Reaching Financial Freedom

Studies by the U. S. Department of Health and Human Services reveal that 95% of Americans do not attain financial independence by the time they reach age 65 and therefore are dependent upon the government or they must continue working until they die.

A survey of financial experts suggests that Social Security is considered to be a flawed system. According to the Social Security Administration, recipients currently receive, on average, 43 percent of pre-retirement income and that is projected to fall below 30 percent if additional funding is not found.

So now you’ve come to the realization that you desire much more from life than employment has to offer and are no longer satisfied with just a J.O.B. that leaves you (Just Over Broke). It’s a sad existence to live life just for the weekend, because that means you’re only living on the weekend. Monday through Friday (sometimes Saturday too) you belong to your boss.

Isn’t it ironic how we put all of our experience, momentum, tenacity, resourcefulness, and expertise into our job producing tremendous profits for the employer and we accept our measly paycheck as if it adequately compensates us for our accomplishments?

Don’t misunderstand what I’m saying; there’s nothing wrong with making an honest living but ask yourself, when you’re working for someone else, are you honestly living or merely existing? It seems that it would make much more sense to put all of those energies into something that would guarantee a much more fulfilling and abundant life.

When you’re working for yourself no matter how many hours you put in you have a sense of satisfaction and gratification. Working a job only brings you a salary-leaving you in the ‘rat race’ and even if you win the race you’re still a rat! Make no mistake about it becoming successful in business will take some hard work but “The only place success comes before work is in the dictionary”.

According to USA Today, almost 96% of all adults ages 25-44 want to own their own business. Did you know that the Small Business Administration states that 70% of all new businesses last a minimum of 2 to 5 years? Furthermore, according to the Labor Department, Baby Boomers account for 54% of successful self-employed persons.

Information from ‘Home Business Magazine’ and the U.S. Labor Department states that a new home-based business opens every 11 seconds and home-based businesses generate $427 billion in revenue.

One of America’s most influential authors refers to home-based businesses as the ‘Smartest Success Strategy”. Successful people take a course of action that coincides with their belief or passion.

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How the Financial Management Process Is Transforming

The process of financial management is one of the key processes in an organization. This process plays a vital role in supporting the corporate decisions, while meeting the regulatory and legal requirements. To run an organization smoothly, it is essential to manage its finances in an accurate and appropriate manner. This is why entrepreneurs hire an expert help or partner with a financial service provider to handle end to end accounting tasks.

With a comprehensive network of professionals, finance and accounting service providers bring together the right set of people at the right time to help entrepreneurs lead the financial market. By focusing on improving the performance and increasing the value of a business, these service vendors offer a range of financial services to bring a transformation in this sector.

Well-organized Financial Operations

By structuring and standardizing the accounting functions, an entrepreneur gets empowered to identify the improvement areas and recommend relevant suggestions to overcome industry challenges.

In order to explore the full potential of resources, financial firms integrate advanced technologies and applications that further automate the accounting processes and deliver timely reports and accurate results. This allows the in-house staff to shift their focus on other core areas. Service vendors offer robust platforms and resources to manage transactions and operations of the financial sector.

Service offerings:

• Market research
• Financial planning and management
• Accounting BPO Services
• Banking Services
• Financial research and marketing
• SLA management

With the help of a service provider, entrepreneurs can minimize the risk factor and maximize return on investment, on various financial decisions.

Other allied financial services include:

• General Ledger Accounting
• Accounts Receivable Management
• Accounts Payable Management
• Bank Reconciliation
• Collection Outsourcing

Effective Decision Making

The service vendors deliver an adequate financial plan & a performance management agenda so as to help an entrepreneur make better decisions. Entrepreneurs refer to financial forecasts before making any acquisition or adding a new segment to their business.

The process includes the subsequent offerings:

• Financial Information Management
• Cash & Working Capital Management
• Expense Management
• Financial Reporting & Analysis
• Budgeting & Forecasting

Financial Planning and Transformation

Making a financial strategy helps an entrepreneur redefine their business goals and ways to accomplish them. It helps a financial officer to evidently articulate the fiscal vision of an organization, analyze the process efficiency and develop a future ready business model.

To bring transformation in the financial processes, it is essential to understand the business needs and then plan ahead for success. Financial transformation involves a review of the entire process and explores the growth and challenging areas that an entrepreneur need to focus upon. Service providers suggest relevant changes to be implemented in a business for process improvement.
Due to new and improve methods and business solutions the process of financial management is transforming drastically.

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