Archive for Uncategorized
November 14, 2008 at 2:11 am · Filed under Accounting Systems, Uncategorized
A return to uniform accounting system in the banking sector will reveal cases of undercutting in the industry, observes the President of the Association of Accountants of Nigeria, Samuel Nzekwe.
Speaking in Lagos on Friday, Nzekwe said the introduction of the policy and its subsequent suspension precipitated the capital market crisis in Nigeria. He said with the margin trading stopped, there was a crisis, adding that it was not good for the government to introduce policies and later reverse them.
“The policy also precipitated capital flight that resulted in selling of shares. The government should do everything necessary to restore investors’ confidence. Let the government go back to the original policy that precipitated the fall. If it will fall, let it fall. At a time, it will get to a point where the stocks will find their level,” the ANAN president said.
He said bail-out might not be a long term solution to the problem, adding, however, that those who borrowed money to buy shares should be given some palliatives.
The ANAN boss, who recalled that the association had made an appeal to the government to use the excess crude earnings for productive and developmental purposes, advised monetary authorities to watch carefully in order to prevent the situation from going out of hand before intervening.
http://www.businessdayonline.com/index.php?option=com_content&view=article&id=1267:banks-uniform-accounting-system
October 22, 2008 at 6:44 am · Filed under Savings Account, Uncategorized
NatWest has launched an EcoGrowth account for those who have £10,000 or more to invest and want their savings to support green issues.
One option on the new deposit account contains a fixed-rate cash element, and an element linked to the RBS Green Index, which covers a variety of sectors including biotechnology, hydroelectricity, solar and wind energy and energy management services.
The fixed rate cash element applies to one-third of the total deposit and guarantees a return of 7% gross AER after one year.
The two-thirds of savings linked to the RBS Green Index will be enhanced by 70% of the calculated growth in the index.
Alternatively, customers can place their total deposit into a four-year “green” business sector account.
On maturity they receive their deposit plus the greater of a minimum return of 12% or 70% of the calculated growth in the RBS Green Index, on the full deposit.
NatWest spokesperson, Dave Isley, says the EcoGrowth account has been designed for those who recognise the potential growth in businesses that address environmental challenges, adding that the two deposit options enable customers meet their own personal savings goals.
The minimum deposit is £10,000 and those wishing to take up the offer need to do so between 20th October and 19th December 2008.
http://www.bankingtimes.co.uk/22102008-natwest-launches-ecogrowth-savings-account/
September 8, 2008 at 4:07 am · Filed under Accounting, Uncategorized
The US Securities and Exchange Commission (SEC) has issued a warning to General Electric (GE) over certain elements of its accounting practices.
According to a report in The Daily Telegraph, the SEC has issued a ‘Wells notice’ against the company, inferring it has the potential to bring ‘a civil injunctive action against GE for possible violations of the securities laws’.
The investigation is said to focus on the manner in which GE has accounted for how it has hedged interest rate risk in relation to derivatives.
In addition, the way the company has previously presented its cash flows and recognised revenues is also under the SEC microscope.
GE has confirmed receipt of the written notice, and disagrees with the SEC’s issuing of the Wells notice.
http://www.managementconsultancy.co.uk/accountancyage/news/2225547/ge-warned-accounting-practices
July 11, 2008 at 4:52 am · Filed under Small Business Accounting, Uncategorized
Now more than ever before, it’s important for smallbusiness
owners to get the most return on every dollar
they spend. After all, as the backbone of the American economy, the small business owner’s success spells good news for everyone.
“Small business owners recognize the value and importance of making their money work harder for them,” says John Durrant, Card Marketing product executive for Bank of America. “And with close to 25 million small businesses across the country, this critical segment of the economy is looking for simple, easy-to-use tools to make the most of their dollars.”
From cashing in on rewards programs to learning smarter management practices, here are some tips for small business owners looking to stretch their dollars:
Credit Card Rewards
The credit card industry virtually pioneered the rewards program concept now widely used by companies from hotels, rental cars and airlines to restaurants and online retailers. Companies are making it easier than ever to redeem rewards.
The latest innovation is a business credit card that gives small business owners double points for items they need most - like taking that important client out to a restaurant, making sure they can always fill the gas tank for their top sales producer or getting all their business supplies for the office. Bank of America’s WorldPoints Rewards for Business has no annual fee and offers two points per every dollar spent at restaurants, business supply stores and gas stations, and one point per dollar spent for all other purchases. It also allows small business owners to transfer points between personal and business WorldPoints rewards cards.
In addition, they can earn bonus points by shopping at well known brand name merchants through the WorldPoints Mall. There are over 750 point redemption options, including merchandise, cash, travel, gift certificates, unique experiences and signed memorabilia. And through the MyConcierge service, cardholders have complimentary access to anything from a restaurant reservation to hard to find event tickets for an important client. Visit your local Bank of America banking center to apply for the rewards card with the double points feature.
Save a Bundle with Bundled Products
From phone, internet and cable for the home or office to insurance carriers who offer discounts for multiple policies, small business owners can easily make their money work harder for them by leveraging the bundling bandwagon. Often, a packaged deal is a significant savings over what you would pay for each component separately. Plus, buying bundled products can save small business owners valuable time they would otherwise spend investigating individual product alternatives.
Don’t Do it Yourself
Initiative and self-motivation are the hallmarks of every great entrepreneur, but for many small business owners, doing everything themselves might not make the most business sense. If obligations such as payroll and accounting are taking a small business owner’s time away from aspects of their business that generates revenue, then they are actually losing money. Every hour wasted adds up to actual dollars off the bottom line.
“In today’s market, small business owners have access to a wide range of products and services that can help them more easily manage their financial affairs,” said Durrant. “Bank of America offers a full portfolio of products that help small business owners reduce the time spent managing finances from hours to just minutes.”
A competitive and highly technological marketplace means more opportunities than ever for small business owners to save money. Doing so spells success not only for them, but for the American economy as well.
http://sentinelsource.com/articles/2008/07/10/business/news/free/doc4874da633662f443862495.txt
