Bankruptcy Advice to Help Navigate Debt

Bankruptcy is a legal process that occurs as a result of an individual being unable to pay their debts. While bankruptcy certainly has negative connotations, the process is designed to release an individual from their debts, enabling them to make a fresh start.

Bankruptcy can be entered into voluntarily or by order of the court, which is also known as a sequestration order. A sequestration order will be issued if creditors take the bankrupt individual to court and demand payment.

The term bankruptcy is only used to describe individuals; businesses that fail to pay back their debts are described as being insolvent.

Before deciding to declare bankruptcy, it’s highly recommended that individuals seek bankruptcy advice from financial professionals. Being bankrupt can have serious consequences that should be well understood before a decision is made.

Bankruptcy: an overview
Here are some fast facts about bankruptcy:

Ï In exchange for giving up control over your finances and assets, you will obtain legal protection from creditors.
Ï The period of bankruptcy is typically 3 years and 1 day but will feature on your credit report at least for 5 years.
Ï A trustee will be assigned to look after all of your financial affairs.
Ï You may have to ask the trustee’s permission to do certain things, like travel overseas.
Ï At the conclusion of the bankruptcy period, you will be released from paying further debts.
Ï The process of bankruptcy is a chance to reduce financial stress and start anew, but it carries serious consequences.

How does bankruptcy work?
An individual can apply for bankruptcy if they meet two requirements:

Ï They are unable to pay their debts.
Ï They have a business or residential connection to Australia and are present in the country.

There is no minimum or maximum amount of debt that needs to be met to apply for bankruptcy.

To apply for bankruptcy in Australia, you need to complete and submit a Bankruptcy Form with the Australian Financial Services Authority (AFSA). It’s important to note that once bankruptcy has been approved, it cannot be reversed or cancelled. Before applying for bankruptcy, it is highly recommended that individuals seek out expert bankruptcy advice and consider the full consequences of their decision.

You can either nominate a Registered Trustee to administer your bankruptcy or if you do not nominate a Registered Trustee, The Official Trustee (at AFSA) will administer your bankruptcy. If you do not nominate a Trustee and the Official Trustee is appointed, the Official Trustee may transfer your estate to a Registered Trustee if it considers your estate would be better managed by a Registered Trustee. After accepting the bankruptcy application, the trustee will monitor and guide the process.

The trustee will manage all financial issues, including:

Ï Communicating with creditors and evaluating their claims
Ï Sale of assets (including vehicles or properties) to help you meet your debts
Ï Reviewing your financial documents to ensure that all information is correct

When you are discharged from bankruptcy, you will be released from your debts. However, your state of being bankrupt will feature in your credit history for at least five years. It will also be permanently recorded on the National Personal Insolvency Index, which is a public record of companies or persons who have gone bankrupt.

Tips for avoiding bankruptcy
The number one tip for navigating and avoiding bankruptcy is to seek expert assistance. Specialist financial advisors are able to dispense bankruptcy advice that can enable you to make an informed decision about your situation and options. Other general tips include:

Ï Make a budget: Identify your major expenses and avenues through which you can cut costs.
Ï Consolidate debts: Debt consolidation enables you to pay back multiple debts using the one loan. This can help manage a repayment schedule.
Ï Enter into a debt agreement: A debt agreement is a legally binding agreement between you and your creditors that enables you to pay back your debts at a rate that suits your income. A debt agreement also has consequences and should not be entered into lightly.

If you are struggling to pay back debts, bankruptcy is not necessarily your only option. Before making any drastic decisions, be sure to seek out an expert and qualified insolvency practitioner, who will be able to provide bankruptcy advice and come up with a solution that is tailored to your circumstances.

Finance & Accounting Automation: The Key to Cost Saving and Transformation

Every organization across the world has a finance team that manages the entire critical payment cycle internally and externally. Although the number of FTEs in the finance team might vary depending on the size of the organization, the challenges remain the same. Major challenges finance teams and CFOs across the world are facing are related to cash flow management, invoice management, managing payment cycles, and increasing efficiency every day.

In recent years, medium and big-sized organizations have started adopting tools and technologies in order to reduce the risk of minute errors due to human intervention that might cause major challenges to the organization as a whole. According to a recent report, the Finance & Accounting outsourcing market is bound to increase to over $16.5 billion by 2025.

As major companies have operations worldwide, their finance teams are scattered across various shared service centers which makes it difficult for the employees to locate the invoices and consolidate the data across multiple locations. CFOs are now investing in technologies like a suite of (F&A) finance and accounting solutions which include robotic process automation (RPA), Artificial Intelligence (AI), and Intelligent Document Processing (IDP) in order to streamline their entire finance cycle.

Organizations are automating their entire P2P cycle with different procure-to-pay solutions and business process management to accelerate contract management, vendor relationship, purchase order management, invoice process management, travel & expense management, etc., and their order-to-cash process with O2C solutions.

Below are some real-life case studies where companies have automated and streamlined their Finance & Accounting operations with automation and AI:

Blue Star’s Entire Accounts Payables Improves by 33% with Procure-to-Pay Process Re-engineering: India’s largest air conditioner manufacturer, Blue Star automated its accounts payable cycle by implementing intelligent workflow management solutions for managing payment cycles and automated the invoice processing with robotic process automation.
Automation Of Accounts Receivables Cycle For Automobile Sealant Manufacturer: One of America’s largest sealant manufacturers automated its accounts receivables cycle with RPA platforms and IDP solution.
Centralization of Order Management for a Leading Paint Manufacturer: One of India’s largest paint manufacturers automated their entire order management cycle with O2C solutions and increased overall productivity.
BPM Optimizes Accounts Payables For A Leading Airline Catering Firm: One of world’s largest airline catering firms streamline its accounts payables process by implementing business process management solutions including RPA and intelligent document processing (IDP)
Optimizing Accounts Payable process for house leasing company: A leading house leasing company in the USA optimized their accounts payables cycle by streamlining the process by implementing F&A solutions.

Amazing Ways Tech is Transforming Finance

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Pairing Sticks and Bricks with Convenience
Can you still pay your bills via a paper check? Of course! However, those who avoid using online banking tools such as bill pay because they fear a data breach may be mistaken. The internet has greatly reduced the security risk of transmitting money. If someone tries to get into your bank account online, the bank will likely lock your account down immediately and send you a fraud alert. If someone steals your utility payment check out of your mailbox, they have a lot of your information, including your signature, and can make a lot of mischief that you may not know about until you get a notice of non-payment from the utility.

The Rise of Credit
Many of us pay for a lot of our lives with credit cards. Simpleapps such as Square make it possible to turn your phone into a monetary collection center. Whether you’re a small business owner hoping to collect payment for your services and products quickly or are trying to fundraise at a special event, having a Square reader and account makes you part of the fintech revolution.

Expanding Slowly is Fine
There are many sources offintech news that can reduce discomfort if you’re not sure about all of this convenience. However, it’s important to remember that electronic money exchange is simply an extension of paper money exchange. It’s new and different, but it’s not necessarily revolutionary. The revolution occurred generations ago when we stopped bartering goods and started exchanging agreed-upon values on paper.

The Power of Group Funding
There was a time when banks were the only place that you could get a loan unless you knew someone with the cash to lend it to you directly. However, the bank method of lending; that is

to pool savings from many people and
lend it to others and
collect interest, which can increase the balance of the original savings accounts
has moved online. While there are ways to donate to folks working on great causes, such as Patreon, there are also terrific ways to tap into investors who are looking to lend to startups. Crowdfunding is bypassing traditional lenders with great results.

Fintech as a Method of Money Management
In addition to making payments, investments, and donations, the right fintech app can also help you save money. Budgeting apps are growing in popularity and helping people who’ve struggled to put together a pen and paper budget to better manage their expenses exactly where they are.

Previously, budgeting meant that you had to track your spending, plan your expenses, and note your successes and failures at home, either via an expense log or the envelope system. With budgeting apps that live on your phone, you can manage your spending on the go. Your account balances are easily accessed for up to the minute decision-making about your next purchase.

The Truly Revolutionary Aspect of Fintech
The world of cryptocurrency is the ultimate outgrowth of mobile financial technology. The ability to trade on exchanges including Coinbase makes it possible for those interested in cryptocurrency to learn more about this exciting method of growing your money. You don’t have to be a miner to trade cryptocurrency and benefit from the lucrative run-ups of this currency. However, it is a new method of exchange and decentralized. As you learn more, you may feel comfortable investing more dollars into the exchanges. Follow your own risk tolerance to reduce your investment stress level.

The world of money is constantly expanding, and fintech is making it easier to trade, save, spend, and invest your dollars. However, with the expanded use of credit, it’s possible to get in over your head very quickly. As with paper dollars, tracking where your money is going is critical to protecting your financial future.

Beauty Consultants And Your Well Being

Who does not want to look beautiful? Who does not crave for approving glances and generous compliments about oneself? Beauty is an all-encompassing feeling of physical and mental wholesomeness. It reflects in the physical features and personality of the individual.

The need to look and feel good has been felt from time immemorial. When human beings started living in organized societies, simple beauty techniques evolved from the materials available locally. Many traditional remedies developed only in response to this need. The commercial aspects of beauty solutions became prominent with the growth of the media industry. Movies and television spawned a legion of stars whose main claim to fame was their impeccable looks. They needed a steady flow of beauty advice and products to maintain and enhance their features.

The main job of a beauty consultant is to help the client look, well, beautiful. He or she helps the client attain good presence. This means she needs to have a clear understanding of the physical features and personality trait of the client. She offers advice on tackling skin problems like acne, darkening, dandruff, marks etc. She helps with solutions to tackle the underlying problems like poor diet, lack of exercise etc. She can also perform a quick fix job for an urgent occasion. In this case, she has to work around the problem by concealing the deficiencies with skilful makeup.

Makeup and hair styling are the beauty consultant’s trusted tools of trade. Both require excellent grasp of the facial features and practical difficulties of the client. She advises a makeup scheme depending on what would suit the client. Also, make up should match the clothes worn for the occasion. Therefore, she suggests different makeup for private, official and social occasions.

Maintaining and toning up the physical attributes is increasingly becoming the beauty consultant’s brief. Facelifts, exfoliation, moisturizing, manicure and pedicures are common beauty salon jobs. The consultant should also be adept at the use of appropriate materials. She should innovate constantly and use her own concoctions along with those available off the shelf. The consultant should also be able to offer advice on fitness and diet problems, which impact overall beauty. At appropriate time, she should direct the client to proper medical advice.

Nowadays, there is much talk about mental fitness. We live in an environment of constant stress and this reflects in our tired features. Beauty consultants offer help with stress busters like meditation, yoga etc.

A beauty consultant’s job is onerous. She is privy to the most intimate details about the client. Therefore, she should maintain high standards of confidentiality. She should be a patient listener and effective communicator. She needs to think on her feet because most of the time decisions have to be made in a jiffy. She should have the knack of matching beneficial elements of the client’s features with appropriate beauty solutions.

Computer Forensics Consulting

Computer forensics consulting is an emerging and fast-growing field in which consulting services are offered to governmental agencies, military, corporations, small companies, and businesses. Computer forensic specialists offer their services in an independent capacity. This means they are not on the regular staff of any agency or institution.

Computer forensic specialists can be hired as consultants or freelancers for regular work in small businesses and institutions that cannot appoint regular computer forensic experts. They may even be retained for a particular assignment for unusual data recovery situations.

These consultants are paid by the hour for the work they do and the services they render, which usually are the same as an in-house computer forensic specialist does. They are responsible as regular computer forensic experts for retrieving and evaluating data encrypted or stored on digital media.

The consultant has variety in discharging his functions, as he works on a case-to-case basis. Each case may differ from the other, for which the specialist will have to infuse all the skills and applications to ferret out the information and data. The computer forensics consultant will also have to go through the same processes of filing the data before a court of law. He should have adequate knowledge of the legal processes.

Computer forensic investigators often begin their careers in law enforcement agencies or computer security. They learn the techniques on-the-job or through training and certification. Later, they establish themselves in offering consulting services.

As computer forensics investigators have become much sought-after, educational accomplishments in the field are becoming desirable, for which associate degree, bachelor’s degree, or master’s degree courses are available.

The computer forensic consultants have to prove their qualifications. Certifications are available with a large number of organizations. However, the two most common certifications are the Certificate Information Systems (CISS) and the Certified Computer Examiner (CCE). These are voluntary credentials, which should be provided to the agencies or firms that retain consultants.

There are professional certificate programs, which are a common method of earning education in computer forensics. Certificate programs are short-courses of study requiring less than ten courses.

With increasing cases of computer fraud, computer forensics consulting is becoming a lucrative assignment.

Top Advisor Asks: Why Does So Much Coaching and Consulting Skew Towards Training?

A few sessions ago, I was running my class at UCLA Extension: “Building Your Consulting Business,” when a mature, highly experienced student asked a fundamental question about my practice and many others.

“Why does so much coaching and consulting skew towards training?”

His wife, not in attendance that day, is a trainer in an organization. This fellow, already a consultant, was wondering if most consultants simply do what she does, but for several companies instead of for one.

Many do.

Training is very simply a consulting medium, a platform for efficiently and effectively packaging and then sharing information.

There are lots of consulting forums or media, including conversing one-on-one, writing proposals, reports and white papers, utilizing email, encrypted web sites, and recording audios, and videos, to name a few.

From the viewpoint of the coach and consultant, training, especially in seminars, has several advantages:

(1) You select the modules, arrange their importance, and fill them with information you believe is most pertinent and valuable. This gives you control.

(2) You select the length of the program, and indicate the time units required for its proper delivery. If you believe the content requires 20 days of instruction or 2, it is your determination to make, and being the expert, who can refute you without first taking the class?

(3) Once you have designed the program, you can market it vigorously, and each time you repeat it, it is serving you like a template. You don’t have to reinvent the wheel, and you can focus on incremental improvements.

(4) You can develop your own, in-house clone army, and send them forth to do the training under your guidance.

(5) You can license the program to other consultants and to your clients and develop residual income from what you have already invested time in developing and proving.

There are inherent weaknesses in other delivery modalities.

For instance, when you’re doing on-on-one coaching, it can involve you in an inefficient process of give and take, and invite distracting side-stream discussions, especially if your client hasn’t been grounded in your overarching principles.

Seminars, and group trainings, impose discipline on you and on the client. There are specific topics, time units, and clearly stated objectives, and meandering is less tolerated.

Plus, and this is crucial, it is exhausting to improvise one-on-one, as you’ll be called on to do, if you aren’t sticking to a formalized training agenda.

Can you consult without doing some sort of training, without educating or edifying your client? I’m not sure you can, but by deliberately making training the centerpiece of your practice, you give it coherence, and it gives you something that is predictable, reliable, and valuable, that you can leverage, financially and intellectually.

Why Most Home Based Marketing Consultants Don’t Make Money – And Why That’s Good News For You

As someone who teaches other people how to make money by becoming a home based marketing consultant, I often hear someone quote to me that, statistically, over 80 percent of the people who start home businesses as marketing consultants fail to make more than $10,000 per year.

And they’re right.

But what they don’t know is the other statistic. The one that shows you why that dreary number is actually very GOOD news for you.

Here’s what I mean by that:

The reason most people fail home based marketing consultant businesses — or any home business for that matter — 99% of the time is because they are not persistent in their own marketing.

It has almost nothing to do with talent, contacts, training or even how much money you have.

No, it’s because people get into a trap that is so easy for consultants to get into — and that is they’ll get a client, think they’re busy and stop marketing.

In other words, they stop promoting themselves. And when you do that you’ll dry up and die.

And that’s why most will not make it in the long run as a home based marketing consultant. Even though it’s easy to get into, easy to start and easy to make money with — even for people without any prior experience or a lot of money to start with.

So if marketing is the key — what are the best ways to go about marketing your home business?

Well, the best way of marketing your home business is to do what I like to call a “multi-pillared” marketing approach where you’re using several ways to get clients, and not just one or two ways to get clients.

Not only does it work like gangbusters to build your business very fast, but the “side benefit” of doing this is you’re going to be teaching people you help to do the exact same thing. And the better you get at it for your own business, the better you’ll be able to help others and the more money you’ll be able to make.

And besides, considering the business you’re in, you have to do for your home based marketing consulting practice exactly what you advise clients to do for their business. And if you’re not, the same thing’s going to happen to both you and your client — you’ll dry up and die and get beat by your competition.

Of course, this then begs the question of what are some of the different ways of marketing?

Besides the phone (even if you have a tele-marketer do it for you), the mail, the newspapers, magazines and all the traditional media — you can write and publish a short article or book. You can do “joint ventures” with other businesses. You can seek out media publicity. You can even do mini-seminars by renting a small hotel hall and inviting people to a free marketing training. You’ll get at least one or two clients out of that if enough people show.

There are actually lots of ways of doing this. Those are just a few.

This may sound old hat (if you’ve studied any marketing at all). But fact is, most marketing consultants don’t do any of these things. I had the good fortune of training to be a home based marketing consultant under the legendary Jay Abraham — and he didn’t even teach this.

I had to go figure this part out myself.

And you want to know something?

I’ve seen people with little money, experience or skills become home based marketing consultants and make money very fast simply because they followed the advice in this article. On the other hand, I’ve also seen competitors who had great content and big budgets go out of business simply because they didn’t follow this advice.

What Makes a Successful IT Consultant

So you’ve decided to go out on your own as an IT consultant? Perhaps you want to be your own boss, work when you want, and of course there’s the money. You’ve got the skills and experience to do the job. Is that all you need? Not quite!

The scary thing is now you have to go out and find some clients. You may belong to an agency that supplies consultants, but you’ve still got to persuade the client that you’re the best man or woman for the job.

A business relationship between a consultant and a client is like any other relationship – it needs to be based on trust. To achieve this you need to build rapport with the client: smile, be friendly and professional, and show him or her that you can achieve their business goals in the timeframe required.

Never take on work you don’t have the skills for, and don’t take on too much work at one time. If you say you are equal to the job, you must be able to complete the project in the required time and with the highest quality. If you find you can’t do this, once you’ve started a project, you may need to subcontract someone to help you. Clients want results, not excuses.

Also make sure the project specification is absolutely clear and unambiguous. If you have any doubts, ALWAYS ASK. Both you and the client should sign it.

If the client changes the scope of the project, you are entitled to change the deadline and charge more for your services.

An IT consultant needs to be a good communicator. You should have excellent communications channels with the client to identify any unforeseen problems as soon as possible, to avoid delays in project completion. Perhaps there’s a hardware or software problem that isn’t your fault – you need to alert the client.

To be successful as a consultant you need regular cash flow. To achieve this you need to have a number of projects at different stages. Some clients take longer to pay you than others. If they take too long to pay you, seek legal advice.

You also need to understand any contract that you’re going to sign, as it is legally binding. Read it carefully. If you don’t fully understand it, seek legal advice before signing.

Don’t overcharge or undercharge clients. Undercharging is bad for you and the industry. Find out what other consultants are charging by checking their websites.

Get a good accountant. Ask your friends and associates if they can recommend anyone. An accountant can assist you with good recordkeeping, making sure you claim on your tax return everything you’re legally entitled to claim for, and GST. Remember, if you earn more than $50,000 dollars per year, you MUST charge GST.

You must also have an ABN to operate as a business. To apply for an ABN go to [].

If you don’t have a website, build one. You’re an IT professional! Look at adapting your current site to your business.

Consultants need to be proactive. Software is changing all the time and you need to keep up to speed with it. Do relevant courses; attend conferences. You can claim theses costs on your tax return. A proactive consultant is a competitive consultant!

Staying on Top During Rough Economic Times With an IT Consulting Firm

Do you feel like you are losing your footing in the sliding economy? Are you looking for ways to make your business more competitive and more efficient? If you answered yes to either of these questions, high quality technology consulting can provide the solutions and support you are looking for.

There is a wide range of services offered by IT consulting firms. Here are just a few ways these services can help you stay on top during this economical rough patch.

1. Applications Development. Having the right applications can save time and help maintain a professional image that sets you apart from the competition. Whether you are looking to find a software package that will work well for your unique needs or you want to get the most out of an existing infrastructure, technology consulting can show you how the latest applications can take your business to the next level.

2. Software Development. Sometimes a tailored solution is the only solution that works. When there just isn’t a software that meets your needs, a software development consultant can help you decide exactly what you need and write the programs that will be a perfect match. Custom software design saves you the expense of trying program after program at great expense and no avail.

3. Network Development. Networks are an integral part of a business’s information technology package, but setting one up is not as simple as hooking up a few wires. An experienced software engineer can set up a network that gives you and your business maximum efficiency and connectivity, then show you have to use it to your best advantage and maintain it over a long and useful lifespan.

4. Ongoing Services. Sometimes an infrastructure requires ongoing support, such as a network administrator or help desk staff. If you need more than consulting, an IT staffing company can take the stress of hiring and firing out of your hands by allowing you to outsource everything from routine daily tasks to specialized maintenance scheduling. Because you do not have to spend time in human resources management or worry about complicated tax laws and insurance issues, outsourcing is a money saver and time saver that makes sense for businesses of every size.

For many modern businesses, surviving the ups and downs of a global market will mean streamlining processes and making every minute more productive. Technology consulting with an experienced professional is often the only way to meet these goals. If you have been leaving technology coordination to in house staff or, worse, to amateurs, it’s time to make a change. No one can be an expert on every topic, so let the qualified, experienced experts at a technology consulting company show you how to get maximum benefits from the latest technology.

Using A Conference Call Consultant

In this day and age where conference call companies are a dime a dozen, it can be a difficult and time-consuming process to try and choose between all of the available conference call options. If time is a luxury you don’t have, maybe your company should consider employing the services of a conference call consultant. Conference consulting is actually a newer service created out of the need many companies have expressed at not having the time to research conferencing service providers. Chances are a company is choosing to use conferencing services because they are looking to save time and money. Using a consultant means that you don’t have to make this decision without the help of an experienced individual.

A conference call consultant is responsible for find you the best company to meet your needs. In order to do this, the consulting agent will obtain some basic information about your company’s needs. Information such as, what is the estimated number of people that will be attending a conference? How many times will conferences be held in a specified period of time? Will your company be using audio only services? What about video and web conferencing? What is the preferred method of calling? This and several other questions will be used to determine what types of services will best suit your companies needs. At that point the conference call consultant will check to see if there is any additional hardware or software your company will need in order to use the preferred method of conferencing.

Next a consultant will do the research needed to determine which conferencing provider will best suit your needs. Checking directories, contacting companies directly for quote comparison and verifying the information in a flat rate plan. The consulting agent can is also more likely to spot calling plans that claim to be able to do more then they are actually able to. This is important so that no time or money is wasted on services you can’t use. When you sit down and analyze all of the time it takes to make a good choice in a conference call provider, a conference call consultant just seems like a smart choice.