May 2021

Financial resources

Best Financial Resources and Tips for New York Businesses in 2021

Managing a business’s finances is not very convenient, especially for small business owners. Regardless of their size, companies often succeed because of their skills, their products and the services they provide to their customers.

However, if you are unfamiliar with financial management, it can seem like a chore and you could slip into inadequate financial habits that could one day ruin your business.

In addition, entrepreneurs can take advantage of the privilege of mobile applications for accounting, record keeping, news and updates. Experienced and reputable agencies offer personalized services development of mobile applications in New York like 9series, known for its industry-leading enterprise financial management solutions through Android and iOS apps. The app helps you make things faster and easily accessible at all times.

Why manage a company’s finances?

One of the most vital steps for any entrepreneur is to train and develop. Know the essential basic skills required to run a successful business such as financial statement writing, normal accounting tasks, loan application.

All of these help business owners avoid failure and create a sustainable financial future. Moreover, improving skills also helps them manage the required components of money management.

Ryan Watson, director and co-founder of Outsourced accountingsaid “There is nothing intensely risky and expensive except coming to your accountant at the end of the year with a box of seven or eight of your last twelve bank receipts and statements. ”

Fortunately, there are many resources and tips that provide strategies and information that help business owners manage their finances throughout the year and beyond typical conditions like today’s pandemic. Below, we’ve outlined the best financial resources and tips for New York businesses.

Best Financial Resources for Businesses in New York:

The Nasdaq offers news and related information, especially for small businesses. The “Small Business” page on the Nasdaq website has a strong association with the market, offering stories on multiple topics such as advice on remote working and PPP loans. It is easy to read, very convenient, and updated once a week. – Dragon Gate Investment, partners of Lijie Zhu

Many small business owners may face liquidity issues. “Time to Act”, a newsletter by Charlie Goodrich, addresses and helps solve the unique issues you face in running your business. It’s a perfect monthly guide to knowing and solving your business financial issues. ULVAC Technologies, Inc, Partners Dave Sackett

You can use to find out how to grow a business; it’s even helps you find out how you can get your business to surplus profits from bankruptcy. Here you will find the best tips for managing your finances. Churchill Mortgage Corporation, Mike Hardwick

James Clear’s “3-2-1 Newsletter” is one of the best financial resources for developing “atomic habits” as a small business owner. You will find one question, two quotes and three little ideas for you in each newsletter. You can ask them yourself during the week. Wendell Charles Financial, Evan Kirkpatrick

  • Main Street Business Podcast

Many experts also suggest using the “Main Street Business Podcast”. Influencers Mat Sorensen and Mark Kohler are entrepreneurs and tax advisers. They are experienced and have a solid background, they offer a lot of insight into current business trends and concepts that business owners should be aware of, but usually don’t. Heritage Investors, Justin Goodbread

Best Financial Tips for New York Businesses:

For a business owner, it is not good to be afraid of loans. The loans you take out to grow your business can be surprising. They can cause stress on the monetary repercussions that accompany disappointment.

But, it is also the fact that without excess capital that you get loans, you can face many challenges while growing your team or purchasing tools for your business.

You can also use loans to increase your cash flow; therefore, you face very little or no problem when paying your employees, suppliers and suppliers on time.

  • Keep good business credit

As the business grows, entrepreneurs may want to acquire additional insurance policies, purchase more commercial properties, and take out loans to make all of these purchases easily. If you don’t have good business credit, it becomes more difficult to get approved for loan transactions.

To maintain your business credit, pay off all your debts on time or as soon as possible. For example, you have to pay your business credit card bills on the due date each month. Do not take back the credits that are not necessary, and you will not be able to repay quickly.

  • Focus on customer acquisition

No one can think of a business without customers. Customers are at the center, so you should always make them your top priority. It will help you grow your business accordingly. Identify acquisition channels and start optimizing costs. Once you’ve successfully scaled them up, you’ll have the decent financial strength to explore more channels.

  • Track and monitor all expenses

Return on investment and expense analysis assists; you know what investments are needed and what you can stop. Deborah Sweeney, CEO of My society, said entrepreneurs need to be careful where they spend their money.

Not doing the same means you have bad or irrelevant spending skills. Always analyze your spending to protect your hard-earned dollars.

It is also good to go with the use of technology. You can visit to create a perfect app to manage your finances easily. It is one of the best and most economical ways to stay financially organized and stable.

Posted on May 28, 2021

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Finance agency

Housing finance agency ordered to disburse funds only in accordance with mandate

Audit commission. APPLICANT PHOTO FILE

MANILA, Philippines – State auditors reminded the Social Housing Finance Corporation (SHFC) to strictly disburse funds as outlined in its mandate after discovering that more than 3 million PPPs in financial assistance given to beneficiaries vulnerable and contract workers did not meet legal requirements.

In a 2020 audit report, the Audit Commission (COA) asked the SHFC to submit the legal basis for its disbursement of P 1.508 million for beneficiary members and P 1.526 million for institutional contract employees. of service, which were donated as COVID-19 funding. assistance during confinements in 2020.

COA said that providing cash assistance contravenes its mandate as the lead agency for implementing social housing programs for low-income people in the formal and informal sectors.

“The granting of financial assistance totaling P 1.508 million to 887 vulnerable beneficiary members during the enhanced community quarantine is without legal basis and goes against the mandate of the SHFC as well as the 2020 circular memorandum. -03 from the Philippine Commission for Women dated April 27. , 2020, resulting in the overlap of functions with other government agencies responsible for responding to the crisis under the Bayanihan to Heal As One Act and Bayanihan to Recover as One Act, ”states a 2020 audit report on the SHFC.

Attached to the Department of Human Settlements and Urban Development, the SHFC administers the community mortgage program and the Abot-Kaya Pabahay fund program, which are respectively depreciation assistance and development finance programs.

In 2020, the SHFC disbursed P 1.508 million in aid to 887 member-beneficiaries in the form of cash assistance to homeowners’ associations and aid to livelihoods, of which P 1.408 million were liquidated. as of December 31, 2020.

SHFC also approved a memorandum from its Gender and Development Officer (GAD) proposing emergency relief operations, in which SHFC will set aside 2 million pesos from its GAD funds to cover cash assistance of 1,000 pesos. for each vulnerable beneficiary.

The aim was to “cushion the impact caused by the temporary loss of earning capacity due to the ECQ” set up in April and May 2020 and to complete the food parcels from local communities given to poor families.

This is in addition to the granting of financial assistance of P 10,000 as a means of subsistence to member-beneficiaries who have lost their jobs. Approximately P 978,000 has been allocated under the capacity building / livelihood program.

The COA said that “cash grants and financial support for livelihoods / capacity building expenses granted to recipient members have no legal basis and are not in line with the mandate of the SHFC.”

The SHFC was invited to submit the legal basis for the financial assistance granted to beneficiary members, “otherwise the transaction is considered irregular in the absence of legal authority”.

The COA also reminded the state-owned company to disburse funds from the GAD budget in accordance with its authorized uses relating to gender and development programs.

In response, SHFC said the aid was part of its capacity and livelihood building program and was a “specific business strategy to help disadvantaged communities achieve better living conditions.”

Disbursement was in line with its submitted GAD plan and budget for client-oriented activities. The emergency relief proposal for food parcels, drinking water and hygiene kits was “transformed into cash aid due to supply and mobilization constraints”.

In the same audit report, the COA also called for 1.526 million pula in COVID-19 financial assistance granted to 454 employees hired under the institutional service contract.

State auditors said the cash aid “has no legal basis” because it violates a joint circular of the Civil Service Commission, COA and the Budget Management Department.

The 454 employees were from DBP Service Corporation and DBPSC Security Services Inc, who were the independent contractors and of which SHFC was the principal.

“Payment was made directly to ICOS employees despite the fact that there is no employer-employee relationship between SHFC and DBPSC and DBPSCSSI staff. The disbursement slip is in the name of the Land Bank of the Philippines, and the bank directly credited the payment to the individual account of ICOS staff, ”the COA noted.

State auditors pointed out that since the Board of Directors had left it to the SHFC to approve the financial assistance, the written approval should have been included with the disbursement voucher.

The audit team added that the 454 employees received their full salary during the ECQ last year, when the SHFC implemented a work-from-home and skeletal strength agreement.

The SHFC was invited to submit the legal basis for the financial aid, or “if not, to repay the financial aid which was granted to it in the absence of legal authority”.

The agency said the cash assistance was “justifiable” to help employees amid the pandemic, and that it will be considered a “donation” and that its approval falls under the authority of the president of the SHFC. .


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Financial resources

Expanding access to financial resources for artisanal miners

By Selina Zhuwarara

The Victoria Falls Stock Exchange (VFEX) recently issued a call for contributions to develop a listing and trading framework for junior mining companies. In an effort to expand its product line, the exchange has identified the small-scale mining sector as a viable destination for investment.

This is a notable development because, if executed properly, it can greatly expand access to much-needed capital in the small-scale mining sector. It also has the potential to increase the productivity and growth of the sector.

It is agreed that one of the essential inputs to increase the operational capacity of the sector is the expansion of access to financial resources and services. It is commonplace that although small-scale mining represents the largest component of the industry in terms of participants, it has not been able to access adequate capital or debt, which is essential for growth. It is of paramount importance for the African continent to strengthen the capacities and competitiveness of small-scale mining as well as artisanal mining (ASM) in order to maximize the use of resources and build capacity. sustainable livelihoods for this growing sector.

Mining is a capital intensive industry, and the large-scale mining sector has been able to grow and expand its capacity due to its sustained ability to attract capital and debt at the right time. While capital needs are also high in the ASM sector, the sector’s ability to access or attract business capital, investment or debt has remained largely limited.

There are significant barriers to achieving full financial inclusion and expanding financial options in the ASM sector. Common barriers cited include the typical informal nature of the sector, low liquidity, low productivity, difficulties in conducting due diligence and risk assessment on entities and people in the sector, and poor operational form.

As a result, the sector has remained an unattractive player for established financial players who have traditionally supported the mining industry. The cumulative result has been to marginalize an important component of the small-scale mining industry from being able to access a wider range of commercial financial services.

Nevertheless, it is interesting to examine how the sector has handled its needs internally. The industry has developed integrated financial products and services that are unique in capacity, form and scale. Although their impact is not sufficient or universal, the sector has succeeded in producing services and products on a single scale to support their operations.

Particular attention is paid to how the artisanal mining sector has handled financing. The sector relies on its own internal stakeholders or value chain actors to help miners access capital.

Financiers have emerged in the form of concession owners, buyers, millers / processors or stand-alone sponsors who offer capital to miners in exchange for a portion of the proceeds recovered by the miners. Concession owners allow artisanal miners to mine their land under a product or revenue sharing agreement.

Millers provide grinding and processing services in exchange for a percentage of the product or on a revenue-sharing basis which may be of a renewable nature. The same goes for buyers or stand-alone sponsors. It is remarkable that these simple interactions prove that viable financing deals can be made within the industry by looking at what it can provide and not what it does not have.

The common obstacle to formalizing the ASM sector or improving its economic participation has been to assess and base its economic assimilation on exclusionary standards that many small entities cannot achieve.

ASM’s in-house financiers have developed a risk management criterion commensurate with the scale at which miners operate and have leveraged the profitability of their ability to continually increase their level of direct influence in miner operations.

Therefore, when the miner produces more, he also gets more income. This simple system reveals that financial access to the informal or small-scale sector requires good-sized partners or partners who have a vested interest in its growth. It is well established that the scale at which the ASM industry operates is not attractive to large scale or traditional financiers.

This step is at the heart of the universalization and efficiency of extended financial services in the informal sector. The informal and small-scale mining sector cannot be expected to rely on the same economic framework that has been developed to support large-scale economic enterprises. The needs and expectations are fundamentally different.

The proliferation of the ASM sector shows that it is a viable economic activity. The sector can be sustainably nurtured for broader economic growth by creating lasting interactions between it and the broader economic framework. Therefore, it is important to address access to broader financial products and services in the ASM sector from internal and external investors and other financial partners. The ability to access a wide range of financial services in a simple and accessible format is a key catalyst for the formalization of sectors and better economic integration.

Likewise, host governments in the ASM sector need to focus more on policies that promote and empower partners that already exist within the ASM sector to have greater impact within the sector. Targeting the growth of institutions or partners already participating in the sector may have a greater impact than focusing solely on securing financial support from external actors who do not understand how the sector works.

The examples of domestic ASM sector funding arrangements discussed here reflect that the potential of the sector also hinges on finding partners who value dependent growth. In such a scenario, the financier and the recipient have a mutual interest in improving the scale of returns. Consequently, the financier also becomes an amplifier of positive influence by increasing the administrative and operational capacity of the beneficiary. This type of interaction and influence gradually negates the level of risk in the credibility of the beneficiary and allows them to access more support.

The artisanal and small-scale mining sector has demonstrated significant resilience and ingenuity in developing its own systems and solutions to manage the mobilization and distribution of capital within its value chain. This ingenuity should be instructive for the process of developing sustainable economic policies and financial products that support the sector. It is important that governments put more emphasis on mediating the increased integration of the sector into the mining economy.

The success of the initiative proposed by VFEX lies in the ability of governments to optimize the regulation of the sector and create an enabling economic environment for the sector through appropriate policies and laws. Second, the exchange needs to develop its framework to secure appropriate scale listing requirements and conditions for small mining companies and package its product in such a way that it attracts the right investors who have a common interest in the growth of the sector. The Victoria Falls Stock Exchange and the mining industry have a unique opportunity to partner with the national long-term vision to enhance the growth and competitiveness of small-scale mining sectors.

  • Selina Zhuwarara is an experienced legal consultant with a proven track record of working in the mining and metallurgical industry

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