Sustainable Growth with Triple Bottom Line

Globally, for decades, it has become almost a ritual for corporations to produce their financial performance reporting to their stakeholder annually, though in a view of sustainable growth of the organizations, financial reporting alone would not suffice the overall social and environmental performance. It is therefore; ‘Triple Bottom Line’ reporting becoming increasingly accepted way for businesses to demonstrate their strategies for sustainable growth.

What is Triple Bottom Line?

“Reflection of company’s overall economic, social and environmental performances”

Triple Bottom Line emphasis financial profitability, environmental integrity and social equity. It is a form of reporting that takes into account the impact a business has in terms of social and environmental values along with financial returns. Whereas traditional models were all about profit, profit and more profits.

± The social bottom line refers to how an organization approach issues such as ethnic and gender diversity, working hours, wages, staff security and its contribution to the community services.

± The environmental bottom line refers to the impact of the company’s products or operations on the environment, along with their approaches to deal with the nature of emission and waste generated.

± The economic bottom line emphasis not only to the financial performances but also to the philosophies behind company’s business strategies.

The below Figure-1, demonstrates the relationship between superior social, environmental and economic performances. The balancing the Triple Bottom Line is very important as without all three aspects of Triple Bottom Line- it would only be bearable, equitable or viable and when all three spheres intersects, the sustainable growth is achieved.

Benefits of Triple Bottom Line

Triple Bottom Line serves as a conceptual framework to help organizations shape their own socially responsible approaches and it bring numerous opportunities and benefits on its full implementation. From the organization’s perspective, there are three major benefits of Triple Bottom Line:

± Increased Revenue and Market Share

± Increased Employee Retention Rate

± Increased Community and Environmental Support

“Triple Bottom Line emphasis financial profitability, environmental integrity and social equity.

Another holistic benefit of triple bottom line is to share the importance of the good social conditions and preservation of the environment, as a society becomes richer its people develop an increasing desire for a clean environment and protected wildlife, and both the willingness and financial ability to contribute to this and to a compassionate society.

Triple Bottom Line is the most structured framework for the organization to fullfill their social responsibilities.

Roth Ira Contributions – An Interesting “work-Around” To The Income Limits

[If you are an investor who makes more than the income limit for contributions to a Roth IRA – this MAY be for you!]

Many people have Roth IRA’s that they opened in the late 1990’s. For some, they have been unable to contribute to their Roth IRA since then, due to income limits. In 2009 and 2010, the income limit for someone to contribute to a Roth IRA (married, filing jointly) is $176,000 and $177,000, respectively. [This limit is based on Adjusted Gross Income (AGI) and the amount that someone can contribute starts to phase out at $166,000 (2009) and $167,000 (2010)]

In 2009 and 2010, the maximum contribution is $5000 for each year (this amount is higher if you are over 50).

There has always been both an income limit for contributions and a maximum amount that could be contributed. It has been indexed for inflation each year.

Conversions from a Traditional IRA to a Roth IRA are a different story. The income limit has been $100,000 since the inception of the Roth IRA. In 2010, this limit was removed (much more on this in other postings). In other words, in 2010 anyone, regardless of income, can convert funds in a Traditional IRA to a Roth IRA.

This has introduced an interesting “work around” to the AGI limit for contributions mentioned at the top of this article.

While I have seen it mentioned in some blogs and other articles, I am surprised that I haven’t seen it more often in the mainstream media.

If you make more than the income limit to contribute to a Roth IRA, this may be for you…………….
Here is how it works:

1. Open a Traditional IRA

2. Make the maximum contribution for 2009 (by April 15th) and 2010 – $5000 for each year, unless you are over 50

3. Don’t deduct the contribution (I will explain in a second)

4. Immediately convert the Traditional IRA to a Roth IRA

5. Voila! You have just gotten $10,000 into a Roth IRA when you otherwise would have been forbidden to do so (based on your income)

Since you didn’t deduct the contribution, there are no taxes due on the conversion (unless there was some interest or gain between the time you opened the Traditional IRA and the conversion – that is why I stressed converting immediately after the account is opened).
Yes. I know. Seems too good to be true! Well, there is at least one “catch”….

Non-deductible IRA’s are aggregated with all other IRA’s to determine what proportion of the conversion would be taxable. If you have an IRA rollover from a previous employer (or any IRA that has pre-tax money in it), then at least a portion of the conversion would be taxable.

For that reason, this strategy works best when an investor has NO OTHER TRADITIONAL IRA MONEY.

401(k)’s that are at previous employers don’t count against you… long as they are still in the 401(k) – and not in a Rollover IRA.

Comparisions and Compliance Monitoring

No person or department should be able to completely process a transaction from beginning to end without being cross-checked by another person or department. For example, some division of the treasurers department should be responsible for depositing daily cash receipts in the bank. The controllers department should be responsible for recording customer collections to individual customer accounts receivable. A third employee should compare the treasurer departments daily records of cash deposited with totals of collections posted to individual customer accounts by the accounting department.

One of the most effective tools for monitoring compliance with management’s policies is the use of operating budgets and cash budgets. A budget is a quantitative financial plan that helps control day-to-day management activities. Management may prepare these budgets on a yearly, quarterly, monthly, or more frequent basis. Operating budgets are budgets of future period’s net income. They are prepared by line item of the income statement. Cash budgets, discussed in depth later in this chapter, are budgets of future periods cash receipts and cash disbursements. Often these budgets are rolling, being constantly updated by adding a time period a year away while dropping the time period that has just passed. Computer systems are programmed to prepare exception reports for data that are out of line with expectations. This data can include variances for each account from budgeted amounts. Department managers are required to explain the variances, and to take corrective actions in their operating plans to keep the budgets in line with expectations. This is an example of the use of exception reporting.

To validate the accounting records and monitor compliance with company policies, most companies have an audit. An audit is an examination of the company’s financial statements and its accounting system, including its controls. Audits can be internal or external. Internal auditors are employees of the business. They ensure that employees are following company policies and operations are running efficiently. Internal auditors also determine whether the company is following legal requirements. External auditors are completely independent of the business. They are hired to determine whether or not the company’s financial statements agree with generally accepted accounting principles.

Auditors examine the client’s financial statements and the underlying transactions in order to form a professional opinion on the accuracy and reliability of the company’s financial statements. Accounting records provide the details of business transactions. The general rule is that all major groups of transactions should be supported by either hard copy documents or electronic records. Examples of documents include sales invoices, shipping records, customer remittance advices, and purchase orders, vendor invoices, receiving reports, and canceled (paid) checks. Documents should be pre-numbered to assure completeness of processing and proper transaction cutoff, and to prevent theft and inefficiency. A gap in the numbered document sequence draws attention to the possibility that transactions might have been omitted from processing.

Six Factors to Consider When Preparing a Business Plan

Many businesses only create a business plan simply to gain financing. After they have been granted the loan, they then file their business plan away in a file cabinet and forget all about it. In actuality, a business plan is a document which all companies should keep updated as they grow. These types of documents can serve a number of functions besides persuading creditors.

Before crafting a business plan, all companies should consider the following factors suggested by Black Enterprise: Guide to Starting Your Own Business.

Six Factors to Consider When Preparing a Business Plan

Target audience – Who do you intend to have read your business plan? Defining your audience will give you a better idea of how your plan should be structured.
Company type – Business plans will differentiate from company to company. Take into account if you are providing consumers with a service, good, or both.
Customers – Define how you will reach your customers. Will your business have a storefront or will you offer products through mail order, distributors, or wholesalers? A business plan should indicate how you will attract potential customers along with reasons why they should buy products from you instead of from your competitors.
Resources – Gather a lot of information about your business and industry. Everything from personal resumes to financial statements will need to be included.
Your timetable – Create a five year plan and schedule frequent updates and revisions.
Professional consultation – Do not surrender all of the responsibility of preparing your business plan to someone else, but it is suggested to seek some expert advice (especially when it comes to preparing the financial section of the document).

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4321 Personal Financial Plan

In this modern society, everyone bears great pressure and earn money with great efforts. May I know whether you have such experience juts after one week the whole salary of your month has been used up. In the article, I will introduce some method for you to manage your money effectively, if you insist on this, you will become richer and richer.

The method of 4321 Personal Financial Plan:

After you have got the new salary, at first you should use 40% for investment such as stock, foreign exchange, fund etc. You can choose open-end funds at fixed investment. Every month you can pay for the fund through bank or Fund Inc. automatically with easy procedures, conveniently and time-savingly. After you have spent the money, it has been taken out, which will achieve the effect of forced saving. Open-end fund at fixed investment is rather a good investment behavior.
Every month, you should just use 30% of your whole salary for the basic living expenses such as eating, clothes, mobile fee, fitness, beauty saloon etc. Of course there should be gasoline fee if you have cars, premium fee if you have houses, in one word, this should be your necessary fee every month.
What’s more you should leave 20% of your total salary, if some day, you feel happy and want to have a taste of some new food in the world, and then have a SPA, the fund of disbursement will be useful. Then you can have a nice day with your friends.
The last 10% of your salary should be used for insurance, which is a long-time arrangement, and the guarantee for your later life. As an office lady, if you have no plans for insurance, viewing at the point of financial plans, it is unsuitable and dangerous. Usually it is suitable for insurance fee to take up 10% of your whole salary, and insurance company will compensate you at lest 10 times for your payment of insurance.

From the view of financial point, at first you should reserve emergency cash. Usually it is suitable for you to save the living expenses of about 6 months and use your other money for purchasing money market funds, which is usually used for Central Bank bills, short-term bonds and some other kinds of inter-bank bond market, with higher security and higher annual rate than that of demand deposits. When you are in need of money, what you should do is just to sell the money market funds two business days before to ensure its high liquidity.

As for investment, as an office lady, you should broaden the way of investment, setting stable and steady as the basic principle of investment portfolio. When keeping the safety moderately, you should improve service efficiency of capital and profitability of assets.

The above is just some simple suggestion for financial plans. I get the information by chance when search on my laptop( ), in my personal opinion, it is useful and helpful. As a graduate who have just gone in for work for several months, I think it is important for us to develop the idea of financial planning and try to use our money in a reasonable way.

With the intention to help others with the idea, I just wrote the above words as suggestion. If you have any other useful advice, would you please leave a comment and then we can have a further communication about the topic, helping more and more people process. Thanks for your kindness in advance. Looking forward to your comment.

Hire Tax Consultant Experts for Effective Financial Planning

ust as hobbies and passions change year by year; similarly the income and expenditure cycle does not remain the same for every year. With business’s growth, more and more people are added to it. Thus, the responsibilities towards resource allocation, assets, tax filings, and payments take a leap. Tax audits become an important part in keeping a business going and in avoiding unnecessary stressful situations. At times, many business owners do not realize the need of having to hire tax consultant experts until they are cross checked by government tax auditors. The truth is, tax by self may not get optimum results.

Companies either have the choice to pay their taxes or save them. But how to save and under which guise – and it can be guided only by tax consultants. Hiring a tax consultant at the earliest is like a stitch in times saves nine.

It’s not Everyone’s Cup of Tea:

To file tax and to save huge money in the long run, one need skills like accounting, payroll, tax rebate, surcharge value, TDS, etc. And for a normal person it is equivalent to rocket science. After all, one isn’t suitable for all roles in life. These jobs are taken by finance experts or who are in the search to find tax consultant jobs online. Thus, one must hire tax consultant experts for the right job – they are instrumental in doing everything from beginning to end. With their accounting skills and tax market clauses – they can guide people when to fill tax or when to wait.

They are helpful for Startups:

To convert a startup into a successful venture requires expert knowledge and immaculate financial management. Making things work pell-mell isn’t a nice way to get on the tracks. Thus, tax planners can guide startups on deductions and bring them peace of mind. Not only during the financial season, but one can always seek the help of tax consultants in any time of the year. Tax saving is a great boon for newly started businesses, thus, they should freelance tax consultant jobs to seek help of people from financial background.

Tax Laws aren’t that Straight:

Tax laws aren’t published everywhere or say even on internet. These professionals keep themselves abreast with ever-changing tax slabs and laws. They use their full expertise and experience and also keep an eye open for silly mistakes. Thus, getting this cumbersome job done by a professional is a good idea. At the time of filling and its allied process, they become advocate of their clients and make them things understand in a very friendly way. From nitty-gritty to big leaps – they know all sorts of fillings and evasions.
Tax filing isn’t a DIY exercise for flat-pack furniture. Rather it is a need and one need to have serious opinion about filling taxes and other things that come in between.

CFP is the best financial course of india

CFP certification is a globally recognized certification in financial planning. It is the most comprehensive program created for professionals in financial sector The course structure is designed in a manner that a student gets knowledge about every detailed aspects of financial markets and products(equity debt, MF’s, insurance etc.). It has become the most preferred course in financial planning and Security Exchange Board of India (SEBI) in its Investment adviser’s regulations 2013 has made CFP as a mandatory qualification for financial advisers.

CFP in India is awarded by Financial Planning & Standards Board of India. The program requires a student to study 6 Modules namely;

1. Introduction to Financial Planning

The syllabus of this module is vast as compared to rest of the modules. It emphasizes the need to have all round knowledge of the financial sector. This module lays a strong foundation for the student as they go through topics like financial planning steps, time value of money, Loans, Equity, Financial markets, rules & regulations of financial industry etc. The learning outcome from this module is the knowledge which is essential for rest of the modules.

2. Risk Analysis & Insurance Planning

This module aims to introduce students to identification of risks and their cover through various insurance products. It helps students to identify the risk exposures of a client and help them in suggesting a suitable plan. The module includes topics like insurance principles, life insurance non-life insurance, IRDA, insurance pricing, etc.

3. Retirement Planning & Employee Benefits

This module covers detailed topics which impart knowledge required to plan for clients’ retirement and wealth creation. As a CFP, one is expected to have expertise in this area as well this module introduces topics like pensions, gratuity, PF’s, etc.

4. Investment Planning

This module helps in understanding the importance of investment planning for an individual. It includes topics like introduction to Investment Planning, Investment vehicles, investment strategies, Regulation of an investment advisor, Application to clients, etc.

5. Tax & Estate Planning

This module covers the knowledge requirements relating to tax planning and estate planning for a CFP professional. It educates on various tax strategies which can help a planner save on the tax liability of the client. It includes topics like residential status, income from various heads, tax slab rates, trusts, property documentation etc.

6. Advanced Financial Planning

This module is an outline of all the CFP modules. It combines the learning from all the modules and enables a planner construct a financial plan for his/her client.

There is no examination for Module 1, but in examination of rest all 5 modules, 20 % weightage has been assigned to questions from this module. Only when the student has cleared Module 2,3,4 & 5, he/she can appear for Module 6. Module 6 tests the real CFP skills of the students. The questions are in Case study format which depicts a real life situation.

With the growing awareness in the financial sector there is an urgent need for certified people to push the industry to a new height. The problem of huge demand and supply gap needs attention.

Personal Financial and Life Planning in Alberta with Experts

There are numerous business entrepreneurs, who have admitted that managing a well-balanced financial status isn’t the easy thing to do. If you are one among these entrepreneurs, then it is essential for you to know that achieving and maintaining a well-balanced financial status is not an impossible task either. It only requires your time, patience, practice, experience and mind set. However, if you are involved in such (small or large scale) business, which do not allow you to spare time on managing all your financial aspects, then you will be happy to know that these days; few experienced professionals available at numerous reputed and top accounting firms in Stony Plain, Alberta can help you in this venture.

No matter whether need financial planning assistance for managing your personal financial and life planning in Alberta or for your business needs, you will be happy to know that such experienced and expert professionals at few reputed firms for Accounting and Small Business Consulting in Alberta can give you – the necessary edge in today’s constantly changing business environment. These professionals will help you in making and implementing necessary plans, which can help you in achieving the monetary goals. However, it is crucial to mention here that before providing you an efficient strategy, these professionals will first take into consideration your objectives, assesses all resources and assets, estimates almost every future financial need, and then plan right financial strategies for you.

Now, if you are planning to hire the expert small business financial planning or Small Business Tax Services in Alberta, from any such professionals, then you will be happy to know that internet gives you convenience of finding any exceptionally experienced team of professionals, who are expert in Small Business Financial Planning in Alberta. One such experienced team of proficient professionals, who are expert in Records Management for Small Business in Alberta, is available online on the internet at

These professionals can help you in advising you in taking crucial financial decisions. In addition to this, they will also offer you numerous accounting solutions, like tax returns, business planning needs, financial reporting and Small Business Record Keeping in Alberta. The reason for this is that the team of professionals available at this consulting firm comprise of expert accountant, taxation consultants and financial specialists. Thus, seeking their assistance and expertise, by shelling out feasible price, can bring significant benefits to your business, no matter, how small, medium or large it is.

3 ways mobile technolology is transforming your finances

Technology is present in the simplest things of our day to day: the time to prepare breakfast, go to work and exercise. From the simplest tasks to the most complexes ones, science has transformed our lives and made our daily assignments easier.

Want a practical example? Finding an accommodation has become simpler. With the help of revolutionary online platforms, such as Airbnb, you can discover better options (also cheaper ones) and make reservations within seconds.
Often, we are so used to the technological innovations that we forget how they facilitated various social, political and economic sectors. If we think about the economic matter we can find examples of how science, especially mobile technology, facilitates the simplest tasks of our routine.

Are you curious to know how managing your money is influenced by technology? Check now 3 ways mobile technology is transforming your finances:
Facilitated banking transactions

No more long queues and hours of waiting! With technology came the improvement of banking services. Nowadays, it is easy to make a transfer between accounts or pay the electricity bill through the smartphone. Not to mention that when you need information from months ago is not necessary to call the customer service center and wait for them to send the documentation by mail. Now, with a few clicks on the phone you can have it!

It’s a relief not to depend on paper, isn’t it? There is no more need to store all the information in folders that only served to collect dust in your closet. You can also access your internet banking and change registration data, simulate interest rate, ask questions through online chat and hire a credit line.

Another advantage is that customer service has also gained more agility. It was very annoying to have to rely on phone calls to resolve a problem with the credit card, or worse: having to go personally to the bank to, in the end, find out that it was only a temporary system crash.
Smart financial management apps

No money at the end of the month? A lot of people have to deal with this problem. The good news is that with the advancement of technology, take care of finances has become much easier now. Financial management apps help many people prevent troubles with the credit card bill.

This is possible because many apps offer the ability to organize your spending into categories such as food, transportation, rent, and parties. Through this systematization, your dream to travel the world or buy a bigger house is closer to becoming a reality. By taking better care of your money, you will be able to save more and escape from debts.

There are also specific apps for businesses, especially for those who started recently. That’s because those who do not have much control of corporate finances in the early years of the company is in serious danger of seeing the business fail.
More autonomy for investors

It is no use saving money if you do not know how to invest it. More profitable investments can make your capital work for you! Forget the savings accounts and turn your eyes to the Stock Market.

Have you considered to be an associate of renowned companies around the world, such as Apple, Google, and Coca-Cola? Well, in the stock market you can! Now you may be wondering what this has to do with technology. The answer is: everything!

Today, all purchase orders and sales os stocks are done virtually. There’s no longer the classic scene of the crowded room with everyone talking at the same time. You can invest your money the way you want to and in a matter of seconds. It only needs internet access and be registered in a Home Broker platform linked to a stockbroker.

It may seem insignificant, but this technological change has transformed the financial market. An example of this is in Brazil. In recent years, the number of investors registered on the Brazilian stock exchange has grown exponentially. And much of this increase comes from the ease of investing today through a home broker platform.

It is very easy to find examples of how technology favors our finances. In addition to the options that were quote here, we can still talk about the possibility of cheaper internet shopping (Black Friday without fights? Yay!) and also real time news that can define commodity prices, such as gasoline and food.

How Vital are the Bad Credit Loans for Impressive Credit Score

Dealing with acerbic financial situations can be a stressful tyranny. It becomes tough to source cash credit and sustain normal course of life. The top priority is always to reduce the bad credit score, while also increasing the flow of cash credit. However, you may struggle when it comes to identifying suitable alternative that can fit your prevailing financial condition. Bad credit loans are one strong and effective option, which is going to help you recover from monetary losses, while keeping the morality intact. Guess what, people often lose their moral values in the times when they are financially clinched.
Low credit score is no testament that you do not qualify for the loan, or that the lender is oblivious of your need for the credit. The prime objective of a lender is to offer you credit, but all of it only on the basis of priority setting. Ideally speaking, the lender will set his or her priority and specific criteria. And why not? The lender is out there to earn profits through the means of lending. In case of the bad credit loans, lender will make it sure you have reasons to borrow, and moreover, you are in a position to repay back the loan within stipulated time-frame.

Prerequisites of Bad Credit Loan Lenders

The lender is interested in seeing following facts and credentials:

• The updated credit report and the credit score;

• The financial feasibility status;

• Tenure of the repayment of the loan;

• The purpose as well as the motive of lending;

• The age;

• The employment history;

• The number of dependants;

• The intentions of repaying the loan.

Since, you are the borrower; your objective should rest on providing every little piece of information to the lender, without causing any material or temporal delays. You do not want to procrastinate and lose your precious time.

Bad Credit Loans: How Vital and Useful

Loans for the bad credit borrowers are vital and useful in many ways. Let’s take a close look on the following points:

• You have quick access to credit, and this accessibility is first stage towards financial independence;

• Improves your bad credit history in short time-frame;

• The risk of borrowing is almost negligible; almost resting at bay;

• The repayment of loans is organised as well as regularised;

• Rate of Interests and APRs are flexible.

Motivation Factor in Short Term Loans for the Business

In the recent years, short term business loans have become increasingly popular for many obvious reasons. The new age entrepreneurs are taking advantage of these loans to improve the cash credit flow and boost their business activity. Considering the fact that the short term business loans have high approval rates in comparison to the long term bank loans, obviously there is always a motivation factor around.

Most fascinating part of these types of loans is that the borrower always has a better option available in the form of multi-year repayments. You will be prepaying the loan just at your ease and comfort. There are not going to be any tantrums that you might otherwise become affected with.

Another area that motivates the start-up entrepreneur to opt for the short term loan is the business credit. Unlike what the merchant cash advance, the short term business loans are reported exactly as the loans to the business credit bureaus.

Shop for the Best Loan Options

Bad credit loans come with “No Guarantor,” and “Unsecured,” options, and it is entirely your call, which way to go. Having a legitimate broker standing by your side is always a welcoming option that you must avail at any cost.

The bad credit no guarantor loan doesn’t approve the lender for a guarantor. The unsecured loans for the bad credit borrowers will give advantage to the lender to not ask for any equity. The formalities are also reduced, if not eliminated. That’s the real fun of lending through the bad credit loans route.

Short-term small business loans are your first step towards qualifying for loans of more value and for larger expanse value. If you are paying the loan in time, you become lender’s personal favourite and he is going to be happy to offer you financing on far lower interest rates than what he is currently offering.