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Renewing your vehicle’s insurance can often be a bit of a bind. Not only do you have to phone round a number of companies, but you also need to give them the same information over and over. In some cases this can take hours. If you are looking for an easier way of obtaining van insurance quotes there has never been a better way than looking online. You can cut time, save money, and get peace of mind that you have found the best deal in the marketplace.

If you are worried that the big name companies won’t be available on comparison websites then think again. All of the big insurance companies are included when you use an insurance comparison website, so you can be assured of getting the very best deals from companies you can trust. Getting a quote is ever so easy and you only need to enter your details in once to get the best quotes returned. Imagine the time you could save.

These days everybody is after a good deal and is trying to save money wherever possible. You really could be saving hundreds of pounds on your insurance when compared to simply letting your current policy renew automatically, or calling round just a small number of companies to get van insurance quotes. Getting your quotes will take mere moments online and you can even have these emailed to you so that you can consider the quotes at your leisure.

Van insurance quotes can differ quite widely and it really is worth checking over each individual quote and the policy details so that you get the best possible deal. You can choose to pay monthly or pay your premium as a lump sum, and online you can find lots of special offers available for difference insurance cover requirements. Ensuring you get the best cover on your van is essential. Looking over the many companies’ policies online will give you peace of mind that you get the best insurance for less.

Don’t call up many insurance companies to get van insurance quotes when you can save time and money using insurance comparison sites online. There are many such sites available and they are updated regularly to bring you better deals and more companies to choose from. Never before has it been so easy to get insurance on a new van or renew your existing insurance policy.

Another great advantage to getting van insurance quotes online is that you can tailor your policy exactly how you want it. Whether you run your own business or use your van for leisure purposes there is a van insurance policy out there waiting for you.

By: Grant Liberty

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There are three major functional areas in accounting, which need to be considered in modern day accounting for any business. The three are financial, cost and management accounting.

The first area, namely financial accounting, is primarily useful for ascertaining the results of the business on a periodical basis; for example, one year. This will help to determine the future course of action in the long term. In economical terms, financial accounting treats money as a factor of production.

Cost and management accounting are tools to enable management to take decisions on a day-to-day basis. Cost and management accounting are not useful for their own sake. These two functions assist management in the conduct of the business along with other key factors involved in running of the business. Key factors could be demand, supply, competition, availability of raw material, logistics etc.

The second area, namely cost accounting, seeks to ascertain the value of direct costs and indirect costs involved in production . From this value, management can make an informed decision regarding the improvement of production performance. In economic terms, cost accounting is a measure of economic performance. This information gives management a clear indication of economic performance of the production resources of the business.

Costing also helps the sales manager in setting prices. But since costing is a measure of economic performance, it cannot be considered as an absolutely accurate basis for setting prices. This is because selling prices are more of an economic decision. It would not be amiss to mention here that prices depend basically on market factors. Prices depend more on demand, supply and competition and less on costs. For example, high demand coupled with lack of competition would mean that business could charge higher prices for its products, well above the costs.

The third area, namely management accounting, is closely interrelated with costing accounting. Although it has evolved from cost accounting, management accounting has a broader role to play in management decisions. It measures economic performance of the business enterprise as a whole, vis-a-vis the economic environment in which the business operates. This function of accounting seeks to combine the financial and cost information in a broader aspect.

Finally, management accounting is instrumental in assisting and advising management in making important business decisions. It makes management aware of the economic implications and consequences of their decisions. In economic terms, it implies a close study of money as an economic resource, while simultaneously treating it as a measure of economic performance. This enables management to measure it as an economic factor of production, e.g. the rate of return on capital employed.

It is thus seen that accounting has a distinct role to play in three different areas, which are equally vital. With the advent of computerised accounting, it has become very easy for management to monitor the accounting information on the tips of its fingers. Financial accounting programs enable financial statements and various cost and MIS statements to be produced almost instantly at push of a button. Now, only the laborious part of accounting is data entry. Financial managers must ensure that meaningful data is input into the system to produce meaningful information. Proper categorisation must be done and keying errors avoided at all costs, ensuring providing accurate financial information to management.

By: Michael Russell

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In today’s highly competitive business environment, companies are scrambling to get a piece of the market by applying different kinds of strategies to help them achieve sustained growth and obtain higher profits at the same time. Among all strategies being applied, there is one that stands out for its holistic approach and known effectiveness. This strategy is called Six Sigma. With its main principles and unique tools, it is currently changing the business and management landscape of the 21st century. With this article, we present the basic principles of Six Sigma and how they can help your business processes, and in turn, your business’ profits.

Principle # 1. Building Teamwork

The first basic principle is building teamwork. In Six Sigma, the concept of teamwork is classifying employees into groups that are arranged into a hierarchy. Each group is then tasked to perform specific functions that complement those of the other groups. In this way, and with the proper usage of Six Sigma tools, employees learn to work together to achieve their targets. Within such a system, the employees are also empowered and receive the feeling of being part of the group just because they are given important tasks that matter. With happier employees, companies can also reduce fast turnover and continue to develop the skills of such employees. This hierarchy and process is a win-win decision for all involved.

Principle # 2. Simplifying the Process

As we all know, the more complicated a process, the more difficult it is to complete, and the chances of having success in that task decreases. Thus, one key principle in Six Sigma is to simplify a process by eliminating all contingent components that may hamper it’s smooth operation. For example, by using the right tool for the job, such as a Fishbone Diagram, the team can identify major problem areas and how these result from other inputs or variables. By identifying these, you can remove all problematic areas and issues while working toward a streamlined and more effective process flow.

Principle # 3. Minimizing Errors

Quite related to the above principle, this third principle is actually one of the things Six Sigma tools are known to address and solve. Using the right tools, such as the Cause-and-Effect Matrix and the Failure Modes and Effects Analysis, the team can search for root causes of major problems and cure that problem by addressing these root causes. With minimal errors, production efficiency is improved and there will be less waste, preserving all precious resources.

By: Tony Jacowski

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Small business accounting plays a crucial role in deciding the success of a business enterprise. Financial matters related to small businesses are a little different from that of the large business firms. So, if you wish to administer your business in a proper way, understating of these accounting matters are mandatory. Optimum utilization of funds, correct business activities, right credit allocation and timely evaluation of competitors along with effective decision making are all necessary for small business accounting professionals.

There are primarily three main financial measures that are involved in the management of accounting details of a small business. This includes cash flow statement, profit and less account and the balance sheet.

The balance sheet presents the worth of the business and lists the liabilities and assets of the small business throughout the year. The profit earned or the loss incurred by the business is all calculated by the profit and less account. This statement shows the performance of the business and covers either the quarterly report or the monthly report.

The cash flow statement is prepared so as to know about the cash balances of the small business firm in future. This statement predicts about the cash requirements of the small business in future.

Usually, there are two methods that can be utilized for small business accounting. The first method is the cash basis method that involves identification of cash receipts as the expenses and income and bill payments are seen as expenses. This method is used by most small business owners as it uncomplicated and can be easily implemented.

Accrual method is the second method to maintain accounting books in small business. In this method, revenue that is entered in the account books does not rely on the real cash collection. If a sale is made, the product is recorded in the books as “accounts receivable”, no matter if the amount has been paid by the customer or not. Further, when the amount is received from the customer, “accounts receivable” turns into cash and registered into the accounting books. Similarly, if there is any expenditure that is incurred by a small business, it is written to be an expense in the book of accounts, even the bill is paid after a long span of time. Usually, small business that deals in manufacturing businesses, employ this accrual method to maintain their accounting books.

There are also several accounting software that are especially designed for small businesses and their requirements. Generating reports, storage data and performing calculations and managing other such accounting transactions can easily be sorted out with the help of these software. Using these software makes the work of accountants of these small firms not only easily manageable but also this is a very cost-effective option.

Small business owners may also seek assistance from accounting outsourcing firm for the proper management of their accounts and to hire proficient accounting services at affordable rates. So, select the small business accounting firm that suits your budget as well as requirements and lessen the burden of your accounting tasks as early as possible.

By: Alvis Brazma

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To resolve Income Tax related tax issues of the taxpayers, the Government has created the office of “Income-Tax Ombudsman”. The officer designated as “Ombudsman” holds independent jurisdiction and works as an autonomous authority. The Government has so far set up twelve offices of Ombudsmen. They are stationed in Mumbai, Pune, New Delhi, Ahmedabad, Chennai, Bangalore, Kolkata, Hyderabad, Kanpur, Chandigarh, Bhopal and Kochi.

The jurisdiction of the ombudsman is highly restricted; however, they can help the taxpayers in resolving issues such as -

(i) Income Tax Refunds matters.
(ii) Refusal to acknowledge letters / communications sent to the department.
(iii) Erroneous demand matters / assets attachments causing harassment to assessee.
(iv) Scrutiny selection procedures and failure to communicate reasons thereof.
(v) Cases related to interest waiver, rectification applications, appeal effects etc.
(vi) Release of books of accounts and asset after the completion of the proceedings.
(vii) Issues relating to refusal to allot Permanent Account Number.
(viii) Tax credits and adjustment relating to TDS.
(ix) Conduct of proceedings beyond working hours at the IT offices.
(x) Impolite behavior of the officials.
(xi) Matters concerning circulars of Central Board of Direct taxes about the Income Tax administration.

However, the ombudsman will not interfere in the proceedings if the issue requested to be settled is already under an appeal, revision, reference or writ.

Application to Ombudsman – The Ombudsman reconciles disputes / issues between the department and assessee. The decision of Ombudsman is referred as ‘Award’. The application to resolve an issue can be filed by the aggrieved assessee himself or through his representative. The application should be signed by the taxpayer or his legal representative bearing the name, address and permanent account number of the complainant. The application should also state the details of the official against whom the complaint is filed. The reasons for the application of complaint should also be mentioned therein. The necessary documentary evidence can also be submitted along with the application. The application must contain the details about the date on which the assessee first complained to the income-tax authorities and its result. The application can be filed through personal submission / post / E-Mail. E-Mail complaints can be signed at the time of proceedings in the office of Ombudsman.

As a prerequisite, the applicant must first prefer compliant to higher authorities of the official being complained. The assessee must wait for at least 30 days for the action of the superiors before approaching the office of Ombudsman. Assessee should also restrain from filing compliant which is frivolous or vexatious.

The complaint should be filed within one year from the date of the reply of the department to his representation. If no reply is received, it should be filed within thirteen months from the date of representation to the Income Tax Authority.

On receipt of the complaint, the Ombudsman will send a copy of the same to the concerned officials and try to reconcile the issues through mutual understanding of both the parties. If amicable settlement is not working then, Ombudsman can pass a decision called “Award”. The award should be in line with the documents available on record and the tax laws. The Ombudsman can also instruct the concerned officials to release payments and also to apologize to the taxpayer. Ombudsman can also award monetary compensation upto Rs. 1,000.00. The Income-Tax authorities are given one month’s time for the implementation of the award.

The compensation amount which is subject to a maximum of Rs. 1,000.00 is paid by the Income tax department out of the budget allotted.

The decision pronounced by the Ombudsman should be accepted by the I-T department. However, to comply the order, complainant must send his acceptance to the order within 15 days of the receipt of the award letter. Otherwise, the award shall lapse and be of no effect.

The ombudsman keeps record of various taxpayer problems. The information is periodically submitted to the Central Board of Direct Taxes and the Finance Ministry. Ombudsman also reports to the CBDT about the officials found to have defaulted in their regular duties.

Details of Ombudsman offices -

1. Delhi: 011, Room No 251, Central Revenue Building, I.P. Estate, New Delhi-110002, E-Mail: delhi-itombuds@nic.in
2. Kanpur: 0512 (U.P&Uttarakhand), 110/25-26, 80 Feet Rd., Kanpur
3. Kolkata: 033, Aayakar Bhawan, P-7, Chowringhee Square,Kolkata-700069
4. Mumbai: 022., 115, Mittal Tower, B-Wing Nariman Point, Mumbai-400021
5. Kochi: 0484, Income Tax Ombudsman, 7th Floor, Kera Bhavan, SRV H.S. Rd., Cochin-682011
6. Hyderabad: 040, Room No. 819, Aayakar Bhawan, Basheer Bagh, Hyderabad-4
7. Chennai: 044, Income Tax Ombudsman, R.No. 317/319,3rd Floor, Aayakar Bhawan, 121, Mahatma Gandhi Road, Nungambakkam, Chennai-34
8. Bangalore: 080, 4th Floor, ‘A’ Wing,Kenderiya Sadan,Koramangala, Bangalore-34
9. Ahmedabad: 079, Room No. 104, 1st Floor, Nature View Bldg.,Ashram Road, Ahmedabad-380009
10. Pune: 020, Aayakar Bhawan, 12, Sadhu Vaswani Road, Pune 411 001
11. Chandigarh: 0172, C.R. Building, 3rd Floor,Sector 17E, Chandigarh
12. Bhopal: 0755, E-7/511, Income Tax Guest House, Areara Colony, Bhopal-16

By: Ca Anil Kumar Jain

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Reverse mortgage is a great way to replace an income when you are old without having to sell away the home you are living in. Anyway you look at it, a reverse mortgage is a fantastic option to enjoy your golden years without having to worry about not having enough money for retirement.

It is a relatively easy process since there is no minimum income requirement and your money free to use on anything and is tax free.

However, just like there are two sides of a coin, reverse mortgage involve a few aspects that you need to know about before jumping into. For example, since you are still the legal owner of the home, you are responsible for the repair cost, insurance and any applicable taxes.

A reverse mortgage, like any other kind of mortgages, involve a cost, such as application fees, closing cost, appraisal fee, credit report fee, insurance and so on. If you get a mortgage from the local government, your mortgage cost could be lower than getting one from a private lender.

Although in agreement, you do not have to repay this loan as long as you are alive and living in the premise, you must know that in the event of your death, the house will be sold to repay what you borrowed. Any excess money after settling the borrowed sum will be distributed to your living heir. Your children may or may not be pleased with this arrangement as it significantly cut into their inheritance.

Most of the time, seniors will qualify for government aid program when their cash asset are below a certain amount. A reverse mortgage could affect your eligibility for state or federal assistance because it is considered to be a source of income.

Your lender charge an interest rate on your borrowed sum and this interest can be calculated using a fixed mortgage rate or the more prominent adjustable rate mortgage. The interest can be adjusted monthly or annually. Although you do not have to worry about repaying the loan as long as you are alive, the money you borrow accumulate interest for as long as you owe them, so it could potentially snowball into a huge sum.

It is also not uncommon to see the value of the house rising faster than the interest rate charged for a reverse mortgage. In this case, you’ll be glad that you did not sell your property in the first place and instead took out a reverse mortgage.

By: Steff X

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