Month: July 2018

Internet Banking Is A Timesaver

Posted on by blogger

You are a busy person. You do not have time to stand in line waiting for the teller. You have no time to go to the post office for stamps. Solve all these time wasting problems by doing your banking online. Internet banking may be the biggest timesaver you find. Pay your credit car bills directly online from your checking account. Most importantly, your account numbers are not in danger of getting in to the wrong hands as they are with paper bills.

It is important to simplify your financial dealings and the convenience of banking on the Internet will do that for you. Relax at home while you take care of record keeping and paying those bills. Easily keep track of checks paid and credit card bills that have to be paid.

You can have email warnings and daily balance information on all your accounts. You do not have to concern yourself with accidental overdraft situations as you do when mailing checks directly and forgetting to write them in your checkbook. Your credit cards will email you to announce a payment that is due. You can more easily keep track of all your financial information.

For contact information, why write it in you address book when you can put it in your online address book where you will not misplace it. The bank has an emergency number in case you have your credit card stolen and they will immediately cancel that card and send you a new one with different account numbers. Numbers for general services are also listed on the website of the bank.

Look up an address for sending something by snail mail with one click of your cursor. They provide toll free numbers for your convenience. A banker is available during business hours and late at night you can check your balances online with an automatic message system. It is immediately available.

You will hear of any special offers right away. You might want to take advantage of a special transfer balance opportunity with no interest for a year. When the offer is sent online directly to your email, you cannot miss it. You have sufficient time to make a decision about whether or not it is right for you.

Information is at your disposal 24 hours a day and 7 days a week. Make sure you do not incur any overdraft charges by keeping up to date on your balance. It is important in these times, when identity theft is prevalent, to make sure our financial information is private.

I was terrified about identity theft on the day my pocketbook was stolen. A purse snatcher grabbed it in a grocery store. With my cellphone in my pocket and my bank number stored automatically, I notified my bank before the thief could make use of my credit card information. The bank was able to cancel out the current accounts and set up new ones for me within days.

One day you may be a in a rush to get your banking done. Internet banking is accurate, easily understood and most of all fast. Snail mail is not as fast as email. When you need a question answered email is fast. The friendly face of a banker is the only thing you will miss when you bank on the Internet. However, the friendly and polite voice of the teller or the informative email more than make up for the loss.

Things To Be Aware About Regarding Mobile Banking

Posted on by blogger

When we think of cell phones and smart phones, we think of small computer devices. They function and behave as if they are smaller computers. That is how far technology has reached to make lives of people a lot easier. In lieu with this magnificent innovation, nowadays, banking seems to be very convenient for individuals. It seems too convenient, allowing people to use their mobile phones to make quick checks in to their accounts, pay bills or just send funds. The world now embraces a new form of banking, as if online banking is not enough.

Mobile banking is a great tool. It is convenient, fast, easy and accessible. Here are some things that you might want to consider if you wish to do banking through your mobile phone.

The issue of security
There is a general consensus between banking experts that mobile banking, to some extent, is safer compared with online banking. This is true when considering the amount of security risks and malware that could infect the mobile phone. However, that is just one aspect of security and baking using your phone has other security issues. If there is computer phishing, then there is mobile smishing. This is when the person receives a fake message via SMS asking for account details. The hacker poses as a reputable bank or financing company. Do not feel like you are immune to such seemingly obvious scams. A lot of people have lost money from such tricks.

Phone being stolen.

If you lost your phone or it was taken from you by a robber, even if passwords are necessary, when it comes to mobile banking, most users tend to apply easy to break passwords so that banking can be easy. With such ease in technological use, the account holders must always use stronger passwords because this is the only tough thing that you can do so that no sneaky individual can guess your banking details.

Compatibility
Most banks only have their mobile services offered to those clients with smart phones. These are specially made applications that can be used to make the most out of your mobile use. Those old, outdated phones are not supported and sometimes, even if banks allow, they are only limited for account balance checking only.

There are additional fees when doing your transactions via SMS. Compared to online options, they are virtually pricey because you have to pay for every text message that you send to handle banking. In some cases, those that use specialized software will have to ask for a fee.

Investment Banking Interview Preparation

Posted on by blogger

For undergrads and MBA students, the news that they have been selected for an interview at an investment bank comes with both excitement and dread. A position as an analyst or associate in corporate finance can be the first step towards a highly successful and highly lucrative career. Investment banking interviews, however, can be some of the most intimidating interviews out there, so let’s take a look at how to get prepared.

Before we jump into interview practice mode, we should take a step back and think about how we want to come across in the interview. In short, investment banking candidates should come off as bright, confident and likable.

In the final cut of selecting a hire, investment banks have already determined which candidates are smart and capable, so the decision comes down to who they like the best. So in addition to knowing a thing or two, candidates must remember to come across as a fun person to work with as well.

Know Your Story

Like any interview, candidates should have stories prepared about their lives that discuss their past, present and future. These are great answers for the standard questions:

“Tell me about yourself.” Or “Walk me through your rsum.” “Why are you interested in investment banking or this firm?” “Where do you see yourself in five to ten years?”

Candidates are highly likely to receive these or similar questions in any interview, and having succinct, practiced answers to them will give the impression of a polished candidate.

Your past story should highlight events that have qualified you for or gotten you interested in investment banking. Your present story should demonstrate why you want the particular position, how it is a logical step from where you are coming from and perhaps touch on where you hope the position will lead.

Your future story should discuss how investment banking will lead to where you want to go. Good future ambitions might be a managing director position in investment banking, a principle at a private equity firm, a CFO or perhaps and entrepreneur. In any case, you should communicate that those are long-term ambitions and you look forward to the experiences you’ll have in the position you’re interviewing for.

Know the Industry and Firm

Where investment banking interviews begin to get trickier is that firms will expect you to know what you’re getting into. If you confuse an equity analyst position with an analyst position in corporate finance, for example, you will not make it any further in the process.

You should understand the major divisions within an investment bank – sales & trading, corporate finance, research, etc. You should understand the hierarchy of positions within corporate finance – analyst, associate, vice president, managing director – and what each position does.

At the macro level, you need to understand the major differences between bulge bracket investment banks, middle market and boutique investment banks. You should also have a good answer for why you would prefer one type over another (and be sure that you prefer the type you’re interviewing with).

How To Set Up Business Banking Requirements For Your Beauty Salon Or Day Spa

Posted on by blogger

Banking is a significant component within the varied mix of business-related topics you’ll need to address in your beauty salon or day spa business. If you’ve decided to operate under your own name as a sole trader, you can use your regular savings account to run your business. However, you’ll require a number of banking products to help you do so in the most practical and efficient manner.

Salon banking is relatively an easy component of your business responsibilities within your salon systems and thanks to online banking these days, you don’t even need a salon software to manage the task.

So, what other kinds of accounts might you need? I advise anyone intending to go into the salon or spa business to consider setting up the following, which are examined in more detail below.

o A personal account.
o A business account.
o Personal and business credit cards.
o A taxation account.
o A merchant facility, (credit card processing).
o A superannuation account.

1. Business account

Unless you’ve chosen to trade under a name other than your own, this will be opened using your business name. You will need your Business Registration details from the Department of Fair Trade to open the account, along with other proof of identification. Request monthly bank statements so you can track your business success and manage your money on a regular basis. You should also have a chequebook, an internet banking facility, a merchant facility (more on this later) and direct debit capability.

NB: if you are not the most disciplined person DO NOT have a key card attached to this account. Pay yourself a weekly salary from it and don’t touch it for any purpose other than paying business-related expenses. That way, you’ll always know where you stand financially.

2. Personal account (savings)

This can be an account you already have, and will be used for all non-business-related bills and purchases.

3. Personal and business credit cards

You may want to take advantage of Frequent Flyer miles and other loyalty bonuses by using a credit card for all your business purchases. If you do, you may not require a traditional business bank account. Watch out, though, that the flexibility of the credit card doesn’t encourage you to spend on things that won’t help your business! If you do choose to use a credit card only, do as you would with the traditional accounts and have two: one for your personal and one for your business expenses.

4. Taxation account

Hopefully, your taxation bank account will be the most rewarding. Sadly, we all have to pay tax, and if you’ve got a tax bill you’ve made money. If you don’t have the money saved to pay the Tax Department, then the lifestyle you have is outside the financial parameters of your business. To ensure you always have the readies for your tax, open a bank account especially for that. Set it up so that 15 to 18 per cent of you total turnover is withdrawn direct from your business account and transferred into your tax account WEEKLY. If you’re registered for GST, add another 10%. This will prepare you for your taxation commitments and enable you to concentrate solely on making money, rather than worrying about not having enough at the end of the year. Most banks have special accounts for precisely this purpose.

If you’re a lousy saver or don’t trust yourself with money in the bank, set your tax account up in the following way.

o As a fixed-term account that must contain a designated amount before withdrawals can be made.
o Have a co-signatory on the account – your partner, a parent, a best friend or someone you trust implicitly.
o No key card.
o Not linked to any other account.
o Not linked to the internet.

You can set up the direct debiting facility from your online banking facility. That way, you can have a set amount credited to your tax account or pay precisely the right percentage each week by making a ritual payment at the end of the week as part of your business housekeeping.

Tip bit:
o Keep your business and personal expenses separate, using clear and defined account and record-keeping procedures. It’s a must for a business of any size, from micro to macho. It’s the simplest way to see how your business is travelling (at a glance). If you have any questions about separating your business and personal finances, consult your accountant/ CPA or business coach.

o If you can get to the money in the account for any purpose other than paying tax you’ll rip yourself off. Don’t go into business if you want to spend your life avoiding tax. You’ll fail, if not sooner then later! Be consumed with making money, not hiding it! You won’t enjoy being self-employed if you don’t have enough funds to cover your income and GST tax obligations as they arise. Save for your tax!

o Bank as and when you collect the money, especially cheques. Make going to the bank a daily discipline.

o Whatever bank and accounts you decide to use, consult your accountant/ CPA to ensure this aspect of your business is set up correctly right from day 1.

o Have two separate filing boxes and get into the habit of sorting all your receipts in the appropriate files during and at the end of each week. Don’t get to the end of the financial year and start then – if you haven’t made good notes on each receipt you may find it too hard to remember where it should go.

Top Paying Banking And Finance Careers

Posted on by blogger

I am an MBA from…”

Or

“I am a Masters In…”

Or

“I am a graduate from…”

Really?

What happened to you?

You Are Not Your Education.

Surely you have something unique to offer the world of Banking & Finance.

But I have found that the very thing holding these students and graduates back is simply their beliefs and the meaning that they attach to the current situation.

In Private Equity our job is to see things differently from everybody else.

The investments that I look for right now are companies that do not understand the opportunity that is available to them right now through technological advance.

I mean, never in history have we had access to our own television channel (You Tube), our own distribution network of over 1 billion users (Facebook), the ability to have our message reach everybody’s pockets (Through i phones and Blackberry’s), have access to our own publishing company (Through iPad and Amazon), the ability to set up at virtually zero cost, for 3 people to be able to do the work of 300 people without an office and to have access to a global market with the click of a few buttons and a small budget with google.

And this is meant to be a hard time???

What an opportunity.

As long as businesses continue to do things the old way, there will always be a market for me to see things the other way and thrive.

As long as students and graduates identify themselves as their education, there will always be an opportunity for others to see things the other way and thrive.

Why?

Two things and two takeaways for your career.

Students and Graduates that are struggling right now are stuck in old ways and not adjusting to change.

Old thinking students and graduates are using old strategies like get as educated as I can and then apply online for graduate Schemes.

This will lead to the same results as everybody else – bad ones.

Secondly…

Students and Graduates that are struggling right now give the wrong meaning to the tough market.

Circumstances do not dictate what happens to us.

The meaning that we give the circumstances does.

This tough market can be unfortunate or it can be the biggest opportunity ever.

Which meaning you give it, is your choice.

What is the dominant meaning that you give to the current situation?

I put it to you, the meaning you give it will dictate your results.

Some experience the trauma (and something that I would never wish upon anybody) of being raped.

Some take that experience and fall apart.

Others use this as a reason to never allow this to happen to anybody ever again and start a crusade to change the world.

What is the difference?

The meaning you give something.

Why me? v. How Can I Use This?

The meaning you attach to circumstances will dictate your ability to see the opportunity amongst the rough.