Annuity Mortgage Is Essential

If you're in search of more retirement income, you may consider tapping the equity in your home. Taking out a new mortgage or a homeowner's equity loan gives you money but leaves you with a current obligation to make loan payments.

A reverse annuity mortgage (RAM) turns your equity into income without a current obligation to pay it back. That may be a big benefit. But it's a costly loan - and one that should prompt you to appraise alternative ways to free up your home equity.

A reverse annuity mortgage (RAM), home equity conversion mortgage (HECM), or a reverse mortgage (RM) are common names for the same thing. They represent a special type of mortgage on a home where an elderly borrower (62 years old or older) may borrow against his home's equity to receive a monthly payment, and/or lump sum payment of cash.

Unlike a typical mortgage where your principal and interest payments reduce your debt, these 'reverse' mortgages cause the loan amount to increase over time as you receive money but make no payments back. However these reverse mortgages don't allow your loan obligation to exceed the value of the home.

Of course, a reverse mortgage must be paid off eventually. At that time the mortgage balance and all accrued interest is paid back. This happens when:

* The last owner of the property named on the loan dies

* The home owner(s) sell the home

* The home owner(s) permanently move out of the home

A reverse mortgage seems ideal for an older person who needs income but wants to stay in his or her home. But unless housing prices are growing fast each year, your reverse mortgage loan will most likely eat up all equity in your home to leaving nothing to your children.

Lenders of such loans want to be assured of making money. This assurance translates into

* loan costs and fees that are typically greater than conventional mortgages, and

* limited access to your home's equity for your use

Be sure to compare these drawbacks to selling your home and using the proceeds to buy or rent a new home - perhaps one more user-friendly to you. Find out:

* How much cash you could get by selling your home?

* What it would cost you to buy or rent a new home?

* How much money you could safely earn on any money left over after you buying a low cost new home?

* How much to move into assisted living or other alternative housing?

Determining the cost of these alternatives will either:

* Show you that another housing option is a lot more attractive than a reverse mortgage, or

* Confirm that getting a reverse mortgage is the best option for you.

A Business Bank Account Should Make Business Sense

Business bank accounts are designed to support businesses and there is a wide range of business bank accounts available. It remains important to speak to a consultant and ensure you get the features you need for your specific business.

A business bank account can have multiple card holders. The debit cards can be held by non-authorized signatories or by primary cardholders who are authorized signatories to the account. Withdrawal limits are per card per calendar day and are restricted to the maximum card limit and apply to purchases you make and cash withdrawals when you enter a PIN. You can increase the limit at your bank. Most ATM machines offer a maximum cash amount per withdrawal.

Internet banking and mobile phone banking enables you to manage your money. If you travel or have to be out of the office, you can still obtain easy access to your bank account. These accounts typically provide effective ways to manage finances. Internet banking can save you time and can also simplify your accounting process. You can view the account balance, make payments and transfer money from anywhere at any time.

Business bank accounts offer flexibility, such as no minimum monthly balance, cheque facilities, cheque and deposit books, Internet banking, telephone banking, and ATM cash withdrawals and over the counter services. You can enjoy unlimited electronic transactions and depending on your financial institution, obtain an automatic overdraft limit.

Financial institutions have to cover costs involved for banking services and consumers are therefore asked to contribute towards the costs of various transactions. Fees are only charged when you make use of a particular service or when you failed to meet a commitment you made.

Cheque accounts offer overdraft facilities. An overdraft facility is an agreement with the bank which allows an account holder to use funds exceeding the amount on deposit. The banks usually charge an overdraft fee for accessing the overdraft facility.

In order to apply for a bank account in Australia, you will need an Australian Business Number, Australian Company Number or an Australian Business Number and the Certificate of Registration of Company, or Certificate of Incorporation, or certificate of Registration of Business Name or a letter from delegated authority for opening an account. The application also requires the name of the proprietor or director and the names, dates of birth and addresses of all account signatories. The lender will conduct a search of the business's name to verify the details.

Business bank accounts can have multiple card holders. The cards can be held by non-authorized signatories or by primary cardholders who are authorized signatories to the account. Withdrawal limits are per card per calendar day and are restricted to the maximum daily card limit and apply to purchases you make and cash withdrawals when you enter a PIN.

Bank accounts typically provide effective ways to manage finances. Internet banking can save you time and can also simplify your accounting process. You can view the account balance, make payments and transfer money from anywhere at any time. The Australian banking system allows you to pay wages, debts and bills in an efficient manner.

Applying For An Australian Business Bank Account

To open an Australian business bank account, the financial institution will require information and supporting documentation. New customers are usually required to provide the following documentation:

1 x primary photographic identification: Passport; driver's licence; proof of age card with photo; Defense Force Identity Card; Firearms Licence issued under law; Foreign National Identity card with photo and Passport with photo; OR
Citizenship Certificate; Pension Card; Birth Certificate; local Drivers Licence without photo; Foreign Citizen Certificate and Birth Certificate; alternatively, one primary non-photographic and a secondary identification. This type of identification includes: Australian Taxation Notice (last twelve months); Notice recently (not older than three months) issued by a local government (electricity, rates); Notice issued by the Commonwealth, State or territory within the last twelve months; Australian Government issued Crown Safety Officer (Security Guard) identity card and Drivers Licence.

You will need to provide your business account details, such as an Australian Business Number, Australian Company Number or an Australian Business Number and the Certificate of Registration of Company, or Certificate of Incorporation, or certificate of Registration of Business Name or a letter from delegated authority for opening an account.

For trustees and trusts, you will be required to provide the Trust Deed. The application also requires the name of the proprietor or director and the names, dates of birth and addresses of all account signatories. The lender will conduct a search of the business's name to verify the details.

You will be asked to provide the Tax File Numbers or Australian Business Numbers. The banks are obliged by law to deduct tax from interest earned where a Tax File Number, an Australian Business Number or a Tax File Number exemption was withheld. The bank is also obliged to deduct tax from interest earned to an account of a non-resident.

A business bank account can have multiple card holders. The cards can be held by non-authorized signatories or by primary cardholders who are signatories to the account. Withdrawal limits are per card per calendar day and are restricted to the maximum card limit and apply to purchases you make and cash withdrawals when you enter a PIN.

Transaction accounts offer overdraft facilities

An overdraft facility is an agreement which allows an account holder to use funds exceeding the amount on deposit. The banks usually charge an overdraft fee for accessing the overdraft facility.

You can compare the benefits of different accounts and choose an option that will suit your business best. It is always a good idea to get familiar with all the bank's terms and conditions.

Business Bank Account Fees

It is a good idea to familiarize yourself with the terms and conditions of the financial institution and when fees will be debited to your account. Make sure to always have sufficient funds available for fees and charges.

The fees are typically charged when a particular service is used and at the end of the month, such as:

Deposit and withdrawals made over the counter: a fee is charged per transaction.


Each deposit and withdrawal that is not over the counter is charged a fee.

Debit transactions are usually charged a fee.

An account service fee is typically charged every month.

A fee is usually charged for every electronic debit transaction.

A monthly account keeping fee can be charged.

Transaction fees are charged if you exceed the number of fee free transactions with withdrawals and staff assisted deposits.

A fee is charged on all cheque deposits.


You can be charged a dishonor fee if there is insufficient funds in your account to cover a cheque or direct debit.

Business Bank Accounts Typically Provide Effective Ways To Manage Finances

Internet banking can save you time and can also simplify your accounting process. You can view the account balance, make payments and transfer money from anywhere at any time. The Australian banking system is excellent and allows you to pay wages, debts and bills in an efficient manner. You will find that banks offer different accounts and the fees and charges may differ from bank to bank.

Many banks offer unlimited electronic transactions and cash withdrawals free of transaction fees. You can compare the benefits of different accounts and choose an option that will suit your business best. It is a good idea to familiarize yourself with the terms and conditions and when fees will be debited to your account. It is also important to have sufficient funds available in your business bank account for fees and charges.

Business Bank Accounts

Business bank accounts in Australia offer unlimited electronic transactions, such as access to your account at ATM's, Telephone banking, Internet banking, Mobile phone banking or at any branch.

Accounts typically provide effective ways to manage finances. Internet banking can save you time and can also simplify your accounting process. You can view the account balance, make payments and transfer money from anywhere at any time. Your account can also be linked to an overdraft facility.

A business bank account can have multiple card holders. The debit cards can be held by non-authorized signatories or by primary cardholders who are signatories to the account. Withdrawal limits are per card per calendar day, but you can increase the limit at your bank. Most ATM machines offer a maximum cash amount per withdrawal.
Internet banking and mobile phone banking enables you to manage your money.

If you travel or have to be out of the office, you can still obtain easy access to your account. Business bank accounts typically provide effective ways to manage finances. Internet banking can save you time and can also simplify your accounting process. You can view the account balance, make payments and transfer money from anywhere at any time.

It is important to have sufficient funds available in your business bank account for fees and charges.

Check our rating poll section for the ratings on the particular product you have chosen to view the opinions of others who have used that particular product.

Wicks, a Guide on How to Cut Loss and Take Profit

Wicks are an interesting phenomenon in price candles formations and are a part of every candle. Wicks can be formed on the top, bottom or both sides of a candle, and they represent the highs and lows of that candle during that period of time.

What is important to remember after reading this article is that the wicks are basically 'rejection' areas where the market simply rejected the prices of the wick. It is important to note that we are talking about the "Close" of the candle and the wicks it forms after candle closes. it is the final and permanent shape of the candle.

When you see a long wick, it clearly confirms that market participants rejected the price move in that direction during that period of time, therefore, prices weren't accepted. Whereas, if prices were accepted, then the price would remain there for a decent amount of time and most probably close somewhere around there. And since the relationship between "when" and "what" is considered a crucial one in business, however, its importance rises in this context, which is the market's rejection to the price value during that specific period of time.

If we are talking about 5min charts here, then the wick formed is for only relevant to 5 minutes charts, which are non-essential or of real impact. However, when you start to look at 4 hour or daily charts, then they are of great significance.

If you think about it, day traders are only witnessing two or three 4 hour candles during a day. So in order to have a long wick on a 4 hour chart, then forces behind the price move must be very strong and important which dominants a trading session. And since day traders will rarely take notice of this move because it take a long period of time to form - hence they will usually end up trading against the price action trend, which basically supports the conflict of interest theory between the retail investors and commercial brokers and somehow explains it.

It is always preferable to use the 4 hour chart when working with strategy, or when a long wick forms on the daily chart.

Take a look at any chart, notice how every time the index reversed, it did so with a very long wick that tops or bottoms at the same price level. This usually gives an idea that market participants simply did not accept prices at these levels, simply because the supply didn't coincide with the demand at that specific time frame (No participants), Therefore, sellers aggressively entered the market quickly causing the pair to drop fast which was the confirmation of the drop.

If a long wick is formed on a daily chart, day traders across all time zones should take note of it and really be confident about their trade going against the wick, especially given enough conviction via technical or fundamental analysis. The main reason is that market participant has rejected that price level that entire day. With that being said, hedge managers always incorporate this approach to target range trading or breakouts, in both cases, these guidelines serve as "Risk Management" principles if applied properly.

Since the wick represent the high and low price of a candle, and is an area of "rejection", then the probability of trading inside the wick in the very near future is pretty low, which means that trading within daily candles' region is going to be less likely, and so your Stop Loss order.

It should be noted when analyzing price action that the market will usually make a second attempt on the previous rejection level (wick's tail). If you take a look at any currency chart, you will notice how these levels serve as support levels. For that reason, when basing decision using the Wicks Strategy, a trader should account for another test to the previous wick's tail; thus, using the tail will offer a better risk/reward opportunity.

Make Sure Staying On Your Job Won't Undermine Your Pension Benefits

If you're looking to stay on your job for some extra income after retirement age, make sure that you're not financially shooting yourself in the foot. Here's what to be aware of...

Some defined-benefit pension plans compute your pensions benefit based on a set number of years of service. If your plan tops off at 30 years, but you decide to work another year, it may be that you're not going to get any additional pension benefit for doing so.

But it may be worse than that. In some cases, workers who stay past their prescribed retirement age risk lower their overall pension benefits. That's because some pension plans determine the benefit as a percentage of earnings during the last years of service. If you choose to work those excess years at reduced hours or lower earnings, you may actually reduce your pension benefits.

*Check with your pension administrator:

Be sure to check how working longer will affect your pension before signing on for another year. Often you may want to work at a lesser earning level, so check if that will be detrimental to your final pension benefit.

Remember that a defined benefit pension generally pays out as a life annuity. It stops if you die except for any provisions it has for a surviving spouse. So, unless working longer - beyond normal retirement age - significantly adds to your pension benefit, you'll want to begin collecting it when it's normally due to be paid.

*Switch to another job to maintain your benefits:

If it turns out that staying with your company will lower your pension benefits, consider moving to another job after you max out your years of service. That way you can collect your pension from your first company unaffected by whatever income you feel comfortable with at another company.

*Know how working income affects your marginal tax bracket or taxes your Social Security:

Collecting a pension while working can give you more income than you're used to. Both pension and working income directly add to your taxable income. So find out what amount of working income on top of your pension push you into higher marginal tax brackets.

If you have a defined contribution plan, you can hold off on distributing it to yourself. You can keep contributing to some - like your 401(k) - for as long as you have working income. But you must begin your minimum required distributions of your IRAs after you turn 701/2.

When you begin receiving Social Security, you'll want to see at what level of working income your Social Security begins to be taxed. Knowing this may make you hold off on starting benefits or hold off on working too much.