banking

Factors to Consider When Looking for the Best Bank

That time that you need banking services will always come at some point in life. This is when you will realize that choosing the right bank for your business is never simple as it might appear. If you are a Muslim for instance, you will need to select a bank that understands your values as Muslims.

The fact that many banks will claim to know what you seek will always make it difficult for you to make the right choice. That is why it is always essential that you do your due diligence before embarking on the process.

When it comes to choosing the best bank, there are some factors that you are supposed to consider. Keep reading this article to equip yourself with the information that you need to make the right choice.

The Security of your Funds

You are looking for banking services because you want to ensure that your money is safe. So before making a choice, you need to make sure that the bank that you are about to choose is insured. This is a measure that is taken to ensure that your money will always be safe regardless of the undesirable incidents that might happen.

Fees

Another critical factor that you are supposed to consider when looking for the best bank is the fees. Make sure that you understand the fee structure of the bank. You need to avoid those banks that impose charges nearly in every service that they offer. Other banks are not keen to ensure that their employees have integrity so that they cannot steal from their customers in one way or the other.

Ease of Deposit

You will always want to deposit cash in your bank. It can be quite disgusting if you find that the process of depositing is complicated so that you waste most of your time trying to deposit. There are several things that you need to look at when it comes to the issue of depositing. For, instance, you need to make sure the bank is not located away from you to make the depositing easier. If the bank is located away from you, then you need to make sure it is possible for you to deposit through your mobile phone.

Interest Rates

This is two-way traffic; the rate you pay to the bank and the interests rates that you receive when you deposit your money in the bank. You need to find a bank that treats you well by giving you reasonable interest rates.…

Wallet full of money and coins

Financial Inclusion: A Way to Grow the Economy

Whether running a home, company or a country, a healthy financial life is key as it plays a big part in growth and development. But challenges do come and shake the economy at one point or the other. Financial inclusion is one of the ways to bring prosperity in the current world. Which economy wouldn’t love to include some fine things that would bring growth, sustainability and progress? Here are some of the financial inclusion pillars every economy should think about

Financial knowledge and access

Finance informationThe fundamental way to develop an economy is first to educate people about the finances and then give them access to the financial opportunities and institutions. With a more people becoming financially literate, it will be easy for them to use the available financial avenues in their country.

This would result in greater returns as people exercise their financial knowledge to their benefit, which would benefit the country too. A country should consider educating their youth more so that they can make sustainable financial decisions which will affect the future of the country. This too will pass the knowledge better.

Mobile banking

The world has moved into the use of smartphones. The evolution of the smartphones has made the banking systems reach more people than they used to. Phones have made transactions easier. They have also made access to cash in remote regions easier.

Some companies have created opportunities to transfer cash in great worldwide networks. Having this in an economy creates a great impact on the financial standing of a country. With more money finding an easier medium for transfer, more revenues are generated in turn.

Microfinancing

This has an incredible effect on financial inclusion. Monetary financial institutions, MFI, are preferable to the old bank loan systems. The reason behind is that they issue more affordable financing. Whether it’s an individual business, a small or medium-sized enterprise, they can all benefit from the loans from an MFI.

Though some challenges are seen with the MFI, such as high transaction rates while some collect back their cash in a harsh manner, if done well they are a sure way to drive an economy forward. The advantage is that they significantly ease the financial needs of small entrepreneurs.

Consumer security

Financial securityFinancial literacy is a challenge to many individuals, especially in the developing world. This creates the need for the government to protect its individuals from the corrupt in the society. These are people whose aim, is to bring down development through violation of privacy and fraud. The right infrastructure and systems should be put in place to curb such violations. This will help the individual develop confidence and continually use financial services. It will grow the economy significantly.

Finally

Financial inclusion is a sure way to reach the challenged in any economy. Any country which decides to bring on board the challenged to utilize the available financial vehicles has made a step in the right direction. These are the people who will set solid the economy in the future and improve the country’s GDP. Why not include them?…

Tablet showing a finance report

Key Functions of a Financial Expert in an Organization

Finances are the lifeblood of a business and if they go wrong, your business may plummet or give you a lot of pain trying to recover from the losses. An eye to keep watch at the financial life of your business is required – the financial expert.

Whether a world ranking business chain or a startup business, the services of a financial expert are unavoidable. They ensure that you reach your financial goals best than you would do alone. Here is a glimpse of how they support the financial functions of your business.

Creating financial documents

Financial DocumentsManaging the finances of a business requires documents that relay statistics which inform all departments and the owner about the performance of the business. Your financial expert should ensure you get all the financial documents that help you make fundamental business decisions about your business.

In addition, they provide the data which can be used by the different departments to weigh performance. With this information, specific budgets can be created and sales analysis be done.

Manage accounts

Keeping and managing accounts also fall in the financial management docket. Company financial records are necessary as they serve different purposes: filing taxes, purchase decisions, creating investments plans, creating budgets and so on.

Good records will also tell how the company functions integrate as a whole. This means that they are a good aid to check against possible loopholes that create losses. The financial expert is responsible for collecting financial information that will aid managing the company accounts. Well managed accounts also create a basis of valuable information which they can use to offer relevant advice.

Offer financial advice

Making financial decisions is key to a business growth every day. From how you will pay creditors, make purchases, cut on budget costs, make capital investments and so on; the financial expert will offer informative advice to make suitable decisions. The capital structure or how a firm finances its growth and operations require the assistance of the financial advisor.

After the different sources of funds are established and the funding needs have been estimated, the experts help in deciding how the company will fund using its finances and available credit.

Investment

A good investment plan is a sure way of gaining good returns. The plan secures the company along with a path of less risk and helps achieve the goals with precision. Financial experts help create such plans which keep the business growing. They also help to identify new areas of investments which the company can patronize. In this way, the company’s growth is sure and sustainable.

Comply with tax laws

Every state has its own tax laws and it is the job of a financial expert to assist the company to comply with the tax laws. Failure to comply may incur the company huge fines or even closure. Compliance with tax also has other positive effects. For instance, for a company to win big tenders, one necessity is to be compliant with tax.

Financial experts are important to every company. Without their assistance, it is easy to have your company to miss the goals, lose track of finances and your business will eventually lose it.…