Månedsarkiv: juli 2014

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What to Look for in Financial Reporting Software

It is only normal for business entities to make use of computers and software programs as part of their operations. In fact, it would be strange for any company to operate without ever making use of modern technology nowadays.  This is the reason why if you own a business, you should also consider upgrading your systems and employ the latest technological trends as long as these are appropriate.  A financial reporting software program would be necessary for you.  However, it is very important also that you first get to know what qualities you should look for in a financial reporting software program.

If you want your financial reporting software to work well for your business, it would be wise to first determine the kind of tasks that it should do.  Every business has its particular characteristics.  This means that you have to make sure that the software you are going to use is one that is actually suitable to the systems or processes involved in your operation.  This may require you consider making use of financial reporting software that is custom-made.  Another option would be to make some adjustments in the software itself also for the purpose of making it appropriate to your business.

Database management is another very important concern.  This is a task that should be easily performed by your financial reporting software.  As your business grows, it is expected that you would have to handle an increasing volume of data also.  Managing these without the use of computers would be nearly impossible.  If you do not attempt to make use of any financial reporting software, you would surely find it very difficult such huge amount of information.  This is the reason why it would be necessary to acquire the means of convenient data management, which could only be possible with the use of computers.

A financial reporting software does not only compute. While it may have the characteristics of a calculator, it definitely does more than just calculate.  The said software could actually be used for analyzing your business’s financial situation.  Obviously, this could be of great help to you as you try to determine the conditions of your business.  It would be through this that you would discover the major problems that your business may have.  This only tells you that the financial reporting software could also be very instrumental in resolving issues that may have hampered the growth of your business.

While a financial reporting software program may seem like it is a very expensive mechanism, you would be surprised that it is not.  The truth is that you could easily download the program from the internet.  Before you do so, you should still find out which among the many choices is cheap.  There should be some of these financial reporting software programs that are not very expensive.  However, you should also be wary of these.  You have to make sure that even if these are cheap, these should still have very good quality.

Dodd Frank

Dodd-Frank Act’s constant Struggle for Improvement

Humanity has been always prone to threats of varying magnitude since ages ago. In return, humanity responded splendidly and evolved in the process. Still, several encounters with diverse calamities did not yield an acceptable outcome since the loss was just too great. We call it Pyrrhic Victory, a victory gained in exchange of an overwhelming loss. A prime example of humanity’s greatest struggle was the Global Financial Crisis of 2008, also known as the Great Depression. Preceding World War 2, the Great Depression defined helplessness to the face of earth where major financial sectors and institutions around the world took a decisive turn downwards, unemployment was widespread and the future, dim. As a result, the Wall Street Reform and Consumer Protection Act, commonly referred as the Dodd-Frank Act were signed into law.

Dodd-Frank was named after the Financial Services Committee Barney Frank, and Former Chairman of the Senate Banking Committee Chris Dodd due to their considerable contribution and involvement with the bill. On July 21, 2010, Dodd-Frank was signed into law by President Obama at the Ronald Raegan Building in Washington DC. The Wall Street Reform Bill has brought comprehensive set of legislative reforms to financial regulation in the United States since the Great Depression in the 1930’s. The Dodd-Frank Act aspires to consistently promote financial stability in the United States by heavily focusing on the improvement of accountability and transparency in financial regulation.

Three years after Dodd-Frank was signed into law, its implementation has been partial at best since there were many setbacks underway. In the year 2013, the provisions that were finalized were estimated only to be 40 percent of Dodd-Frank’s 400 total provisions. Consequently, the bill’s effectiveness was put into question. Several entities implied that Dodd-Frank is doomed to fail and that the regulatory system would be wrapped in chaos for years. Also, others suggest that the law was aimlessly established and it failed to address central issues such the remarks, “too big to fail” (TBTF) concerning banks that are also tied to disrupting morality.

It’s not that Dodd-Frank Act’s rough sailing on the sea of antagonists was unexpected; of course, oppositions’ presence will remain eternally existent. The bill’s reform is geared toward protecting consumers with rules, and along the way, many will find it harmful or as a disservice to their own interest. In any case, changes of the Dodd-Frank Act remains open for revision for the purpose of improvement. The global reaction as a whole is constantly varying by the second, and that the world is continually progressing to find better means of countering crisis is a significant virtue despite the swirling animosity.