Accounting is one of the most underrated aspects of running a business and there are many businesses that have failed just because they are not able to take care of accounting. You know that if your business is able to take care of its accounting then it will be able to keep tabs on its financial health, invite investors, keep shareholders informed and do many other things that will benefit the business. It doesn’t matter how good you are at running your business if you will not manage your accounting then there are maximum chances that you business will fail.
But if you are thinking that you can manage accounting on your own, you are making one of the biggest mistakes of your life. Accounting is a very broad topic which covers many aspects of the financial health of a business. All those aspects must be taken care of if you are planning to streamline your accounting practices without any issue. If you don’t know much about accounting then you need to hire an accountant or you can also have the option of outsourcing your accounting practices.
To make things easier for you we have come with 10 things that you should know about accounting practices.
Cloud Must be used
If you are going to deal in accounting practices then one the most important thing that you should know is you need to use cloud computing without any second thoughts. Cloud computing has become almost inevitable in accounting practices as it offers many benefits like anywhere anytime access, high uptime, better security, round the clock customer support, automatic backup and much more. And the best part is that cloud computing is one of the most economical solutions out there that can be used by any type of business with any type of budget.
You need to prepare for tax throughout the year
Important thing that everybody should know about accounting practices is that tax preparation is never done just before the tax season. If you are going to start preparing for tax filing just before the tax season then you are going to create a situation of chaos as filing tax needs to be prepared throughout the year. You need to go to accurate accounting practices throughout the year in order to file taxes with ease.
You can outsource accounting
If you are running a small business then there are maximum chances that you must have a limited budget and this is the reason why you can’t go on forming an accounting team. One of the best things that you can do to streamline your accounting practices without going extravagant with your budget is to outsource accounting practices to a third party.
Personal and business accounts should be separate
The best way to make sure that you are dealing with accounting is to start separating personal and business accounts without any second thoughts. You should have different credit cards and debit cards for both personal and business use and even the accounts of both personal and business purposes should be different as this is one of the main pieces of advice that you will get from any accounting or tax expert. Make sure that you are separating both these accounts slowly.
Keep security in mind
There is no denying the fact that all the businesses out there are very much concerned about the security of their website but in addition to this you will also need to be concerned about the safety of your financial data. Most of the hackers will be targeting small businesses or large sized businesses for their financial data and this is why you need to be extra cautious about the safety of your financial data. There are many ways you can add an extra layer of security on the cloud platform and you will need to use all those options.
Choose a wise cloud hosting provider
If you are going to shift your accounting software to the cloud platform then one the most important things that you’ll have to keep in mind is to choose an ideal cloud hosting provider instead of sticking with any type of cloud hosting provider out there. You will have to analyse all the cloud hosting providers out there on the basis of different parameters like security, price, experience, and data centre. Make sure to filter down the available list of cloud hosting providers in a similar way in order to get expected results.
Track your cash flow
If you are running a business, the most important thing that you should know is that your business is making money as the financial health of your business will help you in making strong decisions for your company. Well one of the easiest way you can know your business is making money by keeping track of the cash flow. If you have more money coming in your business and what is going out then you are surely running your business successfully and this is how you should carry out your firm in the future.
Choose a good accounting software
You might get a long list of tips when it comes to accounting practices but you’ll have to begin with choosing the right type of accounting software for your firm. There are many different types of accounting softwares out there but using the one that will suit the needs of your business is very important. For example small businesses are using the power of Host QuickBooks accounting software since it offers a long list of benefits to small and medium-sized businesses.
Decide inventory cost
You should decide on the inventory cost with precision and this should include considering the price of packaging and wrapping the product as well. With the right inventory, the profits will go higher and will benefit your firm.
Consider additional cost
You should not only consider direct expenses as you will have to consider all the other costs at your business in order to know about your financial health in a well profound manner.
10 Real-World Apps of Blockchain Technologies
Blockchain has become increasingly popular since it was invented two decades ago. Businesses and federal governments are using the technology in several ways.
Blockchain Technology to Secure Public Data
Securing public data on a decentralized ledger is one of the most useful applications of blockchain technology. An immutable ledger can address the issues of confidentiality and privacy for public data.
Estonia’s X-Road was among the first applications of blockchain technology in governance. The X-Road blockchain infrastructure allows public and private organizations to connect to a single unified e-system. Since its inception in 2001, it has evolved into a sophisticated platform that offers a full range of services to the general public.
Voter fraud is another invaluable blockchain application for improving governance. Governments can not only eliminate election tampering but can also reduce the cost of elections.
One example is followmyvote, a UN initiative that utilizes a decentralized to enhance election accountability. Any user on the platform can monitor results and report fraudulent activities.
Ensure Healthcare privacy compliance
Blockchain can ensure compliance with healthcare privacy regulations. It can support other emerging technologies such as telehealth. Patients can share data with their doctor in real-time without the delays that are typical of traditional authentication processes.
One example of blockchain technology in healthcare is MedicalChain. The website stores information on an immutable ledger. Patients can use the site’s MyClinic platform to book a doctor’s appointment and pay securely with digital tokens.
Enhance Supply Chain Accountability
Another use of blockchain technology is in supply chain accountability. It can enhance food safety by tracking food distribution at every stage.
Weapons Tracking with Blockchain
With blockchain, governments and federal agencies can record the movement of weapons to enhance security. An immutable registry will be critical for tracking gun ownership.
Streamline Real Estate Transactions
One of the biggest challenges for the real estate sector is upholding the integrity of land titles. Blockchain facilitates transparency, allowing the public to examine records.
Ubiquity is one example of a blockchain real estate startup. The platform aims to enhance transparency while improving the speed of the land transfer process.
Ecommerce and Blockchain Technology
Loyyal is a blockchain application for developing customer loyalty programs. Businesses can maximize profitability by using metrics to create loyalty programs that resonate with their audience.
Blockchain can also speed up business processes with smart contracts. Ecommerce companies are using platforms like OKX to buy Solana for real-time transactions.
Solana is a platform that provides entrepreneurs with the flexibility to trade ETC, USDT, and BTC. According to OKX, Solana was one of the best-performing tokens in 2021.
Blockchain Solutions for Fintech Startups
Many Fintech Startups are also using blockchain technology to facilitate faster processing. Aeternity is an example of a high-speed blockchain Fintech processing system. It uses smart contracts, which are agreed upon through network consensus.
Unchangeable Data Backups
Blockchain is one of the best ways to secure your data. Storing data in a decentralized database will prevent data breaches while in the cloud.
Protecting Intellectual Property
Blockchain technology could be used to protect intellectual property in the future. A public ledger may solve issues of copyright infringement.
There are many other ways stakeholders in government and the private sector are using blockchain to enhance processes. From protecting intellectual property to eliminating voter fraud, the possibilities are endless.
Top 10 Richest People In Australia (*Super Rich*)
The World’s Billionaires is an annual ranking of the world’s wealthiest billionaires based on verified net worth, gathered and published in March each year by the American business magazine Forbes. In March 1987, the list was first published.
The entire net worth of each person on the list is calculated and stated in US dollars, based on their verified assets and after deducting debt and other considerations. These rankings exclude royalty and dictators whose income stems from their status.
This ranking is an index of the wealthiest documented persons in Australia excluding any ranking of those whose wealth cannot be fully determined.
Here are the top 10 richest people in Australia.
This year, the top slot on the Rich List was strengthened with iron-rich reinforced steel: the founder of the Pilbara’s Roy Hill mine at one point added more than $1 billion to her fortune pile as iron ore prices continued to rise.
Rinehart’s Hancock Prospecting’s profit increased to more than $4 billion, opening the path for a $710 million payout. Roy Hill’s success has returned the $US7.2 billion debt Rinehart borrowed in 2014 to make her fantasies a reality.
Rinehart is making fresh investments, including overtaking her son, John Hancock, on the stock exchange of lithium play Vulcan Energy.
Rinehart is Australia’s wealthiest individual. Her fortune peaked at roughly A$29 billion in 2012, when she surpassed Christy Walton as the world’s richest woman and was named to Forbes’ list of The World’s 100 Most Powerful Women.
Rinehart’s net worth plummeted in the years that followed due to a recession in the Australian mining sector. According to Forbes, her net worth in 2019 was projected to be $14.8 billion, as reported in the list of Australia’s 50 wealthiest people.
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John Andrew Henry Forrest AO is a businessman from Australia. He is best known as the former CEO and current non-executive chairman of Fortescue Metals Group (FMG), although he also has interests in mining and cattle ranching.
According to the Financial Review 2021 Rich List, Forrest is the second richest Australian, with an estimated net worth of A$27.25 billion. According to the Financial Review, Forrest was Australia’s richest person in 2008.
Forrest’s aim of becoming the country’s third iron ore power has paid off handsomely, and he’s now leveraging his $60 billion mining behemoth Fortescue Metals Group to pursue his next major goal: a carbon-neutral planet.
He believes Fortescue has the potential to become one of the world’s largest energy providers, and he is working to develop technology to establish a green steel industry. Forrest also intends to build a $1 billion green hydrogen facility in Port Kembla, New South Wales.
His vast fortune means that his interests are diverse: the businessman and philanthropist have purchased Australian bootmaker RM Williams, fintech, and is creating eco getaways.
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Michael Cannon-Brookes is an Australian billionaire and the co-founder and CEO of Atlassian. Cannon-Brookes is known as the “accidental millionaire” since he and his business partner Scott Farquhar created Atlassian with the simple goal of recreating the then-typical graduate starting wage of A$48,000 at large firms without having to work for someone else.
Mike Cannon-Brookes, the international face of Australia’s software sector, co-founded Atlassian in 2002 with university mate Scott Farquhar.
What began in a garage with a $10,000 credit card has grown into a $76 billion collaboration software empire that is the stuff of legend. The easygoing, T-shirt-loving creator is also spearheading the country’s push to shift to renewable energy and combat climate change.
Cannon-Brookes’ Grok Ventures has made various investments, including financing a plan to create 1 million employees through green initiatives and renewable energy. He has also made investments in SunDrive, Brighte, and Weave Grid.
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Anthony Pratt & family
Anthony Joseph Pratt, a millionaire Australian businessman, is the Executive Chairman of Visy Industries and Pratt Industries in America, the world’s largest privately-held packaging and paper company.
He is the son of philanthropist Jeanne Pratt AC and the late Richard Pratt, a former industrial mogul and former president of the Carlton Football Club.
Pratt and his family have a net worth of A$20.09 billion, according to the Financial Review Rich List 2021. Forbes estimated his net worth in 2021 to be $9.78 billion, excluding his sisters’ inheritance.
After their father, Richard, died in 2009, Pratt and his sisters, Heloise Pratt and Fiona Geminder took over the family’s Visy packaging and recycling company.
Pratt also established his own American company, Pratt Industries. In calendar 2020, the two companies combined made a record amount of money. Pratt has vowed to invest $2 billion in Australia in order to generate jobs.
He collaborated with the federal and Victorian governments in April to eliminate pollutants like plastic from the waste paper stream. Visy is modernizing the Laverton glass recycling center it bought as part of the $1 billion purchase of Owens Illinois’ local assets last year.
Scott Farquhar’s financial interests, like those of his Atlassian cofounder, now extend far beyond the technology firm he founded, owing to Skip Capital, which is headed by his wife, Kim Jackson.
Skip has invested in companies such as fintech unicorn Airwallex, August Robotics, and HR tech start-up Pyn. It will deploy a record $100 million of funds in 2020, and it will unveil a new infrastructure fund in February.
At the same time, Atlassian’s stock price has risen, from $US135 a year ago to more than $US230 today, as organizations throughout the world turned to collaborative working solutions during the pandemic.
Profits at Triguboff’s Meriton Properties fell to $19.4 million in fiscal 2020, down from $356 million the previous year, as the pandemic slowed unit sales and nearly eliminated the serviced apartment sector.
However, with cheap money flowing, Triguboff believes Meriton will recover to pre-COVID levels as early as this fiscal year.
Several serviced apartment developments have been converted to residential, and Meriton’s asset carrying value has surpassed $17 billion for the first time. Triguboff’s approach to a dramatic drop in international arrivals is to refocus on local marketing.
Clive Frederick Palmer is a businessman and politician from Australia. He has iron ore, nickel, and coal. Palmer owns a number of companies, including Mineralogy, Waratah Coal, Queensland Nickel in Townsville, the Palmer Coolum Resort on the Sunshine Coast, the Palmer Sea Reef Golf Course in Port Douglas, the Palmer Colonial Golf Course in Robina, and the Palmer Gold Coast Golf Course in Robina.
From 2008 to 2012, he was the owner of Gold Coast United FC. Palmer founded the Palmer United Party in April 2013, after winning the Sunshine Coast seat of Fairfax in the Australian federal election that year and serving as an MP for one year.
Palmer was the seventh richest Australian in May 2021, according to The Australian Financial Review, with a net worth of A$13.01 billion on the 2021 Rich List.
Hui Wing Mau
Hui Wing Mau’s Hong Kong-listed Shimao Property Holdings’ share price and profits fell this year, knocking him off the Rich List. Happily, for Mau, he received Hong Kong’s highest honor, the Grand Bauhinia Medal, in part for his efforts to foster “social harmony.”
Hui, who was born impoverished in Fujian province, was educated as a rural doctor under Mao Zedong’s rule before working in textile industries and eventually investing in them. Hui obtained Australian citizenship after studying for an MBA at the University of South Australia in the early 1990s, during which time his family lived in Darwin.
When Frank Lowy and John Saunders founded Westfield Corporation in the 1970s, it was just as shopping malls were becoming popular.
Then, in the middle of the last decade, with Westfield owning more than 100 retail centers in nine countries and 23,000 tenants, Lowy decided they weren’t going to be such a thing any longer.
His timing was flawless. In December 2017, Lowy sold Westfield’s worldwide malls to Unibail-Rodamco for $32 billion, virtually trebling the company’s current value. Lowy has moved to Israel to retire.
Melanie Perkins & Cliff Obrecht
Another year, another massive price increase for Canva, the software platform that claims to simplify the graphic design. Perkins and Obrecht founded the company in 2012, and it has since raised $500 million in venture financing, with the most recent round estimated at $20 billion.
Canva’s investors include Australia’s two most successful internet entrepreneurs, Mike Cannon-Brookes and Scott Farquhar, and the company appears to be on its way to Atlassian-like ubiquity.
While Perkins is credited with Canva’s ambition of being the go-to visual communication tool for businesses, Obrecht’s negotiating abilities have guaranteed that the company’s founders (including Cameron Adams) have retained a controlling position through 13 rounds of investment.
Top 10 Most Corrupt Countries In The World (*Globally*)
Not all governments are concerned with their citizens’ best interests. People in positions of authority often struggle to avoid the desire to utilize their positions for personal advantage, and many public workers in various countries have been implicated in political scandals and corruption.
Some countries’ histories of corruption have resulted in political turmoil between their governments and their citizens. Corruption is defined by Transparency International, a non-governmental organization located in Germany, as the abuse of public power for private gain. According to the organization’s most current Corruption Perceptions Index, the failure to effectively manage corruption is driving a global democratic catastrophe.
Here are the top 10 most corrupt countries in the world.
South Sudan has the world’s worst corruption. The country’s elites have created a kleptocratic regime that dominates every aspect of the economy in South Sudan. South Sudan was granted self-rule in 2005 while still being a part of Sudan, and full sovereignty was granted in 2011.
Even though the South Sudanese government has authorized multiple investigations into scandals, they are almost always disregarded or deliberately destroyed, according to the Africa Review in 2013.
President Salva Kiir Mayardit has consistently stated that his government is committed to tackling corruption, yet on April 12, 2013, he sacked the Deputy Minister of Foreign Affairs and International Cooperation “for admitting that South Sudan is corrupt and ‘rotten to the core.’
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Syria is a country in Western Asia that is officially known as the Syrian Arab Republic. Human rights in Syria have long been a source of worry for independent organizations like Human Rights Watch, which described the country’s record as “among the worst in the world” in 2010.
Syria was rated “Not Free” in Freedom House’s annual Freedom in the World study, which is supported by the US State Department.
In August 2014, UN Human Rights Chief Navi Pillay chastised the international community for its “paralysis” in dealing with the countries more than 3-year-old civil war, which had resulted in 191,369 deaths by 30 April 2014, with war crimes committed with total impunity on all sides in the conflict, according to Pillay.
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Corruption in Somalia refers to alleged levels of corruption in the public and private sectors, anti-graft efforts aimed at addressing those issues, as well as political dispensations and structural changes in government that affect transparency.
Due to the Transitional Federal Government’s alleged lack of transparency in the receiving and expenditure of public monies, a federal Anti-Corruption Commission was established in 2011 to deter and eliminate graft.
Transparency International’s 2014 Corruption Perceptions Index, which assesses public sector corruption perceptions around the world, put Somalia joint-worst.
In July 2012, the UN Monitoring Group on Somalia and Eritrea (SEMG) delivered a report to the UN Security Council alleging that roughly 70% of funding meant for development and reconstruction in Somalia went missing between 2009 and 2010.
The charges were refuted by President Sharif Sheikh Ahmed, who stated that a $3 million payment from the Sultanate of Oman went toward legitimate government expenses such as loans, security forces, and parliament.
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Venezuela’s considerable role in drug trafficking, with Colombian cocaine and other drugs traversing Venezuela on their way to the United States and Europe, exemplifies this corruption.
Venezuelan authorities seized the fifth-greatest overall amount of cocaine in the world between 2003 and 2008, trailing Colombia, the United States, Spain, and Panama. ONA, the government’s organization for combating illegal drug trafficking in Venezuela, was absorbed into the office of the country’s vice-president in 2006.
Many high-ranking government and military officials, on the other hand, have been linked to drug trafficking, most notably the October 2013 event in which members from the Venezuelan National Guard loaded 1.3 tonnes of cocaine onto a Paris airplane knowing they would not face charges.
Yemen is a member of the Arab League, UN, Non-Aligned Movement, and Organization of Islamic Cooperation. It is classified as an LDC because of its multiple “serious structural barriers to long-term development.”
Yemen is the country with the most people in need of humanitarian assistance, according to the United Nations, with roughly 24 million people, or 85 percent of the population, in need of assistance in 2019. As of 2020, the country ranks first in the Fragile State Index, second in the Global Hunger Index (behind only the Central African Republic), and has the lowest Human Development Index among non-African countries.
The continuous humanitarian crisis and conflict have drawn widespread condemnation for deteriorating Yemen’s humanitarian situation, which some argue has reached the level of “humanitarian calamity” and even genocide, according to some. It has exacerbated the country’s already deteriorating human rights situation.
In Transparency International’s 2013 Corruption Perceptions Index, North Korea is placed 175th out of 177 countries (tied with Somalia and Afghanistan).
Bribes to the police are often used to get over the regime’s strict rules and brutal sanctions, such as those barring accessing foreign media or changing radio or television receivers to access foreign media. It is becoming less frequent to spy on coworkers and family members.
When putting out the accusations against Jang Sung-take after his execution in December 2013, North Korea’s state media alluded to widespread corruption in the country.
Bribery, material deviation, selling resources and land, procuring funds, and wasting money for private use through organizations under his control are all included in the declaration.
In today’s Afghanistan, the most common kind of corruption is the demand and offering of bribes, both in the private and public sectors and on large and small dimensions.
Nepotism, graft, and illicit land transfers are only a few examples of major forms of corruption. According to the US Special Inspector General for Afghan Reconstruction (SIGAR), bribery accounts for more than half of the country’s annual customs revenue.
Corruption is a pervasive and rising issue in Afghanistan’s society. The country is ranked 177th out of 180 nations in Transparency International’s 2017 Corruption Perception Index.
Afghans denounce corruption on the one hand, yet they are increasingly accepting patronage and bribery as unavoidable and even normal components of daily life.
According to a UN poll from 2012, 68 percent of Afghans said it was appropriate for state workers to supplement their salaries by charging bribes to service customers. This was an increase from the previous year’s 42%. Furthermore, 67 percent thought it was acceptable for certain federal workers to be hired based on family ties and friendship networks.
For decades, Libya has been subjected to numerous allegations of government, militia, and large oil company corruption.
Libya’s corruption stems from what political scientists refer to as the “resource curse,” a term used to characterize a country with a lot of natural resources but little economic progress and a poor democracy. Oil production has left the country vulnerable to corruption, resulting in civil war as a result of ongoing bloodshed and political upheaval.
According to Transparency International’s Corruption Perceptions Index, Libya was placed 170th out of 175 nations in terms of corruption in 2018. Libya likewise had a dismal 17 out of 100 in the Corruption Perception Index in the same year. The government, the public sector, and private corporations are the primary sources of corruption.
Guinea was placed 142nd out of 176 nations in Transparency International’s Corruption Perceptions Index in 2016. Guinea received a 27 out of 100 on the rating for the perceived amount of public sector corruption. This is the country’s highest anti-corruption rating since 2006.
In 2008, the lowest score, 16 points, was achieved. Guinea’s immense natural resources have maintained a worldwide interest in the country, particularly in the mining sector, but have also resulted in a slew of corruption scandals during the last sixty years.
Guinea is one of Africa’s ten most mineral-rich countries, but it is also one of the world’s poorest countries. 73.8 percent of the population is multidimensionally poor, and another 12.7 percent is on the verge of becoming multidimensionally poor.
‘The Wall Street Journal’s Index of Economic Freedom ranks the country at the bottom of numerous annual indices that assess corruption. The country is ranked 167th out of 180 nations in Transparency International’s 2017 Corruption Perception Index.
Turkmenistan was dubbed “the only former Soviet country whose loans have been withheld due to corruption suspicions” by World Bank Vice President Johannes Linn in 2000. Due to “alleged fraud and corruption – including bribe payments to Turkmen authorities in an attempt to obtain contracts for Bank-funded projects,” five Western corporations have been “barred from working on any World Bank projects” in Turkmenistan.
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- Why is Arousr the best sext chat site online?
- Time to Update Your Cricket Calendar! Gear Up for the Upcoming Competitions for this Season
- A Quick Guide To Know About The Instagram Algorithm 
- Top Five World Cups That Delighted Football Fans
- 10+ Surprising Facts About Denmark
- 10+ Surprising Facts About Austria
- 10+ Surprising Facts About Belgium
- 10+ Surprising Facts About Delhi
- 10+ Surprising Facts About Croatia
- 10+ Surprising Facts About Colombia