Since January this year, the Hong Kong Monetary Authority has issued 8 new virtual banking licenses, with the latest batch released last week.
As business owners, taking on debt can be an effective of managing your cash flow. Whether you need it for business expansion (eg. hiring more people, buying more supplies, getting a bigger office space), or simply to provide peace of mind in case of unexpected delays in customer payment collection, external capital injections are an important part of operating any business.
In Hong Kong and Singapore, credit cards continue to dominate as the payment method of choice for almost all online transactions. This makes sense as unlike other payment methods (eg. cash, bank transfers, checks) credit cards come with a unique combination of security, rewards and convenience.
Automation is the way of the future, allowing companies to focus on running their business rather than spending time with manual processes. Whether you are looking to increase the efficiency of your accounts payable department or if you are just getting started in business, the benefits of automating your A/P far outweigh the costs.
Digital payments remain at the forefront of tech progress in the banking industry. But with the advancement of payment tools, a variety of payment platforms, and hundreds of payment providers, the security of digital payments remains a top priority for consumers.
In the first article of this series we talked about why businesses should worry about measuring cash flow instead of profit. Today, we want provide a walkthrough of how small businesses can actually measure cash flow with minimal accounting knowledge.
Small and medium sized business owners often will face this question when they have achieved a certain level of scale, and are considering options to finance their continued growth.
The general definition of working capital is the amount of money used for financing the day-to-day operations of a business. However, what does this definition actually mean in practice? Is it the amount of money in the bank account of your business? Is it the amount sitting in the cash register?
82% of businesses fail due to poor cash flow management. Especially If you are a new SME (where cash management is especially challenging), it should be a key area of focus as you get your business up and running.