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3  Ways to Stay Organized While Traveling

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One of the most stressful parts of traveling is packing for a trip, and keeping your belongings organized and in their rightful place while you’re on the go. If you travel frequently for business or have recently taken a longer vacation which required a large packing load, you are likely familiar with this struggle. So, how do you balance packing the items you need and could foresee being useful with not over packing and managing to keep your luggage organized? Keep reading to learn 5 tips for staying organized while traveling.

Pack Early

Waiting until the last possible minute to pack for a trip is one easiest way to ensure that your belongings will be disorganized, and will leave you more likely to misplace important items.

Begin packing about a week in advance to ensure that you will have ample time to figure out what you are taking, what items you might need to buy, and where everything will be stored during your trip. If you are flying, pack a separate bag specifically for the airport in advance; this should include items to use aboard the flight as well as personal documentation, tickets, etc. Just as you’d keep your medical records from Provider’s Choice Scribe Services organized and ready to present to a doctor, be sure to keep your passport or boarding pass in an organized spot and ready to present to an airport attendant.

Make Several To Do Lists

To help stay organized and on the clear path to a smooth traveling experience, make several to do lists when packing and preparing for your trip. Some ideas of a few helpful lists include:

  • Things to Pack
  • Things to Do Ahead of Your Trip (hire a pet sitter, stop at an ATM, run errands, etc.)
  • Items to Bring on the Plane
  • Items to Purchase at Your Destination

Pack According to Plans

If you can, try to make an itinerary for each day of your trip in advance so that you know what activities you will be doing, and what outfits will be required. This will help you visualize the items you need to bring, and will help you avoid overpacking by knowing exactly what you need and leaving little room for surprises that might justify excessive packing. If you are unable to make a specific agenda for your trip, limit yourself to 1 outfit per day with 1 emergency outfit for a formal occasion, or other event so that you can keep items to a minimum while having peace of mind about being prepared for all occasions.

Overpacking or waiting until the last possible minute to get organized for a trip can cause excessive stress and hinder your ability to have a smooth and enjoyable travel experience. Follow these 3 trips for organized travel to make your trip as stress-free as possible.

3 Ways COVID Has Transformed the Retail Industry

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The retail sector is still reeling from the effects of a global pandemic. The brands that quickly shifted to digital transformation have been the industry’s winners. Those that proved slow to adapt to the changes caused by COVID have felt the pressure. Many have collapsed entirely. The challenges for retail have been enormous.

With consumer confidence down, brick and mortar premises experiencing lower footfall, and the continued rise of eCommerce, retailers have had little choice but to adopt digital technology faster than ever predicted. And the changes are proving to be necessary for long-term survival in what was already a highly competitive industry.

Here are the top three ways that COVID has transformed the retail industry.

Chatbot Deployment

Chatbots have come a long way since the preemptive rollout in 2016. Now, modern chatbots use artificial intelligence, machine learning, and natural language processing to respond to interactions and understand them. And that’s proving revolutionary for retailers.

There are so many benefits to using chatbots from improved customer service to profit gains that retailers who dismiss their value will fall behind their competitors. The modern consumer doesn’t want to wait for answers to questions, and they don’t want to spend time browsing multiple product pages to find what they need.

Chatbots solve those issues in a way that matters, and not just for one person at a time. Multilingual, multi-platform, and multi-use, the chatbot revolution in retail has already begun.

Supply Chains

If one element of retail management experienced total vulnerability during the pandemic, it was the supply chain. Global supply chains broke down almost immediately, and some have yet to recover. This affected retail as much as any other sector, but retailers have had to contend with rapidly changing consumer needs at the same time.

That meant changes to inventory management and inventory planning. Leaner stock levels have had to meet transparency strategies to spot vulnerabilities and potential issues early. In real-world terms, even small retail brands have to launch multiple fulfilment sites instead of a central location. Speed is critical in retail, and slow order fulfilment can be fatal to a retail outlet.

Of course, that means a growing reliance on digital management tools and resources. Brands that adopt those technologies will be much better positioned than those that dismiss an affected supply chain as an irrelevance.

Physical Safety

While eCommerce has grown faster than expected thanks to COVID and lockdowns, it became clear that consumers had changed as stores reopened. The consumer experience of retail shopping has always been about keeping the customer in-store for as long as possible to make more purchases. Now, consumers and their brands have had to readdress the physical shopping experience.

Speed, safety, and a focus on social distancing and minimal touch have become the goal. How this will evolve remains to be seen. For now, retailers need to ensure that they welcome back those online customers to the physical shopping experience in the right way. And it’s not just about the customers. Retail brands also have to ensure that their teams are protected in the workplace.

Contactless checkout has proven the key tech for addressing real-world shopping pain points. From smartphone apps to in-store barcode scanners that let shoppers pay as they walk, today’s shopping experience is very different from that of just two years ago.

The Future of Retail

While some of the changes to the retail sector in the wake of the pandemic look set to become staples of the industry, it’s become difficult to predict what happens next. The obvious mainstay will be a growing reliance on digital technologies such as chatbots and digital management software. Other changes, such as contactless shopping, may be with us long term even as adoption slows down.

Whatever changes come next, large and small retailers alike need to be ready. When some of the biggest names in retail have had to file for bankruptcy or close down for complete restructuring, agility is proving more critical for retail than ever. Slow-moving brands that aren’t responsive to social change or consumer demands are only set to fall behind, and recovery is more challenging to guarantee.

How To Choose A Forex Broker?

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Investing used to include conducting all of your trade over a phone call until a little more than a decade ago. You have to call your broker and put an order for each activity. All of that has changed thanks to online trading platforms, which allow you to control each aspect of your trade from the broker’s online trading platform. Isn’t it simple? But, with so many options available on the internet nowadays, how can you choose a Forex broker with a strong portfolio? A large number of Forex brokers are available to new traders. So, how do you make your decision? It all boils down to selecting the broker you believe would best meet your requirements. And we are here to assist you with that. Moreover, you can also browse platforms like ForexBrokerKing to keep yourself updated with the latest forex trading trends and news and tons of trading information for a well-informed trading experience.

You need to keep in mind that there is no such thing as the finest forex broker or the best forex broker. The best broker is assessed with respect to your specific requirements and how it complies with your particular needs. Moreover, you can choose an ideal broker for you if you know what kind of trading experience you desire.

In this blog, we will try to simplify and streamline the overall selection process so you can focus on investing possibilities rather than which broker you need to choose.

The Parameters To Consider Before Choosing A Forex Broker

Regulations And Licences

It is vital to verify that the forex trading platform you use is regulated and has the required licenses. We recommend that you only trade with brokers that are licensed and regulated by reputable regulatory bodies such as the Commodity Futures Trading Commission (CFTC), the National Futures Association (NFA), and the Financial Services Authority (FSA). Why, though? It signifies a broker’s trustworthiness and ensures that your funds are safe. Furthermore, forex brokers are regulated in countries like France, Switzerland, Germany, Canada, and the United Kingdom. However, not all brokers are licenced, and traders should avoid unregistered companies.

User-Friendly Interface

Forex trading should be simple, spontaneous, and easy. For this, it is critical to have a decent user interface. With mobile applications becoming the dominant mode of digital contact, a visually appealing and simple-to-use user interface is no longer a luxury — it’s a need. However, suppose you are a newbie with little or no experience with technical forex trading platforms. In that case, you should go through the various options and choose the one with the most user-friendly interface for a seamless trading experience.

24/7 Responsive Customer Support

This is an important point. Professional customer assistance is essential because you will almost certainly need customer service at some point along your trading journey. Through live chat, phone calls, and e-mail, customers should have convenient access to assistance and trading desks. So, look for a broker that is available 24 hours a day, seven days a week. Before you deposit funds into the account, test the broker’s response time by using the chat interface and dialling the phone number to see how long it takes for a customer representative to respond.

Options For Leverage

Every forex brokers offer leverage, but differently. The more leverage you utilize, the more profit you might possibly make, but you will also be taking on greater risk. As a result, there is no optimal leverage amount; it all relies on your trading style. Some brokers, however, give up to 150X to 200X, and even more in some situations.

Fee Structure

A greater asking price and a lower bid price are displayed in forex quotations. The last two decimals are generally rendered in bold font with the lowest price increment. This is a standard protocol because most forex brokers do not charge commissions or fees for transactions instead of depending on the spread to generate money. So, if you’re curious about how your broker handles spreads, ask them:

  • Are spreads either fixed or flexible?
  • What is the average spread for each currency pair you intend to trade?
  • What are the spreads like during high-volatility periods?
  • In addition to the spread, are there commissions per trade?

Demo Account

Most forex brokers provide demo accounts, which allow potential clients to try out the standalone, online, and mobile interfaces for forex trading with virtual currency. These demo accounts show the same quotes, charts, and watchlists as the real system, making them useful for determining the broker’s bid/ask price. If the broker does not provide a sample account, be cautious because it may be using outdated or poor technology.

Educational Resources

A broker’s educational services will assist you in mastering the Forex market. Most brokers include a number of educational resources to help traders evaluate the Forex market. ForexBrokerKing has also done the legwork for you and has compiled a list of the best Forex brokers. So, do check it out!

Conclusion

When looking for a forex broker, take your time because a wrong selection can be costly for your trading portfolio. The best brokers will offer a wide range of resources and low trading costs. So, even if you establish a little account in the hopes of turning it into a small fortune via your trading skills, they will look after your money with care.

Macropay Review: Important Online Banking Laws & Updates

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Keeping up to date with current online banking laws and updates is incredibly important when entering the online finance industry. There are constantly rules and regulations being added and altered to ensure everyone’s safety while shopping and selling online. Let’s discuss the important online banking laws in this Macropay review with notes from Adam J Clarke, CEO & Founder of Macropay.

Laws and Updates

Different countries and regions have different rules and regulations when it comes to online banking. Therefore, keeping up to date with laws in your region and the regions in which you wish to sell is incredibly important. Remaining compliant and legal while managing your online business is essential in keeping your business running.

Here are some recent significant updates within the open banking industry.

Cybersecurity

In 2021, in the United States, government policymakers reviewed and focused on improving cybersecurity, strengthening digital identities, and protecting consumers. Emphasis is cast on online payments, digital currencies, and online authentication during financial transactions.

There are updates to several key global regulations, policies, and laws that will have an impact on the banking industry at large, such as with financial institutions, fintech companies, and payment systems. In addition, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) published a final rule for banking organizations.

Adam J Clarke furthers that “being legally compliant is important. It is in the best interest of any management to assure their client base that their data is protected. Trust is created when clients know that they are dealing with a law-abiding business.

Cryptocurrency

In the European Union, Markets in Crypto-Assets Regulation (MiCA) aims to establish a comprehensive crypto-assets regulatory framework. This will enhance legal certainty surrounding cryptocurrency and ensure harmonization across the EU. Main priorities include transparency, consumer protection, prevention of market abuse, authorization, and supervision. There is also a clear definition of crypto-assets that are now classified into three categories: e-money tokens, asset-referenced tokens, and a third group covering all other types like utility tokens. MiCA’s legislative process is to be completed in early 2022.

Artificial Intelligence

The European Union has also started to implement a strategy for data concerning the use of AI. The Artificial Intelligence Act, pays particular attention to “high risk” systems and contexts. The regulation would apply to all providers and users located within the EU, as well as extra-territorial providers whose services are utilized within the EU.

Digital Identity

Denmark’s MitID, the digital identity infrastructure, will replace NemID. MitID is to be more flexible and secure and can be used for approving logins and payments. However, due to delays, the solution will most likely be ready in summer 2022.

Furthermore, in Canada, the Pan-Canadian Trust Framework (PCTF) from the Digital Identity and Authentication Council of Canada (DIACC) will launch its Voila Verified Trustmark program in 2022.

Data Protection

 In Japan, amendments to the Enforcement Rules for the Act on the Protection of Personal Information (APPI) were published in 2021 and took effect on April 1, 2022. The amendments strengthen the rights of data subjects and impose new requirements in regard to processing personal data and open banking.

The amended APPI requires foreign persons to report on their processing activities, and they will face fines in the case of non-compliance.

In Review: Macropay Experts Can Help

Macropay are experts in the online payments landscape. They can help make accepting client payments and accessing open banking simple and legally compliant. “We are quite knowledgeable when it comes to financial technology. Macropay started out operating in a living room. Now, we are one of the most successful FinTechs in Europe,” Adam J Clarke, CEO & Founder of Macropay notes.

With expert advice and an eye on changing regulations and trends, Macropay can ensure your online business is compliant, safe, and straightforward for your customers. Contact Macropay through support@macropay.net for more information.

12 Landing Page Video Best Practices to Boost Conversions

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Landing pages are all about conversion, and incorporating video can make your page convert like crazy. A recent study showed that video can boost the conversion rate of a page by 80%.

If you’re not using video on your landing pages, you’re missing out on a huge opportunity.

In this article, we will discuss 12 best practices for using video on your landing pages. Implementing these tips will help you create videos that are both effective and engaging!

So, without further ado, let’s dig into the best practices you can adopt in your own videos.

  1. Prioritize High-Quality Production

It’s important to remember that your landing page is often the first impression potential customers will have of your brand. If your video looks like it was filmed on a budget, it will reflect poorly on your brand.

Your video doesn’t need to be Hollywood-level production, but it does need to look and sound professional. This means investing in good lighting, sound equipment, and editing software to create a professional-looking video.

  1. Create Compelling Scripts

Your video is only as good as its script. A well-written and compelling script will capture viewers’ attention and keep them engaged.

When writing your script, make sure you focus on one main message. You want to make sure your video is focused and to the point. Trying to cram too much information into your video will only overwhelm viewers and cause them to tune out.

In addition, make sure your script is interesting and engaging. No one wants to watch a boring video, so spice things up by adding some personality to your script.

  1. Include a Strong Call-to-Action

Your video should always end with a strong call-to-action (CTA). A CTA is an instruction that tells viewers what you want them to do next.

Some examples of CTAs include:

  • Visit our website to learn more.
  • Sign up for our free trial.
  • Download our e-book.

Make sure your CTA is clear and concise. You want viewers to know exactly what you want them to do and how they can do it.

You should also include a CTA in the description of your video. This way, even if someone doesn’t watch your entire video, they will still see your CTA and be able to take action.

  1. Keep It Short

As with anything on the internet, you want to keep your videos short and sweet. The average attention span of an internet user is only eight seconds, so you need to make sure your video grabs their attention quickly.

The best way to do this is by keeping your video under two minutes. This may seem like a short amount of time, but you’d be surprised how much you can fit into two minutes.

If you find that your video is running longer than two minutes, try to edit it down or split it into multiple videos.

  1. Animated Videos Can be Super Effective

If you really want to capture viewers’ attention, consider using animated videos. Animated videos are fun and engaging, and they can help simplify complex concepts.

When creating an animated video, make sure the animation is high-quality and relevant to your brand. You also want to make sure the voiceover is clear and easy to understand.

  1. Add Closed Captions

Including closed captions in your videos is a great way to make them more accessible to a wider audience. Closed captions are text that appears on screen and corresponds with the audio of your video.

Not only do closed captions make your videos more accessible to viewers with hearing impairments, but they also make your videos more accessible to viewers who are watching without sound.

Make sure the text of your closed captions is clear and easy to read. You also want to make sure the text matches the audio of your video.

  1. Avoid Autoplay

We all know how annoying it is when a video starts playing automatically, without our permission.

Autoplay is a surefire way to get people to leave your website. No one wants to be blasted with sound when they’re trying to browse in peace.

Give visitors the option to play the video themselves. If you must use autoplay, make sure there’s an easy way for viewers to turn the sound off. The last thing you want is to alienate your viewers and drive them away.

  1. Use Custom Video Player Colors

You want to make sure the colors you use are in line with your brand. For example, if your brand colors are black and white, you might want to use a black or white video player.

Most video hosting platforms, like YouTube and Vimeo, give you the option to customize your player colors. This is a great way to make your videos match your brand’s color scheme.

Using custom colors is also a great way to make your video player stand out. This way, viewers will be more likely to notice your video and click on it.

  1. Optimize Your Video for SEO

Just like with any other type of content, you want to make sure your video is optimized for SEO. This means including keywords in your title and description that people are searching for.

Including keywords will help ensure that your video appears in search results, which will help you get more views.

You should also include a transcript of your video so that people can read it if they can’t watch the video for some reason. This is especially important for people who are deaf or hard of hearing.

Make sure your transcript is accurate and error-free so that people can understand your video.

  1. Use an Eye-Catching and Descriptive Thumbnail

Your thumbnail is what will appear on your landing page before viewers click to play your video. As such, you want to make sure your thumbnail is eye-catching and descriptive.

Your thumbnail should give viewers a good idea of what your video is about. It should be visually appealing and make them want to watch your video.

In addition, make sure your thumbnail is high-quality and professionally designed.

  1. Place the Video Above the Fold

You’ve probably heard the term “above the fold” before, but what does it mean? Essentially, “above the fold” refers to the content that is visible on a web page without scrolling.

When it comes to your video, you want to make sure it’s placed “above the fold” on your landing page. Placing your video above the fold ensures that viewers will see it as soon as they land on your page – without having to scroll down.

This is important because you want to make sure your video is one of the first things viewers see when they land on your page. If they have to scroll down to find it, there’s a good chance they’ll never even get to it.

  1. Make It Easy to Share the Video

If you want people to share your video, you need to make it easy for them to do so. Include social sharing buttons on your landing page so that viewers can share your video with their friends and followers with just a few clicks.

Make sure you include social media sharing buttons for all of the major platforms, like Facebook, Twitter, and LinkedIn. In addition, include an embed code so that people can embed your video on their own website or blog. This is a great way to get more people to see your video.

Conclusion

By following these best practices, you can create an amazing landing page video that will help boost your conversion rate. 

Don’t have the time? Consider hiring a professional video production company like Rocketwheel to get a video already optimized for conversions and SEO. 

Things to Know While Selling a Home in 2022

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The property market has been on a roller coaster for the past two years, presenting obstacles as well as possibilities for both buyers and sellers. For some, the open marketplace has resulted in many offers, competitive bids, and successful transactions. Some, however, have been dissatisfied since they have been unable to sell their home.

As well-known estate agents in Orpington, we’re offering some advice to sellers who already are present in the market. It’s critical to make the best of what’s going on in the local real estate market.

First impressions are crucial:

Pictures of your house play an important role in its saleability and are the first step in getting potential buyers to schedule a showing, especially for those who start their search online.

If your home is already on the market for a while, then you may also want to think about having new photos taken to showcase the seasons and avoid looking obsolete. Asking your realtor to modify the order of the photographs online is an easy method to achieve this.

Exterior photos of your home might work as well as the main photo. However, if your property includes elements that can be used seasonally, you may choose to have a warm lounge room during winter and a big garden in the summer.

Dress to please:

Well-presented properties can generate more attention. If your property is unfurnished, try having the rooms outfitted such that prospective buyers can get a sense of the scale of the bedrooms and how their own belongings might fit in.

If you do choose to decorate your house, make sure the furniture and furnishings match the design of your home as well as the sort of lifestyle you lead. Home sellers follow the basic rule of keeping things simple and avoiding clutter.

Make sure that the pricing is reasonable:

It’s critical to have your house evaluated and advertised at the correct price if you want to sell it. Well-priced houses sell faster and attract more competitive offers; nevertheless, aggressive pricing might turn homebuyers, particularly if they consider many houses at the same price point.

Some sellers may utilise the ‘offers in excess of…’ price tag, which is a more frequent strategy throughout the Scottish real estate market. This form of marketing a property is not for everyone, and it might be perplexing to some purchasers, but when done right, it can generate ambitious sealed bids and deliver excellent results for you.

Calculating a property’s fair market value is not a precise science. If you own a bigger yard, have more floor area, or have constructed an addition, it might be fair to request a premium price. The amount of noise in the surroundings and accessibility to decent schools, shopping, transportation, healthcare, and other important amenities are additional factors.

House Prices in the United Kingdom:

When the lockdown regulations were first relaxed, estate brokers around the UK saw a surge in demand for houses outside of major cities, as individuals grew acclimated to remote working and sought more space and gardens.

A further decline in the Base Rate, the continuance of government programmes like Help to Buy, and the exceptional economic stimulus all fueled the market.

According to Halifax and Nationwide reports, costs increased by up to 10% in 2021. This might be due to a shortage of supply or a “scarcity” factor driving up pricing. The prolonged Stamp Duty Holiday aided matters considerably. We anticipate an ever-increasing need for property as 2022 advances. There are also significant inflationary pressures, which might lead to interest rate hikes by the Bank of England.

How much increase happens depends on how quickly prices increase (and hence need to be managed), but it wouldn’t be surprising to see the Base Rate climb somewhere about 0.75 and 1% towards the end of the year. This, in turn, might weaken the market by increasing mortgage costs.

Uncertainties in the market:

The government’s objectives were obviously focused on containing the consequences of COVID-19 for the most of 2020 and 2021, as the epidemic dominated the headlines. However, now that Coronavirus has been contained, the problem of Brexit may be revisited — particularly while supply chain concerns continue to affect a number of vital businesses.

Despite the uncertainties that Brexit presents, the market could still gain traction given interest rates are at record lows, albeit this could take some time to trickle through.

If you want to sell your house this year, now would be the perfect time to take advantage of these market hacks.

Keeping the Costs of a Funeral Down in the UK

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There has been a much-vaunted cost of living crisis in the UK in recent times with increased prices associated with a raft of goods and services. In addition, there is something of a cost of death – or, at least, funeral – crisis that many people face. This is because the cost associated with a typical funeral in the UK now exceeds well over £4,000 and that figure is rising steadily. As such, many people would like to keep the costs of their funeral down whether they are planning their own or arranging one for a recently departed family member. What are the best ways to keep funeral costs as low as possible?

Plan In Advance

Burial and cremation payment plans are available at today’s prices. If you opt for one, then many funeral planning services will allow you to spread the cost of your funeral up into bite-sized instalments. This makes budgeting easier, of course, but it also means you will pay for the funeral at what the cost would be right now. As funeral costs are rising, on average, this could save you a tidy sum in the long run.

Book a Cremation

Simply put, cremation payment plans are cheaper than burial ones. Although many of the same costs are involved with both types of services, you won’t need to pay for a burial plot if you book a cremation. According to Newrest Funerals, which offers burial and cremation payment plans, professional pallbearers are advisable for burials but, with a cremation, you can opt to do this from a group drawn from the mourners. As such, you’ll spend less on funeral directors’ fees and your plan will cost less as a result.

Do Your Own Catering

The wake following a funeral service can be one of the costlier elements. Assuming you want to stage one, there is no need to book a function room and outside caterers. Inviting people into your home for a cup of tea and a sandwich is perfectly good for a modern wake so you needn’t push the boat out unless you really want to.

Choose a Cost-Effective Coffin

Caskets are expensive items. Even wooden coffins with veneers and a few ornate touches here and there will cost more than you might expect. However, there is no need to go to great expense with a coffin. Cardboard ones sound flimsy but they are up to the job of conveying most bodies. What’s more, they’re widely considered as being an environmentally sound option as well as being cheaper.

Go Online

Cut down on costs by using online services for the funeral you are planning. Few people put notices in local newspapers these days when they can tell people about the funeral arrangements using social media posts. Equally, you can cut down on the expense of lots of mourners traveling to the funeral service by streaming it. Many funeral homes and crematoria offer online services nowadays that allow mourners to attend virtually. Just ask them what is involved before you book to make sure they have the necessary technical capabilities.

Expat funerals

Arranging expat funerals requires a delicate balance of navigating cultural differences, coordinating with international authorities, and offering personalised services to honour the diverse backgrounds and preferences within the expatriate community. Expat funerals in Spain, for instance, often involve a unique blend of local customs and expatriate traditions, reflecting the diverse cultural tapestry of the expatriate community in the country.

The Queen’s Speech announces a promise to help households with cost-of-living crisis – but is more needed? 

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Households face a myriad of obstacles in the UK property market as the average asking price surges to over £360,000

The UK is facing the worst cost of living crisis since the 1980s, with inflation running at the highest pace in 30 years. During the Queen’s Speech on Tuesday 10 May, a promise was made to grow the economy and ease the financial burden on households, however there was no specific bill announced aimed at tackling the cost of living. 

The rising prices are just one of many obstacles facing the UK housing market. The unbalanced supply and demand level has caused the average asking price to surge to £360,101 – representing a £19,082 increase over the past three months. Alongside this, 53% of properties are selling at or over their final advertised asking price. These persistent rises have made it harder than ever to get onto the property ladder, with buyer inquiries 65% above the ‘more normal’ market of 2019. Another contributing factor is the nature of the UK’s open market – attracting not only domestic purchasers and investors looking to buy, but also inbound investors and people looking to relocate to the UK. 

The continued rise of property prices, combined with rising interest rates, inflation and cost of living has caused anxiety within the property world. An ONS survey revealed that around half (53%) of adults who rent their home reported that they could not afford an unexpected expense, compared with 1 in 10 (13%) of adults who own their property outright – clearly illustrating the end impact of the cost of living on renters especially.

The average UK house price rose again in April by 1.1% – marking the 10th consecutive monthly rise, however, the rate of growth is slowing. The rise in April was lower than the 1.4% increase in March and with energy bills expected to rise again in October, it’s likely the rate of house price growth will slow by the end of 2022.   

David Hannah, Group Chairman at Cornerstone Tax discusses what changes need to be made to help households with their cost of living: 

“The promise to help households with their cost of living announced at The Queen’s Speech is a step in the right direction, but more needs to be done. If we look at the average UK house price, it is higher than ever before, meaning it’s more unaffordable than ever for individuals – unless wages are increased.
 
“If we look at what has been going on – house price growth, retail inflation, energy costs surging, that’s going to put pressure on employers to raise wages. I believe wages will rise, meaning real spending power will not actually decrease. If you borrow a hundred thousand pounds today, the fixed figure of one hundred thousand pounds doesn’t rise in line with inflation. So, in five years time that debt is probably worth half what it is today. In high inflationary times with relatively low interest rates, it makes sense to borrow. The debt is being eroded by inflation, whereas the value of the asset (the house) is actually going up in line or ahead of inflation. It’s a way to make real returns.

 
“The problem we do have is the rate of demand and supply. If builders are building and they’re over supplying, it will soften the increase and the appreciation in asset value. But, if the number of people wanting to buy houses continue to exceed the supply, then those prices are going to rise.

“We have an open market in the UK which means not only are domestic purchasers and investors looking to buy but we have inbound investors. We also have quite a number of people relocating to the UK. Overall, I expect demand for UK housing to continue to outstrip supply – pushing price increases ahead of inflation and provided wages are increased, the affordability of housing will stay in lockstep.”

North Europeans found to be some of the most avid card users, according to GlobalData

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The people of key countries in North Europe have been found to be some of the most willing to pay for goods and services using payment cards (debit, credit or contactless), according to research by GlobalData. The leading data and analytics company notes that 245 card transactions were made in Denmark per person in 2021, while there were 194 in Norway, 194 in Sweden and 145 in the UK. These North-Europe countries have topped other big card users worldwide such as the US (109), Singapore (85), Germany (62.5) and Italy (52). 

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Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments:“Over the last few years, many countries saw the last few things that required a cash payment—from buses to taxis—convert to card or digital payments. Take Sweden, for example. Commuters can now pay for metro, rail, bus, tram, and boat trips by simply tapping their contactless card. In fact, it is no surprise that Sweden tops the charts, as its payments industry is well developed and mature.”

According to GlobalData’s latest report, Sweden Cards and Payments – Opportunities and Risks to 2025’, Sweden became the first cashless society, with physical money accounting for less than 1% of the country’s overall payment value in 2021. This was accelerated by the COVID-19 pandemic, as consumers saw cash as a potential disease vector. The number of cash transactions decreased by 8.1% in 2021.

However, similar to many countries worldwide, the Swedish card payments market was impacted by COVID-19. 

Sharma continues: “2020 was a difficult year for card payments in Sweden. The economic uncertainty caused by COVID-19 forced consumers to cut down on unnecessary spending, which, in turn, affected card payments. The general payments market registered a decline of 9% in 2020, with credit and charge cards impacted the most—at a 16% decline. Debit cards registered a decline of 6.4%.”

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Now, spurred by gradual economic recovery and rising consumer spending, payments are recovering. The country’s total card payments value is forecast to register a compound annual growth rate (CAGR) of 5% between 2021 and 2025, reaching $140.1 billion (SEK1.3 trillion) in 2025. Meanwhile, credit and charge cards will grow at a 6.3% CAGR, and debit cards will grow at a 4.6% CAGR.

Accountants are first port of call for SMBs struggling with rising costs as 3 in 4 experience increased demand for advice

  • Managing rising business costs most in-demand support area for accountants
  • Accountants recommend hybrid working (28%) to mitigate rising costs
  • But more flexible workforce post-pandemic means 7 in 10 accountants find SMB clients are struggling with managing payroll
  • 3 in 10 (29%) SMBs seek accountants’ advice when making hiring decisions

A study from global technology platform Intuit QuickBooks has found that seeking support from a business accountant is the most popular choice for SMBs in the UK addressing rising costs to their businesses – with more seeking support from their accountant than from the Government (through schemes such as Help to Grow), small business networks, and social media.

Over half (55%) are already benefitting from this support from their accountant, while a further 30% are planning to enlist their help. Meanwhile, just 42% have already sought government support, while 44% look to small business networks, and 50% to social media.

The driver behind this increasing support is clear: over three-quarters (76%) of accountants in the UK are seeing increased demand for advice managing rising costs – making it the most in-demand area of support for accountants. This is no surprise given that the main challenge for almost half (43%) of small businesses is the rising cost of living, with 33% feeling unprepared for its impact.

Combatting rising costs with staffing strategies

According to accountants, taking advantage of hybrid working is the main way SMBs can mitigate rising costs (28%) with changing the way they manage business finances following closely behind (26%).

However, flexible working causes its own challenges, including hiring new staff. Staffing costs are one of SMB’s biggest expenses, and over 1 in 4 (29%) already seek their accountant’s advice when hiring new staff. The demand for this expertise for hiring new staff (63%) and for meeting the regulations of hiring freelance/contract staff (66%) is clear.

While a vast majority (79%) of accountants do feel their SMB clients can make decisions on hiring new staff without them, some common mistakes are tripping SMB owners up, with the top issues seen by accountants being:

  • Hiring staff without knowing how they will manage payroll (34%)
  • Making hiring decisions without a growth/financial plan (32%)
  • Not knowing what the business can afford in terms of salary/benefits (31%)
  • Not investing in payroll software/trying to do it themselves (30%)

In fact, managing payroll itself is one of the major areas where SMB customers look for accountants’ support (69%). A constantly fluctuating job market and employment landscape in the UK following The Great Resignation, coupled with the impact of rising costs of managing a business and in the supply chain are unsurprisingly driving this.

Pauline Green, Head of Product Compliance & Programs at QuickBooks, commented: “The rising costs facing SMBs are clearly causing financial stress and concern, so it’s encouraging to see the majority enlisting the expertise of their accountants for support. Accountants are acutely aware of SMBs’ financial struggles, and a safe pair of hands to turn to when the going gets tough.”

In the current cost of living crisis, taking a holistic view of business costs has never been so important, and staff costs can be one of SMBs’ biggest expenses. Accountants are uniquely positioned to give strategic advice around the financial impact of hiring decisions, as well as help clients manage the nuts and bolts of payroll – a process that has become increasingly complex in the post-pandemic world of work.

”The impact of flexible working is a double-edged sword – clearly accountants see it as a sound business decision, but also recognise the difficulties it brings to processes like payroll,” adds Green.“‘Going it alone’ is even more difficult in the current climate, and leaning on the knowledge and technical expertise of your accountant can help you make the simple technology investments that can ease the payroll process.”

Representatives from QuickBooks will be speaking at Accountex, Europe’s definitive event for accountancy and finance professionals, at the ExCel London on 11 and 12 May.

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