Cost Accounting – Berning CPA http://berningcpa.com/ Fri, 06 May 2022 18:06:24 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://berningcpa.com/wp-content/uploads/2021/05/default-150x150.png Cost Accounting – Berning CPA http://berningcpa.com/ 32 32 Mental Health and Cost of Living Awareness Week – Forbes Advisor UK https://berningcpa.com/mental-health-and-cost-of-living-awareness-week-forbes-advisor-uk/ Fri, 06 May 2022 18:06:24 +0000 https://berningcpa.com/mental-health-and-cost-of-living-awareness-week-forbes-advisor-uk/ As we enter Mental Health Awareness Week on May 9, polls show the rising cost of living is causing huge anxiety as millions face bills they struggle to afford pay The ongoing and deepening cost of living crisis in the UK is having a significant impact on mental health in the UK, according to research […]]]>

As we enter Mental Health Awareness Week on May 9, polls show the rising cost of living is causing huge anxiety as millions face bills they struggle to afford pay

The ongoing and deepening cost of living crisis in the UK is having a significant impact on mental health in the UK, according to research by asset management firm BMO.

According to the company’s survey of more than 2,000 UK adults, 28% of respondents say the cost of living crisis has had a negative effect on their mental health. Foremost among their concerns is the cost of housing — 38% say they are concerned about rents and housing prices, which are rising at a rapid rate.

A further 35% are worried about rising interest rates, while 28% are worried about energy prices. People aged 26-41 were the most likely to feel anxious about finances, with 49% of the age group saying they were concerned about the costs of daily living.

BMO’s Ross Duncton said: “It is clear from our research that recent increases in daily costs are having a clear impact on people’s mental health.

An additional survey by YouGov and the Center for Economics & Business Research found a similar lack of trust. A study from April 2022 found that on average UK households expect financial deterioration over the next 12 months.

Alice Haine, personal finance analyst at Bestinvest, said: “When people are struggling financially, anxiety levels can skyrocket, with each missed bill payment only adding to the pressure. In turn, when someone’s mental health is poor, finding a solution to money issues can feel overwhelming.

Raising Awareness

These numbers highlight the link between money and mental health ahead of Mental Health Awareness Week (Monday May 9 to Sunday May 16, 2022).

Created by the Mental Health Foundation, this annual campaign aims to raise awareness of mental health issues. The theme for 2022 is ‘loneliness’, with the Foundation aiming to highlight the impact of isolation on mental health and what can be done about it.

Further research by LV=General Insurance and its charity partner, FamilyAction, found that men may be particularly at risk of feeling isolated.

Their recent survey found that around 81% of men hide their problems from the people closest to them, with 21% believing that showing their emotions is a “sign of weakness”. Some 40% of men said the rising cost of living was their main concern.

Scammers take advantage

As these financial worries take hold, the Financial Conduct Authority (FCA) has reported a simultaneous rise in certain types of scams.

Between January 2021 and March 2022, the number of ‘screen sharing’ scams reported to the FCA increased by 86%, representing losses of £25m.

In these scenarios, the authors convince you to share your screen on a video calling application such as Zoom or Teams, or install software that allows them to remotely control your computer.

The scammers say it’s to help you make an investment or access a banking service, but in reality, they’re using the scheme to steal your credentials and access your money.

With the rising cost of living, more and more people might be tempted to believe scam artists posing as investment professionals who promise to grow their savings.

At the same time, identity theft cases reported to the National Fraud Database (NFD) increased by 22% in 2021. According to Mike Haley, CEO of Cifas, the largest fraud database in the UK United, the rising cost of living is likely to create “a rich source of opportunity for fraudsters.”

Financial Services Responses

As financial worries mount, UK financial service providers are under pressure to consider the mental health of their customers.

In an attempt to reach men who might be struggling, LV=GI installs phone booths in its branded car repair garages that connect callers to FamilyLine – FamilyAction’s helpline, which offers support and advice. free advice as well as referrals to counseling and coaching services.

Since garages continue to employ a roughly 90% male workforce, LV=GI and FamilyAction hope these phone booths will normalize men speaking up about their issues and seeking help.

Several of the UK’s biggest banks have also taken action to support mental health. Lloyds Banking Group, which includes Lloyds Bank, Halifax and Bank of Scotland, has signed up for the Money and Mental Health Policy Institute’s Mental Health Accessibility Program.

This means that the group has taken steps to make its services accessible to people with mental health issues, through measures such as revising its website and communications to ensure it is easy for people to get the help they need.

Meanwhile, online-only bank First Direct has created a “Money Wellness Center” – an area of ​​its website that offers resources for dealing with money worries and developing healthy financial habits.

There are also several non-profit organizations in the UK that deal with money issues, including the debt advice charity, StepChange, and the free financial advice service, Talking Money.


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Financial Optics publishes a guide explaining why small businesses don’t need a full-time accountant https://berningcpa.com/financial-optics-publishes-a-guide-explaining-why-small-businesses-dont-need-a-full-time-accountant/ Mon, 02 May 2022 22:19:00 +0000 https://berningcpa.com/financial-optics-publishes-a-guide-explaining-why-small-businesses-dont-need-a-full-time-accountant/ RENO, NEVADA, USA, May 2, 2022 /EINPresswire.com/ — Financial Optics has released a guide explaining why small businesses don’t need a full-time accountant. Instead, they should consider outsourcing their bookkeeping. Many small business owners may want to do their bookkeeping and accounting on their own. However, this can lead to clerical errors in data entries […]]]>

RENO, NEVADA, USA, May 2, 2022 /EINPresswire.com/ — Financial Optics has released a guide explaining why small businesses don’t need a full-time accountant. Instead, they should consider outsourcing their bookkeeping.

Many small business owners may want to do their bookkeeping and accounting on their own. However, this can lead to clerical errors in data entries and take up time on other business operations.

Hiring a full-time accountant for a small business can often take more money as the owners pay their salary and benefits. When they choose to outsource their accounting, it avoids additional costs.

It also allows the business owner to choose the services that match what he needs for his business. Some may need more bookkeeping services such as recording financial transactions, managing accounts receivable and payable, helping with tax compliance, and preparing financial statements.

They may also extend accounting services such as reviewing the accuracy of financial statements, ensuring that statements and records comply with laws and regulations, and organizing and maintaining financial records. As the business grows, the business owner can remove or add services that fit their needs.

The services offered to business owners also allow them to gain financial insight into their business. This can help owners understand what decisions have paid off and where their business is headed.

When someone is looking for the right accounting service providers, they should consider the following:

• Cost of accounting service
• Business specialty for the service provider
• Certifications of accounting staff
• Service provider availability
• Direction aligned for goals
• Additional support services

Considering the elements can help owners understand which accounting services they need and which provider will be right for them. It will help a business grow by having correct financial information that correctly reflects profitability and shows where the owner should take their business next.

Financial Optics positions small businesses for sustainable growth. This virtual accounting firm offers outsourced accounting and bookkeeping for small businesses to minimize costs and achieve the best results. They provide financial advice and virtual CFOs to small business owners looking to grow.

Tim
Sernet
write to us here

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David L. Hardie | Obituary https://berningcpa.com/david-l-hardie-obituary/ Sun, 01 May 2022 05:00:00 +0000 https://berningcpa.com/david-l-hardie-obituary/ ONALASKA, Wis. – David L. Hardie of Onalaska, Wis., (born October 8, 1938 in La Crosse, Wis.) passed away sweetly and peacefully at his son’s home in Bradenton, Fla., along with his beloved wife and son loving holding his hands, Friday evening April 22, 2022. Dave is survived by his dear wife, Lois R. (West) […]]]>

ONALASKA, Wis. – David L. Hardie of Onalaska, Wis., (born October 8, 1938 in La Crosse, Wis.) passed away sweetly and peacefully at his son’s home in Bradenton, Fla., along with his beloved wife and son loving holding his hands, Friday evening April 22, 2022.

Dave is survived by his dear wife, Lois R. (West) Hardie, living with their son Anthony in Bradenton; by her caring son, Anthony (originally from Onalaska), who was her devoted caregiver until her last breath; and by his beloved son Bradley “Brad” and stepdaughter Kathleen “Kat” (Yingst) Hardie, living in Slidell, Louisiana, all of whom spent his final days with him.

He remained very close to his siblings throughout his life and will be deeply missed by them, especially his sister Sandra Hardie of Madison; brother, Robert and sister-in-law, Linda (Mowry) Hardie of Milton; sister Dana and brother-in-law Ady Brudos of Madison; brother Thomas and sister-in-law Lea Ann (Rygiel) Hardie of La Crosse. He was Uncle Dave to many cherished nieces and nephews in Wisconsin, Lois du Soo’s hometown and beyond, to whom he was a special ever-smiling uncle. He was a grandfather including Joel, Sean, Jena and many more over the years. He was devoted to his brothers and sisters in Christ at the La Crosse and Tampa congregations and beyond.

Dave was a 1956 graduate of Logan High School in La Crosse, Wisconsin and then continued his education leading to his career as an accountant, accountant, computer programmer and business manager. In his professional life, he has served as vice president of two trading companies, assistant operations manager for another, assistant cost accounting controller for another, and accountant for three, all in Wisconsin. He also served for decades as secretary and treasurer of La Crosse Gospel Hall, where he was a respected elder, and for several years treasurer of the board of directors of the condominium association, where he was known to represent his neighbors with fair and honest decisions.

Dave and Lois have cherished their years together, from when they first met in the Soo at Bellevue Park on September 1, 1958, and married in the Soo two years later on July 4, 1960, after a courtship that involved a lot of driving and traveling for seeing each other – the kind of frequent trips that would become a hallmark of their entire life together. Together they enjoyed frequent visits to visit family and friends in the Soo, and countless trips across the country and beyond, often involving visits with friends and loved ones. In his later years, Dave and Lois loved their winters together as snowbirds in Florida, then enjoyed returning for the warmer months to their Wisconsin home with many other trips and visits, short and long.

With the onset of the pandemic, they were unable to return home to Wisconsin and stayed with their son Anthony in Bradenton. When chronic health issues made it clear that a return to Onalaska was no longer possible, they settled in for the duration with their son.

He was known for his radiant smile and for his characteristics as a peaceful, gentle, kind, compassionate, and intensely spiritual man.

Dave has managed his fragile type I diabetes ‘like a trouper’ since his diagnosis in 1963, from the dark days when it was still mostly a terminal illness until the later years with the help of his son managing his insulin pump and continuous blood glucose monitor. Because of her choice to remain positive, confident, and caring, few people ever knew how much the disease and her follow-up conditions dominated her daily life and almost all of her choices.

He was predeceased by his parents, with whom he remained close throughout their lives, Kenneth and Mabel (Wrobel) Hardie of La Crosse; by his brother, James K., and sister-in-law, Jeanine (Halverson) Hardie of West Salem; and by his sister, Joanne K., and his brother-in-law, Denis Naughton, also of Onalaska.

With special thanks to the many incredible doctors and health care professionals who enhanced and extended his life, the staff at Sarasota Memorial Hospital, and the compassionate and deeply caring professional caregivers and staff at Tidewell Hospice, whose efforts collaboration and caring helped her son during his brief stay in hospice at home allowed him to be home again until he passed away so peacefully.

His ashes will be held by his wife Lois until they meet again.

The funeral services were officiated by a dear friend, “son” and brother in the Lord, Cal Erickson of La Crosse; Cal is married to Becky (Prior) Erickson, whose father, Ray Prior, was best man at Dave and Lois’ wedding; the Prieur and Hardie families have been friends for generations.

The funeral was held by Brown and Sons Funeral Home (26th Street Chapel), 5624 26th St. W., Bradenton, FL 34207, on Wednesday, April 27, 2022. Donations can be made in Dave’s name to the Tidewell Foundation in Bradenton , Florida, or the American Diabetes Association. The funeral service was streamed live and remains online for viewing at: www.facebook.com/brownandsonsfuneral.

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CBSE Term 2 Exams 2022: Board to Host Exam Modalities Live Webcast on April 25 https://berningcpa.com/cbse-term-2-exams-2022-board-to-host-exam-modalities-live-webcast-on-april-25/ Sat, 23 Apr 2022 13:12:14 +0000 https://berningcpa.com/cbse-term-2-exams-2022-board-to-host-exam-modalities-live-webcast-on-april-25/ CBSE Term 2 Exams 2022 Latest News Today: With only 3 days left for the CBSE Term 2 Exams 2022 To begin with, the board released a notification on Saturday that it will host a live webcast on how to conduct the CBSE Term 2 2022 exams on April 25 at 11 a.m. The CBSE […]]]>

CBSE Term 2 Exams 2022 Latest News Today: With only 3 days left for the CBSE Term 2 Exams 2022 To begin with, the board released a notification on Saturday that it will host a live webcast on how to conduct the CBSE Term 2 2022 exams on April 25 at 11 a.m. The CBSE said the duration of the live webcast will only be one hour.Also Read – CBSE 2023 Board Exams Will Be Held Only Once: Board Confirms with Official Notification and Releases Syllabus for Grades 10, 12

During the live webcast, the CBSE will explain the preparations for the exams as well as the role and responsibilities of officials during the exam. Teachers, students and officials can access the live webcast on the YouTube channel as the corresponding link will be available on the official notice. Also Read – CBSE Board Exam 2022: Amid rising COVID cases, students urge board to hold exams at drop-in centers

The CBSE said schools will need to arrange the setup to watch the webcast live stream. The webcast will begin with the keynote address by Dr. Vineet Joshi, President of the CBSE. The Board has asked all schools to attend the webinar. The CBSE said failure to follow the instructions for watching this webinar by any school will be taken seriously. Also Read – BIG news for CBSE Class 10, 12 Board students. Details here

Copy of the CBSE notice:

Last month, the CBSE had published a detailed technical sheet for the Class 10 and Class 12 Board Examinations of Term 2 on cbse.nic.in. As per the detailed schedule, the CBSE Term 2 2022 exams will start on April 26.

Due to the Coronavirus, the CBSE has asked parents to ensure their children are not ill before attending exams to ensure the safety of other students.

Just like the Semester 1 exams, the Semester 2 exams will also take place in physical mode. Students will be required to wear masks when appearing.

In accordance with the COVID directive issued by the CBSE, exams for 10th and 12th will start at 10.30am and they will have 15 minutes of reading time before the exam.

CBSE Term 2 Exam 2022: Full Schedule for Class 12

  • April 26: Entrepreneurship
  • April 28: Biotechnology, retail, food nutrition, library
  • May 2: Hindi
  • May 4: Kathak, Bharatnatyam, Odissi, Manipuri,
  • May 6: Sociology
  • May 7: Chemistry
  • May 10: Food production, design
  • May 11: Punjabi, Bengali, Tamil, Telugu, Sindhi, Marathi, Gujrati, Manipuri, Malayalam, Odia, Kannada, Arabic, Tibetan, French, German, Russian, Nepali, Persian, Kashmiri, Mizo,
  • May 12: Marketing
  • May 13: English
  • May 17: Business studies
  • May 18: Geography
  • May 19: fashion studies
  • May 20: Physics
  • May 21: Yoga, Early Childhood Care, AI
  • May 23: Accounting
  • May 24: Political Science
  • May 25: Science at home
  • May 26: Hindustani music, health, cost accounting, shorthand, health care
  • May 27: Financial markets, textile design
  • May 28: Economy
  • May 30: Biology
  • May 31: Urdu, Sanskrit, Carnatic music, geospatial technology, taxation
  • June 1: Banking, agriculture
  • June 2: Physical Education
  • June 4: National Cadet Corps
  • June 6: Painting, graphics, sculpture
  • June 7: Mathematics, Applied Mathematics
  • June 9: Tourism, sale
  • June 10: History
  • June 13: IT
  • June 14: Legal Studies, Sanskrit Core
  • June 15: Psychology

CBSE Term 2 Exam 2022: Full Schedule for Class 10

  • April 26: Painting
  • April 27: English
  • April 28: Retail, Automotive, Agriculture, Healthcare, Multimedia, Physical activity trainer, Healthcare
  • May 2: Home Science
  • May 4: Hindustani Music, Elements of Bookkeeping and Bookkeeping
  • May 5: Mathematics (standard and basic)
  • May 6: Sindhi, Malayalam, Odia, Assamese, Kannada
  • May 7: Sanskrit
  • May 8: Science
  • May 12: Urdu, Punjabi, Bengali, Tamil, Marathi, Gujarati, Manipuri
  • May 13: Business Items
  • May 14: Social Sciences
  • May 17: Hindi Music, National Cadet Corps, Bodo, Japanese, Bhutia, Kashmiri, Mizo, Bahasa Melayu
  • May 18: Hindi
  • May 21: Arabic, Tibetan, French, German, Russian, Nepali, Lepcha
  • May 23: Computer application
  • May 24: Information Technology
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Airbag Market Expected to Worth $47.0 Billion Globally by 2030 at a CAGR of 5.7%: Allied Market Research https://berningcpa.com/airbag-market-expected-to-worth-47-0-billion-globally-by-2030-at-a-cagr-of-5-7-allied-market-research/ Mon, 18 Apr 2022 11:30:00 +0000 https://berningcpa.com/airbag-market-expected-to-worth-47-0-billion-globally-by-2030-at-a-cagr-of-5-7-allied-market-research/ Rising consumer awareness of vehicle safety features, rising number of road accidents and rapid growth in the automotive sector, coupled with competition among automakers, are driving the global airbag market. PORTLAND, Oregon., April 18, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Airbag Market by Module (Inflator, Airbag), by Type (Front Airbag, […]]]>

Rising consumer awareness of vehicle safety features, rising number of road accidents and rapid growth in the automotive sector, coupled with competition among automakers, are driving the global airbag market.

PORTLAND, Oregon., April 18, 2022 /PRNewswire/ — Allied Market Research recently released a report titled, “Airbag Market by Module (Inflator, Airbag), by Type (Front Airbag, Knee Airbag, Side Airbag, Curtain Airbag), by Vehicle Type (Passenger Vehicle, Utility Vehicle), by Material (Polyester Fiber, Nylon, Others), By Sales Channel (OEM, Aftermarket): Global Opportunities Analysis and Industry Forecast, 2020-2030 » According to the report, the global airbag industry was represented $27.6 billion in 2020, and should reach $47.0 billion by 2030, growing at a CAGR of 5.7% from 2021 to 2030.

Allied Market Research Logo

Key Drivers of Market Growth

Rising consumer awareness about vehicle safety features, increasing number of road accidents and growing automotive sector along with competition among automakers have boosted the growth of the global airbag market. However, high replacement cost and advanced technological features that increase car prices are hampering the growth of the market. On the contrary, the introduction of airbags in two-wheelers and the low production costs in developing countries would open up new opportunities in the future.

Download the report (PDF of 140 pages with information, graphs, tables, figures) at https://www.alliedmarketresearch.com/request-sample/1851

Covid-19 scenario:

  • The Covid-19 pandemic has created uncertainty in the market, especially in the automotive sector. The closure of large-scale manufacturing facilities has reduced demand for automobiles. This has had an impact on the demand for airbags.

  • The pandemic has forced the automotive industry to look for alternative sources and prioritize the import of raw materials. Additionally, the prolonged lockdown has disrupted the supply chain.

  • However, as the world recovers from the pandemic, the demand for passenger cars is expected to increase in the future.

Customization request at https://www.alliedmarketresearch.com/request-for-customization/1851

The inflator segment dominated the market

By module, the inflator segment held the largest share in 2020, accounting for more than half of the global airbag market. Furthermore, the segment is estimated to register the highest CAGR of 6.1% during the forecast period, owing to the increase in the application of inflator airbags in vehicles to ensure the safety of passengers. passengers. The report includes an analysis of the airbag segment.

Commercial Vehicles Segment to Show Highest CAGR through 2030

By vehicle type, the commercial vehicle segment is expected to show the highest CAGR of 9.3% from 2021 to 2030, due to the increase in government standards regarding the introduction of airbags in commercial vehicles. However, the passenger vehicle segment held the largest share in 2020, accounting for more than 90% of the global airbag market, owing to the increase in the availability of passenger cars across the globe.

Do you want to acquire the data with a strategy and actionable insights? Find out here at https://www.alliedmarketresearch.com/purchase-enquiry/1851

Europefollowed by Asia Pacific and North Americato manifest highest CAGR by 2030

By region, the market across Europefollowed by Asia Pacific and North America, is expected to register the highest CAGR of 6.5% during the forecast period, owing to the increase in government standards to ensure vehicle safety in the region. However, the global airbag market through Asia Pacific dominated in 2020, accounting for almost half of the market, owing to the increase in vehicle production in the region.

Main market players

Buy the full report now! https://www.alliedmarketresearch.com/checkout-final/8e8938244a5a8a5e16108e07333ee446

Similar Airbag Industry Report:

Aviation Airbags Market by Type (Passenger Airbags (Pilot and Business Class Airbags), Aircraft Lifting Airbags (Single Element Airbags, Modular Airbags, and Multistage Airbags)), Aircraft Type (Military Aircraft, Airplanes Civil, Commercial Aircraft and Others), Material (Nylon 6, Nylon 6.6, Nitrile, Neoprene and Others) and Application (Passenger Safety and Aircraft Lifting): Global Opportunity Analysis and Industry Forecast, 2019-2030 .

Motorcycle Airbags Market By Component (Crash Sensor, Airbag Module, Airbag, Airbag Computer, and Inflator), Channel (Original Equipment Manufacturer (OEM) and Aftermarket), Coating Type (Coated with neoprene, silicone coated and uncoated) and fabric type (Nylon and polyester): Global Opportunities Analysis and Industry Forecast, 2021-2027

Vehicle Side Airbags Market by Position (Front, Side, Side Curtain and Knee), Fabric (Coated and Uncoated), Vehicle (Passenger Vehicles and Commercial Vehicles), Sales Channel (OEM and Aftermarket): Opportunity Analysis global trends and industry forecast, 2021 – 2030.

Automotive Airbag Inflators Market by Type (Driver Airbag, Passenger Airbag, Curtain Airbag, Knee Airbag, Pedestrian Protection Airbag, and Side Airbag), Operation (Pyrotechnic, Stored Gas, and Hybrid) and Vehicle Type (Passenger Car and commercial vehicle): Global opportunity analysis and industry forecast, 2021-2030.

Automotive Airbag Fabric Market by Vehicle Type (Car, C/SUV, Pickup, Minivan, Van, and Sports Car), Airbag Type (Driver Airbag, Passenger Airbag, Side Airbag, Curtain Airbag, and Other Airbags) ) and Fabric Type (OPW Fabric and Flat Fabric): Global Opportunities Analysis and Industry Forecast, 2021-2030.

Automotive Airbag Silicone Market By Airbag Position (Front, Knee, and Curtain/Side), Airbag Type (Cut and Sew (CSSS) and One-Piece Woven (OPW)) and Vehicle Type (Car tourism and light vehicle). Commercial Vehicle and Heavy-Duty Vehicle) and Electric Vehicle Type (Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV)/Fuel Cell Electric Vehicle (FCEV)): Global Opportunities Analysis and Industry Forecast , 2021-2030.

Automotive Curtain Airbags Market by Vehicle Type (Hatchback, Sedan, Sport Utility Vehicle and Other Vehicle Types), Material (Nylon and Polyester), Application (Torso Curtain Airbags, Head Curtain Airbags and Combination Curtain Airbags) and End User (OEM & Aftermarket): Global Opportunity Analysis & Industry Forecast, 2021-2030.

Automotive Passive Safety System Market by Product Type (Airbag, Seat Belt, Electronic Control Unit, Steering Wheels and Others), Vehicle Type (Passenger and Commercial) Sales Channel (OEM and Aftermarket): Global Opportunities Analysis and industry forecast, 2021-2030.

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Jamie Dimon’s UK startup is truly a global story https://berningcpa.com/jamie-dimons-uk-startup-is-truly-a-global-story/ Mon, 11 Apr 2022 06:37:17 +0000 https://berningcpa.com/jamie-dimons-uk-startup-is-truly-a-global-story/ Chase UK has a lot of finance people scratching their heads. Britain doesn’t need another online-only bank. It already has a host of scrappy newbies making little headway against a handful of mainstream mainstream lenders. So why is JPMorgan Chase & Co. spending time and money seeking UK clients? If it gained a few percentage […]]]>

Chase UK has a lot of finance people scratching their heads. Britain doesn’t need another online-only bank. It already has a host of scrappy newbies making little headway against a handful of mainstream mainstream lenders.

So why is JPMorgan Chase & Co. spending time and money seeking UK clients? If it gained a few percentage points in market share, the profit would certainly be just a rounding error for the largest US bank.

Chief executive Jamie Dimon received rare criticism from analysts and investors for giving limited details about rising technology costs. The bank’s shares fell sharply after its annual results in January, when it said spending in 2022 would be higher and returns lower than expected, in part due to $3.5 billion in additional investment .

With two decades of success behind him, Dimon has earned the right to expect the trust and patience of shareholders, analysts say, although some fear he will build an empire in his later years. Chase UK, launched last September, is a small item. JPMorgan has also invested in things like a 40% stake in Brazilian digital bank C6 and the takeover of restaurant review site The Infatuation.

Acknowledging the unease, the bank promised more details at an investor day next month following its first quarter results on Wednesday.

Dimon sees competition everywhere — from Citadel Securities in the financial markets to payments company Stripe, and even Apple Inc. He wants to spend what it takes to win. Many of these competitors are attacking JPMorgan in their own backyard, so battling for a slice of UK banking against companies like Monzo or Starling Bank feels like a distraction from defending its core business.

But Chase UK is not about the UK. Its importance will be that of a laboratory – a testing ground for infrastructure, technology, products and ideas. What JPMorgan learns there can be used to modernize its main Chase US retail bank and form the basis of a series of digital-only offerings elsewhere. Chase UK is ground zero for an international consumer business.

To make money in the UK alone, a traditional bank needs a market share of 20% or more, like Barclays Plc or Lloyds Banking Group. But the scale of a digital-only Chase bank to generate meaningful profits in multiple countries is perhaps only a few percentage points in each.

The UK is a good place to create and test new ways of doing things: it’s a dynamic market where people are comfortable managing their finances on their phones and where the regulator understands the benefits and risks of the use of cloud computing.

The cloud is at the heart of what banks like JPMorgan are trying to do. Analysts focused on the savings available once the difficult and risky task of moving outdated mainframe operations is complete. Mike Mayo, an analyst at Wells Fargo & Co., for example, estimated that banks could reduce their IT costs by 20 to 40 percent.

But that’s half the story. Modern banking needs to be on customers’ laptops and smartphones, just like shopping, media, and your social life. It is relatively easy to create banking applications; the real challenge is getting them to interact with legacy accounting and general ledger systems. To do this, banks need to hire software engineers to create middleware – a catch-all term for everything you need to communicate between the new world and the old. To launch new products or change what the customer sees, banks often have to rewrite all the middleware that also needs to be rewritten.

This makes updates slow and means they are done in large, irregular deployments, always with the risk that a bit of coding error could hurt stability. Bank customers – and more importantly, regulators – have minimal tolerance for failure.

Chase UK is completely built in the cloud. It’s doable now because companies like Thought Machine, founded by a former Google software engineer, and 10x Banking, started by former Barclays CEO Anthony Jenkins, have developed cloud-based tools for customer-specific problems. banks, such as instant update of deposit balances.

Experimenting like this in a dynamic but – for JPMorgan – relatively inconsequential market is much safer than doing so where millions of American customers rely on Chase running smoothly every minute of every day. Infrastructure that works in the UK can then be industrialized more quickly in the US. And what doesn’t work can be quickly and easily abandoned.

The same goes for products: what type of savings account, what reward card, what layout of the banking application with what button of what color and what size on the screen…? In a fully cloud-based bank, these questions can be quickly tested with different users at the same time, all on real accounts. Like testing different memes to see which go viral and which disappear into the infinite void. This is not possible on older systems. Again, the know-how gleaned on what to test and how will be useful at home.

Finally, Chase UK is designed to accommodate different regulatory and reporting requirements and different payment systems in different countries. For a traditional bank, only 20-30% of its existing products and systems might be usable when opening in another country. For a cloud-based bank, this is more like 70%. In his recent shareholder letter, Dimon said that once banks move to the cloud, they may be able to add products and services at no additional cost.

So what does the price look like? It will be some time before we know. In five years, Goldman Sachs Group Inc.’s digital startup Marcus has landed 10 million customers and $110 billion in deposits. But its consumer banking revenue was just 2.5% of the group’s total in 2021, and the consumer and wealth management division as a whole achieved a return on equity of just 4%.

After years of watching fintech startups try different products and approaches, many big banks now know what they want to do and how they want to do it. Chase UK is just one of many JPMorgan labs and rivals are getting off to a slow start right now. The payoffs aren’t certain at all, but the need to experiment and improve technology is now a cost to staying in the game.

More from Bloomberg Opinion:

• A financial mega-merger that belongs to the family: Andy Mukherjee

• Apple is Crypto’s biggest wild card: Trung Phan

• Laugh at Sunak’s NFT, but big banks are serious: Paul J. Davies

This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.

Paul J. Davies is a Bloomberg Opinion columnist covering banking and finance. He previously worked for the Wall Street Journal and the Financial Times.

More stories like this are available at bloomberg.com/opinion

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BharatPe revenue grows by 20X and hits Rs 120 Cr in FY21 https://berningcpa.com/bharatpe-revenue-grows-by-20x-and-hits-rs-120-cr-in-fy21/ Sat, 09 Apr 2022 11:58:21 +0000 https://berningcpa.com/bharatpe-revenue-grows-by-20x-and-hits-rs-120-cr-in-fy21/ BharatPe has been through a tumultuous time due to corporate governance issues, alleged fraud and internal feud between promoters and backers. While the impact of these issues on the business will be known when BharatPe files FY22 financial results, FY21, when none of these issues had yet arisen, proved to be the first year of […]]]>

BharatPe has been through a tumultuous time due to corporate governance issues, alleged fraud and internal feud between promoters and backers. While the impact of these issues on the business will be known when BharatPe files FY22 financial results, FY21, when none of these issues had yet arisen, proved to be the first year of significant revenue for the fintech unicorn after generating income of Rs 6 crore for FY19 and FY20 combined.

The Delhi-based company saw its operating revenue increase about 20x to Rs 119.1 crore in FY21 as recoveries from its corporate lending segment increased significantly, as its annual financial statements with the Registrar of Companies (RoC) show.

Vedansh Pratap | Coach

The Tiger Global-backed company is primarily engaged in providing aggregation services to various merchants and business users, offering them a unified QR code for accepting push payments through third-party UPI apps.

BharatPe primarily acts as a facilitator for lending partners (financial institutions) to provide small loans for day-to-day working capital needs to vendors on its platform.

It earns commission income and processing fees on loans serviced through its lending partners. It does not charge transaction fees on its QR codes and point-of-sale card dispensers.

The fintech unicorn also earned financial revenue of around 66 crore in the fiscal year ending March 2021.

Looking through the income statement, it appears that BharatPe’s annual expenditure jumped to Rs 1,804 crore, representing a loss of Rs 1,619.22 crore in FY21. So here is the story behind this numbers.

The company recorded expenses worth Rs 1,341.98 crore due to a “change in the fair valuation of preferred shares” for the year ended March 2021. In accordance with IAS 32, mandatory convertible preferred shares (mainly used by the startup to raise funds) with a buy-back clause are treated as debt rather than equity.

BharatPe’s preferred shares appreciated significantly and this change was retroactively recorded as a non-cash charge in the restated accounts for FY21 and 20. As a result, the company’s actual expenditure for FY21 was approximately Rs 462.03 crore without the non-cash regulatory expenses as the preferred shares will eventually be converted into shares of the company.

Moving on to the expense sheet, we found that the transaction processing fees that the company absorbs for its merchants are the largest cost center of the business, accounting for 21.1% of BharatPe’s annual costs. These expenses jumped 423.6% to Rs 97.5 crore in FY21 from Rs 18.62 crore incurred in FY20, indicating the multitude of transaction volume growth on the BharatPe platform.

BharatPe
Vedansh Pratap | Coach

The increase in scale is also evident from the 175.3% growth in IT infrastructure costs which stood at Rs 49.33 crore in FY21 from Rs 17.92 crore in FY21. rupees in FY20. However, new merchant onboarding spending fell by 18.6% to Rs 28.4 crore in FY21 from Rs 34.9 crore in FY20. FY20, apparently due to limited physical access to vendors due to Covid-19 restrictions.

Although the integration may have slowed, BharatPe has rapidly expanded the size of his team over the past fiscal year, especially tech, doing more to publicly showcase the challenge of finding tech talent than anyone else can. This was done using unconventional talent acquisition strategies, including offering high-end BMW bikes, gadgets and overseas travel to new hires. As a result, its benefit payments jumped nearly 170% to Rs 75.41 crore in FY21 from Rs 27.95 crore in FY20. note that approximately 29.3% of these payments were settled via employee stock options.

BharatPe acts as a guarantor for loans made from seller balances on its platform and is responsible for reimbursing losses on borrowers’ defaults in accordance with the terms of their contract. The liability for these financial guarantees stood at Rs 56.5 crore in FY21, which basically means that the company lost around 47.4% of its income on bad debts.

Advertising expenditure increased by only 4% to Rs 45 crore, while outsourced services expenditure increased by 10.2% year-on-year to Rs 81.87 crore during the financial year 21.

With FY21 being the company’s first year of significant inflows, EBITDA margin in the fiscal year improved to -141.01% from -915.51% in FY20. The fourfold increase in financial income also eased the pressure and BharatPe’s annual losses increased by 34.1% to Rs 277.2 crore in FY21 from Rs 206.81 crore lost in FY21. during the year 20.

Vedansh Pratap | Coach

BharatPe demonstrated strong growth momentum in FY21 as its scale increased 20x with tight spending control, but the key question now is: will BharatPe be able to repeat this type of growth in FY22? Although it won’t be known until BharatPe files FY22 results, the company’s Managing Director, Suhail Sameer, recently claimed that despite the distractions of its infighting, the company will post revenue of Rs 700 crore over the course of the year. current fiscal year (FY22).

That number may or may not eventually arrive, but the biggest challenge for the company is regaining its credibility and the loyalty of the thousands of merchants it has onboarded, in addition to the financial partners who fund the loans to those merchants. Too many regulatory trouble spots won’t inspire confidence in either one.

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NASSCO’s $4 billion tanker build program for the Navy faces cost overruns and delays https://berningcpa.com/nasscos-4-billion-tanker-build-program-for-the-navy-faces-cost-overruns-and-delays/ Thu, 07 Apr 2022 23:00:24 +0000 https://berningcpa.com/nasscos-4-billion-tanker-build-program-for-the-navy-faces-cost-overruns-and-delays/ A roughly $4 billion effort by San Diego-based General Dynamics-NASSCO to build six critically needed Navy supply ships is at least $85.2 million over budget and has taken a year or more behind, according to a new report from the Congressional Research Service. The nonpartisan agency attributes the problem to everything from the flooding of […]]]>

A roughly $4 billion effort by San Diego-based General Dynamics-NASSCO to build six critically needed Navy supply ships is at least $85.2 million over budget and has taken a year or more behind, according to a new report from the Congressional Research Service.

The nonpartisan agency attributes the problem to everything from the flooding of a dry dock at NASSCO, which affected the shipyard’s ability to build ships, to unspecified performance issues, inflation and the pandemic.

The cost overrun is about $5 million higher than contained in a General Accounting Office review last year and comes as the Navy struggles to get enough money from Congress to meet its long-term goal. term to increase the number of manned ships to 355 from 296.

In the short term, the service wants to withdraw several ships to save money. Its latest budget request, for the 2023 financial year, provides for a reduction in the fleet of 12 vessels.

The Navy is also struggling to maintain its fuel supply chain. Pollution concerns recently led the Navy to announce it was closing its aging and leak-prone Red Hill fuel depot in Hawaii, which has long been used by West Coast-based warships traveling between the mainland and the Western Pacific, the Indian Ocean and the Middle East. Is. Last year, about 14,000 gallons of jet fuel spilled into Honolulu-area water supplies, displacing thousands of service members and their families.

NASSCO is a crucial contractor, not only for the navy, but also for the commercial market. It is well known for repairing a wide variety of naval vessels and for designing and building Navy support and auxiliary vessels as well as commercial cargo carriers and tankers. Some work is flowing, in part because NASSCO is the last remaining major shipbuilder on the West Coast.

The shipyard has been contracted to build the navy’s first six John Lewis-class tankers, a new type of ship that transfers fuel and other essentials to vessels operating at sea. The class, which could eventually number 20 ships , is named after the late Congressman and civil rights leader John Lewis, who died in 2020.

The company built and launched the first two ships, John Lewis and Harvey Milk. But the CRS report says the cost of the John Lewis rose to $759.4 million, a jump from $85.2 million. And the GAO report suggests that overruns have occurred on milk.

The construction schedules are also very far apart at the site.

“The Navy said in July 2021 that the delivery date for (John Lewis) had been moved from June 2021 to March 2022 due to the (dry)dock incident, late delivery of equipment materials and of the need for repair or rework on other parts of the vessel,” the CRS report states.

Newly built ships undergo a long period of testing before being officially delivered to the Navy and prepared for operational use. The process can take years.

NASSCO said Thursday that the John Lewis had not yet been delivered. It is not known when the transition will take place.

CRS said the official delivery dates of the Harvey Milk and the other four ships – Earl Warren, Robert F. Kennedy, Lucy Stone and Sojourner Truth – have been delayed by 12 to 15 months.

The Warren will be christened and launched this fall. The Kennedy is currently under construction.

NASSCO said in a statement Thursday that the company, which has about 3,500 workers, “has and continues to promote its ability to build ships on time and in many cases under budget.

“However, the T-AO class has been under construction during one of the toughest pandemics of our generation and we are proud of the dedication our highly skilled workforce has shown over the past 2.5 years. to meet the challenges that COVID-19 has constantly presented. ”

Cost overruns and delays are not unusual.

The Gerald R. Ford aircraft carrier was originally expected to cost around $10.5 billion. The final price will be at least $13.3 billion. The development of the ship – which incorporates several new technologies – is years behind schedule and it has yet to proceed with its first deployment.

The Navy has just begun work on the first of its new Constellation-class frigates. But the expected cost has already skyrocketed. The Congressional Budget Office said in late 2020 that the first 10 frigates would cost at least $12.3 billion, about 40% more than an earlier Navy estimate.

Such increases represent a major funding problem for the Navy, which wishes to significantly expand and diversify its fleet. The plan calls for building fewer large ships, more small ships, and relying on a significant number of unmanned ships.

Navy officials say this “distributed” fleet would allow the service to perform better around the world, especially in situations involving potential conflict with Russia, China and North Korea.

Creating such a fleet would cost $25.3 to $32.7 billion per year over a 30-year period.

Budget demands are already so tight that the Navy and Pentagon have yet to decide whether to underwrite a seventh Lewis-class ship this year. NASSCO is expected to be the prime contractor when the vessel is built.

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Love the ride – Moto-Riding Eco Warrior https://berningcpa.com/love-the-ride-moto-riding-eco-warrior/ Wed, 06 Apr 2022 05:47:28 +0000 https://berningcpa.com/love-the-ride-moto-riding-eco-warrior/ Bernard Lakey grew up on a farm some 60 kilometers from Melbourne in Victoria. It was a real rural environment until the late 70’s when housing estates began to alter the area. In the 60s there were only working horses and dogs, but as the 70s progressed motorcycles came into the picture – first as […]]]>

Bernard Lakey grew up on a farm some 60 kilometers from Melbourne in Victoria. It was a real rural environment until the late 70’s when housing estates began to alter the area. In the 60s there were only working horses and dogs, but as the 70s progressed motorcycles came into the picture – first as wrecks that were restored to fight around the farm, then real road bikes. Bernard loved the ride.

“The horses are great for stock work, but the bikes could be jumped over anything and we could play while the sheep drifted in the right direction. I lost the crowd a few times by playing a little too long in the ravines and then finding them again,” recalls Bernard.

He was hooked, his road bikes started with the British: ’69 Norton 750 Fastback, ’68 Triumph Trophy, ’69 BSA Rocket 3. The mid 70’s saw heavy Japanese bikes from Kawasaki and Honda to match him with the Moto Guzzi 850T, among many others in the family. Over 40 years of cycling, in 2018 he bought the Suzuki GS 500, continuing to commute for weeks.

Bernard joined the Queensland Greens political party in 2016 to fight the Adani coal mine project and is now the local branch leader in Wynnum, Queensland.

In 2019, he launched the Queensland Branch of Certified Public Accountants Australia’s Sustainability – Accounting for Climate Change discussion group, as sustainability impacts every organization and business. The group examines how accounting standards are evolving to incorporate ESG (Environment, Social and Governance) reporting, initially on a voluntary basis, but gradually moving to mandatory reporting under International Financial Reporting Standards.

So, with this experience, he started looking for what he could do to reduce his carbon footprint.

Eco Warrior Bernie and Evoke electric motorcycle.

An e-bike was the logical answer, but there weren’t many on the market as Zero pulled out. In November 2020 he made an offer with Evoke Motorcycles for delivery in February 2021, but was finally successful in July 2021. Then it was on the Evoke and the sale of the Suzuki. The Evoke is a great commuter bike with around 100 miles of city range and around 70 miles on the highway.

love the ride

Evoke and Zero electric motorcycles.

No clutch, no gears, so simple to drive. Silence is the most noticeable thing, second is the absence of vibrations, third is the smoothness when the bike takes off. It will ensure that once a commuter gets on an e-bike, they won’t go back on a gas-powered bike. He likes the ride. The charge is 6 hours flat for the 9.5 kWh battery. The bike handles very well, holds the road with confidence, holds the line in corners, generally gives good feedback to the rider, has plenty of grunt for passing trucks and hits 120 km/h fairly quickly.

At AUD15,000 to buy the bike, that’s close to the cost of a conventional 400cc without any of the maintenance costs. The hub motor means there are also no belt drives, sprockets or sprockets to maintain.

Driving the Evoke Bernard saved approximately 12 L of fuel each week (34 weeks) for nearly 408 liters over the period. At an average price of $1.50 per L, this represents a savings of $612. The Evoke has a 9.5kWh battery, so charging it to 80% at 40c per kWh costs $3.04 per charge. It charges for free on weekends with its rooftop solar system, so its estimated running cost is $105 for the same 34 weeks, giving a net savings of $519 in fuel alone. The Suzuki should also be serviced at a cost of $100 (oil being the main cost), whereas on the Evoke all you have to do is kick the tires – check they’re properly inflated. “It’s a task, I know! I also have to put grease in both swingarm nipples from time to time. He sighs.

Now he represents the Greens in the seat of Bonner. Climate change is here and needs an immediate response, not the do-nothing foolishness of Angus Taylor or Scott Morrison or the half-hearted response of the Australian Labor Party. Bernard also brings a wealth of financial accounting experience and detailed business knowledge to his application. The solutions we need are here now, he says. The government must make the right choices, and not rewrite the past on tinsel paper, pretending that it is change. The future belongs to our children, and it is our responsibility to pass on a prosperous and sustainable world, not a burning and flooded world.

For more information, see: Bernard Lakey — Greens for Bonner | Facebook


 

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Fujitsu wins £430m government contracts despite rising cost from Post Office Horizon scandal https://berningcpa.com/fujitsu-wins-430m-government-contracts-despite-rising-cost-from-post-office-horizon-scandal/ Mon, 04 Apr 2022 14:33:07 +0000 https://berningcpa.com/fujitsu-wins-430m-government-contracts-despite-rising-cost-from-post-office-horizon-scandal/ The government is facing more criticism from MPs and peers after awarding Fujitsu new contracts worth more than £400million, but so far it has failed to do so. appeal to the IT vendor to help pay the huge financial costs of the post office scandal in which its error-prone software played a part. central […]]]>

The government is facing more criticism from MPs and peers after awarding Fujitsu new contracts worth more than £400million, but so far it has failed to do so. appeal to the IT vendor to help pay the huge financial costs of the post office scandal in which its error-prone software played a part. central part.

Taxpayers must foot the bill to compensate the Deputy Postmasters who have had their lives ruined by the faulty Horizon computer system and the mismanagement by the Post and the government of the problems faced by the Deputy Postmasters as a result.

In January Computer Weekly revealed that the Post had received more than £1 billion in taxpayer grants for its Horizon scandal compensation scheme.

But Fujitsu hasn’t been asked for a penny, despite its retail and accounting software being at the center of the scandal. In fact, last week the Japanese IT provider was awarded huge IT services contracts by HM Revenue & Customs (HMRC) and the Foreign, Commonwealth & Development Office (FCDO). He will be paid £250million by HMRC to replace an in-house service, while the FCDO has contracted Fujitsu to provide networking and communications services under a deal worth £184million.

For two decades, thousands of sub-postmasters were wrongly blamed and punished for accounting shortcomings in their branches, later found to have been caused by errors in Fujitsu software. Postmasters lost their businesses and homes, many were prosecuted and sent to prison, and suicides were linked to the scandal. In 2009, Computer Weekly told the stories of seven sub-postmasters affected by the issues (see Computer Weekly’s article timeline below).

His Conservative counterpart James Arbuthnot, who has campaigned for deputy postmasters for more than a decade, said: “It is high time the government took Fujitsu’s contribution to the Horizon scandal seriously. It is believed to be the biggest miscarriage of justice in British legal history.

“The government wants to act as if it were ‘business as usual’ with Fujitsu. What prompts Fujitsu to contribute to the huge compensation cost about to fall on the taxpayer? And for HMRC, of ​​all organisations, which are part of the Treasury, to take such a cavalier attitude towards taxpayers’ money is an odd example.

Karl Turner, Labor MP for Kingston upon Hull East, said the government should not contract Fujitsu until the supplier has committed to fund compensation.

“The government should not get contracts from this company until we have an unshakable guarantee that every bean required to pay compensation is received from Fujitsu,” he said. “Anything else would be totally despicable of Fujitsu and would also show that the government has contempt for the victims.”

Alan Bates, founder and chairman of campaign group Justice for Subpostmasters Alliance, said it was “astonishing that the government is still handing out these huge contracts to a company that has made such a mess of the post office contract”.

Bates said he expects the government to eventually demand that Fujitsu pay the costs of the scandal.

Fujitsu declined to comment when contacted by Computer Weekly.

The latest contract awards bring government spending with Fujitsu to more than £3.5bn since 2013.

According to figures from Tussell, compiled for Computer Weekly in May, Fujitsu won £3.1 billion in UK public sector contracts between 2013 and 2021. Over the past five years, not counting the last two contracts, Fujitsu has signed deals worth £673 million with HMRC, £456 million with the Home Office and £572 million with the Ministry of Defence.

Separately, the Criminal Cases Review Commission (CCRC) has written to approximately 170 former postmasters and postal employees convicted of fraud, theft or false accounting to offer assistance to those wishing to challenge their convictions.

These people did not respond to the post office after it contacted them, and CPAB obtained the list of names from the post office last month under its Section 17 powers.

A total of 73 former deputy postmasters and employees of postal branches have had their criminal convictions quashed and 53 of them have been referred to the Court of Appeal by the CCRC, which is currently considering 31 new claims.

The letter to the former postal workers then goes on to give details on how to apply to the CCRC to have their conviction reviewed.

Helen Pitcher, Chair of CCRC, said: “Recent testimony at the independent public inquiry into the Post Office Horizon system has shown the devastating impact these convictions have had on people’s lives.

“It is completely understandable that many former postmasters therefore no longer want anything to do with Swiss Post. They may find challenging their conviction difficult, time-consuming, expensive, or they no longer trust the “system”.

“CPAB is here to help rectify the situation. We make it clear that we are independent, that contacting us is free, and that individuals do not need a lawyer to do so. There is also no time limit for applying with us. CPAB plans to contact another 100 former postal workers soon.

A total of 736 former postmasters were convicted based on evidence from the Horizon accounting system used at the branches, which was later found to be error-prone.

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