How Modern Accounting Software Can Save You Both Time and Money in 10 Different Ways?

Whether you run a small business or own a large enterprise with thousands of employees, your accounts departments is the most engaged department throughout the year. Accounting processes keep getting complex with time and evolving taxation procedures keep accountants on their toes. Over 73% of the accountants had pointed out that they always look for new tools and software to automate manual accounting tasks in order to reduce errors and work load.

Most of the modern accounting software such as quickbooks, netsuite and Odoo to name a few are extremely affordable and offer out-of-the-box accounting capabilities. Out of the three, Odoo is license free and offers the most advanced accounting capabilities to both small and large enterprises.
The priority for most of the enterprises is to save costs but unfortunately due to the lack of understanding that automating accounting processes can control unnecessary expenditures and save money, some enterprises reduce discretionary spending while some impose wage cuts to improve the bottom line.

Let’s understand how using modern accounting software enables enterprises in 10 different ways to save both time and money and turn accounting staff more productive…….

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FRB and NYDFS Take Action Against Foreign Bank Branch for AML Failures

On December 17, 2015, in a joint action, the New York Department of Financial Services (the DFS) and the Board of Governors of the Federal Reserve System (the FRB) issued a consent order and cease and desist order (collectively, the Orders) against Habib Bank Limited, a foreign bank located in Pakistan (the Bank), and its New York branch (the Branch),1 for failure to comply with anti-money laundering (AML) requirements under the Bank Secrecy Act and its implementing regulations (the BSA). The DFS and FRB allege that during their most recent examination they identified significant breakdowns in the Branch’s risk management and its compliance with the BSA.

The Orders result from a record of alleged non-compliance with the BSA and come nine years after the DFS’ predecessor agency and FRB entered into a written agreement with the Branch designed to correct BSA program weaknesses and deficiencies related to correspondent banking and funds transfer clearing activities. Having found that the Branch had not sufficiently complied with each provision of the 2006 written agreement, the DFS and FRB are now subjecting the Branch to a number of compliance-related requirements. Under the Orders, the Branch must:

  • submit a written plan to enhance oversight of the Branch’s compliance with the BSA/AML requirements, including a number of specific governance improvements, such as more clearly defined roles, responsibilities, and accountabilities regarding BSA/AML compliance, increased control by the Bank’s board of directors, and measures to track and escalate BSA/AML compliance issues to senior management;
  • retain an independent third party to conduct a comprehensive compliance review of the effectiveness of the Branch’s BSA/AML program;
  • submit a written revised BSA/AML compliance program for the Branch;
  • submit a written enhanced customer due diligence program;
  • submit a written program reasonably designed to ensure timely, accurate, and complete suspicious activity monitoring and reporting;
  • engage an independent third party to conduct a “look-back” review of the Branch’s dollar clearing transaction activity for the six-month period from October 1, 2014 to March 31, 2015 to determine whether recordkeeping and reporting requirements were properly met;
  • refrain from taking any action that would result in an increase in the aggregate dollar value or transaction volume of the Branch’s US dollar clearing activities;
  • refrain from accepting any new foreign correspondent accounts or new customer accounts for US dollar clearing;
  • submit a written plan to manage the growth in the Branch’s US dollar clearing activities;
  • submit written policies and procedures governing the Branch’s personnel in all supervisory and regulatory matters; and
  • submit a plan to enhance the Bank’s compliance with Office of Foreign Assets Control regulations.

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Court Rules Anti-Money Laundering Law Applies to Compliance Officers

A U.S. District Court in Minnesota ruled that compliance officers and other individuals can be held responsible for anti-money laundering control failures under the Banking Secrecy Act, dealing a setback to a former chief compliance officer who was hit with a $1 million fine by the Financial Crimes Enforcement Network.

The fine by FinCEN against former MoneyGram Chief Compliance Officer Thomas Haider made waves in 2014 as a rare case of a compliance team member being held responsible for control failures.

FinCEN’s action stems from the money transfer company’s $100 million settlement with the U.S. government in 2012, in which MoneyGram admitted to wire fraud and money laundering control violations.

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Ready. Aim. Truth: How the ATF regulates firearms

Inside the Bureau of Alcohol, Tobacco, Firearms and Explosives evidence vault, there are hundreds of guns seized from the hands of criminals throughout North Texas.

Row after row of rifles, shotguns and assault weapons fill the vault, as well as all makes and models of handguns, connected to ongoing gang and drug trafficking investigations.

“We are going after the guys that are pulling the trigger,” said ATF Special Agent Russ Morrison during a recent tour.

In the right hands, though, many of the weapons inside that vault are legal to own. Morrison shows a Desert Eagle pistol that takes a large 50-caliber round – one of the most powerful that’s legal to own. The vault also contained numerous guns with rifle bodies that take rifle rounds, but have pistol grips, which makes them a handgun legally. And if one could find a holster that would fit, these weapons could be carried openly under Texas’ new law.

The ATF, though, does not enforce or have anything to do with the state’s open carry statute.

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Sending money abroad instead of a parcel will be well-received by loved ones overseas this Christmas

A parcel packed up with marmite and M&S socks might seem like a good idea for those that are missing out on Christmas in Blighty, but the cost of airmailing even a small parcel can be extortionate.

How much does sending a parcel abroad actually cost?

Using Parcelforce Worldwide to send a pair of jeans to Australia can cost anywhere from £34.20 to £63.05 for example. So just sending a package is likely to exceed the value of its contents. And this is not to mention the time it takes to do the shopping (all that umming and ahing about whether something will fit) and standing in the lengthy post office queue. This alone is reason enough to consider sending money.

Take advantage of the strong pound and favourable exchange rates

This year it makes more sense than ever to send money abroad simply because the pound has stood up well against many of our favourite foreign currencies, including the Aussie and New Zealand dollars and the euro. And seeing as the pound is currently stretching much further in many countries, a cash gift would undoubtedly be well-received – the recipient gets to choose (and try on) the gift themselves, while you save tens of pounds.

Save money on your international money transfers

There are some things to be wary of when sending money abroad though, as the cost of transferring currency can vary significantly depend on how you choose to do it.

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JN Money Services fights for KYD transactions

JN Money Services (JNMS) Cayman Limited is not sitting back as it watches it’s competitor Western Union gain the upper hand in the local remittance services market.

The money service business announced it has written to the Cayman Islands Monetary Authority (CIMA), the country’s financial regulator, requesting to return to offering transactions in Cayman Islands dollars (KYD) to its customers in Cayman.

This announcement came shortly after Western Union gave notice that it was back in business on Tuesday, 24 November, and also accepting KYD.

This was possible due to a partnership involving Western Union, GraceKennedy Money Services (GKMS) and Scotiabank.

Leesa Kow, managing director of JNMS stated in a release that the company has requested CIMA’s support to be able to exchange CI dollars for US dollars.

“We made a similar request of CIMA in August, prior to implementing US dollar-only transactions; however, they did not accommodate the request at that time. Following a deeper reading of the Cayman Islands’ laws, we have again written to them and anticipate a positive outcome,” Ms Kow disclosed.

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Online payment provider unveils Africa-wide mobile money service

3G Direct Pay has launched a new platform that enables cross border payments across different mobile networks.

The new service is available to mobile phone subscribers in over five African countries, who can now pay and be paid across different mobile carriers. The platform will support numerous Mobile Money Wallets including – M-Pesa, Airtel Money, Tigo Pesa, Vodacom, and MTN.

Merchants, working with 3G Direct Pay, will be able to conveniently accept payments in real time and will be able to use all cards, bank transfer and paypal from the same single connection.

“We have seen an increased desire for people to be able to safely pay to merchants via mobile money accounts across networks and borders,” said Eran Feinstein, Managing Director, 3G Direct Pay Limited.

“This form of payment has gained particular popularity due to its convenience, security and competitive pricing. 3G Direct Pay is focused on being Africa’s leading digital platform for online payments. We believe in innovation and excellence by providing solutions that are easy, fast, secure and simple to use,” he added.

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Say the Big, Bad ‘B’ Word: Bitcoin and the Internet of Money

It has been a bit amusing watching as intellectuals and “thought leaders,” financial industry executives, technologists and even the media itself have fallen in love with “the blockchain,” “distributed ledgers” and other phrases to talk about the innovation happening in how trust and value exchange work on the Internet.

Notably absent from this high-minded and purportedly insightful thinking is reference to bitcoin, the actual open platform that distributes trust and provides a highly secure ledger to exchange value around the world.

If bitcoin is referenced, it’s dismissively, as if smart people are in the know that bitcoin (the digital asset) isn’t necessary or important to fueling this global network of distributed and decentralized trust. For the most part, it’s just a cop-out and intellectual laziness; I have yet to meet anyone who shares these thoughts who actually has any idea how any of the technology actually works.

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4 Tips for Affordably Mixing Pleasure Into Your Next Business Trip

When I first entered into entrepreneurship, I took the idea of bootstrapping seriously, especially when it came to business travel. In fact, my business partner and I would take “budget traveling” to all new levels, often sharing hotel rooms that required us to wear socks at all times and sleep fully clothed on top of sheets.

Our goal was to save money, even if that goal required us to sleep with one eye open.

It was a number of years later when another entrepreneur and good friend suggested that the reasons people start businesses is so they can plan mini-vacations with business travel and expense the entire trip as business. He was mostly kidding, but the small part that was serious really hit home.

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