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How UPI is Changing the Way we Make Payments

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Have to pay your autowallah but cannot find any ATMs around? There is no one to give you change? Fret not. The Unified Payments Interface (UPI) is changing the way payments are being made in the country by simplifying the money transfer process.

Generally, transferring money from one account to another requires the account number and IFSC code of the payee and there was also a need to register the beneficiary. Now, there is no need for this cumbersome process. With UPI, all you need is a virtual identity, which is similar to an email id, and the same can be used to transfer money from one account to another at the tap of a button on your smartphone. This is very similar to IMPS money transfer, where the fund transfer is carried out on a real-time basis and instantly.

UPI offers customers an economical, speedy, convenient, and secure payment experience. This is unmatched ease and it is almost like carrying you bank around in your pocket through the smartphone. The main advantage of this form of payment is, it eliminates the need to carry cash around and helps people embraced the cash to digital transition in an effortless, smooth and efficient manner.

In July this year, the number of UPI transactions increased by more than 10%, to reach 11.63 million, according to data released by the National Payments Corporation of India (NCPI). The volume of UPI transactions have only been increasing and it is becoming one of the most popular types of payment methods in the country. More and more banks are integrating with the UPI as part of their digital payments initiative.

Let us understand more about how UPI will change the way we make payments in the country. Will the UPI give competition to mobile wallets?

UPI Versus Mobile Wallets

There are many banks that have integrated with UPI and this service is already available through the respective bank apps. Unlike e-wallets, there is no need to load money if one is using UPI, all you need to do is to make payment through the linked bank account. UPI offers customers the ease and flexibility when compared to mobile wallets.

One of the biggest benefits offered by the UPI interface is that it allows a user complete interoperability: you can send funds with a simple virtual id and there is no need to fill out lengthy bank information and remember different passwords. The reach of UPI is expanding and more and more banks are embracing this without second thought.

When you take wallet based transactions, there is firstly the need to load money into the wallet account and in UPI this is not necessary because transactions are carried out through the bank account only. In e-wallets, even for small transactions, the customer will have first to recharge his/her wallet and then again send money through the same wallet to whomever the payment has to be made. If UPI is used, the customer can directly make payment by using the virtual address.
For UPI, there is no need to remember multiple passwords, there is just one UPI pin that a user will have to remember.

Benefits of Mobile Payments

Be it UPI or mobile wallets, one cannot deny that they both offer customers the ease and convenience without having to carry around cash. Lets us understand some of the advantages of mobile-based payments:

  • One of the main advantages of any kind of mobile-payment is that it allows the customer to make contactless payments.
  • Payments can be secure and safe
  • There is no need to carry around cash or search for ATMs

Advantages of UPI

  • Eliminates need for e-wallets: UPI will allow you to directly make payments into the bank account of the other person. This will change the way payments are being made in the future.
  • No identity disclosure: You will not have to disclose any type of personal bank details. For, example, if you have to pay a cab driver, all you need his the virtual address.
  • Use any bank app: With UPI, payments are inter-operable and hence you can use any bank app. If if you are not a account holder of the bank, the UPI platform can be used.
  • One click: With UPI, one of the main advantages is a one-click payment mechanism. Payments can be made at the click of a button without any hassle.

The UPI interface is most likely to change the way mobile payments are being made in the country. UPI is the NCPI’s most sought after project, which offers customer a quick digital solution in today’s world. There are many UPI-enabled banks in the market and the latest is Tez, which is customized for the Indian market and is available in 7 Indian different languages. Unlike other payment wallets, one need not load money in the Tez app.

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Finance

Get Ready Before it is too late! Hire a Tax Specialist to Get Your Taxes Prepared

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Tax

More than a new beginning, a new year gesticulates another season of tax filing. Many business owners, in today’s day and age, prefer to hire or appoint a professional accountant to get their income tax returns prepared in the right way. Of course, we don’t all have the expertise to prepare our tax returns nor even we all have enough time to become an income tax expert. Furthermore, mistakes can cost really high. So, it is advisable to hire experts and get the task complete in the right way and cut down the anxiety.

Year-end is coming closer. It is the right time to get prepared for the tax season. Once your yearly tax forms begin to roll, you need to keep your documents ready for handing them over to the expert industrial tax preparation services. Expertly prepared paperwork can help you handle your taxes swiftly and avoid any late penalties and stress during the tax season. Let’s here refer a few essential tips for preparing tax returns.

Make out Updates/Changes

Obviously, your tax preparer will be eligible to make all necessary adjustments before submitting the tax charges. But, it is advisable to be prepared for the modifications since rules keep on changing.

Arrange Records in a Proper Way

Yes! We all keep our tax documents and receipts well organized. However, many times things slip out through the cracks. Track down those documents you might require for the tax filing and place them in a well-organized manner. Make sure that all the paperwork is placed carefully in file folders to avoid any unfortunate circumstances of repeating the organization process again and again.

Manage/Check Calculation

Do you really feel that you will be paying high tax amount this season? If yes, it’s time to run calculations; either on your own or if required by hiring a Personal Tax Preparer. Calculations, if managed by experts, can help identifying proficient ways to reduce the amount you owed with the right deductions and credits you can look for before the season comes to its end.

Settle Down Deductions

Many times people overlook scores of deductions while running tax calculation on their own. Deductions are to reduce our tax liability directly for the entire year. So, don’t forget to use the funds spend on unreimbursed employee expenses, educational requirements that include tuitions as well, job-related journeys, etc.

Capitalize Contributions

Y0ur contributions to appropriate retirement accounts or investments will significantly reduce the tax liability. This investment owns a yearly maximum that you should always try to meet. Moreover, seeing you below the limit, start diverting more amounts into the accounts so as to get huge benefits from the contributions.

Get Connected with the Tax Preparation Professional

As said before, all are not tax experts. Therefore, if you require assistance in filing your taxes, get connected with some Professional Tax Preparation services. Handing over the preparation well in advance to a professional organization will reduce your stress greatly. Developing a valid tax preparation system will help you apply for highly regarded methods right at the year beginning.

Moving towards the next phase, finding out the right tax specialist is not as simple as you could think. Tax preparation and filing is very personal and the most important affair. Lack or experience would most likely miss out sizable tax deductions. Whether you are a businessman, a traveling salesperson or even a road trucker, you should opt for someone who is knowledgeable and experienced in your specific tax niche.

Be Careful of False Promises

Take to the woods, if someone guarantees you a large refund without even having a look at your tax situation. Instead of a large refund this you get you to a huge trouble. Everyone doesn’t get a refund. Tax preparers promising refunds to everyone are most likely doing illicitly.

Find out a Person who is Well Trained

Tax preparation and filing is quite a complex task. Getting your data and tax situation in the hands of someone who is inadequately trained means your tax return would be terrible. Since tax laws and guidelines keep on changing every year, make sure the expert you are meeting has taken a recent training and is well updated with the latest changes.

Search for the Right Person through your References

As said before, tax filing and preparation is a complicated task. So, avoid messing around with your nearest strip-mall chains. It is vitally important to hire someone who is a specialist tax preparer since overlooked deductions and credits can cost you a huge amount. Get appropriate advice from your known ones in the business. Let them refer you some genuine name that prepares their taxes. This would be the best way to pick a professional tax specialist to manage your business and personal returns.

Don’t get Bent out of Shape by Various Questions

An expert tax preparer will check out many parts of your life that relate to your tax status. Most commonly the person will necessarily want to know your living arrangements; whether you are married or single, whether you live together or separately, also if you are a parent then the person will need your children’s age, their grade, etc. The tax preparer will also ask you questions regarding your personal property, like homes, cars, etc. Don’t hesitate or get bent out for having to answer too many questions. Those will be vitally required questions.

Last of all, income tax can be filed promptly and painlessly, in today’s day and age with an immediate proof of filing in your hand. ‘Work more to get more!’ It is a prime requirement of time. But, if you are not a smart tax prepare, it would be beneficial to hire Professional Tax Preparation Mississauga and gain the benefits you are entitled to.

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Finance

All You Need to Know About Commercial Construction Loans

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A commercial construction loan is an amount of money sanctioned to an investor or a company that is planning to construct a new commercial building. (more…)

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Business

7 Ways Business Owners Can Save Money

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Saving money as a small business or start-up can be tough. In the early days, your sales might not be as high as you like and you might find you have to bootstrap your way through the beginning of your business venture. This means it’s important to make your operations as cost-effective as possible. Here are seven ways business owners can save money and increase their bottom line.

1. Go green

Going green has been a bit of a buzz-phrase in recent times in relation to the threat of climate change. Aside from the environmental effects, you believe it does or doesn’t have, going green can save you money.

Whatever industry you’re in, it makes sense that the more energy efficient your business is, the lower your costs will be. Find ways to reduce the amount of power your business uses and look for things like energy efficient light globes.

2. Compare interest rates

Whether you fund your business with a loan or you use a credit card to pay business expenses, there’s always room to save on interest rates. You can use sites like RateCity to compare a range of providers and find the best rates for your business. You might be surprised that many banks will lower the interest rate or remove the annual fee if you negotiate with them.

3. Save space

New businesses often move into an office that gives them some room to grow into. This is a great way to streamline future processes, but what should you do with all that spare space? Having spare space, which you’re paying rent for, sit idle is simply a waste of money.

Instead, you can list your spare space on a community sharing site, like Spacer. This platform will connect you with other businesses or individuals looking for extra storage space. This way, your business can help locals in a secondary way, while you earn money from your spare space.

4. Buy used equipment

When starting a new business, it can be tempting to deck it out with the newest and latest equipment. However, this will be very expensive to do. As a small business, you should be looking to make savings every way you can.

Finding second-hand equipment can go a long way in keeping your pockets full. You can look for used equipment on sites like Gumtree, or you can ask other local, established businesses if there’s any equipment you can buy or lease off them. Whatever you do, ensure that the equipment is in normal working condition.

 

5. Barter with other businesses

When you hear the word bartering, your mind is likely to jump back to the distant past where people exchanged goods and services for other goods and services. While it was useful in the old markets, bartering can still be a helpful solution for businesses today.

If you need a certain service or product for your company, you can try to trade it for whatever your business provides. Granted, this will only work in certain situations, and you will have to be careful with how the transaction takes place but used in the right way, bartering can be extremely beneficial. Not only can you get what your business needs without spending capital, you can build relationships which lead to future work.

6. Look for free and open source software

In this digital age, nearly every business will use some type of software for at least part of their business. Certain software for bookkeeping, presentations and other processing duties can be expensive.

Look for free, open source software or cheaper cloud options. There’s a range of services out there that will be sufficient for small businesses and don’t carry a large price tag. You can also look for software that gives new users a 30-day trial. After that, they will start charging, but if you’re strategic, you can unsubscribe and repeat the process with a new software platform. Rinse and repeat until your business is stable enough to make a commitment. This way you will know which one you like the best and can be confident with your purchase.

7. Be smart with new hires

For a new business owner, hiring staff can be a tricky thing to master. Your first hire can make you feel like a legit business, but it can also be a massive waste of money. For a small business, a full-time employee can be particularly expensive, what with insurance, super and allowances, and they might not even be needed consistently.

In the early days of your business, it’s often best to use contractors for specific projects. Today, we can easily reach high-quality contractors all around the world thanks to the sites like Upwork.

If you’re looking for an in-house employee, consider getting interns or recent graduates. While they might lack experience, they will be significantly cheaper than someone with years of industry experience, and new graduates are often highly motivated, making them perfect hires for small businesses ready to grow.

Saving money as a small business can be incredibly difficult. Adopting a frugal way of doing business can help keep your expenses down and your cash in the business. Shop around, make use of your space, hire smart and tighten up your spending and you might find your cash flow is better than you budgeted.

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