Bankwest Encourages Re-Engineering of the Productivity Agenda of Organisations

Andy Weir, the chief information officer of Bankwest, stated that success in productivity initiatives should not be measured solely by the amount of cash saved by an institution. Instead, each bank's productivity agenda must also put other variables into the equation.

Changes in the Playing Field

The landscape of the playing field in the financial sector is very different than how it was before noted Weir in the Australian Banking & Finance report. This is due to the increased competition brought about by new major players in the banking industry and the entry of non-traditional entities such as eBay and Google. Add to that other elements such as slower economic growth and digital disruption.

During the Bankwest CIO's speech in the AB+F Randstad Leaders Lecture Series for 2013, he warned various organisations in the financial sector that if they do not re-engineer themselves or re-invent their productivity agenda in order to adapt to the digital environment, then they are definitely doomed to be left behind by those who do.

70 Per Cent of Global Population will be Digital Savvy in Three to Five Years

Citing a recent study conducted by Bankwest, 70 per cent of the global population is projected to be digital savvy by 2016 or 2018. So, it is imperative that the productivity agenda of financial institutions should be re-invented to not only concentrate on cost-cutting measures but also to adopt other variables that could let them adapt or rise above the continuously changing trends influenced by the digital environment.

Weir added that the study suggests that those who will be able to go correctly with the trend coupled with the right sort of customer proposition will be able to increase their revenue up to 30 per cent. Then, optimising processes and systems will give them about 30 per cent reduction in operational costs.

Cost-Cutting as the Sole Measurement of Productivity

Productivity is often equated with cost-cutting alone based on Weir's perspective. He stated that the notion is the big mistake that many organisations have. He relayed at how Bankwest treat cost-to-income, customer satisfaction, client satisfaction or financial performance as variables distinct from productivity.

He reminded that saving money does not instantly translate to profitability. It is how factors such as savings, customer satisfaction and risks are balanced. In Bankwest, for instance, its productivity agenda puts focus on things that boost their financial performance, enhance customer and colleague satisfaction, and elements that improve the bank's operational risk profile he explained in the AB+F report.

4 Important Tips If You Are Chased For an Old Debt

Here is the story. You have a debt you can't repay. The lender tires of trying to recover it and sells your bad debt to a collection agency. They now pressure you, then offer you a heavily reduced amount to encourage you to finalise the account, which you do. Years later you receive a call to say you still have an outstanding debt that needs to be paid... what do you do?

This has recently happened to a family friend of mine, so based on their experience, please consider the following four tips to help you work through the issue.

1. Do not agree to owing the debt

In Australia you may have a defence against a debt if:

• a long period of time has passed since you last made a payment or confirmed the debt in writing
• no court action has been taken to recover the debt in the meantime.

Generally, you can raise this as a defence if 6 years have passed since you last made a payment or confirmed the debt, and there is no court judgment against you. If this is the case, recovery of the debt through the courts is said to be 'statute-barred' and the courts will not enforce the debt. If there is no court judgment against you and you make another payment, the clock will start again and generally you will not be able to rely on this defence anymore.

If you think a debt collector is contacting you about a debt that is 'statute-barred', you should get legal advice before you make any payment or confirm the debt in writing.

2. Obtain a copy of your Credit Report

In Australia, you can obtain a free copy of your personal credit report by completing an online form and providing some identification through Veda Australia. You must check your report and;

• look for what the original lender listed on your report. You can only have one listing per debt, so if there is a default noted, the collection agency can't list another despite their threats.
• see if anyone has accessed your report without your consent. My friend had his file accessed by the collection agency the month before they began calling him, and he is certain he gave no written or verbal authority. He is pursueing this currently now.

3. Keep all your paperwork

My friend was certain he received a letter confirming the final payment years ago, but on searching his archives, he was unable to locate it. This is an important lesson. You should always keep all correspondence (no matter how old) that confirms a debt has been repaid. Without being able to prove payment by receipts, bank or credit card statements you can still be liable to pay the debt.

4. Get legal advice

This depends greatly on your individual situation, but given there are free legal advice centres throughout Australia, it is certainly worth discussing. Many people feel pressured by collection agencies and do not understand their rights. There are strict laws governing the conduct of these agencies, such as unreasonable harassment, which legal advisors will be able to determine for you.

I certainly don't wish this situation on anyone, but if it does happen to you, I hope these tips point you in the right direction to fairly resolve it.

How to Talk About Finances With Your Partner

How to Talk About Finances with Your Partner
When you're in a committed relationship or marriage, finances need to be agreed upon in the present and the future. Whether you're the frugal one or the one who likes to spend all you have, if you're joined with another person then your financial decisions will affect that person as well.

What are Common Financial Decisions that can Cause Conflict?
Common conflicts in a relationship involving money are disagreeing about how much money to save periodically, spending on monthly necessities, paying for brand names or generic brands and how much to spend on non-essential items. Are you the type who likes to use coupons and save for future purchases or are you someone who spends your whole paycheck and buys items on credit? If you're in a relationship and you feel like your partner's spending habits are the polar opposite of how you like to spend your cash then you're probably fighting more and your relationship might be suffering because of it.

First Track How Your Money is Being Spent
Before having a discussion with your partner, you should first track where all your money is being spent by using an online banking system or free online software. If you track how your money is being spent on a monthly basis you can hone in on purchases which were not necessary or too pricey. This can be more difficult if you have separate bank accounts or your partner uses cash for purchases. You'll need to track all forms of spending - credit cards, ATM cards, cash withdrawals and so forth. This way you will have a master view of all purchases and how much you are saving.

How to Avoid Conflict While Discussing Finances
Communicating that you disagree with how your money is being spent with your partner is difficult to do without creating conflict. Most people who spend money frivolously will try to defend their actions and explain their spending habits are normal. If your partner is accustomed to a particular lifestyle it can be difficult to break those lifestyle habits of spending. You don't want to make harsh accusations or act patronizing. You and your partner are a team so try to initiate a conversation using the word "we" to show you are 50% as responsible for the spending habits as your partner is. Also show that you have taken the time to research your findings. Below are a couple examples of how to initiate a discussion about your finances.

"Can we discuss our finances? I think that we could be saving more money for our future."

"I feel like our finances aren't being spent as optimally as they could be spent. I've used a software tool that is showing we could be saving $300 in our monthly expenses. Would you mind taking a look at this information with me to see if you agree?"

Discuss How to Spend Money So You Can Track Your Spending
To be able to track your spending habits you need to be able to access the transactions from your credit card and bank account. If you are using cash for weekly expenses you'll spend hours adding receipts up and this won't be the most effective way to track your spending. If you can both agree that you'll make all purchases with a Credit Card or ATM card this will help track your spending much easier.

Find a Common Ground
Whether you are trying to curb monthly expenses, have a savings account or investing for your future - There needs to be a common goal which you both can agree on. Talking to a financial adviser together can close the gap between you and your partner while you learn all your financial options. Maybe you are saving for your child's education and your retirement at the same time. A financial adviser will show you the best ways to diversify your savings plan and your monthly budget.

Stick to Your Spending Plan
Saying you are going to spend a certain amount monthly is easy to do. It is much more difficult to stick to your guns and be proud that you consistently are within your monthly budget. Do you ever notice couples fight more than usual while they are shopping for groceries or necessities? Try to stick by your plan by making lists before you go out spending. You can also further save money by gathering coupons online before your weekly shopping trip.

Agree to Space Out Your Bills Weekly
Agree to set specific dates for auto bill pay during the time of the month when your bank account will have the balance to cover your bills. Say your mortgage bill or rent is due on the first. Have your cable, internet & phone bill be due on the second week of the month. Have your auto insurance and utility bills be due during the 3rd week of the month. The last week of the month will go towards your mortgage or rent payment on the 1st of the following month. Spacing out your bills on a weekly basis will make paying your bills easier.

Don't Argue on Daily Purchases
Are you still disagreeing on daily purchases? Try not to voice an argument every time you don't agree with how your partner is spending. This can really drive a wedge in between you both. You can offer suggestions to show the lower price for generic name brands or sale items which are similar. Say you yourself can't live without a particular name brand of expensive coffee. Search for coupons for coffee online or in your local weekly ads. Show your partner that you are making an effort to lower your own spending. Sign up for weekly deals with Stores that offer special sales on items you or your partner regularly purchase. It takes a bit of extra effort but if you know that you're saving money then you won't be arguing as much over common purchases.

Pair Up and Talk Periodically
It is a good idea to sit down for 30 minutes once a month to talk about your finances and take a look at your online financial software stats together. Get together with your financial adviser a couple times a year if you have one. If you communicate about your finances periodically there will be more understanding and confidence in your relationship or marriage goals for the future.

Investor Awareness Campaign: A Look at the Other Side

Sign up for a newsletter to get the latest information in the stock market. Don't miss on the available opportunities that give you the current information. You can learn about stock prices and make wise investment decisions. However, it is not this simple.

Stock promotions enable investors to become shareholders of an upcoming company. However, the investor awareness industry has been given a bad name by bad seeds. They make investors get caught in by other investors dumping their investments

Investor awareness firms

a) The firms may not be straight forward or the information they give may be biased. The reason is that the firms are paid fees to generate the newsletters, campaigns, and articles. The firm is paid in cash, or they may opt to take up an option thus becoming shareholders of the company. With the investor firm becoming a shareholder the information it gives will be biased.

b) Employees of the company or people who know how the company will perform do insider trading. Therefore, during campaigns, as an investor you should be aware of employees selling their options.

c) Pump and Dump is a method used by companies to introduce a bullish market for their shares. They offer their shares to employees to cheat the market. To avoid this situation, then you have to make sure that there is a restriction on the shares of the company.

d) You will need to ask yourself a number of questions. This questions are based on your intelligence and observation skills. Is the company profit making? Is the company in business? Does the company have an investment for the future? These questions are important because they make you to know what to look for in a company.

However, do not always accuse firms of pump and dump scenarios, or the investor firms of being biased just because they have taken up shares. They might do so because of:

1. The campaign may be successful such that the shares become valuable. Therefore, the firm will need to make more money from this opportunity.

2. It might be the only option of the investor awareness firm to close the deal.

When a stock is being promoted, it is an opportunity to get money, as more investors are attracted to customers. However, to determine the sheep from the wolf in this case will only take your personal intuitiveness.

Much as there are so many people who are trying to create an awareness of the stock market and the events thereof, it is important for you as an investor to make sure that you are as informed about the market as possible. The main reason for this lies in the fact that you will be in a good position to make worthy decisions once you are well informed about the market. Investment is about money and most importantly your money.

Therefore you have to make sure that you guard your money with as much intelligence and verve as you can. This you can do by being knowledgeable.

Starting A Litigation Case: The Importance Of Doing Preliminary Checks

Litigation is a process that many people will want to start at one point or another in their lifetime. For instance, if you had received a service in such a manner that you were not satisfied with its quality, there are times when it may make sense for you to lodge a legal complaint against this. This is especially so when it turns out that there is no other way to resolve the issue, such as when talks with the other party break down. There are a number of benefits of filing a case in such a setting. For one, you can get refunded for any losses that you might have incurred due to the transaction. It also ensures that service providers are kept in check, since they know that if they offer substandard goods or services they will be taken to court.

However, this does not mean that you can simply walk into a court and lodge such a case. In fact, there are many processes that are involved in doing this, some of which are designed to prevent people from filing frivolous cases. This means that when you are sure you want to go ahead with this, you need to think things through first and ensure that all the preliminary checks are done before proceeding.

One of these is identifying if you have a case at all. There are times when you may be truly aggrieved, but the lack of any substantial evidence about this makes it very difficult for you to get the justice you deserve. In such cases, simply going ahead and filing the case will not be a good idea, since you stand to lose a lot of money in the process. It's often a better idea to ask someone to do a professional review of the circumstances surrounding the case, so as to make sure that it's a watertight one.

One other benefit of doing this is that it makes it easier for you to get any third party funding you might need. The fact that such cases cost a lot and are sustained for a long time means that most of the time, they cost a lot. This means that you might need a large sum that you can use to fund the case. In the end, you are bound to make enough money from the litigation to cover the cost of getting the third party funding and having enough left over to use as compensation. By doing a background check on the technical details of the case beforehand, you make it much easier for you to get such funding without much of a hassle.

In summary, there is a lot that you might need to think about when you want to start a litigation case. One of the most important of these is simply making sure that all the background checks are done first to ensure that you really do have a solid case you can take to court. This helps you avoid wasting a lot of money and time.

Learn How to Buy Gold Bars

There are few sure investments in today's economy. In the past, real estate was the ideal form of investment. However, nowadays the housing rates and values are falling along with the stock market. This leaves gold and other precious metals, as the only sure investment left. Gold is a stable as well as liquid investment. These qualities make it valuable even during bad economic times. The first step of investing in gold is to buy it. That is why it is important for potential investors to know how to buy gold bars.

Buying Gold Bars

Normally, people purchase gold bars from a dealer. However, it is advisable for a person to do some research and look for the best sources and deals in the market. This way he or she is able to make the most out of the investment.

One should start by finding a legitimate gold dealer. There are some websites where one can find ratings and reviews of different gold dealers in the country. It is always advisable to look for an experienced and established dealer. This does not mean that the new companies are not legitimate. However, one should be cautious when working with a new dealer.

It is also important for one to know exactly what he or she wants before contacting the dealer. Before purchasing the gold, a person should have a plan. Therefore, it is advisable for one to do some research and know which investment will best suit him or her.

Investing in large gold bars is more profitable. This is because the dealer charges a premium on each gold bar. So, purchasing small gold bars ends up costing more.

Once a person has purchased the gold, he or she should store it in a safe place. Some people store it in safes or safety deposit boxes. The other alternative is to store it in a depository which charges a percentage of the deposit value as storage fees.

Where to buy Gold Bullion

Apart from dealers, there are other places where one can purchase gold. Some of them include:

• Banks

• Gold jewelers

• Auctions

• Mints

Potential buyers should compare the different sources and see which of them offers the best deals in terms of price and quality.

Purchasing Gold might seem like an archaic investment strategy. However, that is far from the truth. It is in fact the safest form of investment that a person can make. So, one should learn how to buy gold now and make a low-risk, high-gain investment that will benefit him or her for a long time.

HMRC RTI - Are People Burying Their Heads in the Sand About the Biggest Change to PAYE Since 1944?

By October 2013, all employers will need to have complied with the new Real Time Information requirements of HMRC. The changes, which represent by far the largest overhaul of the PAYE system since its birth back in 1944, affect every organization, large or small, and with the deadline approaching fast, concerns are starting to be raised about just how ready we are?

According to Phil Robinson, CEO of IRIS, "there appears to have been a "burying heads in the sand" approach so far on RTI". At least, that's the impression he was left with after this year's conference season for accountants and financial controllers.

Despite the fact that small employers will move to the new system in April 2013 - barely six months away - and all organisations, even the largest employers, will be forced to migrate by this time next year, many businesses are yet to firm up their plans to ensure compliance.

HMRC RTI - The facts

What? - Real Time Information (RTI) is a significant development in the way that employers report earnings for the collection of tax and national insurance within the PAYE system. RTI will require every employer to provide information - which covers earnings, tax and NIC deductions - every single time a payment is made.

Who? - All businesses must comply with HMRC RTI.

When? - Most small organisations (those who number less than 250 employees) would have joined the scheme by April 2013 with large companies joining in a phased way, all of them by the ultimate deadline of October 2013 - a deadline which is unlikely to shift.

Penalties for non-compliance
According to Steve Wade, Director of international executive services, tax and pensions, at KPMG, "repeated submission failure under RTI may be taken by HMRC as PAYE compliance failure, which could impact reporting under the senior accounting officer regime. Under RTI late filing and late payment penalties will be issued automatically, with additional penalties for incorrect returns also applying. Further details on the penalty regime are expected before the issue of the draft finance bill on 11th December."

What should businesses do?
The most important thing any business can do in preparation for RTI is to recognize the need for urgent action. Issues such as whether your payroll operations are in-house or outsourced and whether you pay for licensed software will affect how you actually set the wheels in motion for compliance but, in reality, many firms will find themselves consulting experts who can provide specialist advice concerning the fastest - and most cost effective - routes to compliance.

At a minimum, here are the questions you need to be asking today:

* How will I source RTI compliant software
* How much will it cost
* What are the implementation timescales
* What changes are required to the data I supply
* What training and support can I access

It is only be facing the challenge head on that employers can ensure readiness and with significant penalties likely for non-compliance, it really is time to move into the implementation phase.

Why HMRC RTI BACS Approved Software?

1. Customers don't need to pay for any upgrades relating to RTI Submission.
2. Cloud Based solution which means no hardware's or legacy solutions to manage.
3. Highly secure giving you peace of mind.

Mission- to provide accessible online finance systems for our customers, for a one-off subscription fee. How do we do it? By creating an online cloud-based finance system that you can access anytime, anywhere, as long as you are connected to the internet. Why not find out more by clicking on this link to our website? You can read about why our cloud-based finance solution has no negatives; we'd be delighted to talk with you.