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Wireless Credit Card Terminal – A Perfect Example Of High Technology That Has Changed The Method Of

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We are living in a highly developed society that is completely based on high-end technology and in every field we can experience the contribution made by the latest technology. It has made our life simple, easier and convenient in various aspects and we have experienced the major transformation it has made in our life. One of the best results of this technological development is the credit card that is used for payment of almost every transaction we make. A credit card payment system is much safer and easier than the traditional method of cash payment. Credit card and wireless credit card terminals have changed the method of online and offline shopping.

A credit card swipe terminal is essential for a shopkeeper, who wants to accept credit cards in their shops. Traditionally this terminal has a magnetic strip reader, a display and a keypad. Sometimes a printer is also attached. The latest version of the credit card terminal is a wireless credit card terminal, which is most suitable for restaurants and cab firms. Wireless credit card terminals allow a person to process credit cards electronically anywhere and it allows business to process transactions from mobile locations efficiently and quickly. This terminal is mostly used by businesses that mainly operate in a mobile environment. For mobile business it is the easiest way to conduct transactions for their business.

The working process of the wireless credit card terminal is same as the traditional credit card machine, except that the transaction in the wireless terminal occurs over wireless networks instead of phone lines. The wireless credit card terminal is the most advanced processing terminal and it still incorporates time tested technology to ensure their durability and reliability. Presently some terminals operate on GPRS wireless network giving complete advantage in wireless availability over any other wireless terminals. These terminals are the most cost effective method for wireless credit card processing.

Wireless terminals do not have any wires connected to them hence it can be moved to any place and this is the biggest advantage with the wireless credit card terminal. Moreover these terminals are small, lightweight, portable, and hence it could be easily carried inside a pocket to any place. It can accept the card virtually at any place. These terminals do not require any separate phone lines. Wireless technology is quite safe and secured and it also reduces the chance of fraud or stolen cards. It also eliminates the involvement of hard cash in the transaction thus reducing the chance of error in calculation.

Total Visa Card – Review

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The Total Visa was designed for individuals with a low credit score. It is an unsecured card.

It will report to the major credit bureaus. You can build a positive payment history by making on time monthly payments.

This is very important when your score is calculated. Your utilization ratio will determine another large part of your score.

This ratio is how the credit bureaus decide if you are in over your head financially. It compares your amount of debt to your amount of available credit.

They estimate that your utilization ratio and payment history make up to 80% of your score. It will help if you have unused credit.

However it is still a priority to remove any negative marks from your report. This will help to show a positive payment history.

This card is issued by the Plains Commerce Bank a member of the FDIC. It has an initial credit limit of $250, and a 19.92% APR. There is an annual fee of $48.

They offer a 19.92% cash advance APR which is actually lower than many prime credit cards, in case of a financial emergency. They do give quarterly credit limit increases.

Recently good credit cards have been raising their interest rates even with customers that are paying on time. These rates have been jumping as high as 28%, without cause.

Law makers have responded however these new laws do not go into effect until 2010. We have also seen the lending institutions tighten their requirements for approval.

With your card you will have free online account access and fraud protection. It is accepted everywhere Visa is, and you will get an instant decision when you apply online.

In sum, we do suggest the Total Visa. It can be used to build positive credit because it reports monthly to the bureaus, and is a second chance for many.

For more about the Total Visa or for a free credit repair consultation visit us or call 1-800-253-3735, or for a review of the popular prepaid credit card the Baby Phat Rush Card.

Common Unhealthy Activities

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Humans have so much potential, but we so frequently squander it through laziness and self-destructive behavior. We make short-sighted decisions, selling out our futures for immediate pleasures. For example, take the person who eats a delicious cake today only to sulk over their obesity tomorrow.

These unhealthy behaviors lead to so much unhappiness and depression. We choose to engage in the unhealthy behaviors, which means that the unhappiness and depression is avoidable! Following is a list of 3 very common unhealthy activities that cause a lot of self-inflicted damage to humanity:

Television – Television is possibly the worst addiction in society. It engulfs so many people so much. So many people waste hours per day sitting slothfully in front of a TV melting their brain and growing fat and weak. For the most part, the TV is full of mindless garbage. Television is perhaps the main reason why people are reading less and less, and becoming dumber and dumber. Imagine how much better off you would be if you gave up TV.

Overeating – Overeating is indicated by the huge levels of obesity. It is physically unhealthy, because it increases physical risks such as the risk of a heart attack or heart disease. It is emotionally damaging, because obesity decreases self-confidence. The main cause is that people look to food for comfort and pleasure. People frequently overeat and indulge in unhealthy food to make themselves feel better. For some people, eating is their main hobby. Try to give overeating up completely. Teach yourself to eat to live, rather than live to eat. Find other healthy ways to get pleasure. For example, you could join a club, or go play games or sports, such as bowling or pool. Stop yourself from turning to food when feeling bad, and find a different way to cheer yourself up.

Needless Shopping – Materialism and needless shopping are major problems for many people, and are one of the main reasons most Americans live in debt. Unfortunately, corporate America uses commercialism to increase consumerism. With credit cards in their pockets, people buy a bunch of useless material goods and novelty items. They buy overpriced clothes. They buy extra-fancy cars that they can’t afford. In line with so many other short-sighted and impulsive decisions, people put themselves into debt buy overspending on things that will make them a little happy now, resulting in bills that will cause much trouble later. Consider giving up your credit cards, and adopting a more simplistic lifestyle. Consider only buying things that you need. Beyond food, clothes, shelter, healthcare, and education, consider spending as little as possible. At the very least, before buying anything, ask yourself if you can really afford it.

You can change your life today. Imagine how different a person you would be, and how different your life would be, if you gave up television, overeating, and needless shopping. You can do it, so why not? Give up unhealthy, short-sighted, addictive, and self-destructive habits, and instead engage in wiser and healthier desires. Whatever you do, good luck!

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E-Accounting Problems & Propects

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E-Accounting: Problems and Prospects

Shraddha Verma Assistant Professor G.C.R.G Memorial Trust Group of Institutions Lucknow

Abstract

E-Accounting refers to Electronic Accounting, a term used to describe an accounting system that relies on computer technology for capturing and processing financial data in organizations. The manual accounting systems consisted of paper ledgers, typewriters and calculators. Typewriters were used to type invoices and cheques, and all calculations were performed using calculators. Now E-Accounting or Online Accounting is new development in field of accounting which can save the cost associated in accounting, it minimizes the paper work, Thus, source documents and accounting records exist in digital form instead of on paper in an electronic accounting system. with the help of various management applications like ERP,CRM ,project management e-accounting can be done. In E-Accounting the accountant and employer both feel satisfaction because , this is cheap and without software defaults or failure . Your accounts saves in online server or database , so there is no need to record manually, it does not require any software installation. A survey will be conducted among accounting agencies in order to provide evidence for the hypotheses. E-accounting problems & prospects research paper able to find out some of the basic problems, and prospects in e-accounting in the field of accounting and the research is exploratory in nature. This paper is based on a limited initial review of the literature and provides a brief summary of the theoretical part of the study. It should be regarded as a research proposal of an ongoing research project and as such it may develop and change in the process.

keywords: E-Accounting,Accounts payable, Book-keeping, accouts receiveables.

Introduction

E-Accounting is new development in field of accounting. It means all your transactions will record in online server or data base. E-accounting involves performing regular accounting functions, accounting research and the accounting training and education through various computer based /internet based accounting tools such as: digital tool kits, various internet resources, international web-based materials, institute and company databases which are internet based, web links, internet based accounting software and electronic financial spreadsheet tools to provide efficient decision making. The terms E-Accounting and financial information system are used to refer to any accounting system that depends on Information and Communication Technology (ICT) for performing its information system functions. An E-accounting system could be thought of as an inter-organisational system because of its capability to electronically integrate a set of firms. In many operational applications the accounting entries can be generated as a by-product of the underlying transactions. A computerized accounting system is able to handle financial data efficiently, but the true value of an accounting system was that it was able to generate immediate reports regarding the company.

E-accounting involves performing regular accounting functions, accounting research and the accounting training and education through various computer based /internet based accounting tools such as digital tool kits, various internet resources, international web-based materials, institute and company databases which are internet based, web links, internet based accounting software and electronic financial spreadsheet tools to provide efficient decision making. Online accounting through a web application is typically based on a simple monthly charge and zero-administration approach to help businesses concentrate on core activities and avoid the hidden costs associated with traditional accounting software such as installation, upgrades, exchanging data files, backup and disaster recovery. E-accounting does not have a standard definition but merely refers to the changes in accounting due to computing and networking technologies Uses Accounts payable- is a file or account sub-ledger that records amounts that a person or company owes to suppliers, but has not paid yet (a form of debt), sometimes referred as trade payables. When an invoice is received, it is added to the file, and then removed when it is paid. Thus, the A/P is a form of credit that suppliers offer to their customers by allowing them to pay for a product or service after it has already been received. Accounts receivable- also known as Debtors, is money owed to a business by its clients (customers) and shown on its Balance Sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that the customer has ordered. Bookkeeping- On a company’s balance sheet, accounts receivable is the money owed to that company by entities outside of the company. The receivables owed by the company’s customers are called trade receivables. Account receivables are classified as current assets assuming that they are due within one year. To record a journal entry for a sale on account, one must debit a receivable and credit a revenue account. When the customer pays off their accounts, one debits cash and credits the receivable in the journal entry. The ending balance on the trial balance sheet for accounts receivable is usually a debit. Business organizations which have become too large to perform such tasks by hand (or small ones that could but prefer not to do them by hand) will generally use accounting software on a computer to perform this task. Online Bookkeeping Process Understanding The Need V Pilot Project V Client Satisfaction V Agreements V Necessary Training V Actual Outsourcing V Implementation V Quality Check V Final Output

PRONTO-Xi Financials is a complete financial management software tool that allows you to automate many of your financial processes, establish greater security around those processes, manage cash flow better and gain enhanced insights into your operations. The functionality can be scaled up or down to suit your individual business needs making it suitable for businesses of any size. Integrate your financial management tasks to drive efficiency throughout your operations Focus on the data output rather than collecting the data in the first place Make better business decisions with accurate data captured and delivered to you in a timely fashion via robust business processes Complete set of financial tools including General Ledger, Accounts Payable, Accounts Receivable, Fixed Assets and Payroll

key functionality & benefits

Period End close – produce accurate quarterly and annual financial statements for individual business units or your entire business that comply with regulatory, organisational and stakeholder requirements. Corporate Risk and Governance Compliance – develop structures and business processes to comply with organisational and recognised compliance standards. Integrate your financial supply chain – strengthen every aspect of your financial supply chain with integrated, robust processes, including establishing electronic purchase request and authorisation limits. Streamline payments and invoices – improve your Accounts Payable and Accounts Receivable management and drive payment efficiencies. Multi-company consolidations – consolidate any number of companies quickly and easily. Cash flow management – track, identify and manage your cash flow, liquidity and your exposed financial risk quickly and easily via integrated, automated processes. Monitor financial performance – report on key financial metrics and develop an accurate understanding of your true financial position at any point in time.

Company’s all accounting project can easily outsourced by E-Accounting system:

A.P.O. A.P.O means accounting process outsourced APO is the new and developed form of BPO according to research report APO is growing very fast. This industry has jumped 60% annual growing rate. This industry has reached up to 60 cr. Of Rs.

Pay pal Payment system is popularizing in Online Accounting Some of Indian professional accountant gives the accounting services to USA customers under A.P.O. Now they can easily get their service amount from paypal way . Paypal gives you the facility of withdrawing your service fee with following ways:

a) If you want to deposit your service amount in your bank account in India for more than RS. 7000 you can easily transfer without any cost of transferring , if upto RS. 6999.99 you want to transfer in your account you will charge Rs. 50 b) You can get the cheque by giving request in the website under your paypal account c) You can also withdraw funds to your card also.

Willis and ACE Achieve e-Accounting First in London Insurance Market The London-based operations of ACE, a leading insurance company, and Willis Limited, the UK insurance broker, announced the successful launch of a full electronic accounting process between the two companies -a London Market Group (LMG) Non Bureau project first. E-Accounting is a data-based process for facilitating financial agreement and subsequent settlement of premiums and claims with insurance carriers, and replaces paper in the accounting and settlement process. E-Accounting substantially improves the quality, integrity and certainty of process, allowing Willis and carriers to synchronise their operations and improve client service. Implementation benefits include: prompt advice of premium and claims due, enabling simpler reconciliation improved settlement cycle resulting in speedier premium and claim settlement the secure exchange of critical closing and settlement information reduction in queries and early query resolution Graham Card, Executive Director and Business Lead for Willis’ e-Accounting roll-out, said: -London Market modernisation has long advocated the elimination of paper from the process and the introduction of electronic accounting. This is a major reform that will show benefits for both parties in the future.- -ACE are continually looking at ways to improve service to clients, making payment of premium easier and payment of claims faster. e-Accounting and closer collaboration with our clients will enable ACE to achieve this. -This project with Willis has been a great success with a real sense of partnership, and ACE is looking forward to working with Willis to expand the use of e-Accounting capabilities further with our clients and the wider market through the LMG sponsored Non Bureau project.- Willis and XL Implement e-Accounting London, UK, September 26, 2011 -The London-based operations of XL Group plc, a leading global insurer, and Willis Limited, the principal UK broking company of global insurance broker Willis Group Holdings plc (NYSE:WSH), announced the successful launch of a full electronic accounting process between the two companies. Through better synchronisation between brokers and carriers, the online system markedly improves client service by enhancing the quality, transparency and integrity of the accounting and settlement process. Willis Group Holdings plc (NYSE:WSH), announced the successful launch of a full electronic accounting process between the two companies. Through better synchronisation between brokers and carriers, the online system markedly improves client service by enhancing the quality, transparency and integrity of the accounting and settlement process.

However, with the introduction of PC-based Accounting Systems, both the computer hardware and the accounting software have become cheaper, creating an opportunity for organisation to adopt e-accounting. Nevertheless, there are several factors that determine whether an organization adopts e-accounting or not. Studying the factors that influence computer adoption, internet adoption and accounting software adoption

Relationships between company size and Internet Adoption

Company size Internet (No of employees) connected 50-99 41 % 10-49 30 % 1-9 16 % Objective

The objective of this research is first to describe the present state of the art of e-accounting in organisation bookkeeping agencies in U.P region(mainly lucknow) as well as identify managers’ intentions towards adoption of e-accounting ;what are the problems they are facing with the adoption of E-Accounting and the future prospects of E-Accounting system second to empirically study factors that influence the adoption of e-accounting, and third to study the problems that e-accounting may have in general and more specifically on the accounting procedures and practice in small and organisations bookkeeping agencies that have adopted an e-accounting system.

Research Methodology

The data for this research was collected by means of a questionnaire. Questions are both open ended and closed ended. The study was, for practical reasons, the research is done in the UP region (mainly lucknow) . Besides, demographic data including gender, age, position in organization, accounting background, professional qualification, experience in current system, level of understanding and knowledge related to the system, were measured by different scales. Finally a data of total of 90 persons were collected generating a positive response rate of approximately 35%. I have identified 12 questions that most effectively measure the no. of persons acquiring e-accounting in their organisation:

Q1. What kind of firm do you have?

Q2. How many no. of accounting staff do you have?

Q3. Does your firm use computers in operations?

Q4. Does your firm make use of accounting software in operations?

Q5. What kind of accounting software’s are used?

Q6. What are the aim of implementing E-Accounting?

Q7. What problems are faced by the firm while implementing E-Accounting?

Q8. What ways do you suggest for improving the system for easily access to E-Accounting?

On the basis of the data collected from both medium & small firms we found that only 35% of the firm out of hundred is successful in implementing E-Accounting. The firms like ACE & Willis a leading insurance company, and Willis Limited, the UK insurance broker, announced the successful launch of a full electronic accounting process and for the positive respondents the goal of implementing e-accounting are timely information management, large storage capacity, reduction of clerical work, cost effectiveness. Whereas for the left percentage 38.8% face problems like lack of constant supply of electricity, frequent breakdown of the system, inability to import/export data, inability of the system to support large volume of data or all of the former problems in implementing E-Accounting.

Findings and Suggestions

To further investigate the actual benefits of e-accounting, empirical studies of some ten small and medium-sized accounting agencies will be undertaken. These companies will be selected among the adopters group and chosen with the help of reference lists from software application providers and from information gathered in previous studies. The main data collection method will be face-to-face, structured interviews with managers of these organisations or, when necessary, telephone interviews. All interviews are planned to be tape recorded. The firms are facing problems in — Data security – All your data resides on a remote server: however, a back up can be taken regularly. Speed – Most of the currently available online office suites require a high broadband Internet connection. Lack some features available on the offline office suites: but this is progressively becoming available (MS LIVE, Google online-Suite, Think free, Zoho Office, Internet Office .Biz and e-Desk Online) A network connection (usually Internet access) is required to send and receive changes. That is, internet dependence makes it more difficult to work offline and also most of the firms don’t want to invest in purchasing accounting software. The results also indicate that interpersonal communication channels, such as training sessions and consulting, are considered as the most useful ways to achieve knowledge of new e-accounting innovations. Internet is also considered as a useful means of providing information. The use of accounting software makes the task easier and also saves the valuable time.

Conclusion

The study provides strong evidence that the use of E-Accounting has contributed to the effectiveness of tasks as expected. The study shows that the use of E-Accounting may improve the effectiveness of accounting and reporting tasks, budgeting, controlling and auditing which may reflect on the organizational effectiveness as well. An improved quality in the system may provide better support for the tasks performed by the system. This study finds that the most significant impacts of E-Accounting are on accounting and reporting and budgeting task performance respectively.Future studies could place more focus on the inter-organizational factors affecting the adoption rate. Moreover, future research could focus on the attitudes and resources of the business partners of accounting agencies. The contribution of this study will be twofold. First, the contribution of this study lies in the empirical analysis of the determinants of e-accounting adoption. The results of the study may give some evidence on the managers’ intentions of small and medium-sized accounting agencies towards e-accounting and thus predict future use of e-accounting systems. Second, this study aims at providing some understandings of the actual benefits of the use of e-accounting systems.

References

OECD, 1998. SMEs and Electronic Commerce. Working Party on SMEs to the OECD Ministerial Conference on Electronic Commerce. October 1998, Ottawa. (October 7, 1999).

Amidu, M. and Abor, J. (2005), Accounting Information and Management of SMEs in Ghana, The African Journal of Finance and Management, 14(1), pp. 15 – 23.

Doost, R. K, (1999), Computers and Accounting: Where Do We go from Here? Managerial Auditing Journal, 14(9), pp. 487 – 488.

Accounting Act (AA, Kirjanpitolaki ) 1336/30.12.1997

Hall, J. (2007). Accounting information systems. Quebec, Canada: Thomson Higher Education.

www.acegroup.com/uk

Reward Points On Credit Cards A Perfect Enjoyment

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Credit card companies offer varying benefits and promotions to entice their customers to use their credit cards not only in their everyday purchases but also for major buying decisions. One of the promotions that credit card companies have is the rewarding of points to their users for every purchase that they make.

Credit card holders are often enjoy reward points raining on them. Frequent festive seasons always induce the card holders to enjoy shopping with reward points. Todays customers are debt-shy and they spend like anything. They enjoy earning reward points while spending. Credit cards are heavily loaded with reward points give the opportunity to enjoy holidays at exotic locales, shop for jewellery, fashion accessories, apparel, electronic equipment, cosmetics, etc. Banks have a penchant for giving a reward with their left hand, and simultaneously charging for it with their right hand. Card holders must be aware of a host of complicated rules and regulations before letting themselves be swayed away by these so-called lucrative offers. To begin with, banks do not conform to a uniform set of reward point schedules. For instance, while in case of American Express Bank, card members receive one point for every Rs 40 charged on their credit card, ABN Amro Bank credits one point to the customer for every Rs 50 spent. Standard Chartered credits one point for every Rs 125, whereas Citibank rewards you one point for every Rs 100 spent. Private sector ICICI Bank awards you one reward point for every Rs 200 charged on their card. Also, ICICI Bank links the reward points to the slabs of amounts spent, i.e. upto Rs 75,000 or above Rs 4,00,000. The main hitch here is that redemption of reward points is only after accumulation of minimum required points of 500.

This apart, banks also follow a pattern wherein they credit varying amounts on every point earned, depending upon the card categories. Citibank rewards cardholders Re 1 for every point earned on the Citibank Platinum Card, while the Diners’ Club International and Citibank Gold cardholders receive only Rs 0.65 for every point gathered. The Citibank Silver cardholders on the other hand get Re 0.50 for every point they manage to accumulate. The difference in redemption structures also creep in, based on the outlets offering you redemption facilities.
Whereas to avail of vouchers, redeemable at Zodiac, Wrangler, Arrow or Titan, you should have accumulated a minimum of 500 points. Being a cardholder, it is mandatory to find out the cash transactions that curtail your eligibility to these programmes. Most banks restrict their customers from treating cash withdrawals, interest charges, card fees, demand drafts, service charge transactions, disputed transactions, purchase of foreign exchange, EMI transactions, travelers cheques and other insurance charges as opportunities to accumulate reward points. The rewards points can also be redeemed online by logging in to the concerned bank’s Web site and visit the “Reward Points” section on the credit card page. To web-enable the credit card, fill up the account linking form available on the site. Select the rewards catalogue for the card and accordingly, choose the products or vouchers for which an online order has to be placed. The product or the voucher is then delivered at doorstep.

Card-issuing banks offer cardholders the facility to seek an annual fee waiver, by adjusting the amount against the reward points. One also should check on the available timeframe within which cardholders need to redeem their points. Cardholders cannot exercise redemption rights on expired or delinquent cards. A frequent traveler credit card rewards system for example, a card user who purchases groceries, gas or technically his daily purchases, may have an equal travel reward points awarded to him for every dollar he spends on his regular purchases. On the other hand, should he ever buy plane tickets from an airline company co-sponsoring the credit card hes using, the reward points that he may earn may be higher as this is also one way to help promote the airline companys latest promotions or travel packages.