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You vs. Debt: A Financial Education for Controlling Your Money & Debt

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Financial education is essential for becoming financially savvy in the corporate rat race. With a little homework and financial literacy,you are in a better position of managing your business finances. While you may consider yourself a smart business owner, a few financial tips and tricks can help you get the best out of your business. The following are some ways to help you understand financial management better. Learn to control your money and debt with the following simple tips. Read on.

Track your Spending
One of the easiest and most effective ways to control your money and budget efficiently is to track where and how much you spend. You do not need any smart gadgets to do it. Just a pen and notebook and you will suddenly find yourself in more control of your finances. Identify and record each and every dollar you utilize for your business in a day, for a week or a month. Don’t avoid or ignore any expenses, it will only make things more confusing for you.

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Calculate them on a daily or weekly basis and pinpoint the areas where you believe you can easily cut down. Also highlight areas where cutting down on expenses is impossible. This will help you set priorities and make you conscious enough to mitigate risks. .

You have several online platforms to help you with this.

Financial Reports for the Family
Even though majority of your income comes from your business, it can easily be wasted on unnecessary items. This includes home expenses. Create a family financial report where you and other family members will track your financial progress on a semi-annually or monthly basis. This is a smart trick which will further encourage you to cut down on expenses by seeing others save more and more each month. It will certainly go a long way preventing additional debt from accumulating especially if your business is struggling to maintain its finances.

Credit Cards
If you financially independent, it’s very tempting to buy anything and everything that catches your eye. Be a little more responsible towards you credit card spending. Many entrepreneurs forget that they have to pay back the amount they are spending, together with a high percentage of interest. While it is very easy as well as tempting to purchase things you couldn’t afford before a credit card, do not forget the high-interest rates you must add to the original amount before returning the money back. While a credit card is a convenient option, especially in case of emergencies, do not forget that you are paying much more than the original price of the item. You can also consider using an online credit card calculator until you are debt free or until your business comes out of the red.
Set a goal to pay off your credit card debt obligation in full every month. And until you are in a position to do so, limit your credit card usage.

If you haven’t decided on it yet, start your journey to credit card relief.

Set Up a Repayment Plan
Operating an entire establishment is not easy so it’s understandable why some entrepreneurs shove their debt obligations under the veritable rug. But, that won’t make them go away; your business might go belly up as well. To avoid that scenario, develop a repayment plan and follow it strictly. It becomes even more important to set up a plan when you are surrounded by multiple debt obligations, such as, credit card debt, car finance, human resources etc.

Repayment plans that include paying off debt in full every month will give you a better control over your debts. You will be in a better position to take care of your interest payments and soon you will find yourself free from all debt obligations. However, developing a professional financial plan is a must. The key is to pay off your highest interest debt first.

If you aren’t able to come up with an effective plan yourself, research online or seek assistance from professionals.

Keep a Track of your Lenders and Seek Negotiation
Know how much you owe and to whom. Keeping a list of lenders, owed money and full repayment amount in hand will help you manage your finances better. As far as negotiations are concerned, you might face a little difficulty with banks, but make the most out of the flexibility of private lenders. Even if you are sure it wouldn’t help, don’t hesitate to give it a try.

Conclusion
All debts are not bad but it pays to get rid of them as quickly as possible if you don’t want your business to suffer down the line. As a rule of thumb, maintain a professional financial plan each month and stick to it to reduce costs and increase profits.

Author’s Bio
Celina recommends her audience to seek assistance from Consolidated Credit as she writes to educate them how managing their money and debt with a little financial literacy makes everything a lot more easy.

 

 

 

Finance

KBC Bank chooses Finastra for LIBOR transition

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KBC Bank chooses Finastra for LIBOR transition 1

Fusion Loan IQ Alternative Reference Rate module and Fusion LIBOR Transition Calculator will help the bank move away from LIBOR

KBC Bank, a Belgium-based bank with operations across Europe, US and Asia Pacific, has chosen Finastra to help manage its transition through the upcoming interbank references rates changes. It has selected Fusion Loan IQ Alternate Reference Rates (ARR) module to manage new rates and to expand its lending business. The bank has also opted for the Fusion LIBOR Transition Calculator to help calculate rates ahead of the transition period.

Melinda Christens, Business Program Manager LIBOR Transition at KBC Bank said, “We’ve been using Fusion Loan IQ for a number of years, and have been impressed with the way the solution is able to continuously adapt over time, adding new functionalities in line with changing regulations. The transition away from LIBOR is daunting for most banks, but with the help of Finastra’s solutions we’re able to continue to calculate rates and embark on a smooth transition.”

Fusion Loan IQ is Finastra’s solution for commercial lending, powering 71% of all syndicated loans around the world. It alleviates the high costs of system and process redundancy within commercial lending operations, as well as increasing transparency, improving risk management and simplifying entry into new markets or business lines. The latest version of the solution, enhanced to support ARR, provides banks with core capabilities to issue new loans using the replacement rates, allowing them to begin to transition their existing LIBOR portfolio safely.

Fusion LIBOR Transition Calculator will help KBC Bank manage the transition before the ARR module is rolled out. It enables market participants to calculate their own ARR or Risk-Free Rates (RFR) and interest accruals. The calculator service independently accesses the ARR/RFR from external official sources, such as the Federal Reserve Bank of New York, for the secured overnight financing rate (SOFR). It then calculates compounded in arrears rates and daily non-cumulative compounded rates, along with corresponding interest accrual amounts for a set of inputs. Depending upon the rate method chosen, the calculator has the flexibility to calculate the daily compounding rates for the whole period or only for the end date. It follows Finastra’s Fusion Loan IQ ARR calculations, which gives market participants consistent and accurate results.

Built on FusionFabric.cloud, Finastra’s open innovation platform, the calculator’s open API facilitates the integration with systems that don’t yet have a solution in place for calculating ARR/RFR rates. This significantly reduces operational risk.

“The shift away from LIBOR is the biggest change the market has seen in lending over the last three decades. It is also a once-in-a-lifetime opportunity to innovate and serve customers better, and so the need for a flexible service that can expand over time is a must,” said Robert Downs, Global Head of Corporate and Syndicated Lending at Finastra. “Our Fusion Loan IQ ARR module and the transition calculator are designed to keep pace as ARR methodologies and conventions evolve, protecting our customers from risks associated with complex system changes and ultimately future-proofing their businesses.”

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Finance

How contactless payments helped a pizzeria survive 

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How contactless payments helped a pizzeria survive  2

By Kaushalya Somasundaram, Head of Payments Partnerships & Industry Relations at Square, UK

The Covid-19 pandemic has caused continued uncertainty for the hospitality industry. Many have been forced to pause operations or adjust the operations so they can keep trading.

Businesses are continuing to address social distancing rules by rapidly accelerating their digital capabilities. From bakeries to pubs, we have witnessed businesses shift to selling online, offering click and collect services to making their goods available for delivery.

But one of the most integral ways technology is aiding these businesses is on the payment front.

Contactless payments and cashless businesses have been around for years, gaining popularity for the ease and convenience it offers businesses and customers alike. However a new significance has been  placed on all technologies that reduce physical contact and time needed to complete a transaction.

It’s no surprise the number of cashless businesses in the food and drink sector is skyrocketing, from 8% in January 2020 pre-lockdown, to 33% in July 2020.

Contactless payment technology has played a vital role in the survival of many businesses, including a pop-up pizza business based in Cambourne, Cambridgeshire.

From hobby to hub

When Sam Corban first tried his hand at pizza-making, it was out of interest. But after moving to Cambourne, he decided to turn what had quickly become a hobby into a business.

Sam approached local council offices to seek support in getting his idea for an artisan pizza pop-up business off the ground. And in February 2017, 400° Pizzeria fired up its oven for the first time, trading every Friday night at the Cambourne Cricket Pavilion.

Prior to the pandemic, Sam’s trademark 24-hour slow proof dough – which had taken him almost nine months to perfect – had garnered him a fond reputation around the village. It wasn’t long before his popularity meant he could hire his first staff member.

However, fostering a close relationship with his local community has been equally essential to Sam’s success. He has several pizzas named after customers – from the classic Nduja to The Debbie – and often asks his regulars for feedback regarding new recipes.

The success of his pop-up has influenced other local artisan street food providers, who’ve since joined him at the Pavilion on Fridays which has helped create a local hub for Cambourne locals.

Once the pandemic hit and a new normal descended on the world, Sam knew he had to react quickly and intelligently if he was going to continue doing business and be a positive force in his community.

And that all started with how he took payments.

The unexpected virtues of contactless

Despite accepting cash, Sam has always encouraged his customers to pay with card whenever possible, even pre-pandemic. It’s simply a quicker way to complete a transaction, especially now most bank cards have contactless chips.

After trying out a few contactless terminals, Sam decided to use the Square Terminal, an all-in-one card machine for everything from managing items and taking payments to printing receipts and getting paid. Once the pandemic started it was a no brainer to become completely cashless. “As all my payments are processed seamlessly through the Square Terminal, I’m cash free,” explains Sam. “This means I can process orders faster and don’t have to deal with hygiene issues posed by taking cash.” 

And, the peace of mind this offers customers can’t be overstated. It means they can get a slice of community and normalcy (along with pizza) in a time where they’re cooped up at home and need to keep contact to a minimum.

As a result, Sam was able to keep operating safely and successfully throughout 2020.

A future-proofed pizzeria

Sam’s success is closely linked to how he connects and engages with his local community. As well as his weekly pizza pop up, he’s also started stocking his van with dry goods such as flour and pasta to deliver goods to those who can’t leave the house. He has even started offering home pizza making kits – giving local families a fun way to jump on the lockdown home baking trend.

These acts, plus the digital transformation he’s undergone over the course of the year, will resonate positively for the pizzeria long after this pandemic is past. Not only has he cemented his place in his local community, but the technology he’s adopted has helped him flex his operations.

As Sam shows us all, with a sprinkle of technology and a healthy serving of community spirit, every crisis can also be an opportunity to grow and evolve.

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Business

Ahead of expected IPO, Deliveroo recruits Next’s Wolfson to board

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Ahead of expected IPO, Deliveroo recruits Next's Wolfson to board 3

LONDON (Reuters) – Britain’s Deliveroo said on Tuesday it has beefed up its board ahead of an expected initial public offering this year with the appointment of Simon Wolfson, the veteran boss of clothing retailer Next, as a non-executive director.

The food delivery company said on Sunday it had raised a further $180 million from existing investors, including minority shareholder Amazon, in a move that values the business at more than $7 billion.

Deliveroo is set to hold an IPO in the coming months, in what would be the biggest new share issue in London for three years.

Wolfson’s appointment comes after Deliveroo named Claudia Arney as the company’s first chair in November.

Deliveroo founder and CEO Will Shu said Wolfson would bring “great knowledge and insight” to the board.

Wolfson has been Next’s CEO since 2001.

He is also a peer of Britain’s ruling Conservative Party, sitting in the upper house of parliament.

(Reporting by James Davey and Paul Sandle; editing by Sarah Young and Pravin Char)

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