Finance Your Next PEG Documentary With This Hot Trend

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Most notable PEG video productions were typically the province of a few well-funded public access media channels that had a strong working partnership and support of the local cable franchise, civic and corporate leaders, and the community. While still true today, there’s now another source of finance that should be considered, too-crowdfunding.

For example, Jeff Dobbs, a small time video and film producer, sought needed funding to the tune of $54,000 to finish production of his  documentary  film, The Life of Ralph Stanley; Master Wooden Boat Builder. To accomplish this, he decided to augment his fundraising efforts with the popular online crowdfunder known as Kickstarter.

Dobbs’  documentary  highlights an icon of Maine’s maritime heritage, Ralph Stanley. He’s a recipient of the nation’s highest honor in the folk and traditional arts from the National Heritage Fellowship, including recognition from a sitting President along with numerous institutions for his life’s work in boat building.

Even though Stanley hails from such an unheard of place as Mount Desert Island in Maine, his nautical significance resonates throughout the culture heritage of coastal New England. This kind of regional and national significance makes crowdfunding not only possible but also more likely.

What is crowdfunding? Essentially, crowdfunding is collaborative funding via the World Wide Web from like-minded donors. Since 2005, there have been dozens of websites pop up that claim to be the “source” for all kinds of funding projects.

In the Crowdfunding Industry Report, Massolution presents data showing the overall crowdfunding industry has raised $2.7 billion in 2012, across more than 1 million individual campaigns globally. In 2014 the industry is projected to grow to $5.1 billion.

There are 2 main models or types of crowdfunding. The first is what’s called donation-based funding. The birth of crowdfunding has come through this model, where funders donate via a collaborative, goal-based process in return for products, perks or rewards. It’s important to note that donors are not “investors,” at least not in the traditional sense.

The second and more recent model is investment crowdfunding, where businesses seeking capital sell ownership stakes online in the form of equity or debt. In this model, individuals who fund become owners or shareholders and have a potential for financial return, unlike in the donation model.

Since different online crowdfunders fill different roles and needs, here’s a glance at the top three aimed at creative projects like film and  documentary  production, which are listed in no particular order.

RocketHub

Rockethub powers donation-based funding for a wide variety of creative projects. What’s unique about RocketHub is their FuelPad and LaunchPad programs that help campaign owners and potential promotion and marketing partners connect and collaborate for the success of a campaign.

Indiegogo

Indiegogo approves donation-based fundraising campaigns for most anything – music, hobbyists, personal finance needs, charities and whatever else you could think of (except investment). They have had international growth because of their flexibility, broad approach and their early start in the industry.

Kickstarter

Kickstarter is a site where creative projects raise donation-based funding. Kickstarter is one of the earlier platforms, and has experienced strong growth and many breakout large campaigns in the last few years.

All of this is about the so-called collaborative economy where simpatico enthusiasts come together and share their interest and financial donations for projects that they have a passion for. The question is, can enthusiasts be found for local and regional media production that could enhance the PEG access TV culture? It seems to be worth a try.

I think crowdfunding has the potential to revitalize public access media production that is steadily losing ground to other media outlets-such as YouTube. What do you think? Is crowdfunding a good fit for struggling PEG access channels looking to expand their creative funding? Share your thoughts on Facebook.

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The Art of Financial Translation Services

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Working for a busy translation agency, I have had the privilege of working with a wide variety of clients and customers, all with diverse needs and requirements. Over the course of an average day, it would be fair to say that no two assignments are ever the same. One area where we do receive a significant amount of requests is in the field of financial translation. Financial translation refers to the broad area involving the translation of financial documents. This can vary from the translation of financial reports, to technical terms and conditions found within financial documents through to excel spreadsheets detailing a company’s profit and loss data. It’s a service that both individuals and organisations may require. Big organisations that are looking to have representation in a foreign market may need to have the financial reports of a potential acquisition translated; similarly an individual may need their own financial details translated if they are looking to relocate or make a significant purchase in a non-native country.

Like all fields of translation, accuracy of the financial translation is greatly enhanced by the use of a mother tongue linguist who has skills, experience in the financial industry. Typically, a good financial translator will hold some form of financial/business qualification such as an MBA, accountancy qualifications or consultancy qualifications. Before choosing your financial services translation provider, as in all fields of translation, there are a number of factors to consider. This article looks at the issues that can affect your choice of supplier and things to take into consideration prior to placing work with them.

Often, financial translations involve material that is of a private and confidential nature. The material may be due for publication on a set date, but prior release is forbidden. It is vitally important then, when determining who to use as you translation supplier, that the supplier you choose is able to fulfill any requirements you have regarding confidentiality and non-disclosure. Using an agency rather than an individual translator may be of benefit here. Agencies typically have access to a number of suppliers and can handle multiple documents. They are likely to have confidentially agreements already in place with all their suppliers that govern the disclosure of the work and therefore you would only need to provide one confidentiality agreement for the entire project – between you and the agency. The other obvious benefit of using is an agency is the ability of the agency to handle multiple documents into a number of languages.

If your documents have a lot of repeated text throughout them or you have clauses (such as in terms and conditions) that you need to have repeated at specific intervals within in your financial documents, it is worth finding out if your proposed supplier is able to handle translation memory. Translation memory (TM) is a software application process that will look for duplication in your document and prompt the translator to reuse this duplicate text when and where needed. One of the big benefits of using TM is that it helps with the consistency of your document as well as potentially reducing the overall cost of the project.

In addition to using translation memory it would also be worth investigating if your proposed suppliers have access to relevant financial dictionaries. The financial industry uses many complex terms, anachronism and phrases that are not widely used outside the industry. It is therefore vitally important that the translators undertaking your assignment are not only aware of this terminology, but have access to the resources that explain what they mean. Simply Googling a specific terms is often not enough to get the required definition, and a good translator will have access to a wide range of dictionaries specific to their areas of expertise.

Another key consideration already outlined at the start of this piece is the use of skilled translators. Professional translators will often specialise in one specific area, and a skilled translator will not only have language qualifications, but also a qualification in their area of expertise. As described, a typical qualification for a financial translator can include an MBA or accountancy qualification. Prior to choosing your translation provider it would be worth consulting with them to find out what typical qualifications their financial translators hold.

As mentioned above, if your assignment is fairly lengthy it would be worth considering the use of an agency in preference to an individual translator. It may be that your project is required in multiple languages or the output is needed in a specific file type, such as print ready or XML. Here an agency is likely to have the advantage in terms of its access to resources, usually being able to manage multiple languages in multiple files types. It would be worth confirming that your selected language provider is able to handle specific file types and has the resources in house to be able to output into the desired format.

For individuals who need to have financial documentation translated for legal/compliancy reasons, I always recommend confirming the scope of the requirements with the body that have requested the translations. For example if you are looking to emigrate to a foreign country and part of the application process stipulates you need to have bank statements translated, it is worth confirming how much of the statements are needed (e.g., all figures contained within the document or just the text). It may be that as well as translation your documents require rekeying and certification, all of which can add to the overall cost of the assignment.

Financial translation is a broad area within the translation industry and when done well is performed by a professional financial language expert. Finding the right supplier who can fulfill your requirements is key and as illustrated above prior to sourcing a suitable supplier it is worth confirming the scope of your requirements and the suitability of the proposed supplier to match these requirements.

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Document Management Solutions

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In the financial industry, there is a common misconception about documents and printing. Many in financial service organizations think about their printing needs as strategic rather than tactical.

Documents are what drive internal processes and are the key communication vehicles within a company as well as between employees and clients. For banks, investment firms and other financial service organizations, documents are the only tangible evidence of transactions that have taken place.

Many firms do not understand the amount of time or the resource investment necessary to create, print and manage documents. These firms see document management as a department by department responsibility instead of seeing it as a company-wide initiative.

The goal of any financial organization should be to overcome internal and external obstacles and create a document management system that integrates into the company’s current structure.

A disconnected document view is one of the biggest hurdles financial institutions must clear. There are three primary places printing happens-a desktop computer, centralized production printing center and external printing companies. Each of these entities tends to be managed by a different person, or group of people, who implement different reporting systems. But, in many cases there is no reporting system for what has been printed. This mass of unknown and inconsistent data only creates more confusion and reduces awareness of the true cost of document management. The following is a breakdown of the three primary types of printing and recommendations on how to find a long-lasting solution to a financial company’s printing woes.

Desktop Printing

Printing done from a desktop computer is usually in response to an immediate need. Items printed from a desktop computer can include applications, forms, summaries, spreadsheets, letters and e-mails. These documents need to be attained in a very low turnaround time, are printed in low volumes and usually do not need vivid colors or high quality graphics.

The largest share of printing needs is filled by desktop printing. In fact, it costs about $100 billion each year to print and manage documents within an office. Technicians and network administrators report questions about printers take up about 15 percent of their time, while those questions account for between 50 and 60 percent of the calls at help desks.

Central Production Printing

Printing from a central production facility covers items that can have a little longer turnaround time than desktop print jobs. These documents can include account statements, manuals, checks, internal reporting, catalogs, booklets, stationery and reports. Central production printing accounts for about $50 billion annually in the United States. In many cases, on-demand printing centers are wasted because they are under used.

External Printing

External, or commercial, printing covers a range of services. It is best used for sophisticated documents that require high color quality, special paper or customized finishes. External printing is best for marketing brochures, promotional materials, direct mail or annual reports. This printing option is best for medium to high volume orders.

An effective document management solution takes a holistic approach to document processing. The strategy must clearly define measures and goals to gain control of printing costs. The solution will include centralized accountability as well as ongoing process measurement and monitoring. Finding an effective document management solution will help banks, brokers and other financial service organizations transform their documents from high-cost liabilities to high-value assets.

In the financial industry, there is a common misconception about documents and printing. Many in financial service organizations think about their printing needs as strategic rather than tactical.

Documents are what drive internal processes and are the key communication vehicles within a company as well as between employees and clients. For banks, investment firms and other financial service organizations, documents are the only tangible evidence of transactions that have taken place.

Many firms do not understand the amount of time or the resource investment necessary to create, print and manage documents. These firms see document management as a department by department responsibility instead of seeing it as a company-wide initiative.

The goal of any financial organization should be to overcome internal and external obstacles and create a document management system that integrates into the company’s current structure.

A disconnected document view is one of the biggest hurdles financial institutions must clear. There are three primary places printing happens-a desktop computer, centralized production printing center and external printing companies. Each of these entities tends to be managed by a different person, or group of people, who implement different reporting systems. But, in many cases there is no reporting system for what has been printed. This mass of unknown and inconsistent data only creates more confusion and reduces awareness of the true cost of document management. The following is a breakdown of the three primary types of printing and recommendations on how to find a long-lasting solution to a financial company’s printing woes.

Desktop Printing

Printing done from a desktop computer is usually in response to an immediate need. Items printed from a desktop computer can include applications, forms, summaries, spreadsheets, letters and e-mails. These documents need to be attained in a very low turnaround time, are printed in low volumes and usually do not need vivid colors or high quality graphics.

The largest share of printing needs is filled by desktop printing. In fact, it costs about $100 billion each year to print and manage documents within an office. Technicians and network administrators report questions about printers take up about 15 percent of their time, while those questions account for between 50 and 60 percent of the calls at help desks.

Central Production Printing

Printing from a central production facility covers items that can have a little longer turnaround time than desktop print jobs. These documents can include account statements, manuals, checks, internal reporting, catalogs, booklets, stationery and reports. Central production printing accounts for about $50 billion annually in the United States. In many cases, on-demand printing centers are wasted because they are under used.

External Printing

External, or commercial, printing covers a range of services. It is best used for sophisticated documents that require high color quality, special paper or customized finishes. External printing is best for marketing brochures, promotional materials, direct mail or annual reports. This printing option is best for medium to high volume orders.

An effective document management solution takes a holistic approach to document processing. The strategy must clearly define measures and goals to gain control of printing costs. The solution will include centralized accountability as well as ongoing process measurement and monitoring. Finding an effective document management solution will help banks, brokers and other financial service organizations transform their documents from high-cost liabilities to high-value assets.

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Fundamentals of Financial Statements

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After having just completed an accounting 201 course, it has come to my attention just how important accounting is to the business world and individuals. Accounting is defined as the art of recording, classifying, and summarizing in terms of money transactions and events, which are of a financial character. With that definition in mind it is clear that accounting is the language of business, due to the fact that finances are a vital part of any business. However, everyone works with and uses accounting concepts, whether operating a business, investing money, or just choosing how to spend a paycheck.

A concept of accounting that I learned from having completed accounting 201 was financial statements. In my accounting 201 course, we discussed the basic types of financial statements that include statement of cash flow, income statements, and balance sheets. By using these statements, a business or an individual can make informed decisions based on their finances. The first financial statement that will be reviewed is the cash flow statement.

The cash flow statement is the financial document that shows income actually received and expenses actually paid. A cash flow statement is different from the balance sheet or income statement due to the fact that it does not incorporate the amount of future incoming and outgoing cash that has been documented on credit. This financial document instead presents cash balances, cash in-flows, cash outflows, and ending cash balance. The cash flow statement lists any sources of cash coming into the business after the beginning balance, then it records any uses of cash by your business. Cash in the statement of cash flow falls into one of the following categories, operating activities, investing activities, financing activities, and supplemental information.

Next type of financial document will be discussed is the income statement, an income statement is a financial document which demonstrates income earned and expenses incurred. The resulting difference between your income and expenses is referred to as your net profit. Net profit makes it evident whether your business is profitable or not. In order to obtain the net profit you take the businesses income minus the cost of sales, this will give you the gross margin. Once you have the gross margin, you minus fixed operating expenses and the result is net profit. Now to breakdown each part of the income statement, first is income. Income is the money or credit that has been earned from selling a good or service. Next is the cost of sales, which are the costs of doing business such as direct labor, materials, and shipping. The gross margin is the result from cost of sales being subtracted from income. Gross margin is valuable to any business because it is the money left over to pay for any expenses of being in business and for producing a profit. Next are operating expenses, which are fixed expenses that include insurance, rent, salaries, advertising, utilities, and interest payments. After all of that is calculated the result gives your net profit.

The last financial statement that will be examined is the balance sheet; a balance sheet depicts the financial condition at a point in time of your business. To determine the financial condition this accounting equation is used, Assets = Liabilities + Owners Equity. The aspects that make up assets include current assets and fixed assets. Current assets are cash assets that can be converted into cash within one year. Fixed assets are property and equity owned by a business that are not necessarily intended for sale and are used over and over again. Moving to the other side of the accounting equation there are liabilities. Liabilities are when you owe someone else you a liable to that individual or company until you pay it off. Accounts often seen in liabilities include accounts payable, notes payable, and salaries payable. The last phase of the balance sheet is owners equity, which is the part of the assets that the owner has claims to after all the liabilities are paid. The balance sheet should always for the most part come out to be even; if it does not usually some type of event was documented properly or overlooked and can be easily corrected.

Each of the statements that has been discussed allows businesses or individuals to interpret and communicate information about their particular company in terms of their operation and finances. With that information a company can also determine how to price a certain product accurately in order to make a profit. Accounting is known by some as the language of business, and after taking an accounting 201 course and reviewing financial statements I couldn’t agree with it more.

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Audited Financial Statements

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How can you be sure that financial statements within a company are accurate? Audited financial statements, which have been prepared by an independent Certified Public Accountant (CPA) on behalf of a business or non-profit organization, are used to provide financial accountability and accuracy to a company’s stakeholders. The documents used by an accountant to prepare audited financial statements are provided by the company, and include various financial documents such as accounts receivable/payable documents, budgets, expense reports. The CPA examines documents which support figures within the financial reports, assesses the overall accounting principles used, and evaluates the overall financial document presentation. From this information the CPA creates an audited financial statement.

Within the audited financial statement, the certified public accountant provides an opinion, either qualified or unqualified, about the nature of the financial documents. An unqualified opinion in an audited financial statement indicates that the CPA is in agreement with the methods used by the company to prepare their financial documents. The audit is found to be accurate, complete and fairly presented to meet the requirements of the US GAAP (Generally Accepted Accounting Principles). The audit provides the CPA a reasonable basis for their opinion that the financial statements are free of material misstatements or false/missing information.

A qualified opinion indicates that the CPA is not in agreement with aspects of the financial statements and/or methods used to prepare their financial documents. A qualified opinion indicates that the CPA is not confident that the financial statements are correct or accurate.

Occasionally an opinion will not be given within an audited financial statement. This could be due to the fact that there were insignificant documents available to properly prepare the audit, or there were issues that need to be addressed before evaluating the accuracy of the financial documents. A lack of opinion usually indicates that a company needs to improve their accounting practices so they can meet the requirements of the US GAAP (Generally Accepted Accounting Principles).

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Document Output Management In Banking And Financial Services

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Modern enterprises spend considerable time and resources creating, managing, changing and delivering documents essential to their business. According to IDC, companies spend up to 10 per cent of their revenue on managing document production, distribution and associated devices. The advent of innovative and powerful document management solutions promise to shrink that margin significantly – while vastly bettering procedural efficiency.

Document Output Management:

What and Why?

Defined simply, document output management provides an enterprise with a single point of management and control of all devices, jobs and queues on the documentation front. It maximizes economy by:

* Centralizing control of the output environment directly with IT professionals

* Empowering end-users to solve many issues themselves

Organizations in the banking and financial services vertical are now waking to the far ranging implications such solutions could have on their document-intensive enterprises.

This industry’s constant need to generate, distribute and archive statements, reports and directives poses distinctive challenges. Traditional practices leave considerable room for apprehension over security, accuracy and verifiability of audit trails. However, offerings in the output management space like ISIS’ Papyrus Document System and AutoFORM’s LaserNet can effectively minimize many of these concerns while revolutionizing resource allocation, business agility and information recall.

Output management solutions can provide unprecedented levels of integration by analyzing documents along their entire lifecycle. This approach dramatically increases document process efficiency and makes it possible to seamlessly align business requirements with underlying document workflows and existing hardware and software.

Key Players in Document Output Management

ISIS: Paper Document System 6

The OS and printer-independent Papyrus Document System from ISIS provides integrated software architecture capable of producing millions of documents daily. Customer service and operations departments in particular can reap significant benefits from end users being able to interactively edit personalized business documents. Though a cross industry solution, Papyrus is being effectively implemented in banking, financial and insurance segments. Its applications for consolidated bank, credit card and fund management can reduce long-term system management efforts substantially.

The Papyrus Document System features:

Papyrus Objects: Designed to ease integration with legacy IT as well as enable the creation of reusable objects, this solution maps processes to existing applications, and facilitates rapid process development and immediate distributed deployment. Papyrus Objects can store and deploy document and process templates enterprise-wide without conversion, reprogramming or even recompilation, providing vital off-the-shelf legacy application integration.

Papyrus Capture: Papyrus Capture uses the latest findings in the fields of pattern recognition and learning systems for solutions to efficiently extract valuable data from all corporate business documents without extensive programming across any data format and interface type.

Papyrus Designer: The powerful WYSIWYG Papyrus design tool with the library facilities provides fast and easy layout changes. It provides dynamic table of contents, logo and graphics management, Bar code/OMR code support, Charts and multiple languages. It provides flexible dynamic data handling features that can read various forms of data including xml, html data. This platform independent tool has inbuilt support for most printers.

Accord: AutoFORM LaserNet

A complete suite of document and output management solutions, AutoFORM LaserNet also integrates the documentation process to existing IT applications. It supports migration from labor and paper-intensive systems to more cost effective, faster, e-enabled document processing. AutoFORM LaserNet captures output and transforms it into the relevant format before intelligently routing it for distribution by print, e-mail, fax and XML. Documents are then automatically archived alongside scanned images of incoming forms, relevant PC files, emails and faxes, thereby creating a freely accessible online repository of important records. LaserNet accomplishes all this without complex and costly programming via an entirely ‘point and click’ configurable GUI interface.

By providing a single set of simple tools to control all output across all IT applications, AutoFORM LaserNet can drastically cut IT and document development costs while offering consistency across styling and reader specific content customization.

Document Output Management:

What can it do for you?

Document output management solutions like Papyrus and LaserNet can give BFSI enterprises many business-specific and generic benefits. It will (among other things):

* Reduce help desk calls by empowering end users to solve their own issues

* Help the enterprise track exactly how much it spends on output

* Wide range of Print support and automated delivery using other media.

* Offer significant cost benefits by automating document creation workflow

* Make the entire lifecycle of documents an efficient and seamless process

* Improve customer service by simplifying business data access

* Provide timely and concise data for document generation

* Open business data to e-commerce applications

* Create integrated business processes with documents

* Quicker document creation using reusable document elements

Looking Ahead

The core of a successful output management strategy is a scalable central product where the output can be aggregated, managed, and then distributed. Enterprises looking to implement output management solutions must identify a provider with world-class technology, quality personnel and proven expertise in handling document intensive processes.

Those that have taken these initial cautions report considerable growth in ROI, business responsiveness, operational efficiency, cost savings and customer satisfaction. While the telecom sector has been the most eager to embrace document output solutions so far, its potential to revolutionize a critical dimension of BFSI business is fast winning its rightful awareness.

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The Essentials of Strategies – Revisited

How to Come Up With a Digital Strategy for Your Business Do you want to get more customers and increase revenue for your business through the Internet? If this is the case, you need a marketing plan that works. A good strategy will help you know the areas you should be focusing your energy on in your marketing. The strategy will also act like a roadmap for your business for various offerings. To come up with a digital marketing strategy, you have to know where your company stands with regards to online marketing. The evaluation will help you know the channels that are currently working for your business and the ones that may need to be scaled back on. Keep the following tips in mind to come up with a good digital marketing strategy. Know Who Your Ideal Customers Are You should define your target marketing beforehand. You should know the various characteristics of your prospects. You can know the best ways to approach your customers if you know their characteristics. For example, you can define your ideal customers based on the geographic location, gender, age range, income level, educational level and so on. Also, you should identify their pain points and decide whether they are willing to pay for the solution you are offering.
What Do You Know About Firms
Current Online Marketing Assets
Where To Start with Consultants and More
It is also important to evaluate your current online marketing assets. You should evaluate all the online channels you are using for marketing and find out how effective they are. You can know which channels are great for generating sales or more customers for your business. If you have been active at the channels, you can scale up your activity. You can also start using various channels consistently to find out whether they should be incorporated in your digital transformation strategy. The channels that your competitors are using for marketing can also work for your business. Product Positioning Another thing to consider when drafting a digital marketing strategy is your product or offer. It is difficult to convince prospects to buy a solution they are not interested in. To avoid this, make sure you are offering a solution that will be a no-brainer for customers to buy. While you do not need a unique solution, it has to be different in some way. Your market should prefer your solution over other competing options through the value proposition you offer. Surveying your audience and understanding their pain-points can help you create the right solutions for their needs. When creating your online digital transformation strategy, keep the above tips in mind.

Developing Financial Documents

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Investors are often out of their depth producing required documents for lenders and investors. They feel inadequate or poorly prepared to accomplish this end. However, preparing the documents is really mainly a function of knowing what the documents are and how they interrelate.

The key documents for a rental investment whether it is a single family home, a duplex, a four plex or an apartment complex of several hundred are:

  1. The residential rental property information including age of construction, number and type of units, amenities, acreage, number of buildings, features per unit (appliances, flooring, carpet, heating, air conditioning, bathrooms, bedrooms, etc.), and address;
  2. Debt information including term, amortization, rate, interest only or not, and amount plus broker and lender information fees and origination costs;
  3. Capitalization table with investor information including name, address, email, phone, fax number, amount invested, price per unit, number of units purchase, total equity invested, and management interest;
  4. Sources and uses showing debt (from the debt information), equity (from capitalization table), fees, improvement reserve, operating reserve, purchase price with sources equal to uses;
  5. Balance sheet showing assets consisting of operating reserve, improvement reserve, buildings, land, and other, liabilities showing all debts, and owner equity. Assets will equal liability plus owners equity. Buildings and land will include the capitalized costs of the purchase price and fees;
  6. Pro Forma financials showing revenue, expenses, debt service, improvement costs, net cash flow and operating reserve;
  7. Occupancy assumptions per month over the life of the project. Most banks will want to see a minimum of three years and up to seven years. Normally five is a number of years that works for all;
  8. Key metric calculation for Net Operating Income, estimated value based on assumed capitalization rates, loan to value ratios, and debt service coverage ratios; and
  9. Return calculations including Internal Rate of Return (IRR), cash on cash performance, and return on investment as a ratio of cash flow annually to cash invested.

With these defined, investors can easily pull the information together, ask there accountant to pull the tables together, or use a service or tools to complete these documents. In fact, we have prepared a package of tables that allow simply filling in the blank to produce all the tables automatically. As an investor, the onus is limited to knowing your expected debt terms, investments by investor, property information, planned improvement costs, and expected income and expense. The worksheet then automatically produces the entire set for you.

Keep in mind as you consider this information, that regardless of how you produce these statements, you should examine the documents to assure that they make sense at each level. When completing this you should be checking balancing amounts on the balance sheets, verifying expense totals, verifying revenue totals, verifying income, verifying cash flow, and so on.

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Outsourcing Financial Documents

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When most people think of outsourcing they think of people moving their company or product to another country to have it cost less so they can make more money. I will be writing about the outsourcing of financial documents. This is about a company having another company somewhere around the world look over their documents for a cheaper price then bringing in more employees to do it for a higher price. This is a part of globalization that I believe most people don’t know about and I feel like they should know about how it affects businesses in a good way.

There are many reasons for companies to outsource their financial documents. Most of the companies that our outsourcing, are the smaller business men and women. They are doing so because it is a cheaper way then having your employees use up their time instead of focusing on how to grow a business. Some of the other ways outsourcing is useful according to HRWorld.com are accuracy, accountability, worry free, and reliable. These items are things a company looks for to help their business. They can rely on an outside company to be accurate with their statements and paychecks, but also the company who is looking over the documents must be accountable. If they mess something up they are the ones who have to fix it. This will help the small business be less worried about their financial documents and can help make them a better company who can focus on growing. Also they can lower their risk of interpreting tax laws incorrectly which could cause fines or the taking away of income.

One company that is doing the financial work for these smaller businesses is Beijing Foreign Enterprise Human Resource Service Co. Ltd. or (FESCO). They are a company which is helping other company’s balance their books and help to let the other company have peace of mind. FESCO can help companies HR departments stay more focused on handling hiring, firing and appraisals. This can help a company make better sound decisions. Companies like FESCO can help lower risk and cost so that company’s can grow and focus more on improving other aspects of the business other then worrying about their financial documents. Outsourcing financial activities may help a company spend more money on growth so that they may not have to outsource their business instead. This can help company’s look better, so they our able to keep their company in their own country instead of outsourcing it and having a bad reputation throughout the media.

According to outsource2india.com, one of the biggest country’s that is getting all of these companies who are trying to outsource is India. According to this site India is a place where they can help you make better financial decisions to help your business grow. Countries around the world are able to work quickly and efficiently with companies who are using their outsourcing skills.

One company that is doing the financial documents for a lot of companies is API. This company offers all of the benefits that I listed above, and many companies partner with them for this peace of mind. Companies are able to focus more on enhancing their product and managing transactional challenges. They can focus on these items instead of worrying about financial services and accounting problems such as payroll or cash flows. According to API’s site, API also provides a full cash flow management capability by linking its accounts payable automation services with its billing services to allow accrual of accounts payable from the point a purchase order is generated to receipt of a non purchase order vendor invoice.

Globalization is a factor in the world that affects mostly every big business around the world. Globalization is a good thing for all business since it helps to grow everyone who is affected by it. It is a process that can make a company move in ways they didn’t know they could when they first opened their businesses. Globalization helps out in many ways, but to some people they think that it can hurt. For instance outsourcing people think is a bad thing that is ruining business, but they only think about when a company moves to another country because they can get their products cheaper. What they don’t know about is how outsourcing a company’s financial document’s frees that same company up to grow and become a better company. Globalization is a good thing that helps this world grow, and outsourcing of financial documents is one of the ways that globalization can help.

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Finance Accounting – Tips on How to Do It

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Dealing with finances can be extremely tedious and nerve racking since you have to be as accurate as possible. It can be extremely difficult especially if working with numbers is not your favorite pastime. You have to be cautious and ensure that the smallest details have to be double checked. Making even the slightest mistake could force you to do the work all over again which could cost you a lot of time and energy. The work can even increase and become more complex especially during the tax season. This could weigh heavily on your work schedule and it is advisable that you acquire the services of an accounting firm.

When you outsource, you are able to tremendously reduce your workload and this will help you concentrate on other aspects of your business. It helps you reduce your stress when it comes to the complexities involved with the tax calculations. Tax issues are considered serious and need to be handled by professionals who understand the intricacies involved with it. Finance account outsourcing involves tallying of finance documents before you can pay your taxes.

It is important to make the process an integral part of your business so that if any financial information required by for example a bank, you are in a position to easily access it. When all your documents are in order, you are in a position to know the amount of tax you are required to pay. Accounting firms are expected to do their work as professionally and as competently as possible. This means that they are supposed to have finished your work in a specified duration.

A good accounting firm is supposed to work within your budget amount. This will save you money if you had in-house staff for this purpose, and you would probably have to pay exorbitant amounts of money, allowances etc. Outsourcing finance accounting will help your business run efficiently.

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