How Automating Accounts Payable Can Streamline Your Business

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Accounts payable automation, often shortened to AP automation, is a process that uses technology to streamline the payment of invoices. Businesses of all sizes can benefit, but it’s especially advantageous for larger ones with high volumes of invoices, such as those in the manufacturing, retail, healthcare, and hospitality industries. This article explores the main upsides, looks over the risks, and advises on how to proceed.

It helps cut costs and increase efficiency

Every organization has two key goals for increasing revenue: the first is to improve sales and increase the customer base; The second is to reduce costs to maximize profits. Utilising AP automation can certainly assist with the latter.

The average expenditure on invoice processing is about $10 from start to finish; however, by using AP automation, you can decrease that amount to only $2. For one thing, it can help you cut down by as much as 90% on the cost of materials, especially paper. It also allows you to observe your cash flow so that you don’t unintentionally spend too much on something, and opens the door wider to discounts for making payments earlier as it makes the whole process much more efficient.

It minimizes human error

The biggest issue with invoice processing is human error; manual data entry and document processing are repetitive, monotonous jobs, which increases the likelihood that those doing them will make mistakes. Automated systems can scan documents, read their contents, extract key data points, and enter them into a system. Additionally, automated validation rules can be set up to ensure that all invoices are processed correctly and in compliance with policies, thus eliminating the risk of typos or misfiling, reducing duplicate payments, and improving accuracy throughout the entire invoice-to-payment process.

It strengthens customer relations

The above benefits of AP automation come together to help build trust between the business and its customers, as the customers know that their payments will be processed quickly and accurately. What’s more, it allows businesses to provide more detailed information about each transaction, such as when it was sent and received, which can help customers better understand the payment process. It also allows businesses to easily track customer invoices and payments over time, providing them with valuable insights into customer spending habits; those insights can then be used to improve customer service.

It improves security

AP automation can significantly improve the security of your business. First of all, it helps to reduce fraud by providing a secure system for processing payments. In addition to this, you can set up rules and restrictions to ensure that only authorized personnel have access to sensitive financial information, and you can track all transactions in real-time, so any suspicious activity can be quickly identified and addressed. AP automation also makes it easier to comply with government regulations, such as Sarbanes-Oxley (SOX) or Payment Card Industry Data Security Standard (PCI DSS).

Are there any risks associated with using AP automation?

Yes, there are certain risks that come with the use of AP automation. For instance, if the system isn’t properly configured or maintained, it can lead to incorrect payments being made or duplicate payments being issued. Similarly, if it isn’t regularly monitored and updated, it can become vulnerable to cyber-attacks and data breaches. Furthermore, if it fails to recognize changes in vendor information or payment terms, it could result in late payments and penalties. Finally, it may be prone to errors due to human input mistakes or incorrect coding of rules.

What are the best practices for ensuring successful implementation and use of AP automation?

If you’ve reached this point and feel like AP automation would be ideal for your business, then you need to know how to implement and use it successfully.

It’s important to have a clear understanding of the process and how it works, and to have a well-defined plan for implementation that includes setting up the system, training staff on its use, and testing the system before going live. Besides this, an effective communication strategy must be in place so that all stakeholders are aware of the changes being made and can provide feedback throughout the process. Once implemented, regular monitoring should be done to ensure that all processes are running smoothly and any issues are addressed quickly. And lastly, it’s worthwhile to have a reliable support team available for assistance with any technical issues or questions.

How to Find a Wrongful Accounting Lawyer

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When a wrongful accounting lawyer is needed to defend you against an auditor’s fraud, you should make sure you are working with someone who has a lot of experience in this area. This will ensure that you get a good outcome from your case. Fortunately, there are some resources you can use to find an experienced wrongful accounting attorney in your area, which should not be mistaken for a wrongful death lawyer.

Hope Lefeber is a federal accounting fraud defense attorney

A federal accounting fraud trial is no picnic. This type of prosecution can have a hefty price tag for the average citizen, let alone the exes of the law. As with any legal matter, the best course of action is to consult with a skilled criminal lawyer.

Hope Lefeber is the top of the line in this department. Her thirty years of practice has given her the opportunity to develop a knack for the federal legal system. She has been a part of many successful cases, most notably those in the Philadelphia area. If you have been accused of a financial crime, you will want to consult with a federal criminal lawyer as soon as possible. From there, she will work to ensure that you get the best possible outcome in your case. Having the right legal team can mean the difference between spending your life in prison or enjoying a free ride with the rest of the pack.

Accountant malpractice can be simple negligence or gross negligence

Accountant malpractice is when a professional accountant deviates from Generally Accepted Accounting Principles (GAAP) and the resulting financial loss harms a client. In some cases, non-client third parties can be harmed as well.

There are two common types of accounting malpractice, simple negligence and gross negligence. Regardless of which type is involved, an experienced attorney can evaluate the facts and guide a client through pursuing damages.

Simple negligence refers to errors that would be considered carelessness by an average accountant. However, a failure to detect fraud or other risk factors may qualify as auditing malpractice.

Gross negligence, on the other hand, is a more serious form of misconduct. It includes errors that deviate from accepted accounting standards, as well as purposeful omission of information and more.

A successful malpractice claim may award the victim a monetary award as well as an additional recovery for gains made if the money had not been lost.

Penalties for wrongful accounting lawyer

It’s no secret that a reputable accountant has a vested interest in your success and failure. To this end, they have a duty to perform the aforementioned tasks for you. A tidbit is you can’t always trust them. The best way to mitigate this is to hire a seasoned legal professional to help you navigate the waters. After all, you are a human being and you deserve the best. They might not be there to protect you from the perils of the world, but they can be there to save you from the worse. For instance, they can be there to help you get through this unenviable challenge, or help you to overcome it.

Posted in Law

4 Types of Accountants Discussed

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What do you think of when you hear the word “accountant?” Do visions of men in suits with calculators and briefcases come to mind? While this may be true for some accountants, there are actually many different types of accountants as nearly every industry requires one.

Here are just 4 types of accounting jobs explained.

Forensic Accountants 

Imagine that you’re watching your favorite crime drama. The victim is found dead, and the detective begins to put together the pieces of who did it. They look at the financials and realize that the victim had been embezzling money from their company. This is where a forensic accountant comes in.

Forensic accountants are trained to follow the money to solve financial crimes. They use their skills in auditing, investigative accounting, and financial analysis to detect fraud and other illegal activities. Thus, forensic accountants often work with law enforcement agencies, attorneys, and insurance companies.

Tax Accountants

Filing taxes is a necessary evil for every working institution and individual, from memory care facilities to solo massage therapists.  

Navigating taxation is not the easiest thing, however, and the job of a tax accountant is to help individuals and businesses to prepare their taxes. They use their knowledge of tax laws to make sure that their clients are compliant while paying only the correct amount of taxes.

For example, let’s say you own a small business. A tax accountant would prepare your taxes in a way that makes sure you’re taking advantage of all the small business deductions and credits that you’re entitled to. 

Tax accountants often work for accounting firms, but they can also work for the government, large corporations, and even individuals.

Cost Accountant 

A cost accountant is primarily responsible for keeping track of the costs associated with producing a product or providing a service. They work with financial data to create reports that show how well a company is performing and where it can improve. This information is then used by managers to make decisions about pricing, production, and other areas of the business.

To illustrate, say you own a bakery. A cost accountant would keep track of the costs of flour, sugar, eggs, and other ingredients that are used to make your products. They would also track the costs of labor, utilities, and rent for your store. This information can then be used by you to determine how much you need to charge for your products to make a profit.

Investment Accountant 

Say you want to invest in a new company. An investment accountant would research the financial history of the company and provide you with information about its overall financial health. They would look at things like the company’s debt, cash flow, and prospects. 

This information will be invaluable in helping you decide if investing in the company is a good idea or not.

Investment accountants often work for banks, insurance companies, charities, and other financial institutions.

There are many different types of accountants with a wide range of responsibilities. So, the next time you hear someone say “accountant,” don’t think of just one person in a suit. Think of the many different people who use their financial expertise to help make the world go round.

Is studying abroad costly?

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If you think about studying abroad, the first thing is in your mind, money, then a free program will appear like a great option. Even those who worry too much about finances can find out about the cheapest countries to study abroad.

 Main Factors that cover the cost of studying abroad:

1. Tuition fees:

The first and most important expense of studying abroad is the tuition fees. Their funding comes from governments, so in many countries (like Germany) they charge students a minimum while providing a world-class education.

2. Accommodationcosts:

Two main components, tuition, and housing or lodging are the biggest concern for anyone looking to study abroad. For some courses, accommodation fees are included in the general fees. However, not all students get college housing and they have to pay more to stay in rented rooms.

3.Living expenses:

 You can also include accommodation expenses in this category. These costs vary depending on where you live and your standard of living. A student’s daily expenses are included. Most students try to cover these costs by working part-time jobs alongside their studies whenever possible. However, part-time work has its limits.

Jonathan Ullmer

Jonathan Ullmer is an education expert and the founder of Excellence in Schools. He is a veteran of the British education system from a junior high university.

Jonathan took on a leadership role as Deputy Headmaster at Cambridge Arts, Technology, and Science (CATS) College Cambridge in 2008, eventually becoming Head of CATS Canterbury in 2010.Originally from Oxford, England, Jonathan Ullmer is a professional educator with extensive experience working with students in the UK and abroad. He was also directing the school when it obtained its first very successful results in the international baccalaureate.

In 1989, he became Head of the Arts Curriculum at Cecil Jones High School 1118 Foundation in Southend before moving to Sawyers Hall College of Science and Technology in Essex in 1989 where he took on the position of Deputy Headmaster.

Conclusion

However,we have discussed thefactors that cover the cost of studying abroad. It will help to know about the expenses of studying in abroad. If you are looking forward to studying abroad, ensure that you do your research well and that there is no loophole left. Know the institute, know the campus and know about the educators as well. They mean a lot when it comes to your development.

3 Tips For Those Considering A Career In Accounting

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Whether you are in college or just fresh out of college and trying to figure out what to do with your life, or are thinking about a career change a little later in life,  it can be scary and stressful to try and figure out what career is right for you. One career that has been popular for a long time is accounting. Everyone needs an accountant at some time or another, so has longevity. The pay can be pretty good too. Of course, not just anyone is cut out for accounting. It does require some special skills and strengths. 

So if you’re on the fence, here are 3 tips for those considering a career in accounting. 

Be Comfortable With Finances

Accountants give financial advice to some degree to their clients, especially during tax season. It is up to you to learn the lingo and explain it in layman’s terms to people. When it comes to matters of finances, it’s important that you are not only comfortable looking at and talking about your client’s finances with them, you should also be comfortable with your own finances. 

For example, if you owed a ton of money last year on taxes and you aren’t quite sure why, a career in accounting may not be best for you. Similarly, if you haven’t thought about reaching retirement at all and have no savings whatsoever, you probably want to go into a different field. 

Look At Your Math Skills

It may go without being said, but being an accountant requires a fair amount of math and there is really no way around that. If math has never been your strong suite, this just may not be the right career for you. However, if you’re decent at math and just need a little refresher, you may consider taking some math classes at your local community college to brush up on your skills.

If you aren’t sure, there are many tests online you can take to figure out what your math skill levels are. This is a great way to know where you stand so that you can figure out if going into accounting is what you really want to do. 

Think About Clientele

Do you have a lot of friends and just know a lot of people in general? If so, you will likely already have some built in clients when you first start your accounting business. However, if you’ve just moved to a new city, aren’t a people person, or just don’t know a lot of people, it may be really difficult for you to get started as an accountant. 

Being an accountant certainly isn’t for everyone, but who knows – it may be just the right career for you! Hopefully this list helps you to decide. 

The moneylenders give you the best option to provide you with quick loans

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For most people, the best option is the moneylender when they need a quick loan. The bank doesn’t offer small loans to the borrowers and luckily if they get one then they need to pay a high-interest rate which becomes hard for them to repay it. but when we are talking about the moneylenders the loans are provided much more quickly and the interest rate is also low. 

The reason behind low interest is also because of the competition in the market and to attract the borrowers they need to keep the rates low. There are many firms offering loans but you need to find out the one that can be trusted and that is why you need to take the right decision before applying for a loan in any firm.

The licensed and the unlicensed firm 

You must have heard that there are licensed and unlicensed moneylenders in the market. According to the government rules the licensed moneylenders are regulated to take the various loan procedures while the unlicensed ones are not. When you apply to a licensed firm you stay protected from excessive interest rates and unfair rules and regulations. The unlicensed firms do not follow any such practices and that is why you need to do proper research and find a trusted firm. 

Why it is beneficial to take loans from moneylenders?

The moneylenders provide loans to the borrower quickly and they don’t need to wait for the long procedures as conducted in the banks. The interest rates offered by various firms differ based on many different factors and you should read all the policies properly before applying for the loan. 

The banks have got a lot of paperwork to process and also a separate team to get the loan processing to be completed but the moneylenders only ask you to fill a form and some simple credit check to provide you with the loan. Where the banks can take weeks and even months to get your loan approved it is just a matter of day one or two to get the loan from a moneylender who is good at money lending in Toa Payoh.

They don’t ask their borrowers to have a high credit score and there are some of the firms that even don’t go through a credit check. The repayments of the loan are simple and there is not a lot of burden on the borrower because of the low-interest rate. 

How to Start Your Own Accounting Business

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Starting your own accounting business can be a great idea because preparing taxes and keeping track of finances can be one of the biggest challenges that people need to hire A specialist for. However, in order to ensure your success, you’ll need to know the basics of starting and maintaining a business. Here is some of the best advice for people looking to become a professional accountant. 

Decide Whether You Want to Work at Home

There are plenty of accountants that choose to work from the comfort of their sofa. However, a home office isn’t always necessarily the best fit for everybody. Although regulations are the same for accountants whether they run their business out of their home or an office, there are some advantages to having a rented space outside of where you live. 

For one, it helps separate your personal life from your professional one.  This can be especially important for accountants with families. Since there is so much to keep organized, and so much need for concentration, working around your family may be challenging. You’ll have to weigh out the pros and cons of working at home versus working in an office and make the choice based on your individual circumstances.

Harness the Power of Technology

Now it is, it’s easier than ever to streamline your processes. Accounting software speeds up your workflow and keeps everything organized in one single location. If you’re not familiar with all of the software available to accountants, then you should consider doing your research to ensure that you make the best choice. 

Set Goals

Anytime you start a business, you have to have goals in mind. Without goals, you’re simply wandering through the dark with no end in sight. Goals help you stay focused, and accountable, keeping you on track every step of the way. Your goals may vary depending on your unique circumstances. Whether you hope to take on a certain amount of clients, or generate a certain amount of revenue, it helps to have specific numbers in mind to ensure your success.

Market Yourself

Once you’re ready to start taking on clients, you’ll need to actively market yourself. Decide on who your demographic is, and go after them consistently. There are many different ways to market your business, from directories to Google business, to using social media, you may find that trying a few different marketing channels out is the best way to find the best one that works for you.

Starting an accounting business of your own can be challenging. Starting a business doesn’t always guarantee it will be successful. However, if you’re consistent, work hard, and ultimately deliver quality work, then you’ll start to build a strong client base and generate plenty of referrals in no time!

What are Payday loans?

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Payday loans are advertised as one-time “magic fix” consumer loans for people who are short on cash. In practice, these loans trap borrowers in a long-term debt cycle with a slew of additional negative economic repercussions. A typical payday loan carries a 400 percent annual interest rate, and payday lenders have the power to take money directly from debtors’ bank accounts. The business model of payday lenders is based on offering loans that debtors cannot repay without reborrowing and incurring even more penalties and charges. You can contact usapaydayloansdl.com if you have any queries or issues regarding a payday loan.

Before you take out a payday loan, consider the following factors

Make sure you comparison shop for the greatest price. Online payday lenders are required to post their offers on at least one price comparison website so that you can compare them to others. The Regulatory Agency must regulate the pricing comparison service. You may also use the website to find solutions to your payday loan issues. While granting you money, a lender should assess whether you’ll be able to pay it back when you ask for a loan. This means, for instance, that the lender should verify that you have enough money coming in each month to repay the loan.

Payday loans have a lot of drawbacks

While payday loans are a quick way to borrow cash, the interest rates are astronomically high. Lenders are now not obligated by law to verify that you are financially capable of repaying these exorbitant finance charges, let alone the money you borrowed. If you can’t pay it back, the penalties are serious: Depending on how much you borrow and where you live, the charges will differ.

What happens If I don’t repay a payday loan on time?

The payday lender has the authority to charge you a one-time fee as well as a higher interest rate on the amount owed. If there isn’t enough money in your account when the payday lender tries to withdraw what you owe, your bank or credit union will most likely charge you a nonsufficient funds fee or an overdraft fee.

Conclusion

Payday loans might be advantageous in some situations. A payday loan could be a good alternative if you have a good credit history but need a little more cash to cover an expense. However, keep in mind that payday loans include dangers, and if you’re not sure you’ll be able to repay your debt, a payday loan might destroy your credit score or even find you in court.

Liability In Commercial Truck Accidents

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When looking at motor vehicle collisions, there are not many that are more dangerous than truck accidents. We are looking at a huge size difference when comparing regular passenger vehicles with commercial trucks. Whenever the trailer is fully loaded, we are talking about a vehicle that is weighing up to an impressive 80,000 pounds. 

Because of the huge weight and size of the commercial truck, there is a very high possibility those in the other vehicles will be seriously injured. Also, for pedestrians, bicyclists, and motorcyclists, the possibility of death is even higher. Basically, severe bodily harm is very common and can result in wrongful death or permanent disabilities. 

Fortunately, the law allows you to receive compensation for the injuries you suffered, in the event that the accident was not your fault. And when referring to commercial truck accidents, the fault is often not that of the driver of the other vehicles involved. However, everything boils down to proving liability. 

Identifying Liable Parties

It is always highly recommended to hire an experienced truck accident lawyer when you want to prove liability. Learn more about this here: https://hensleylegal.com/indianapolis/truck-accident-lawyer/. 

Getting back to the main topic at hand, liability is always linked to the cause of the accident. This is why you should know about the following causes:

  • Driver Fatigue – In so many cases, the commercial truck crash happens because a driver ends up falling asleep or is simply way too tired and cannot safely operate the large vehicle. It is true that all truck drivers need to follow very strict regulations when it comes to hours of operation and many other things. Even so, trucking companies so often encourage drivers to purposely change driving logs. This is why attorneys always verify records to identify potentially unsafe practices. 
  • Intoxicated Driving – It is always dangerous to drive while impaired but when it comes to commercial trucks, the dangers are so much higher. There are so many truck drivers who are impaired because of the use of controlled substances or alcohol. In such cases, very dangerous accidents can appear. 
  • Distracted Driving – When the driver of the truck is not paying close attention, it is possible to simply fail in noticing vehicles or even respond correctly on the road. We are all aware of using the smartphone as a common cause of distracted driving but even something as simple as listening to the CB radio can become a huge problem. 
  • Traffic Violations – All truck drivers need to be very careful as they need to follow all traffic laws, including some that are specifically created for them. When traffic violations appear, especially in tougher driving conditions like difficult weather or curvy roads, accidents are close to follow. 
  • Mechanical Failures – While in the examples above most of the fault is attributed to the truck driver, in other cases, other parties are liable. Mechanical failures can be the fault of the maintenance crew or the truck company that decided to ignore signs that there are mechanical problems that should be solved as soon as possible. For instance, defective trailer couplings should be fixed fast or there is always the chance that they will malfunction, which would lead to something really serious, like the trailer getting detached. 
  • Improper Cargo Management – This includes securing cargo and loading cargo. All items inside the trailer need to be secured properly and weight has to be distributed in a way that offers stability. 
Posted in Law

WHY YOU NEED TO HIRE THE SERVICES OF A LAWYER

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Even though not all legal matters require the services of a lawyer, quite a considerate number of them do. Lawyers do not only exist to solve legal matters but to prevent them from happening in the first place. An experienced lawyer will help you navigate the difficulties of legal matters as well as help you out of sticky situations you may one day find yourself in. 

Failure to get a lawyer when the situation requires it can cause issues like loss of money, loss of job, broken agreements, and in some cases even jail terms. 

Here are valid reasons why you need to hire a lawyer: 

BETTER TO AVOID A PROBLEM THAN FIX IT 

As the popular saying goes, prevention is better than cure and that applies to legal matters as well. Preventing a bad situation from happening will save you time and resources. And hiring a lawyer is a good investment to prevent problems in the future. For instance, when a clause in a particular contract will end up causing a problem in the future, a lawyer can help you foresee it and prevent that from happening. 

THEY KNOW HOW TO NEGOTIATE THE MOST FAVORABLE TERMS FOR YOU

Negotiation can be tricky and an experienced lawyer can help you identify the best terms for you and prevent you from making bad decisions. There are instances when negotiation is the best course of action to take instead of going to trial and a lawyer can help you foresee that. 

YOUR OPPOSITION MAY HAVE A LEGAL REPRESENTATIVE OF THEIR OWN

It is important to get legal representation because your opposition may have already gotten one and that gives them an advantage over you. The law is complicated, you may find it hard to navigate the obstacles they may place on your path. 

IT CAN SAVE YOU MONEY

Many people are scared of hiring lawyers because they believe personal injury lawyers are expensive and will consume resources. However, there are many instances where not getting a lawyer will cost you more money because you can get yourself into a sticky situation and won’t know the best way to get out of it. 

IT INCREASES YOUR CHANCES OF WINNING 

When you are faced with a legal issue, your biggest wish is to win or achieve a state of equal benefit and a lawyer is more likely to get you that than any other individual. A good lawyer will increase the chances of you being at the winning end. 

There are many reasons why you should get a lawyer and even though there are many options, it is important to get a good and experienced lawyer who knows what they are doing and can get you the best outcome in any situation. While you might be able to file claims and represent yourself in front of a judge or even a jury, it is simply much better that when you are faced with such a scenario, you hire an attorney to help you out. Just make sure you find one that is very experienced in the type of case that you are faced with. 

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