Sheri gill, Author at Ecommbits

In Finance

Debt Collection Practices and Your Rights

July 27, 2024 No Comments

Banking institutions and lenders need to follow the laws of collecting overdue payments from customers. These laws are enforced by the Reserve Bank of India. They help oversee the practices of collecting debt. This is a vital factor in the financial system of the country, and brings a method to the process of recovering unpaid dues. In my opinion, this process is vital to maintain the stability of the banking industry.

Debt collection must always be above fair practices laid out by the RBI. I also advise that whenever you take on a loan, you should do a thorough due diligence of your rights.

Let us move ahead and explore some of the essential principles that govern the process of recovering unpaid dues-

Fair Practice Code– The RBI stipulates that each bank and financial institution should establish fair practices to help with collecting overdue repayments by customers. This is aimed at helping the borrowers know their duties and rights when they take on a loan. Plus, it creates a moral basis for the behavior of both parties. This process should always be open and non-coercive.
Privacy and confidentiality- The lenders should always protect the data that is entrusted to them by the borrower. This is a part of its legal duties. People who are not involved in the debt should have no information regarding its details and clauses of collocation.
Clear communication- Banking institutions need to maintain courteous and non-coercive contact with their borrowers. There should be regular communication of deadlines. The bank should not resort to harassing or coercing the borrower by making contact at undecided locations or situations.
Resolving Disputes- The RBI also mandates that banks have a set of procedures in this aspect. This will help resolve any potential disputes that occur during the process of recovering overdue payments. They need to have a grievance redressal system in place. The borrowers can use it for assistance and get help for solving any problems in this space.
No coercive method- Banks or financial institutions are strictly not allowed to use physical force or humiliation to recover their dues. Such intimidation tactics are not allowed. They also do not have the legal authority to consider the borrower’s belongings or assets. Also, debt collectors should not visit the borrower’s place of residence.
Transparency with documentation- The RBI maintains that financial institutions should keep an honest and accurate record of their efforts at collecting the debt. This includes information about how much debt is owed, the number of attempts made and the duties of each party in the agreement. If at any point updates are made, the concerned bank should immediately be notified.

All of the above guidelines work to ensure that the process of collecting loans is as comfortable and law-abiding as possible. To avoid any untoward circumstances, I always advise that you draw from trusted and reputed institutions and not from any debt settlement agencies. A debt consolidation loan proves to be a better option in this situation, as you can roll several debts into one single account. With a credit score that is high enough and proven creditworthiness, you can get a low APR. At the time of repayment, you need to heed this single rate for the whole amount and pay through EMI.

Parting Words

Hopefully, the article was able to empower you by informing you of some of the important rules and regulations of collecting debt. If you’ve faced intimidation or any other untoward situation at the time of repayment, I strongly advise seeking legal support.

Knowing your rights is crucial for protecting yourself and knowing what behavior is and isn’t permissible. Borrowers’ protection is a part of RBI’s guidelines, and banks are supposed to uphold an amicable relationship between lender and borrower at all times.

In Loan

Introduction to Wealth Management

May 24, 2024 No Comments

Wealth management services cater specifically to high-net-worth individuals. Service providers offer strategies to expand and protect clients’ assets while helping reduce tax liabilities, plan for retirement and pass down estates to heirs.

When selecting a wealth manager, be sure to select one with appropriate credentials. Check whether they hold any special licenses or certifications and assess their reputation before making your selection.

What is Wealth Management?

Wealth management companies specialize in meeting the financial services needs of high-net-worth individuals. These firms typically offer comprehensive financial advice, tax guidance, estate planning services, investment portfolio management and private financing – among many other financial offerings geared specifically at ultrawealthy clients.

As opposed to an asset manager, which focuses on optimizing clients’ investment portfolios to reflect their risk tolerance and financial goals, wealth management firms take a more comprehensive approach when handling client finances. Their specialists collaborate with various disciplines across a wide spectrum of professions in order to meet every client’s individual requirements.

When selecting a wealth management firm, it’s essential that you fully comprehend their services and fees structure. Furthermore, take note of their credentials and professional designations to make sure they can meet all of your specific needs – for instance if you possess significant charitable assets that require special expertise; additionally some wealthy clients often face complex tax situations which necessitate professional assistance from accountants and attorneys.

Key Components of Wealth Management

Wealth management strategies are designed to assist wealthy individuals in protecting and expanding their assets. Such strategies may include financial planning, investment management, estate planning and charitable giving advice. A good wealth manager will coordinate all these aspects into an overall plan for optimal wealth preservation.

Goal setting, financial planning, asset allocation and risk management are the cornerstones of wealth management. Goal setting provides a roadmap for your financial future and keeps you on the path toward reaching your goals; asset allocation helps diversify investments to reduce risk while potentially increasing returns; risk management is crucial as it detects market volatility and inflationary threats while devising mitigation strategies to keep them under control.

Tax planning is another essential aspect of wealth management. A skilled advisor will help reduce taxes while increasing returns through tax-efficient strategies. Retirement planning also plays a crucial role, ensuring you have enough income after retirement to live comfortably.

The Role of a Wealth Manager

Wealth managers are professionals who use their business savvy and industry expertise to increase the wealth of their wealthy clients even further. Typically working with high-net-worth individuals and families, wealth managers provide services related to investments, taxes, estate planning and charitable giving – areas in which many may need help with.

Investment advisors’ job is to develop holistic plans for their clients that address their investment goals, financial needs, and risk tolerance. Advisors frequently work in concert with accountants and attorneys in creating plans tailored specifically to a client’s finances.

At the heart of it all lies finding a manager you trust and feel comfortable working with, while considering their credentials and professional certifications such as membership in the Financial Industry Regulatory Authority’s Professional Designation Search Tool. Also important when making this choice are fee schedules – these usually take the form of a percentage of assets under management with potential variations depending on who manages your funds; so do some shopping around before selecting your manager!

Risk Management in Investment Portfolios

Risk management in investment portfolios involves identifying and quantifying risks to ensure investors feel comfortable taking on appropriate levels of risk based on age, financial goals and timeframe. The ultimate aim is to preserve capital while simultaneously realizing gains.

Wealth managers provide their clients with assistance in developing an investment strategy tailored to their goals and risk tolerance, asset allocation and rebalancing services, fund selection recommendations as well as guidance in mergers and acquisitions.

Remind yourself that all investments involve some degree of risk. Strategies like diversification can lower this risk by spreading money across multiple assets classes and sectors; but you should remember it can take considerable time for any significant losses to recover, so regular monitoring is crucial for long-term investment success.

In Business

Excel pivottables for dynamic financial analysis in quickbooks

February 10, 2024 No Comments

For businesses utilizing quickbooks for their accounting needs, excel’s pivottables offer a powerful enhancement for dynamic financial analysis. While quickbooks provides comprehensive accounting functionalities, integrating its data with excel pivottables can unlock more in-depth insights and customizable reporting capabilities. This article explores the synergy between quickbooks and excel pivottables, focusing on how this integration can transform financial data analysis.

The power of combining quickbooks with excel pivottables

Quickbooks is widely used by businesses for its robust accounting features. According to a report by intuit, quickbooks enjoys a significant market share with millions of global users. However, when it comes to customized reporting and data manipulation, excel’s pivottables come into play, offering advanced analytical capabilities.

Importing data from quickbooks to excel

The first step in harnessing the power of pivottables for quickbooks data is efficient data export. Quickbooks allows users to export various financial reports in excel format. This seamless export is the foundation for further analysis in excel.

Data integrity and accuracy

Ensuring the integrity and accuracy of exported data is crucial. A study by ibm found that poor data quality costs the u.S. Economy around $3.1 trillion annually, highlighting the importance of accurate data handling.

Utilizing pivottables for enhanced analysis

Customizable reporting

Pivottables enable users to create customized reports by simply dragging and dropping fields. This flexibility allows for tailored financial analyses that align with specific business needs.

Dynamic data summarization

With pivottables, vast amounts of quickbooks data can be summarized efficiently. This feature is particularly beneficial for analyzing trends, comparing financial periods, and breaking down revenues and expenses.

Visual data exploration

Pivottables, combined with excel’s charting capabilities, offer visual exploration of financial data. Visual representations like graphs and charts can aid in better understanding complex data sets.

Advanced analytical techniques

Trend analysis and forecasting

Excel’s pivottables can be used for advanced trend analysis and forecasting. By analyzing historical financial data from quickbooks, businesses can make informed predictions about future financial trends.

Data segmentation and pattern recognition

Pivottables facilitate data segmentation and pattern recognition, crucial for identifying spending habits, revenue streams, and potential financial risks.

Automating financial reporting

Refreshable reports

Pivottables can be linked directly to quickbooks data, enabling the creation of refreshable reports that update automatically with the latest data.

Scheduled data refreshes

Setting up scheduled data refreshes ensures that financial reports are always current, providing real-time insights for decision-making.

Challenges and best practices

Data management

Managing large datasets requires careful planning. Regular data audits are recommended to maintain the integrity and relevance of financial reports.

Skill development

Effective use of pivottables for financial analysis requires a certain level of excel proficiency. Continuous training and skill development are essential.

Balancing detail and usability

Creating pivottables that strike the right balance between detail and usability is key. Overly complex tables can be as ineffective as overly simplified ones.

Conclusion

Integrating quickbooks with excel pivottables offers businesses a dynamic approach to financial analysis. This combination allows for customizable reporting, advanced data analysis, and automated financial reporting, providing deeper insights into business finances. However, it requires careful data management, skill development, and a strategic approach to data presentation. As businesses continue to navigate an increasingly data-driven world, leveraging excel pivottables for quickbooks data analysis will be instrumental in driving informed financial decisions.

In Finance

How much money do I need to start trading ETFs in Singapore?

November 11, 2023 No Comments

As Singapore continues to be a hub for financial and investment activities, the interest in Exchange Traded Funds (ETFs) has risen. ETFs, also known as index funds, offer investors a simple, cost-effective way of diversifying their portfolios without requiring extensive research or expertise.

With many options, ETFs allow investors to invest in various assets, including stocks, bonds, commodities, and even currencies. Investors need a brokerage account and a certain amount of capital to start trading ETFs. The minimum amount required to begin trading ETFs in Singapore is typically around SGD 1000.

How to start trading ETFs

Investing in ETFs can be a lucrative addition to your investment portfolio. Before jumping into this market, understanding the steps involved in trading ETFs in Singapore is essential. It may seem daunting initially, but with the proper knowledge and guidance, you can start trading ETFs like a pro.

Understand the basics

Before investing in ETFs, it is essential to understand what they are and how they work. ETFs are funds that track a particular index, commodity, or basket of assets. They can be bought and sold like stocks on a stock exchange. The value of its underlying assets determines the price of an ETF. It is essential to research the different types of ETFs available and their risk profiles before making any investments. Some popular ETFs in Singapore are the Straits Times Index (STI), ABF Singapore Bond Index Fund, and Nikko AM STI ETF.

Traders should also know the costs of trading ETFs, such as management fees, brokerage fees, and bid-ask spreads. It is crucial to understand these fees as they can affect your overall returns. Investors must also research the market trends and economic conditions that may impact the performance of their chosen ETF.

Choose a brokerage firm

To start trading ETFs, you must open an account with a reputable brokerage firm. Many options are available in Singapore, including online brokers and traditional banks. One popular choice among investors is Saxo Bank Group. It provides an easy-to-use platform with access to various ETFs from different markets.

When choosing a brokerage firm, consider factors such as fees, customer service, trading platform, and availability of the ETFs you are interested in. Some brokers may offer lower prices, but their trading platforms may be less user-friendly or have limited ETF options. It is crucial to find a balance between cost and convenience.

It is also essential to understand the different types of brokerage accounts, such as cash and margin accounts. Each has advantages and risks, so research which type best suits your investment goals. Visit the Saxo Bank Group website to see which account types they offer and which suits you.

Open and fund an account

Once you have chosen a brokerage firm, the next step is to open and fund an account. Opening accounts vary among brokers but generally involves filling out an application form and providing necessary documents such as identification and proof of address.

After your account is approved, you can fund it with the minimum amount required to start trading ETFs. Some brokers may require a higher initial deposit, so they must carefully read their terms and conditions. Many brokers offer payment methods, including bank transfers, credit cards, and e-wallets.

It is essential to remember that the funds used for ETF trading should be money you can afford to lose. As with any investment, there is always a risk of losing money and only investing what you can handle is crucial.

Research and select an ETF

Once your account is funded, it’s time to research and choose an ETF that fits your investment goals. You can use your brokerage firm’s research tools or your analysis using online resources. It is recommended to diversify your investments and not put all your money into one ETF.

Consider factors such as the fund’s track record, expenses, and the underlying assets it tracks before deciding. Some ETFs may also offer dividends, which can be an additional source of income for investors.

Traders can also invest in ETFs that track a commodity, specific sectors, or regions to diversify their portfolios further. However, it is essential to keep an eye on market trends and economic conditions that may impact the performance of these ETFs.

Place a trade

After selecting an ETF, it’s time to place your trade. Using the trading platform your broker provides, you can enter the symbol for your chosen ETF and specify the number of units you want to buy or sell. Ensure that you double-check all the details before submitting your trade.

It is also crucial to have a trading plan and stick to it, whether it’s buying and holding for the long term or actively trading based on market trends. Emotions can affect investment decisions, so having a well-thought-out plan can help avoid impulsive trades.

Remember to keep track of your investments and regularly review your portfolio to make necessary adjustments.

In Taxes

FORGOT TO FILE YOUR TAX RETURNS? CALL US!

October 31, 2023 No Comments

It is quite natural if you have missed filing your returns or postponed it to a later date due to various reasons. Generally, people are scared to pay their taxes because they fear they might be in a bigger debt and are currently not in a situation to repay such an amount. Some newbies do not know how to file due to lack of experience. Irrespective of your reasons and inability to file returns, we are here to assist you and guide you through the process. File your returns immediately and we professionals will be able to make arrangements for you to solve all your tax liability issues. Know more about Unfiled Tax Returns Michigan

CONSEQUENCES OF NON-FILING OF TAX RETURNS

Many people are unaware of the consequences if you do not file your taxes. This is going to blow your mind but if you earn a certain amount of income and if you fail to file your tax returns then it is considered a crime, and you will be severely punished for it. It could escalate to a case and after a trial, if you have been found guilty, then you could go to jail for it. Accumulating your taxes is only going to be disadvantageous for you. You will be buried in huge debt and end up owing millions of dollars to the IRS unnecessarily.

SEEK THE HELP OF A TAX PROFESSIONAL

Never make the mistake of not filing your tax returns for several years. It is less expensive if you pay your debt off at the right time than to accumulate it for many years and let it become the biggest financial burden to you and your career. But, due to unforeseen circumstances you are unable to pay off your debt, always hire a tax lawyer to guide you through the process. A professional will be able to help you file your returns in the quickest way possible and reduce your tax burden. They will be able to help you with gathering the required documents and filing your back tax returns that have been sitting idle for many years and resolve all your problems immediately. Your tax attorney will be able to devise the perfect plan, come up with the best defence by scrutinising your financial situation, understand the reasons for your inability to file your taxes at the right time and minimise your debt to the lowest amount possible. Rely on your attorney to invent the best strategy to resolve your tax bills and liability in case you owe large amounts to the IRS. Your attorneys will be able to establish an arrangement and articulate your inability to repay your taxes to the IRS. Your lawyer will be able to negotiate and get you the best deal possible i.e. settlement of debt for the lowest amount possible. As professionals, we provide the best tax attorneys who are well-experienced in handling intricate tax issues. Choose us for your tax issues and you will not regret it.