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  • Take MarketWatch’s 2023 Financial Literacy Quiz. Will you get 10/10?

    Take MarketWatch’s 2023 Financial Literacy Quiz. Will you get 10/10?

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    April is National Financial Literacy Month. To mark the occasion, MarketWatch will publish a series of “Financial Fitness” articles to help readers improve their fiscal health, and offer advice on how to save, invest and spend their money wisely. Read more here.

    Do you know the difference between a stock and a bond, or a mutual fund and an exchange-traded fund? MarketWatch put together a meat and potatoes — although that’s always relative — quiz for our savvy readers. We’ve stuck to some familiar topics — taxes, stocks, interest rates, savings and inflation. There are 10 questions — with one bonus question thrown in for good measure.

    You don’t know what you don’t know until you get an incorrect answer in a financial literacy quiz. Some of the questions are tricky, but we hope they are fun and that — most importantly — readers learn something new. Financial literacy helps us to plan for the future, gives us peace of mind and brings more understanding and less fear about the complex world of investing and retirement.

    Our aim is to raise awareness of Financial Literacy Month. If you get 10/10, including the bonus question, buy yourself (and a friend) a popsicle. If you didn’t answer all the questions correctly, buy yourself a popsicle anyway. We, at MarketWatch, aim to democratize and demystify financial news, and make this sometimes intimidating subject as accessible as possible.

    If you found it useful and/or entertaining, share it with a friend.

    –Quentin Fottrell

    Question 1: What is the difference between a tax deduction and a tax credit? 

    (a) A tax deduction reduces your income taxes directly. A tax credit reduces your taxable income. 

    (b) A tax deduction reduces your taxable income. A tax credit reduces your income taxes directly.

    (c) Both reduce your income taxes directly.

    Question 2: Which way do bond prices move when interest rates rise? 

    (a) Bond-market prices fall as interest rates rise. Bond prices rise when interest rates decline.

    (b) Bond-market prices rise as interest rates rise. Bond prices fall when interest rates decline.

    (c) Bond-market prices fall as interest rates rise, but bond prices also fall when interest rates decline.

    Question 3: What has been the average annual total return, with dividends reinvested, for the S&P 500 over the past 30 years? 

    (a) 9.7%, according to FactSet.

    (b) 3%, according to FactSet.

    (c) 6.5%, according to FactSet.

    Question 4: What is compound interest and how does it work? 

    (a) Compound interest reflects the linear gain that comes from all the reinvested interest of your savings and investments, which allows your initial investment/deposit to gain value regardless of the amount of interest you pay.

    (b) Compound interest reflects the exponential gain that comes from all the reinvested interest of your savings and investments, which allows your initial investment/deposit and the additional interest to increase in value.

    (c) Compound interest reflects the amount of interest you pay every month on a loan, and the total amount of interest you have paid over the lifetime of that loan.

    Question 5: What is APR and how is it different from a regular interest rate?

    (a) APR is the annual interest on a loan calculated on the initial loan, including additional costs and fees, but not on the accumulated interest incurred on the loan. 

    (b) APR is the annual interest on a loan calculated on the initial loan and the accumulated interest over the first year.

    (c) APR is the annual interest on a loan calculated on the initial loan, including additional costs and fees, and the accumulated interest over the lifetime of the loan loan.

    Question 6: What percentage of your income should you spend on rent?

    (a) Most real-estate experts say you should spend no more than 20% of your income on housing costs, which is considered to be a tipping point for becoming “cost-burdened.”

    (b) Most real-estate experts say you should spend no more than 50% of your income on housing costs, which is considered to be a tipping point for becoming “cost-burdened.”

    (c) Most real-estate experts say you should spend no more than 30% of your income on housing costs, which is considered to be a tipping point for becoming “cost-burdened.”

    Question 7: What’s an ETF? 

    (a) ETFs, or Exchange-Traded Funds, are baskets of investments — stocks, bonds, or commodities — that investors can buy throughout the trading day like stocks. 

    (b) ETFs, or Exchange-Traded Funds, are baskets of investments — stocks, bonds, or commodities — that investors can only buy at the end of the trading day. 

    (c) ETFs, or Exchange-Traded Funds, are baskets of investments — stocks, bonds, or commodities — that investors can only buy during or at the end of the trading day.

    Question 8: What is the difference between a stock and a bond? 

    (a) A stock is a temporary investment in a company, while a bond is issued by a company to reward shareholders. 

    (b) A stock is a share in the ownership of a company, while a bond is issued by a company to finance a loan. 

    (c) A stock is a share in the ownership of a company, while a bond is issued by a company to finance the stock.

    Question 9: If you were born in 1960 or later, at what age can you receive your full Social Security in the U.S.? Bonus question: At what age can you receive your maximum Social Security benefit?

    (a) Full retirement age in the U.S. is 65 for those born in 1960 and after. While you can start collecting your Social Security retirement benefits as early as 62, your benefits are permanently reduced. Your Social Security benefits max out at age 70. By delaying until 70, your benefit is 76% higher than if you had claimed at the earliest possible age (62).

    (b) Full retirement age in the U.S. is 65 for those born in 1960 and after. While you can start collecting your Social Security retirement benefits as early as 62, your benefits are permanently reduced. Your Social Security benefits max out at age 67. By delaying until 67, your benefit is 76% higher than if you had claimed at the earliest possible age (62).

    (c) Full retirement age in the U.S. is 67 for those born in 1960 and after. While you can start collecting your Social Security retirement benefits as early as 62, your benefits are permanently reduced by a small percentage each month until you reach 67. Your Social Security benefits max out at age 70. By delaying until 70, your benefit is 76% higher than if you had claimed at the earliest possible age (62).

    Question 10: What is the Federal Reserve’s desired rate of inflation? 

    (a) 2%

    (b) 3%

    (c) 2.5%

    Bonus question! What is considered a good credit score?

    (a) 560

    (b) 680

    (c) 800

    If you get 10/10, including the bonus question, buy yourself a popsicle.


    Getty Images/iStockphoto

    Answer 1: 

    (b) A tax deduction reduces your taxable income. A tax credit reduces your income taxes directly.

    Answer 2: 

    (a) Bond-market prices fall as interest rates rise. Bond prices rise when interest rates decline. 

    Answer 3: 

    (a) 9.7%, according to FactSet. 

    Answer 4: 

    (b) Compound interest reflects the exponential gain that comes from all the reinvested interest of your savings and investments, which allows your initial investment/deposit and the additional interest to increase in value.

    Answer 5: 

    (c) APR is the annual interest on a loan calculated on the initial loan, including additional costs and fees, and the accumulated interest over the lifetime of the loan. 

    Answer 6: 

    (c) Most real-estate experts say you should spend no more than 30% of your income on housing, which is considered to be a tipping point for becoming “cost-burdened.”

    Answer 7: 

    (a) ETFs are Exchange-Traded Funds. These are baskets of investments — stocks, bonds, or commodities — that investors can buy or sell throughout the trading day.  

    Answer 8: 

    (b) A stock is a share in the ownership of a company, while a bond is issued by a company to finance a loan. 

    Answer 9: 

    (c) Full retirement age in the U.S. is 67 for those born in 1960 and after. While you can start collecting your Social Security retirement benefits as early as 62, your benefits are permanently reduced. Your Social Security benefits max out at age 70. By delaying until 70, your benefit is 76% higher than if you had claimed at the earliest possible age (62).

    Answer 10: 

    (a) 2%

    Answer for bonus question! 

    (b) 680. Although credit scores vary depending on the model, according to Experian, credit scores between 580 and 669 are considered “fair,” scores between 670 and 739 are regarded as “good”; 740 to 799 are considered “very good”; and scores of 800 and above are considered “excellent.”

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  • How will the IRS spend $80 billion in new funding? The Treasury Department is dropping hints.

    How will the IRS spend $80 billion in new funding? The Treasury Department is dropping hints.

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    Details about the Internal Revenue Service’s spending plans for a major cash influx are about to come to light, Treasury Secretary Janet Yellen said Tuesday.

    More than half a year after Congress authorized $80 billion in new funding for the tax-collection agency over the next decade, Yellen said details are coming this week on how the IRS will put the money to use in improving customer service, upgrading internal technology and making sure the richest taxpayers are paying their fair share.

    The $80 billion infusion is part of the Inflation Reduction Act, which passed Congress last summer without Republican support and plenty of GOP skepticism that the additional funding would be used appropriately, depicting it instead as engendering a sort of tax-collection police state in which middle-income individuals could find themselves targeted by armed IRS agents.

    From the archives (August 2022): Fact check: No, the IRS is not hiring an 87,000-strong military force with funds from the Inflation Reduction Act

    Yellen spoke Tuesday at the swearing-in ceremony for Danny Werfel, the newly confirmed IRS commissioner. Werfel “will lead the IRS through an important transition” after a period during which the agency “suffered from chronic underinvestment,” Yellen said in prepared remarks.

    During Werfel’s confirmation hearing in February, senators from both parties pressed him about how he would oversee the new money’s use.

    The U. S. House of Representatives is under Republican control, and observers expect lawmakers to give hard looks at the funding of the IRS. The House, in fact, voted in January to repeal the $80 billion. The measure isn’t expected to go further, with Democrats retaining control in the Senate and President Joe Biden, a Democrat, in the White House.

    Some of the money will go toward modernizing the taxation experience. Within the first five years of the decade-long plan, taxpayers should be able to file all of their tax documents and respond to all IRS notices online, according to a Treasury official.

    There are a handful of IRS notices for which taxpayers currently have that capacity. By the end of fiscal 2024, another 72 notices, which include Spanish-language notices, will add online capacity, the official said.

    By the end of fiscal 2025, taxpayers, along with accountants and other professional tax preparers, should be able to peruse their accounts and view and download information, including payments and notices, the official said.

    The IRS has already been hiring more staff, including 5,000 customer-service representatives to improve phone service, which has fallen off during the pandemic.

    Tax Day is weeks away, on April 18. As of late March, income-tax refunds are 11% lower than they were last year. They are averaging $2,903 versus $3,263 at the same point last year. It’s an outcome many tax-code watchers predicted after pandemic-era boosts to certain tax credits went away.

    The same day Yellen spoke, a new watchdog report said the IRS still has plenty of work to do processing the backlog of tax returns that built up during the pandemic.

    During last year’s tax-filing season, the IRS hired 9,000 employees and shifted more than 2,400 workers from other areas to cut the backlog, according to Treasury’s inspector general for tax administration.

    By last July the IRS had transcribed all tax-year 2020 paper returns but still had 9.5 million unprocessed 2021 paper returns. “The inability to timely process tax returns and address tax account work continues to have a significant impact on the associated taxpayers,” the report said.

    At this point, the IRS says it has processed all paper and electronically filed returns that it received before this January. The agency said it still has 2.17 million unprocessed tax returns from the 2022 tax year and 2021 returns that needed fixes and corrections.

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  • 5 Things You Need to Know Before Taking Your Business Public | Entrepreneur

    5 Things You Need to Know Before Taking Your Business Public | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Most entrepreneurs dream of the day they can take their company public. But it’s not a decision that can be rushed into lightly. A well-planned strategy will help you navigate through the lengthy IPO process and ensure your eventual success in going public — and, ultimately, growing financially.

    As a capital investor, investment banker and entrepreneur, I know firsthand what it takes to navigate the fluctuating road toward becoming a public company. Here are five high-level strategies every business leader should consider when preparing for an IPO.

    Related: To Be IPO Ready, You Need to Prepare for These 5 Potential Pitfalls

    Your team matters

    Throughout the IPO process, you and your entire team will be under the microscope — so make sure you hold everybody to the highest ethical and legal standards during the review. The public will generally be focused on your management team, so invest in leadership that’s impressive and devoted to the company long-term. You’ll also need to ensure you have a strong board of directors.

    As you prepare for the lengthy IPO process, you’ll want to hire attorneys whom you trust and who are prepared to work with you for years to come. If you constantly have to change legal teams or onboard new attorneys constantly, it will slow down or even interfere with your IPO process. Finally, prepare to work with auditors and, even more importantly, underwriters — these consultants are critical for the success of your IPO (more on them below).

    Related: 4 Critical Considerations Before Taking Your Company Public

    Start acting like a public company before you are one

    One of the best pieces of advice I can offer to any company preparing for the IPO process is to start acting like a public company well in advance. This will not only set you on the right foot for when you are, at last, a public company, but it will also make many aspects of the IPO process simpler, as a lot of scrutiny is coming your way.

    Make sure your company’s organizational structure is firmly in place, from HR to management to cybersecurity. Keep records of everything; if you don’t already, start generating monthly and quarterly financial statements. Not only will you have these documents on hand the moment they’re needed, but a high standard of operations will impress potential underwriters and investors — it’s an effective way to show you’re taking this process seriously.

    Related: How to Get Your Business IPO Ready

    Settle in for the long haul

    The IPO process can take years. Every aspect of the process, from putting together your team to assembling underwriters and registering with the SEC, takes months. If you are positive that you want to go public, be prepared for this slow journey — and, even better, figure out how best to utilize the slow periods between the crucial moments.

    For instance, you’ll want to focus internal efforts on marketing, especially as you wait for your registration to go through. Your team, including your underwriters, should be focused on testing the waters with your soon-to-be-public company. You can hold a “roadshow” with investors, building relationships and answering questions in a similar way to how you will once you’re public. This marketing period is crucial to investor relationships, and you’ll also want to work closely with your legal team to ensure you’re adhering to SEC guidelines.

    Related: How to Lead a Post-IPO Company

    Trust your underwriters

    Your lead underwriter and your underwriting team are of critical importance to your IPO. You want to select a team with ample industry experience that you trust. Their reputation and level of experience will be vital in determining your investors’ trust.

    When selecting your trading market and pricing your stock, you’ll want to lean on your underwriter for guidance. They have the expertise to make an initial offering that will be successful — and while you may judge it differently yourself, you don’t want to have your initial offer rejected, so trust your team to make the correct decision and don’t micromanage. Underwriters will also be heavily involved in the marketing “roadshow” with investors and many other aspects of the entire IPO process. A strong underwriting team is one of your most invaluable resources.

    It’s all about timing

    As you already know, markets constantly fluctuate, and paying attention to the IPO market as you prepare to go public is crucial. Although it may feel frustrating to hold back once your company has checked every box and is ready to close the IPO process, biding your time for the right moment can make or break your early years as a public company.

    If your industry is struggling in the public market or big headlines are dominating the media landscape that could drown out the news of your launch, you’ll likely want to hold off for a better time to enter the market. Conversely, there may be a time when the market is perfect, but your company’s internal documents or affairs aren’t entirely up to speed — so don’t risk having your IPO rejected by jumping into the game too early.

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    Alexander Dillon

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  • Mortgage rates fall in latest week. Freddie Mac cites worries over bank closures, and turmoil in financial markets

    Mortgage rates fall in latest week. Freddie Mac cites worries over bank closures, and turmoil in financial markets

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    The numbers: Mortgage rates are down for the first time in six weeks, as the U.S. economy deals with bank collapses and an uncertain road ahead.

    The 30-year fixed-rate mortgage averaged 6.60% as of March 16, according to data released by Freddie Mac FMCC on Thursday. 

    That’s down 13 basis points from the previous week — one basis point is…

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  • Watch Live Today: Keep Your Money Safe During the Bank Failure Panic | Entrepreneur

    Watch Live Today: Keep Your Money Safe During the Bank Failure Panic | Entrepreneur

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    Finance expert and entrepreneur Gene Marks will join us for a special livestream discussion on the impact of the recent bank failures on your personal and business assets. The event will begin at 2:00 PM EST, streaming live on Entrepreneur’s YouTube, LinkedIn and Twitter channels.

    Where can I watch?

    Watch and stream: YouTube, LinkedIn & Twitter

    You can watch on your phone, tablet or computer. Our livestream will be shown in its entirety on YouTube, LinkedIn and Twitter

    What time does the livestream start?

    Time: 2:00 PM EST

    The episode kicks off at 2:00 PM EST.

    Why should I watch the livestream?

    Gene Marks is an author, CPA, business owner, and national business columnist for The Hill, The Guardian, Entrepreneur, The Philadelphia Inquirer, and other well-known outlets. He will expertly break down the recent bank failures and what they mean for entrepreneurs. In this informative session, you’ll learn about the steps you can take to protect yourself and your business.

    Watch Now >>

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    Entrepreneur Staff

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  • Layoffs Don’t Have To Be Inevitable If You Reevaluate Your Spending in These Areas | Entrepreneur

    Layoffs Don’t Have To Be Inevitable If You Reevaluate Your Spending in These Areas | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The fact is, the global growth profile of 2023 is showing a downward trend. According to the IMF forecast, this year the economy will grow only 2.7%, compared to 3.2% in 2022.

    In fact, the projected data for advanced economies look even more discouraging, with the World Bank predicting 0.5% economic growth in the U.S. in 2023, which is almost 2% lower than the previous iterations. This leaves experts scratching their heads on whether we’re imminently running towards yet another big recession, or not just yet.

    Team cuts are imminent, aren’t they?

    Supposedly driven by the lingering downward economic spiral, thousands of businesses across various market verticals (mostly tech, media, finance and healthcare) announced huge staff cuts back in 2022, and this neverending firing streak continues.

    Here are just some of the most stunning numbers.

    In January 2023, Sundar Pichai, the CEO of Google and Alphabet, announced the company’s plans to lay off 12,000 team members. Disney is planning to cut back its workforce by at least 7,000 jobs. Amazon will be letting go of 18,000 employees. Goldman Sachs will say goodbye to over 3,000 employees, Philips will be cutting over 6,000 jobs worldwide, and news of mass layoffs just keep coming. Overall, over 125,000 people were already laid off in 2023 by the tech companies alone, per layoffs.fyi.

    However, is the global market slow-down actually the key factor, influencing the massive workforce cuts? While the need to cut spending may be the common ground, in a more nuanced context — not so much.

    Namely, a lot of the companies in the tech sector, like Peloton or Zoom are facing overstaffing challenges, fueled by their exponential growth dynamics during the Covid-19 pandemic, which has turned out virtually impossible to sustain upon its decline.

    Meanwhile, in the real sectors, like the automotive industry, some companies, like Jeep Cherokee explained their plant is idling amid rising electronic vehicle (EV) costs.

    Related: Layoffs Abound Across Industries — But These Major Companies Are Still Hiring

    But most surprisingly, some commenters presume many companies are just “following the herd” in their market niche. In plain words, their assumption is, while the widely-predicted recession forces businesses to tie their belts in one way or another, laying off employees is just their go-to solution, which is seemingly working for their competitors. As business professor Jeffrey Pfeffer told Stanford News, “They are doing it because other companies are doing it.”

    And the truth is, a massive workforce cut doesn’t actually save money in a short-term perspective (imagine the severance pay volumes), and can even flatten the business development in the case of mid-sized companies and small startups.

    How to cut spending without laying off your team

    In view of the tracked decline in economic activities, in some ways fueled by the lingering supply chain disruptions, and the sharp increase of inflation rates, cutting operational spending seems to be a reasonable idea. Not only can it remove extra pressure from business owners’ shoulders amid uncertain times, but also free up extra resources to fund the growth areas.

    And, as mentioned above, letting go of your team members is hardly the best choice (in case you’re not overstaffed, of course), so it’s crucial that you eliminate the latter risks from the equation right away.

    So, how do you determine that you’re overstaffed?

    Essentially speaking, you need to analyze the average manager’s span of control in your company, or in plain words, how many people are reporting to each of them. This number can be different depending on the type of firm or industry. Anyway, the common ground is that if it’s lower than 5-6, the organizational structure most likely has too many levels, with the average optimum management-to-employee ratio currently ranging from 1:15 to 1:20(25).

    Suppose, you don’t have apparent issues with the tall span of control, and the overstaffing risks are not your business case. Consider the following checklist for evaluating possibilities to lower the overall company’s spending without taking a toll on your business processes and cutting the team:

    SaaS spending

    Quite predictably, even small startups with limited funding usually use a bulk of paid SaaS solutions in their business routine (e.g. from a CRM and task management tools to a mere G Suite and accounting software).

    And while the importance of such tools is hardly questionable, their actual selection, as well as the pricing, sometimes is. What I’m saying is that even though the high-quality product does cost money, negotiating a discount happens to be a far more rarely utilized option than one might imagine, which is a huge miss.

    And if you’re paying for two similar management tools, with minor differences, perhaps, the use of a more advanced version of one of these instead will be actually cheaper, especially in the long run.

    Office space rent

    Even though the end of the acute period of the Covid-19 pandemic has stimulated many businesses to return to offices, chances are opting for a hybrid office may help reduce spending costs quite a lot.

    Let’s do some quick math. Imagine you had 10 people in the office on a permanent basis, and consider rearranging the office space to a commonly-used area, which can fit 5 people at a time. This will cut the desk space in half, as well as reduce the required office space for the communal areas (like kitchens, breakout rooms and meeting rooms) by at least 20%.

    Given that the average space per employee was estimated at 75 – 150 sq feet in the pre-pandemic times, as per JLL research (50% deskspace and 50% commonly used areas), the change of the office type from an offline to a hybrid one in the example herein can help to reduce the required office space by at least 200 sq feet.

    In plain money, this could potentially save you around $7,000 monthly in office rent in Seattle, for instance.

    Related: Looking for a New Office for Your Team in 2023? Here’s What to Take into Account.

    Human resources

    While keeping your optimal team as is will definitely help streamline operational processes, you might consider limiting the hiring process for new employees, potentially needed for your newly-developed business projects.

    That is, if you’re hoping to launch two new products in 2023, perhaps, a wise idea would be to select and prioritize the release of just one during a downturn, in order to spare financial resources. Another way to cut spending on human resources would be to readjust the rewards and recognition programs for employees, i.e. making them more tailored to particular business KPIs. In such a way you’ll be able to keep your team motivated, without overspending money on yearly bonuses across the board.

    Ultimately, it’s up to each business owner to make their decision on how to prioritize spending and whether to cut their staff, or not during a downturn, but navigating a company amid uncertain times usually requires a strong team, so why risk losing it, having invested time and resources into building it? That is the question.

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    Anton Liaskovskyi

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  • CBDCs Are Inevitable, and That’s a Good Thing | Entrepreneur

    CBDCs Are Inevitable, and That’s a Good Thing | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In a recent research report by Bank of America, analysts concluded that “CBDCs (central bank digital currencies) appear inevitable.” According to their research, CBDCs have “the potential to revolutionize global financial systems and maybe the most significant technological advancement in the history of money.”

    While the contents of this report have been making waves in traditional media circles, those of us that have been researching and working with CBDCs over the past few years have been saying similar things for quite some time now. In this article, I will tackle some of the more prominent misconceptions about CBDCs, especially the ones concerning anonymity and the technology’s potential use as a means of totalitarian control.

    Related: How This Digital Currency Will Transform The World and Benefit Cashless Societies

    Anonymity is not part of the agenda

    Some of the most full-throated criticism of CBDC technology tends to come from the cryptocurrency community, where many consider the rollout of state-backed digital currencies to be an existential threat to anonymity. But if you think bitcoin and stablecoins are about privacy, they’re not. Somewhere around 90% of addresses and transfers, if not more, have long since been traced and identified, and even in DeFi, cybercrime gets investigated, and the culprits get caught fairly quickly.

    Those who are active in the cryptocurrency industry and those who are knowledgeable about it know this. What is much more likely to be behind this vein of criticism of CBDCs is the perception of the technology not as an existential threat to privacy but as an existential threat to existing cryptocurrencies. However, this too is unfounded.

    From working with regulators and countries in the process of launching CBDCs, it has to be said that privacy simply is not on the agenda in most cases. The central issues that are being dealt with currently revolve around what the legal framework should be, how the linkage to banks should work, how to move from stablecoin currencies to CBDCs, how to integrate the technology into international trade, how to incorporate CBDCs into “superapps” and so on.

    Related: Crypto vs. Banking: Which Is a Better Choice?

    Using CBDCs on the state level

    When we move beyond the idea that CBDCs are a power grab by institutions looking to eliminate financial privacy, the actual value of the technology comes into view. There are two levels on which CBDCs offer vast improvements to the current status quo, that of the state and that of the individual.

    On the state level, it is important to understand that every foreign trade transaction now goes through the dollar. For example, take Pakistan and the Arab Emirates. When these countries trade, there is constant pressure on the national currencies because they must constantly sell their currencies and buy dollars. However, the dirham is quite trusted in Pakistan. So, direct payments in dirhams and rupees could be possible, but currently, there is no infrastructure to support this kind of transaction. This is where CBDCs come into play.

    Regardless of how it’s done, cross-border transfers must be straightened out. This could be achieved via currency baskets, AMM pools or mutual correspondent banks. One way or another, this will make economic processes easier and cheaper for almost all countries because cross-border rates and long chains of intermediaries will disappear.

    Related: Cross-Border Business Is Becoming a Non-Negotiable. Are You Ready?

    CBDCs for the individual

    The main task facing CBDC development right now is building a basis for cross-border payments, which individuals do worldwide. The need for this to happen can be seen in how cross-border payments currently work in the Philippines and the Emirates.

    There are generally two ways of sending money from the UAE. The first is the old-fashioned “hawala” system. Here, the sender goes to their local community leader, gives him dollars, and then the leader’s counterpart in the recipient’s country gives the recipient the same amount in pesos.

    The second method involves transferring money through services like Western Union. Depending on cross-border rates, the round-trip commission is between 6% and 12%. You inevitably have to have a double conversion. As a result, the cost of the transfer is extremely high.

    This is the process we are trying to build: the sender comes with digital dirhams either to a transfer point or a special machine. He needs to convert the dirhams into pesos. Both currencies are digitally deposited as stablecoins in an AMM pool, where the exchange rate changes very little. Conversely, the pesos are received through a transfer operator, which charges only 0.1% for the exchange of digital currencies. Thus, the total fees do not exceed 3% of the transfer amount.

    This is one way you can use CBDCs. And it is convenient and cheap for those who do not have cards or bank accounts, which in Southeast Asia alone amounts to several hundred million people. The fees these people have to pay to add up to a significant burden on a demographic that should be better served by governmental and financial institutions. And this is just a small picture of how revolutionary this technology can be. As development continues, the bigger picture will come into focus, but it is important now to recognize the potential CBDCs have to improve the lives of billions of people worldwide and focus on bringing that potential to fruition.

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    Sergey Shashev

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  • A new toy for banking historians offers insights on post-Civil War era

    A new toy for banking historians offers insights on post-Civil War era

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    Bank notes from the 19th century, prior to the creation of the Federal Reserve. The period from 1867-1904 was a time of great fragmentation in the U.S. banking system.

    Jazmine – stock.adobe.com

    The newest toy for banking historians dropped this week — a dataset that will help illustrate how the U.S. banking system developed after the Civil War.

    The tool, developed by Federal Reserve researchers, will give historians and students a far easier way of examining national banks’ financial performance between 1867 and 1904. 

    The period is of massive historical importance, covering the early start of the reworked banking system that Abraham Lincoln imagined to help finance the war and strengthen the country’s monetary system. 

    The data set ends in 1904, when banks switched to a new reporting format. At the time, a series of financial crises had spurred calls for the formation of a central bank to limit painful credit crunches. The ensuing debate would soon culminate in the creation of today’s Fed, whose balance of national and regional powers reflected skepticism over a fully Washington-led institution. 

    “I think there’s going to be a multitude of rich projects that result from this going into the future,” said Providence College professor Sharon Ann Murphy, who focuses on pre-Civil War banking and is the author of a new book on banks’ role in the rapid growth of slavery. “So I’m excited.” 

    The data itself is not new. It consists of call reports that banks filed with the Office of the Comptroller of the Currency between 1867 and 1904.

    What’s new is that two Fed researchers — Stephan Luck of the New York Fed and Sergio Correia of the Fed board — digitized each call report and published a free database that users can use to easily compare changes in banks’ lending, profits, deposits and other key metrics. Users can also focus on trends in specific states or cities, and examine how national banks popped up in the West in the late 19th century.

    Undertaking those analyses has always been possible, but it previously required a substantial amount of manual typing of data to put everything in a usable format. 

    The tool will be particularly useful for graduate and undergraduate students, as it will make it far easier for them to conduct analyses, according to Charles Calomiris, a Columbia Business School professor and a former OCC chief economist.

    “You’re going to be able to do just an unbelievable amount of things,” said Calomiris, the author of the book, “Fragile By Design: The Political Origins of Banking Crises and Scarce Credit.”

    Calomiris likened the dataset to the Federal Reserve Bank of St. Louis’ efforts to increase the visibility of economic data and history. The St. Louis Fed’s FRED website includes hundreds of thousands of economic data points, while its FRASER site has historical industry and government documents.

    The world of post-Civil War banking gives researchers a “great window” into the rapid growth of the U.S. economy and key political debates, Calomiris said. Given how fragmented the banking system was at the time, researchers can explore how events like droughts and the era’s several financial panics affected the economies of individual states.

    The period was one of “significant financial instability,” with little regulation, no central bank, no federal deposit insurance and rampant speculation on Wall Street, said Sean Vanatta, a U.S. history professor at the University of Glasgow who studies banking.

    He credited the Fed researchers for publishing the dataset, saying it and other digitized versions of historical banking data open up “a lot of new opportunities” for research.

    “It gives you the life story of these banks,” said Vanatta, who, along with Peter Conti-Brown, is the co-author of the forthcoming book, “The Banker’s Thumb: A History of Bank Supervision in the United States.”

    “You can see over time how banks’ businesses are changing and developing, and also you can position those banks in relation to their competitors in local markets and position them in relation to banks across the nation,” Vanatta said.

    Still, Vanatta cautioned that researchers may have to dig beyond just the numbers.

    In some cases, call reports from bank examiners in the post-Civil War era questioned the validity of bank-provided data, he said. Other cases may highlight the revolving door between banks and their supervisors in the 19th century.

    Modern corporate accounting was developing at the time, particularly in the booming railroad industry, which itself was vulnerable to accounting manipulation.

    In the banking industry, government examiners were the ones looking to standardize bank accounting, but Vanatta said there wasn’t “that much uniformity” in the early days.

    “That, in and of itself, is an interesting story,” Vanatta said. “How do we get new categories of bank assets or bank liabilities? Who makes that decision? What makes it necessary to create these new categories?”

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    Polo Rocha

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  • Want To Run Your Business Better? Then Run These 3 Reports. | Entrepreneur

    Want To Run Your Business Better? Then Run These 3 Reports. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a lifelong accountant, I have what may be surprising news for you: your monthly financial statements aren’t very effective.

    Sure, they can help. It’s good to look back at the prior month and the year-to-date results so that you can determine if your company is profitable and also where there may be overspending. Don’t ignore your monthly financial statements. But take them with a grain of salt: they’re usually prepared well after the fact (for many of my clients, it’s weeks after the month ends). So although they serve as a good post-mortem review of results, they’re not so useful to run a business in real-time.

    So what is useful? I’ve found that these three reports are core for the managers of my best clients who run profitable businesses. Why? Because they tell the manager what’s going on right now and what is likely to happen in the near future.

    Related: The 5 Most Important Accounting Reports for Your Small Business

    The flash report

    Maybe you’ve never heard of this report because it’s not a common name among accountants. But for my best clients their “flash report” is a critical tool for keeping their real-time pulse on the business.

    The flash report is an aggregation of data from many different sources. It’s usually produced 2-3 times a week and put together not necessarily by a finance person but by a good administrative person who has access to the data needed. I have clients where the administrative person creates this report manually (literally) on a piece of paper and leaves it on the desk of the owner. I have others that do it by spreadsheet or via email. The report brings together numbers from various places that are key to the current operations of a business.

    These numbers vary by industry, but for the most part, they include current cash, receivables and payables. The report also shows year-to-date sales, backlog, purchase orders and open quotes. It shows year-to-date hours and overtime. Some of my clients like to see updated data about specific ongoing jobs or product lines.

    The most important thing about this report is benchmarking. Every current number has a corresponding number from its prior period. For example, if cash on hand is $500, what was cash on hand at the end of last year? Or if year-to-date sales are $10,000, what were the same sales at this point last year? Are we ahead or behind? You have to benchmark your current numbers against a similar period to put things into context.

    The pipeline report

    Where the flash report takes numbers from different sources, the pipeline report should be taking numbers from your customer relationship management (CRM) system — which is an application every company should have. When you’re using your CRM system the right way, you will be tracking quotes and opportunities, as well as tasks and emails connected to those things.

    My best clients leverage this data weekly and review a pipeline report. The pipeline report lists all open opportunities usually by “hot,” “warm” and “cold” designations, which are internally defined. It shows the dollar value of the opportunity, the date it’s estimated to close and the “weight” or chance it will turn into a sale. It also shows who’s working on the opportunity and the historical and future tasks that need to be done to complete the opportunity.

    When used the right way, the pipeline report is a tool for managing the sales team and seeing who is doing what and how effectively. This report is a sales forecast and serves as a critical instrument for knowing whether growth or contraction is in the cards. If you produce this report every week, you’ll not only be able to better direct your under-performing sales people towards more productive activities, but you’ll also have your thumb on the blood flow of your business: your expected revenues.

    There are other great reports you can run from your CRM system, but that’s a topic for another day. Relying on the pipeline report will not only help to increase and manage your company’s expected revenues but also increase the usage of your CRM system.

    The rolling cash forecast report

    If you’ve got a great pipeline report, then good for you — you are forecasting your revenues. But just forecasting revenues isn’t enough. My best clients forecast their cash flow. Why? Because successful people are always looking ahead. They don’t like surprises. They want to know what’s coming, so they can make decisions in advance and better manage the future to the full extent. Sales are important, but in the end, it’s all about cash. Do you know what your cash will be just 90 days from now? You probably don’t. But you should. And to know this, you’ll need to have a rolling cash forecast report.

    Putting this report together isn’t so tough. Here’s how:

    First, estimate your overhead over the next 90 days. You know this: it’s your payroll, utilities, rent, internet: all the recurring costs you’re already paying.

    Next, estimate your typical margin on a sale, which takes into account the direct materials and labor needed. I realize that this may differ based on many factors, from the product line to the time of year. But this is not science — it’s just an estimate. So come up with a reasonable number.

    Assuming you’re producing a reliable pipeline report, you’ve got your sales forecast for the next 90 days. There are sales that are not on this report because they’ve already closed and are considered open orders. Add this. Then talk with your sales team to further refine this 90 days sales forecast.

    Now, take your estimated sales, multiply the estimated margin and deduct your estimated overhead. You’re almost there!

    Think about any anomalies over the next 90 days — an estimated tax payment, a big supplier check that will be due, etc. — and figure that in. Take your beginning cash, add/deduct the net results from the above and you’ll have your ending cash in 90 days. Voila! You’ve now done a rolling cash forecast.

    Do a rolling cash forecast every month. It’ll be tough at first, but easier after you get it down. Trust me when I tell you it will change your life. No longer will you be running your business in the dark. You will have a better idea of the future and can make better decisions because of it.

    In summary, there are lots of reports that are great for a business. But most involve analyzing the past. My best clients do this. But the reports that really help them focus on the present — and the future — are the reports I’ve listed above. Get in the practice of producing these reports and you’ll find yourself running a more profitable, sustainable organization.

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    Gene Marks

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  • Want to Get the Best Tax Refund This Year? This Bundle Can Help. | Entrepreneur

    Want to Get the Best Tax Refund This Year? This Bundle Can Help. | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    It’s tax season, a time of year very few entrepreneurs look forward to. Considering your tax situation is likely complicated, and refund amounts are down so far this year, you owe it to yourself to set yourself up for success. During our Gear Up for Tax Season campaign, we’re offering a collection of personal and business finance and tax assistance-related products for great prices. Through March 2 at 11:59 p.m. Pacific, you can get your tax ducks in a row and learn everything you need to know to file for a discounted price.

    The Ultimate Guide to Taxes Bundle is available from February 24 through March 2 for just $19.99. This six-course training program covers everything you need to know about maximizing your tax credits for home, family, education, and retirement. The courses are taught by Certified Public Accountant (CPA) Robert Steele. Steele has been teaching and building curriculum since 2009 and has authored five books on accounting, personal finance, and more.

    This bundle is geared both towards business and personal tax returns. You’ll learn about tax credits you can take to lower your taxable income, understand the tax benefits and limits of IRAs, and more. There are several courses on business and personal income tax where you’ll learn how to file a Schedule C for small business income, understand self-employment tax, understand tax changes for small businesses, and more. You’ll learn things like how to use the business use of home deduction and how to file income when selling your home.

    Make filing your taxes a bit easier and more profitable this year. February 24 through March 2, you can get The Ultimate Guide to Taxes Bundle for just $19.99. Don’t miss your chance to save!

    Prices subject to change.

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    Entrepreneur Store

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  • This $35 Business Accounting Bundle Could Help You Prepare for Tax Season | Entrepreneur

    This $35 Business Accounting Bundle Could Help You Prepare for Tax Season | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    One of the most common reasons a business can fail is when an entrepreneur doesn’t have a complete understanding of their finances. Tax season is here, and whether your business is already off the ground or just an idea waiting for its moment, it may be useful to refine your financial skills. The Complete 2023 Business Accounting Master Bundle lets you study up on money management and business accounting on your own time, and it’s only $34.99 through March 2.

    Budgeting for your household and budgeting for your business require very different skills. If you want to start at the beginning, enroll in the Basics of Accounting course led by certified CPA Eric Knight from Skill Success. Study up on Accounts Receivable, business transactions analysis, and Trial Balances before you start looking into the more advanced lessons.

    Advanced Financial Accounting is a 155-lecture course spanning 50 hours and covering a broad range of accounting principles and tools. There is even a detailed course going over the fundamentals of QuickBooks Pro. This course does not come with that accounting software itself, but it could show you the different steps in the accounting cycle and how it’s backed by accounting theory.

    Study all 79.5 hours of accounting instruction included in this bundle whenever you want. Whether you’re still studying your projected finances to make a business plan or getting ready to run payroll, these courses could help you make your business a financial success.

    Study the basics and advanced business finance skills and work toward a more successful future with the Complete 2023 Business Accounting Mastery Bundle. Invest in this bundle by March 2 at 11:59 p.m. PT to get it for just $34.99 (reg. $2,189).

    Prices subject to change.

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  • My fiancé and I are 60. His adult daughter is opposed to our marriage — and insists on inheriting her father’s $3.2 million estate. How should we handle her?

    My fiancé and I are 60. His adult daughter is opposed to our marriage — and insists on inheriting her father’s $3.2 million estate. How should we handle her?

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    What advice would you give to a widow and widower considering marriage on how to manage finances — and deal with adult children?

    We are both 60 years old and plan to work a few more years, mostly for health insurance. We both have about $1.5 million in retirement savings accounts. Our spouses’ 401(k)s and IRAs rolled into our accounts.

    I have another $500,000 in a brokerage and he has almost another $1 million. We both own homes with $300,000 mortgages. Mine is worth $500,000, Paul’s (not his real name) home is worth $1 million. We have no other debt.

    We both have one married, and one unmarried child that we help. We both have two grandchildren.

    We should be set up very well. Here’s the concern: His married, well-off daughter is very aggressive about inheritance. She wants the family home retitled in a trust. She wants all life insurance and brokerage beneficiaries in her name. Her brother has had drug-addiction problems, so she’s cutting him out even though it seems he’s the one who will need help.

    “‘She wants the family home retitled in a trust. She wants all life insurance and brokerage beneficiaries in her name.’”

    The daughter isn’t thrilled about our relationship and suggests we just live together. For religious reasons, I would never do this. Grandma shacking up? What example would I set for my grandchildren?

    As a widowed couple, we are realistic enough to plan for the time one of us is left alone. Paul has diabetes, high blood pressure and already sees a cardiologist. What if he has a heart attack? Stroke? Or if he dies?

    What’s a fair way to mingle finances and allow security for me should he predecease me while allowing Paul’s daughter to ultimately inherit?

    By the way, my children have never raised money as an issue. After we both cared for spouses through cancer, they know life is short and just want us to be happy.

    Happy to Have Found Love Again

    Dear Happy,

    She is overstepping the line, and overplaying her hand.

    The first rule of inheritance is that it’s not yours until the decedent’s money is sitting in your bank account. Your fiancé’s daughter can make all the demands she likes, but the only thing your fiancé has to do is say, “You don’t need to be concerned. My affairs are all in order. I’ve always taken care of my own affairs, and I am not changing now.”

    How your fiancé decides to split his estate is entirely up to him, and can be done in consultation with a financial adviser and attorney, taking into account each of his children’s individual needs. For instance, if you move in together, he could give you a life estate, allowing you to live in the home for the rest of your life, and dividing the property between his two children thereafter. 

    Given that you have your own home, however, you may decide to rent it out, and move back there in the event that he predeceases you. There are so many ways to split an inheritance. You could look at the intestate laws of your state, and follow them. In New York, the spouse inherits the first $50,000 of intestate property, plus half of the balance, and the kids inherit the rest.

    “Paul” may decide to set up a trust for his son, so he can provide an income for him over the course of his life. If he has or had issues with addiction, this will help him while not putting temptation in his way with a lump sum of money. The best kind of trust is the one that deals with any recurring issues directly, and takes into account the person’s circumstances.

    Martin Hagan, a Pennsylvania-based estate-planning attorney who has practiced for four decades, writes: “First, it would authorize distributions only if the beneficiary is actively pursuing treatment and recovery.  Second, it would limit distributions to paying only for the expenses incurred in carrying out the treatment plan that will have been developed for the beneficiary.”

    You have $2 million collectively in a retirement and brokerage account and $200,000 equity in his home, and you can use these next seven years or so to pay off your mortgage, while your fiancé has $2.5 million and $700,000 in equity on his home. You are both well set up for retirement, and let’s hope you have many years to spend together.

    The financial services industry has many opinions. You should, advisers say, have 10 times your salary saved by the time you’re 65 years old. You don’t mention your salary, but I would be surprised if many people in America had that much money saved, especially given all of the unexpected events — divorce, illness, job loss — that can occur in the intervening years.

    You also have other priorities than dealing with an aggressive daughter/daughter-in-law. AARP suggests that most people should look into long-term care insurance between the ages of 60 and 65, around the time most people are eligible to qualify for Medicare. If you do it earlier, it can serve as a savings account in the event that you never need long-term care, AARP says.

    As retirement columnist Richard Quinn recently wrote on MarketWatch, everybody’s circumstances are different. “Living in retirement isn’t about averages. It isn’t about what other people do or the opinions of experts, especially online instant experts who don’t know anything about you and have yet to experience many years of retirement themselves.”

    Don’t give too much oxygen or power to your future daughter-in-law. Her father should give her a stock answer, and be firm. If she persists, he can say, “The subject is closed. I need you to respect the decisions I make about my own life, respect my privacy on these matters, and it would be nice if you would be happy for us, and support us in our marriage together.”

    You can’t change people. But you can change wills.  

    You can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell@marketwatch.com, and follow Quentin Fottrell on Twitter.

    Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

    The Moneyist regrets he cannot reply to questions individually.

    More from Quentin Fottrell:

    My boyfriend wants me to move into his home and pay rent. I suggested only paying for utilities and groceries. What should I do?

    My dinner date ‘forgot’ his wallet and took the receipt for his taxes. Should I have called him out for being cheapskate?

    My boyfriend lives in my house with my 2 kids, but refuses to pay rent or contribute to food and utility bills. What’s my next move?

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  • How to Manage Cash Flow for Your Home Pet Business

    How to Manage Cash Flow for Your Home Pet Business

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    Rich Mintzer’s new book, Start Your Own Pet Business, outlines everything you need to know about launching and growing an animal-based business from your home. In this excerpt, he dives into the specifics of managing your finances to keep your business as healthy and happy as your tail-wagging clients.

    Sign up for an accounting workshop

    No matter if you are caring for two dogs or two hundred, every business needs to keep track of money coming in and money going out. One way to make the accounting and financial framework of your business less daunting is to take an accounting class. You can find many online classes, as well as articles, on basic accounting and/or managing finances for a small business. You can also check with your local Small Business Development Center (SBDC), which may offer small-business accounting classes or keep a list of classes offered through local community colleges or continuing-education programs at a local university. Be logical when you sign up for an accounting class—don’t sign up for a class that covers information beyond your current need or ability to understand. You don’t need to know how to read the financial report of a $60 million international company to run your $20,000 local pet-sitting operation.

    Keep receipts

    If you have ever had even the smallest business or if you have ever worked for anyone else, you probably have heard this before, but it bears repeating: Keep every receipt for any dime you spend on the business. Keep them in one place and record them in your ledger at least weekly. These records tell you a lot about your business. You may notice patterns, expenditures that seem excessive, or other changes you could make for your business to be more efficient.

    Related: Dive deeper with Start Your Own Pet Business on sale now

    Set up a separate checking account

    Because pet-sitting businesses often don’t take a lot of capital to set up, you have to be careful not to fall into the trap of starting your business and simply using your personal checking account to pay for expenses and to deposit income. Set up a separate checking account and designate it for the business. Pay for everything with this account, even if you use its debit card instead of actually writing a check. It doesn’t have to be a “business” checking account—another personal account will do—just give the business an account all its own. Not only is it good for keeping accurate track of expenses, but some psychological aspects result from having separate accounts and ledgers for taking yourself and your business seriously. Have the business name printed on your business-specific checking account—it lends an air of professionalism.

    Get bookkeeping software

    Many software programs exist for easy setup of bookkeeping for your small business. Two commonly used ones are QuickBooks and Microsoft Office. Set aside a large chunk of time to get yourself set up, and then set aside time on an ongoing basis, maybe an hour weekly and a morning monthly. Be sure to keep these software products up-to-date by signing up for automatic updates or reminders so you can keep as up-to-date as possible. Although the bookkeeping programs probably won’t have as much in the way of updates, tax programs have constant updates. If you know yourself well enough to know you are not going to set aside this time to feed your bookkeeping software, then hire an accountant. The same goes for tax time. You may want to enlist a small business tax expert to decipher what expenses can and can not be deducted, at least for the first year of running your business.

    Creating invoices and receipts

    Even if you require payment on the spot, you always want to provide your client with an invoice for your services. This allows both of you to keep a record of your visits. Depending on how fast your business plan shows your business increasing revenue and adding clients, you may want to think early on about having client software that keeps records of your clients. If you look to have only ten clients for the first year, you could create a spreadsheet using Excel or Google Sheets. As you grow, you may want to invest in a business software package. Besides generating invoices, it keeps an easy-to-access history of services you provided.

    Related: Pet Lovers, Here’s How to Get Your Dream Business or Side Hustle Started

    Payment options

    The easiest manner in which to collect money in a business such as pet-sitting might be good old cash or a simple account transfer via an app like Venmo or PayPal because your fees are typically for only a few hours at a time. As your company grows, you’ll want to look into having credit card options, such as the easy-to-use Square payment system, which allows you to use your cell phone as a mobile cash register (https://squareup.com). This will entail setting up a credit card merchant account, a bank account, and a way to process payments. Some startup payment fees and fees per transaction (which are usually around 2 to 4 percent) apply. The merchant account will allow you to accept payments through Visa, Mastercard, American Express, and other credit card companies. You can Google merchant services and compare options.

    Paying yourself

    One of the perks of opening a low-cost, no-overhead business is you can usually start taking some money for yourself early on while putting the rest into the business. If you know your ongoing expenses, you can cover them and have some money left over. If, however, you are looking to build a large pet-sitting business with offices and many employees, then—like most startups—you will need to put nearly all the money earned back into the business for the first year or two. This means you need to have some money set aside to help you pay your bills when starting the business. If you can afford to do this, that’s great—you should probably plan to do this for at least the first year, depending on how complex a business you establish.

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    Entrepreneur Staff

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  • Why Investors Are Bullish on EdTech in 2023

    Why Investors Are Bullish on EdTech in 2023

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    Opinions expressed by Entrepreneur contributors are their own.

    2022 closed with 30 EdTech Unicorns collectively valued just south of $100 billion. For context, these companies combined are biting at the heels of economically critical Fortune 500s like General Electric and American Express that command over $100B valuations.

    With consistent growth expected into the next decade, EdTech — along with its leaders, operators and mission that continue to grow into more verticals and geographies — is back in the race towards a more equitable future.

    Related: 5 EdTech Trends That Will Change Learning Between Now and 2030

    AI in EdTech

    It’s hard to find an industry that Artificial Intelligence hasn’t yet graced. While most implementations of AI are still experimental, its effects on education actively drive tangible results. Personalized learning driven by AI is at the epicenter, with research and data in the field reinforcing the benefits students are experiencing.

    Educators at the Institute for Innovative Learning suggest that “students who followed the self-regulated online learning guided by the personalized learning approach out-performed and gained more knowledge than those who followed the conventional self-regulated online learning activities after finishing the learning process.”

    The ever-widening student-teacher ratio in class sizes has historically limited traditional learning across the value chain of K-12 through to professional upskilling. AI-driven personalized learning tailored to the individual helps bridge this divide while still just scratching the surface of what’s possible.

    Related: Rise Of EdTech And Effect on Generational Learning Curve

    Achieving scale in EdTech

    A large horizontal (e.g., K-12) and vertical (e.g., content, experience, assessment etc.) value chain makes LMS or Learning Management Systems essential to achieving scale in EdTech. As classrooms grow larger and personalized learning more prominent, platforms that house these resources become mission-critical.

    As important as having a harbor to harness and leverage the vast amounts of data generated by personalized learning platforms. Extracting this data in an actionable format allows educators to develop better content while allowing technologists to understand best how key stakeholders use their products.

    While LMS have been around for the last few years, it continues to be a cornerstone of development for the industry as operators find new ways to implement bleeding edge technology (natural language processing, data mining and analytics etc.) and create outsized value.

    Extending reach and relevance beyond traditional education

    The shift to work from home has evolved how the world does business today and how companies support their workforce’s growth and professional development. Automating the identification of skill gaps in employees and making intelligent suggestions for resources that help fill them creates immense value for businesses and their employees.

    The ability to track unique skill sets and skill levels opens up the opportunity to staff resources more efficiently or suggest positions internally that could better leverage talent. While beneficial to HR resources, an automated approach to upskilling also adds to a Firm’s retention incentive for current and future employees.

    Venture Capital funding mirrored the above trends in 2022

    Data from HolonIQ suggests that, of “$10.6B and 1,400+ deals of EdTech Venture funding for 2022, nearly half focused on management systems and learner/teacher support.”

    Unsurprisingly, investing in EdTech is projected to slow in 2023 amid the overall macroeconomic environment. However, consistent results from adoption over the last few years should sustain a strong appetite from investors into 2023 and beyond.

    The level of investment into LMS suggests a conviction to scale in EdTech. It is a strong indicator that the key infrastructure needed is actively refined for the current suite of EdTech to leverage and built for future technology stacks to be based on.

    ChatGPT helped educate the world on the power of AI and will make the conversation easier for operators building AI-driven learning technology to gain the support of traditional educators. Lastly, the upside potential for businesses to develop talent at better unit economics (i.e., cheaper to support HR resources with AI-based professional development tools) while leveraging data to create predictive analysis, and better understand resource allocation on a granular level is exciting.

    Related: Microsoft Invests Billions in OpenAI, Creator of ChatGPT

    Government funding in EdTech

    As a bonus, the $30B in government funding available to educators in the US is an opportunity for EdTech to continue growing into school districts nationally and prove value while continuing to scale over the next few years. Although an allocation towards technology from this bucket isn’t clear yet, the shifting trends towards augmented support in teaching and managing a growing student population could warrant a sizable contribution towards EdTech from this pool of funding and those deployed in the future.

    Related: Will Edtech See a Paradigm Shift In 2023?

    Education is the greatest equalizer

    EdTech enables educators to reach more students than ever before with the ability to deliver content beyond the limitations of a language barrier or timezone. As more of the world’s populous go online daily, EdTech is actively creating a positive feedback loop of forward momentum for all– on all fronts.

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    Karl Eshwer

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  • What You Should Know About BFSI in 2023 and Beyond

    What You Should Know About BFSI in 2023 and Beyond

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    Opinions expressed by Entrepreneur contributors are their own.

    Very little is clear as we look at the economy in the coming year. Inflation is high, interest rates are heading north, and many fear a recession is coming in 2023. Amidst this uncertainty, there has also been a wave of innovation throughout the banking, financial services and insurance industry (BFSI) — a wave that has only been accelerated by the pandemic and expedited shift to digital and immersive customer solutions.

    Where does the world of BFSI stand in 2023 after years of both tumult and change? We must first take stock of the BFSI landscape in order to decide the strategies and tactics we need to apply in 2023. I won’t pretend to have a crystal ball to tell the future, but after spending my entire career in the industry, I feel safe to make a few predictions about what the year might hold. These are the four trends all BFSI professionals need to be prepared to tackle in 2023:

    Related: This Software can Play an Incremental Role In BFSI Sector

    1. Collections are back

    As the government-mandated moratoriums instated during the pandemic come to an end and we enter a recession, collections will be a huge element of our work in the BFSI sector in 2023. What can we do to prepare ourselves and our customers for this reality?

    We do not want to come barging down doors, demanding collections. We must be mindful and acknowledge there is a journey to the process to avoid burning bridges with our customers. We should prepare for remediation and plan to create unique payment plans that are personalized to the customer. In doing so, we avoid breakage and keep our customers in our house. It’s like asking for couples therapy rather than an outright divorce — if we can figure out a plan together, we are much more likely to maintain our relationship and create loyalty through that remediation.

    Acquisition is far more expensive than retention; if we lose customers left and right in collection, then we are setting ourselves up for much more work (and lost revenue) down the line. Fifty-two percent of consumers switched providers in the last year, largely due to poor customer service, and we do not want to add to that statistic in the collections process. If we can be creative in our remediation tactics, we can likely save the customer, which will not only save money but also create long-term loyalty.

    2. Open banking is an essential tool

    Open banking has been one of the most important changes to hit the world of BFSI since it came into play. It creates one home for all of our assets, offering greater mobility to the consumer and the opportunity for companies to innovate new and exciting financial services.

    For example, customers can now apply for a mortgage without compiling a novel’s worth of paperwork; they can simply give their lender permission to access their accounts and look at their finances. Companies, on the other hand, can now assemble a clear financial picture of a customer’s assets and liabilities by tapping into data from multiple banks.

    Open banking has created greater ease and portability for customers and bankers alike. But as new products, services and capabilities are created in response to this development, we will see an increasingly competitive marketplace. Customers can switch from bank to bank at any time with ease, and, as we know, they are not afraid to do so. This flexibility and access available to consumers both today and increasingly so tomorrow will challenge their existing institutions to provide best-in-class terms and experiences across a vast landscape of services and capabilities. Institutions that acquired and built their customer relationships with a wedge of limited but valuable products will be challenged as providers of a full suite of solutions vie for access to these customers whose asset portability has never been simpler.

    To keep up, banks must prioritize satisfying customer demand to pay any way they want and transform how they engage with their customers to become more personalized. Furthermore, banks should work to align their strategies with the innovation, policies and regulatory changes coming our way. Open banking will be an essential tool for banks and customers alike, attracting customers seeking greater mobility and personalization in their financial services.

    Related: Cyber Security and Its Importance For the BFSI sector

    3. Insurance will be digitized

    Insurance has long been behind other industries when it comes to digitization, and though they began the process in 2020, it was quickly put on pause during the pandemic. Insurance companies need to have a radical leapfrog effect and paradigm shift in strategy, transforming their companies to become digital-first.

    As it stands now, insurance companies have no streamlined customer view. I’ve had my home, auto and flood insurance, among others, with the same company for over ten years, and yet they do not have one unified customer view of my account, nor do they have the digital assets to engage with me. So much so, that when I tried to log onto my car insurance app, it said I was not a customer.

    As we enter the new year, it will be essential for insurance companies to digitize their work and create more personalized engagement with their consumers. Consumers are more loyal when they have personalized services. If you don’t offer personalization, it will be very challenging to have any stickiness in the insurance vertical. Customers will be quick to try new companies because they have no relationship with their current provider, and thus it is no skin off their back to jump ship. This dynamic was played out in the mobile carrier market as it became easier to move providers and take your number with you.

    4. Emerging payments must be reassessed

    Many have said we’re in an emerging payments freeze with crypto, BNPL and P2P, but in reality, we’re merely in a consolidation. The leaves are starting to turn yellow and fall, but the trees are not barren. The world of emerging payments and crypto is on pause, which is not necessarily a bad thing. Now is our opportunity to look at emerging payments and ask, “What do we want to happen in this space? And how can we use the next year or two to build the right tools for emerging payments that the rest of the BFSI industry can leverage?”

    It is an opportunity, just as the start of fall beckons a new school year with fresh notebooks and sharpened pencils, to hone our products, build the right capabilities and then get back out there. Real-world and practical solutions to consumers and institutions will emerge or wilt on the vine, based on applicability. Institutions that build frictionless, embedded and native solutions for their customers to interact with will see share gains coming out of this.

    Related: These #4 Trends Hold The Key For Disruption of the BFSI Sector

    We are financial partners

    Now more than ever, the power is in the hands of the consumer. Banks can no longer coast by merely providing an account and a credit card. Consumers will be out the door before the end of the business day without personalized engagement to support their lifestyle and financial aspirations. A modern bank is a life and planning partner, and as we enter 2023 and all of the uncertainty it holds, our customers will expect to be supported via a wide array of financial services that take advantage of the data at our fingertips and the innovation banging down our doors.

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    Mamta Rodrigues

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  • Money-Saving Tips Entrepreneurs Often Miss in Tax Filing Season

    Money-Saving Tips Entrepreneurs Often Miss in Tax Filing Season

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    Opinions expressed by Entrepreneur contributors are their own.

    There is one time a year that requires a detailed level of attention for a business owner, no matter the size of your business.

    When tax season comes around, entrepreneurs initiate survival mode sometime between January and April 15 and look for every way to get a few more deductions.

    Bookkeeping, tax filing, audits and deductions will assist in keeping a good relationship with the IRS, as well as supporting good habits for your business; however, because getting everything just right can be overwhelming, it is easy to miss important things and leave money on the table that would be better suited in your pocket.

    Tax season reaches beyond the immediate tax return and can have a lasting impact five or even 10 years down the road. While you can make certain deductions one year that will benefit you, as your business grows, having a different strategy is in your best interest.

    This requires experience, a little patience and a willingness to learn from the mistakes you made.

    There are three very important things every business owner should be paying attention to when you file your yearly taxes to ensure you are getting the most out of your return. These examples can also create strong business habits that will help you create a long-term operation.

    Related: 75 Items You May Be Able to Deduct from Your Taxes

    The home office deduction

    While it may be more convenient to work from home, as well as being fiscally cheaper, it may make you a target for audits.

    Since you can deduct items like the square footage of your home office or short trips to the office supply store, it is crucial that you have the documentation to verify everything you list as a deduction.

    With less obvious options like the Augusta Rule — in which you can rent your home out to business events and summit meetings — you have more options for write-offs and every purchase adds up. Nearly every purchase that you make for your business is considered tax-deductible as it relates to your business.

    Although not every person who works from home will be audited, if you were to go through a formal audit and you do not have proper documentation for your deduction claims, you can have those deductions revoked.

    If your business is growing quickly and producing high capital, you may want to consider moving your business into an office lease to keep your home and business separate.

    This will be to your advantage when you are looking for clear defining factors in listing deductions, but if that’s not your cup of tea as an entrepreneur and you like the home office as a center for operations, make sure you keep proper documentation of your home office to ensure your write-off isn’t arguable in the case of an audit.

    Related: These 6 Tax Tips Will Help Make Tax Season Easy for Your Business

    Utilize deductions in the ways that benefit you the most

    Being honest with your deductions is a good practice to have, making sure that you are not putting forth false information to save a few bucks.

    One thing that many people do not consider is overusing deductions that are available. It can be quite easy to get into a rhythm of using the same tactics every year, but this can cost you in the long run.

    Let’s say you were to buy a new vehicle every year or two for your business. It could be a worthwhile plan for the first couple of filings that will help ease some of the financial pressure on a young business.

    However, this can turn into abuse — not from a legal standpoint, but in the metric that vehicles depreciating over time will cost you more than the deduction would save.

    Working with a professional accountant to have a good roadmap to how your deductions will affect you not only this year, but in future filings, is a good thing to consider. This will help with the guidance of what you should be used as a deduction and what would be better to leave behind.

    Map your deductions out accordingly because they can save you a lot of headaches and money 10 years from now.

    Related: The IRS Hates Telling Entrepreneurs Anything About Taxes. Here’s How You Can Find Out What They’re Thinking.

    Categorize your business properly

    It is a necessary task to “list” your business regardless of where you operate. That being said, there are four options upfront as to how you list your business by definition and how your business is classified can save you or cost you money.

    The four business classifications are:

    • LLC: A limited liability company.

    • S corp: S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

    • C corp: A C corporation is a legal structure for a corporation in which the owners, or shareholders, are taxed separately from the entity.

    • Sole proprietor: A person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.

    With all of these options, it is imperative to either know what you are doing or work with someone who does to register your business accordingly in the state you own a business.

    Related: 14 Tax Deductions Your Small Business Might Be Overlooking

    It can be misleading as to which definition will be the best to suit your needs; however, if you do it correctly, it can create a good foundation that will benefit you.

    There can be many options to choose from when you are looking for deductions within your business, whether you are working from home or in an office space, under an LLC, sole proprietor or S corp. If you are unfamiliar with how to navigate this information, it is best to hire an accountant/bookkeeper to help guide you through.

    While there are many “deductions” you can apply to your business, being aware of the things that will benefit you now and in the long run can relieve stress when you need it most.

    Utilize every deduction you can to bring the cost of running your business down like materials, office supplies, office space, vehicles, advertising, etc., then consider what you will still be able to use in the big picture by measuring your growth against what you are saving this year.

    Documentation is one of the most important things you can do, so if you don’t have the time to be on top of it, hire a competent bookkeeper.

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    Kale Goodman

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  • What Small Businesses Can Do If the IRS Comes Knocking

    What Small Businesses Can Do If the IRS Comes Knocking

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    Opinions expressed by Entrepreneur contributors are their own.

    Disclaimer: This article is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other financial professional to determine what may be best for your individual needs.

    Although most small business returns filed every year don’t get audited, the IRS is certainly becoming more active. For instance, in November 2020, the IRS announced it would ramp up audits of small businesses by 50% in 2021. Then, in August 2022, Congress passed the Inflation Reduction Act, including $80 billion in IRS funding, with approximately $45 billion going toward enforcement — conducted by at least some of those 87,000 new agents the IRS is reportedly hiring.

    So how can you stay out of the IRS’s crosshairs? To an extent, there’s nothing you can do, as some audits are totally random. However, in most cases, audits result from actions or omissions by the taxpayer — certain of which are more likely to trigger some unwelcome mail from the IRS announcing an audit.

    Here are five of the most common small business tax audit triggers.

    Related: These Are the Top Tax Filing Mistakes Made by Small Business Owners (and How to Avoid Them)

    1. Failing to report income

    Whether it’s intentional or simply due to an oversight, failing to report income is a common trigger for an IRS audit.

    The IRS receives copies of 1099 forms sent to your business, so in many cases, it’s easy to spot a discrepancy between reported income on a tax return and the information included in tax reporting forms. If there is a discrepancy, the IRS will flag it on your return and, most likely, initiate an audit.

    In addition, as more individuals turn to side hustles and gig work to make money, the IRS is taking steps to ensure that it’s keeping tabs on what people are earning. While it has delayed implementation for tax year 2022, the IRS will soon be requiring third-party settlement organizations such as PayPal and Venmo to issue 1099-K forms to individuals being paid $600 or more via these platforms.

    Fail to report income? There’s a good chance the IRS will notice.

    2. Large deductions and excessive expenses

    Small businesses should claim all justifiable business deductions. That’s their right under our tax laws.

    However, there are no bright-line rules that define what’s “justifiable” — only a somewhat fuzzy standard that a business expense must be both ordinary and necessary.

    Because there’s ambiguity in these terms, some taxpayers take it too far and claim unreasonably large deductions and excessive expenses, leading to audits. The odds that a deduction will trigger an audit increase if such deductions or expenses are either out of line with IRS standards for similarly situated businesses and/or significantly larger than the prior year.

    It’s also important to note that certain deductions tend to draw more scrutiny than others, including the home office deduction, travel costs and vehicle use, to name a few.

    Related: Top Tax Write-Offs That Could Get You in Trouble With the IRS

    3. Large amounts of cash transactions

    If you run a “cash business,” such as a restaurant or barber shop, that fact alone makes it more likely that you’ll be audited. When a business relies mostly on cash transactions, they face an increased audit risk because the IRS may be concerned that the business is underreporting income.

    If your small business has a large number of cash transactions, there may not be much you can do to prevent an audit — but if you keep good records and disclose your income, the risks stemming from an audit will be greatly reduced.

    4. Claiming business losses year after year

    Are you running a business or trying to write off expenses for a hobby? IRS guidelines say that if you have earned a profit in at least three of five consecutive years, the presumption is that the business is being run to generate a profit. If not, it could trigger an audit, because having multiple years of losses can lead to the IRS questioning if you have a legitimate business.

    If your business is not, in fact, a hobby but continues to generate losses, make sure to keep accurate and extensive records to help prevent the reclassification of your business as a hobby.

    5. S Corp shareholder-employees earning low or no salaries

    It’s common for small business owners to establish an S Corp instead of an LLC to avoid paying self-employment tax on distributions. However, to take advantage of these tax benefits, the S Corp shareholder-employee must be paid what the IRS deems a “reasonable salary” — a paycheck comparable to what other employers would pay for similar services.

    If there’s additional profit in the business beyond the salary, those can be paid as distributions.

    The IRS is on the lookout for S Corps paying shareholder-employees unreasonably low salaries — or in some cases, no salaries at all. When compensation is misaligned relative to a similar position in a similar industry, it may trigger an audit.

    Related: What I Learned From a Two-Year IRS Audit

    What to do if you get audited by the IRS

    The idea of an audit strikes fear in most people because they immediately conjure up a vision of IRS agents forcefully knocking on the front door of their home or business, ready to rifle through their records.

    That’s not how things work, at least for most people who are subject to audits. Remember, audits are rare. And when they do happen, most are done by mail. While it’s not common, some audits take place at an IRS office (a “desk audit”) or at a home or business (a “field audit”). Regardless, if you find out you’re getting audited, don’t panic and contact an experienced tax audit lawyer, especially if there’s significant money at stake. Do this right away, because the IRS requires a timely response.

    In many instances, resolving an audit will involve providing documentation to the IRS to substantiate the figures on your return. That may end the matter, or there may be some adjustment to the amount you owe, as well as penalties and interest, that you may agree to pay.

    However, you may disagree with the conclusion reached by the IRS, in which case you’ll have 30 days to appeal the IRS’ findings. Disputes proceed with an appeal with the IRS Office of Appeals, followed by a petition to the U.S. Tax Court in the event your appeal is unsuccessful.

    While it’s important to know what to do in the event of an audit, the best way to avoid negative repercussions from an audit is to avoid one in the first place. Be aware of the most common audit triggers. Avoid them if possible. Keep good records. And if the IRS comes calling anyway, contact an experienced audit defense attorney to help you through the process.

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    Jason Carr

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  • Learn Business Accounting for Less Than $50

    Learn Business Accounting for Less Than $50

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    Every business must keep good accounting to ensure they aren’t spending money where they don’t have to. That goes double for entrepreneurs, whose bookkeeping has to keep a sharp line between personal and business expenses. So whether you need some help keeping the books for your small business or you’re scaling and need to get better at business accounting, The Complete 2023 Business Accounting Mastery Bundle will help you out.


    StackCommerce

    This bundle includes 11 courses from SkillSuccess, one of the largest online learning providers on the web. No matter your accounting experience, you’ll get a crash course in bookkeeping, accounting, and financial analysis.

    If you’re a novice, you’ll learn how to analyze business transactions, how to prepare the trial balance, explore accounts receivable, and develop a basic understanding of accounting. In addition, you’ll get introductions to payroll accounting and cloud accounting, learn how to navigate financial reports and statements, understand bookkeeping records, and more.

    As you progress, you’ll learn to analyze financial statements more closely, explore throughput accounting and lean accounting, get familiar with programs like QuickBooks Pro and Excel, and much more. A few courses are dedicated solely to specific accounting problems businesses might face as they grow and a deep dive into advanced accounting. You’ll learn how to apply different accounting methods based on levels of control, work comprehensive acquisition problems in Excel, work consolidations in a wide range of scenarios, account for acquisitions and investments, and more as you grow your skills to be able to account for a rapidly growing business.

    Every entrepreneur should know how to do a balance sheet, but The Complete 2023 Business Accounting Mastery Bundle will take you far beyond the basics. For a limited time, you can sign up for just $49.

    Prices subject to change.

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    Entrepreneur Store

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  • 4 Reasons Your Business Needs Cash Flow Forecasting

    4 Reasons Your Business Needs Cash Flow Forecasting

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    Opinions expressed by Entrepreneur contributors are their own.

    You might have heard that the biggest cause of business failures is cash flow issues, but to what extent is the severity of this widespread problem? To put things into perspective, more than 80% of business failures are due to a lack of cash, 20% of small businesses fail within a year, and half fail within five years.

    But it doesn’t have to be that way. In fact, many businesses can avoid cash flow problems with proper cash flow forecasting. Cashflow forecasting helps businesses predict when issues may arise and allows them to take action proactively to avoid cash flow gaps.

    That said, many businesses already operate at max bandwidth, and cash flow forecasting isn’t on business owners’ minds. It’s usually already too late when business owners are hit with a financial setback and realize they don’t have enough cash to cover it.

    Many business owners don’t realize that the scope of benefits that derives from good cash flow forecasting goes light years beyond helping the business plan its operation. If you are still thinking about why you should bother with it, here are a few reasons why you should do cash flow forecasting:

    Related: Often-Overlooked Ways Entrepreneurs Can Improve Cash Flow

    1. It helps businesses avoid cash flow gaps

    This is the most straightforward and important reason why cash flow forecasting is crucial.

    Here’s a scenario for you: John’s client promised the payment would be deposited by today, but there has been a mix-up, and the bank said John wouldn’t get the money until next week. John is expected to pay his vendors tomorrow, but without receiving the payment from his client, he doesn’t have enough money to pay. The cycle continues.

    This is the reason many businesses fail.

    A cash flow forecast helps businesses avoid this very situation. They can use a forecast to project best-case scenarios, worst-case scenarios and everything in between. They can then use that to make prudent decisions about how much money to spend, where to put it, and when to spend it.

    If they think there’s a chance cash may not come in the door, the business could decide to put off a big purchase. Or they could talk to vendors and get an extension on payables. Or they could offer customers a discount to pay their bills early. The forecast gives the business the knowledge they need to take action and avoid difficult cash flow situations.

    Related: 4 Tips for Managing Cash Flow in a Seasonal Business

    2. It helps secure loans

    Loans are an important part of running any business. Financing can help a business expand, improve its products and workflows, or cover operational costs in a crunch.

    However, obtaining financing is easier said than done, especially for businesses with little assets or no credit history. In this case, lenders look at profitability, expenses and cash flow.

    A strong cash flow forecast helps a business prove its creditworthiness to lenders. A business can use its cash flow forecast to show that it deserves a loan and is a good credit risk. Or, if your cash flow forecasting shows otherwise, maybe it’s a good time for you to assess internally and improve your cash flow position before going to a lender for a loan.

    3. It helps businesses make better decisions

    A cash flow forecast gives a business a glimpse into the future. It helps them view when cash is coming in and going out, so they can better plan for the future and make strategic decisions that align with their budgets.

    Let’s say a business is considering hiring additional staff or purchasing new equipment. A business might look into how much money they have right now, thinking they could cover the extra expense. But what if the business lost a major client a week from now? Or what if sales suddenly plummeted due to competition?

    These are the kind of things that your account balance can’t tell you and are the exact reasons businesses need cash flow forecasting. By understanding their future cash availability, businesses can make informed decisions about when and how to invest in their growth.

    Related: How to Inflation-Proof Your Small Business

    4. It helps businesses set measurable goals

    Leveraging cash flow forecasts can help businesses set measurable goals to improve cash flow tangibly and determine the path to better business outcomes.

    If a best-case scenario forecast says you can potentially grow your business revenue by 50% by improving your operation with a new equipment purchase, you now have a benchmark number.

    Or, if you plan on reducing expenses by 20% by cutting out parts of your business operation, cash flow forecasts can help you see the business and revenue impact of cutting out a project and if the financial cost reduction is in line with your decision. You can now set data-driven business goals, know what outcome to expect, and measure success.

    That’s two drastically different examples, but no matter what situation your business is in, cash flow forecasting can help a company set measurable goals.

    Forecasting for your business is easier than you think

    Here’s the thing about cash flow forecasting: It’s not new, but it used to be a challenging, labor-intensive, and time-consuming job that business owners would task their accountants with. The good news is that innovating technology makes cash flow forecasting easier than ever before. New tools now directly integrate with many cloud-accounting platforms that businesses use, making cash flow forecasting faster, more accurate, and sometimes even for free. Start looking for a solution that works with your accounting platform today, and see the wonders it can do for your business.

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    Nick Chandi

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