Credit card is an alternative means of payment which makes payment very convenient, especially online payment. With a credit card, you can slim your bulky wallet . Indeed, most of the time, what you need is merely a cardholder. That being said, the temptation to pay instantly with credit cards can be very hard to resist.
If you don’t know how to start managing your finance, set a goal. How much do you want to save every month? What number do you expect to see in your bank account upon graduation?
If you come across a fancy restaurant or some exotic places, what would you normally do? We will, of course, almost instinctively take a photo of it and share it with our friends or family, won’t you? Reap notices the impact of social media on the way we communicate and keep connection with each other. That’s why we have launched a referral system. Together we can build a Reap community and enjoy the benefits it brings us.
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.
Let’s be honest, remembering to pay your recurring bills and expenses is not the most exciting task in the world. What if there was a way to automate your large business expense payments similar to the way your phone bill, Netflix or Spotify subscription are paid?
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.
For a large number of small to medium businesses here in Hong Kong, cross-border or international commerce is a large part of their day-to-day operations. This includes both selling and buying from international counterparties. What this means for businesses, is that they will constantly face issues with FX, remittance, transfers and dealing with foreign payment costs that are not always be clear. So it becomes important to understand what the options are when it comes to sending money overseas for business purposes.
As your small business grows, your management needs will, too. You’ll have more employees, more invoices to pay, more accounts receivable. And you may have too many authorized users on your small-business credit card. At that point, it may be time to change from a small-business card to a corporate credit card.
In an environment of growing competition for small businesses, establishing processes around cost controls and spending visibility is an integral part of the path to profitability. Investors, regulators and long-term customers have expectations and demand for more disciplined spending in the relevant areas and growth oriented businesses are now turning to credit cards (commercial and personal) to help with their expense management process.
According to PRNewswire.com, virtual card payments make up 50% of all B2B payments. Suppliers are accepting virtual card payments now more than ever before, but many still rely on outdated payment methods because they believe the fees don’t outweigh the benefits. Despite the most common objections for refusing to accept card payments, virtual cards offer clear benefits suppliers simply can’t ignore.
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.
As a nation with a relatively smaller domestic population, Singapore businesses have always thrived on being able to enter global markets. This ongoing trend of internationalisation is largely driven by Singapore’s advancements in innovation
Startups live and die by their cash. According to a recent CB Insights study of 101 startup failures, running out of cash is the second biggest reason why startups fail, ahead of having the wrong team, competition, and pricing issues.
Whether it’s rent, utilities, equipment or salary -there are expenses, both small and large, to manage as part of the business. To support daily operations and potential business expansion, you should ensure that you have sufficient cash on hand to run your business.