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What Instigates a Tax Audit and How to Protect Yourself
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Tax audits are dreaded everywhere. When tax season arrives, with it comes the risk of a tax audit, which is a comprehensive analysis of a filer's tax returns to verify the information submitted. A review of personal or company taxes is not common, and most taxpayers may never have to go through one. Less than 1% of taxpayers are subject to tax audits and a good number of them sort out the issues without even having to meet with IRS agents. However, certain triggers can increase the chances of the IRS requesting a tax audit. Individuals and businesses must know these factors. 

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Analysis
Benefits of Paperless Expense Reports
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More and more expense reporting processes in companies are going paperless. This could be to protect the environment from the effects of using papers, or because of the efficiency of the paperless expense reporting software. Either way, there are dozens of benefits in the long run. Employees may travel regularly to take care of companies businesses; therefore, a good expense management system will track and record all the employees’ expenses to ensure immediate reimbursement of the incurred expenses. 

The old fashioned expense reporting that involved attaching receipts and...

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Analysis
Unexpected, risky shortcomings of third-party payment processors
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Third-party payment processors are extremely useful for small business owners, especially those who operate on-line. This kind of service allows managers to circumvent having a dedicated merchant account – a process that is both quite costly and time-consuming to set up. 

Working with a third-party payment processor allows a new business to immediately start accepting a wide range of payments, going all the way from checks, credit cards and e-wallets to crytocurrencies. 

While it’s undeniably a great option for many business owners, there is an obvious drawback: ...

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News
EU Calls For A Financial System That Excludes the US
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German Foreign Minister Heiko Maas has called for the EU to come up with a new financial system from which the US would be left out. This comes after the Trump administration threatened to sanction European companies that do business with Iran. Mr. Maas made this confrontational proposal in an opinion section for the German business paper, Handelsblatt. He said that the US had crosses the red lines and that the Europeans must counterbalance. 

Mr. Mass also pointed out that it was vital for the European to strengthen its autonomy by creating an independent European Monetary Fund and...

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Global Monetary Policy Power Play
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International trade is taking shape with two equally powerful nations engaging in commercial arm-twisting. One side features The US, the world’s commercial hub, and China, the world’s industrial hub. A commercial arrangement comes with the price of money while industrialisation brings the balance of payment. In this case, America’s marginal advantage is the market and currency compared to China’s commodities of trade. However, president Trump's extensive trade tariffs have awakened the Chinese dragon. It seems, that the country is preparing for a different...

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Analysis
Revolutionising SMEs with Fintech
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A portmanteau of financial technology, fintechs have addressed the wholly inadequate financial services that have been available for small and medium enterprises (SMEs). Currently, the United Kingdom is the fastest growing fintech region in the world, with it bringing £20bn to the economy each year. 

The latest Scottish Pacific SME growth index shows that between 2014 and 2018, the proportion of SMEs using banks for funding dropped to just 24% from 38% with the amount turning to fintech instead rising to 22% from 11%. 

 

Why Should SMEs use Fintechs? 

Fintechs...

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Analysis
Rapid popularity in Mobile Banking Apps
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Mobile banking is rapidly growing in popularity as more and more people prefer using their mobile phones for most of their banking needs. Studies show that banking apps have provided a critical interaction channel between consumers and financial institutions. Most consumers now prefer using their banking apps over visiting a bank physically. Others have even replaced their physical wallets with their mobile banking app; which is more convenient than carrying cash around. 

Over the past year, banks have seen an increase in the number of consumers frequently using mobile...

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Analysis
The Number of Women in Finance is Yet to Increase
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In recent years, there have been countless efforts made by some of the world’s largest financial organisations to recruit more women into the ranks. However, the numbers are still very low. And in some sectors, they are dropping quite significantly. Mutual fund companies are one example, in which the number of women has fallen to 10% in the last decade. In the banking sector, less than a quarter of those in senior positions are females. 

 

Influential Business Schools are Trying to Redress the Balance 

In the US, scholarships are aiming at female MBA participants. Tens...

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Analysis
Continuous Accounting: Easing The Process
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The traditional accounting systems were not built for the modern economy, since it keeps changing and is always filled with risks. Therefore, it is vital for companies to examine their financial data to gain foresight on how they should make wise financial decisions in the future. The dated accounting process will make the periodic transactions problematic for the organization. This is because large sets of un-reconciled data eat on the productivity of the organization employees, particularly the accountants. Continuous accounting has its perks for any given organization....

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Analysis
The Greece Economic Situation
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Greece's economy is catching up fast. According to figures published on Monday by the Hellenic Statistical Authority, its gross domestic product (GDP) in the first quarter of 2018 increased by 0.8 percent. This is compared to the fourth quarter of 2017, when growth reached 0.2 percent. The Greek economy has clearly gained momentum, with its progress being twice as high as the average for countries in the Eurozone. In contrast to the first quarter of 2017, GDP growth was 2.3 percent. 

That's good news for Greek Prime Minister Alexis Tsipras. The latest growth figures fit into...

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