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Interest – All You Need To Know

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[video width="1080" height="1080" mp4="http://pikvan.com/wp-content/uploads/2022/02/5th.mp4"][/video] Interest - All You Need To Know Interest refers to the cost of borrowing money or the reward for lending money. For more info, watch the whole video

10 Mos10 Most Important Financial Conceptst Important Financial Concepts

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10 Most Important Financial Concepts -
1. Net Worth
2. Inflation
3. Liquidity
4. Bull Market
5. Bear Market
6. Risk Tolerance
7. Asset Allocation and Diversification
8. Simple Interest
9. Compound Interest
10. CAPM (Capital Asset Pricing Model)
 
Start your journey to financial fluency by learning some basic financial terms and concepts. It’s time to lose your fear of finance and begin embracing money matters head-on.
 
To learn more, watch the whole video.
[video width="1080" height="1080" mp4="http://pikvan.com/wp-content/uploads/2022/01/Untitled.mp4"][/video]

Non-Fungible Token (NFT)

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Non-Fungible Token (NFT) A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a blockchain, a form of digital ledger. NFTs use a digital ledger to provide a public certificate of authenticity or proof of ownership. An NFT is a unit of data stored on a digital ledger, called a blockchain, which can be sold and traded. NFTs function like cryptographic tokens, but, unlike cryptocurrencies such as Bitcoin or Ethereum, NFTs are not mutually interchangeable, hence not fungible. NFTs can also be used to represent individuals' identities, property rights, and more. It is impossible for one NFT's (non-fungible token) to be equal to another. They are digital representations of assets and have been likened to digital passports because each token contains a unique, non-transferable identity to distinguish it from other tokens. They are also extensible, you can combine one NFT with another to “breed” a third, unique NFT. Why Are Non-Fungible Tokens Important? 1. Non-fungible tokens are an evolution over the relatively simple concept of cryptocurrencies. 2. Market Efficiency (conversion of a physical asset into a digital one streamlines processes and removes intermediaries.) 3. Improve Business Processes 4. Identity Management (own unique identifying characteristics possible to streamline the entry and exit processes for jurisdictions). 5. Democratize Investing by Fractionalizing Physical Assets like Real Estate. 6. Creation of New Markets and Forms of Investment. Some Examples of Non-Fungible Tokens - 1. Digital Artwork and Real Assets such as real estate. Other examples include in-game items like avatars, digital and non-digital collectables, domain names, and event tickets. 2. The most famous use case for NFTs is that of Cryptokitties. Launched in November 2017, Cryptokitties are digital representations of cats with unique identifications on Ethereum’s blockchain. [video width="640" height="640" mp4="http://pikvan.com/wp-content/uploads/2021/12/27th.mp4"][/video]

Finance Processes to Automate Now – II

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Finance Processes to Automate Now - II
Automation helps you to Reduce Costs and Scale Your Business by following Processes -
 
6. Purchase Orders - It ensures visibility, accuracy and efficiency. When procurement processes are integrated with AP systems, vendors receive timely payment because the software automatically matches invoices with
purchase orders and receipts.
 
7. Financial Reporting - Automated financial reporting ensures that reports are accurate and the financial data is transparent & credible for any business event.
 
8. Consolidated Financial Processes - To have a unified view of financials across the business in seconds by introducing automation into the financial consolidation process is a huge advantage.
 
9. Budgeting and Forecasting -
(a) stakeholders can easily track and stick to budgets, and numbers are easily accessible for forecasting purposes.
(b) easy to consume the data—to compare numbers, spot trends and use the data to make decisions.
(c) reduces the time and energy, accounting or FP&A teams spend on it.
 
10. Sales Tax - The automation process determines taxability and the amount to collect for every sales transaction.
 
How ERP Addresses these Challenges
a. ERP software automates business processes by collecting all information from across an organization
in a central database and using that data repository to automate workflows.
b. Help the Businesses establish and maintain rules that ensure compliance with legal and regulatory mandates.
c. Offer value in tying together business processes end-to-end, allowing the technology to mirror, guide and improve the ways your business gets things done.
[video width="640" height="640" mp4="http://pikvan.com/wp-content/uploads/2021/12/WhatsApp-Video-2021-11-26-at-12.40.39-PM.mp4"][/video]

Finance Processes to Automate Now – I

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Finance Processes to Automate Now
 
Automation helps you to Reduce Costs and Scale Your Business by following Processes -
1. Data Entry - The benefits of fully automating all processes associated with data entry—more accurate data, less time spent verifying and reconciling the data and more time to look at and analyze information to drive process improvements and greater efficiency.
 
2. Accounts Payable (AP) - Automating the accounts payable process is important to make sure the business pays its bills on time and can take advantage of optimal payment terms to hold on to cash longer and receive discounts when offered.
 
3. Accounts Receivable (AR) - Tying in credit management to set credit limits for customers and manage accounts to recognize early signs of financial trouble and respond accordingly. It leads to a more predictable cash flow and prevents companies from wasting resources trying to track down delinquent customers.
 
4. Expense Processing and Management - Automate expense management to simplify the entire process of
submitting, processing and reimbursing expenses. Also, Eliminating paper, gaining visibility into spending trends, preventing expense fraud and increasing compliance with the policy.
 
5. Payroll - Automation is crucial in accurately and easily providing all the required data. Also, Greatly increase
efficiency and reduce errors and other headaches by eliminating manual inputs.
[video width="640" height="640" mp4="http://pikvan.com/wp-content/uploads/2021/12/2nd.mp4"][/video]

Artificial Intelligence & Accounting

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Artificial Intelligence & Accounting AI is the professionals for accounting & finance and will attract the next generation of employees and clients. It Saves Time & Money and Provides Insights. AI can Transform but not replace accountants and according to leading research firm Gartner, AI in the future will create more jobs. Tasks that can be resolved by implementing AI - 1. Monthly or quarterly close procedure 2. Procurement 3. Accounts payable/receivable 4. Audit 5. Expense management 6. AI Chat Bots True Benefits to professionals/businesses - 1. More productive and efficient 2. 80-90% time reduction in performing the task 3. Increase quality 4. Real-time status of financial matters 5. Daily reporting is more possible and affordable 6. Prevent potential fraud issues or suspicious activity.   [video width="1080" height="1080" mp4="http://pikvan.com/wp-content/uploads/2021/11/19th.mp4"][/video]

Audit Data Analytics

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Audit Data Analytics Audit Data Analytics involves the analysis of a complete set of data to identify anomalies & trends for further investigation as well as to provide audit evidence. This process usually involves an analysis of entire populations of data, rather than examining a small sample of the data. An auditor can benefit in the following ways: 1. Better advance planning, since analytics can be used early in an audit to identify problem areas. 2. Better risk assessments, based on any anomalies and trends uncovered. 3. Higher-quality audit evidence, since the auditor can now examine far more data than had previously been possible with audit sampling. 4. The communication of more issues to the client, since data analytics is more likely to uncover a variety of anomalies that could be of interest to those charged with governance of the client. [video width="640" height="640" mp4="http://pikvan.com/wp-content/uploads/2021/06/WhatsApp-Video-2021-06-27-at-7.56.09-PM.mp4"][/video]  

Vendor Risk Management Framework II

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Crucial Elements for an Effective Vendor Risk Management -
 
1. Due Diligence Standards -
(a) Know the organization
(b) Determine their good standing and licensed to conduct business
(c) Gather documents to show they are a well-managed and compliant operation
 
2. Assess the risk -
(a) Look for gaps or areas that may cause concern
(b) Use a rating system to be objective and consistent
(c) Identify risks and Determine how can we minimize exposure
 
3. Ongoing Monitoring -
(a) How will you manage this vendor going forward?
(b) Are there performance metrics that will require regular reporting?
(c) Is there some sort of quality of service you need to measure?
 
4. Contract Standardization -
(a) Be sure that the vendor has certain obligations
(b) Define each party's roles and responsibilities
 
5. Termination and Exit Strategies -
(a) Determining early how termination will be handled.
 
6. Board Involvement -
(a) Senior management and the board of directors must be kept informed of the status of your vendor management program.
 
Risk Management Frameworks are built to guide organizations that require a Disciplined and Systematic approach to Management that looks beyond Compliance to Emerging risk.
[video width="1080" height="1080" mp4="http://pikvan.com/wp-content/uploads/2021/04/Video-2.mp4"][/video]

Vendor Risk Management Framework

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Vendor Risk Management (VRM) deals with the management and monitoring of risks resulting from third-party vendors and suppliers of information technology (IT) products and services.
Vendor Risk Management Framework is a critical tool for reducing the likelihood that a vendor issue could result in catastrophic financial, legal, or reputational damage.
Benefits of Vendor Risk Management -
1. Addressing future risks takes less time and fewer resources
2. Accountability for both the company and vendor is understood
3. The quality of your services isn't damaged
4. Costs are reduced where possible
5. Availability of your services is an improvement
6. You can focus on your core business function
7. Operational and financial efficiencies are secured
8. Risk is reduced as long as everyone follows the plan
For more information visit - http://pikvan.com/
[video width="1080" height="1080" mp4="http://pikvan.com/wp-content/uploads/2021/04/Video-1.mp4"][/video]

Cybersecurity – Chartered IIA’s Risk in Focus Survey

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Cybersecurity - Chartered IIA’s Risk in Focus Survey Challenges in 2020, including a global pandemic and social unrest, Cybersecurity & Data security risks remain top-of-mind for Chief Audit Executives & audit committee. 79% of survey respondents citing this issue as a top priority as employees shift to remote work during the COVID-19 pandemic. Employees are no longer protected by the security features utilized in office environments, phishing attempts, and malware infections. 1. Risks associated with digitization, new technologies, and AI. 2. Increasingly aware of financial, capital, and liquidity risks as a recession looms. 3. Bribery, fraud, and other financial crime, as well as supply chain, outsourcing are CAE’s risk radars Regarding cybersecurity, the group recommends introducing new IT protocols to remote work arrangements, including training employees on how to spot phishing and spear-phishing attempts. Internal auditors can help lead assessments of gaps and inefficiencies within business operations to find cost-saving opportunities. “Businesses are operating in extraordinary times and have had to adapt to new challenges this year like never before,” John Wood, Chief Executive-Chartered IIA [video width="640" height="640" mp4="http://pikvan.com/wp-content/uploads/2020/10/Cyber-Security.mp4"][/video]
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