Monthly Archives: July 2021

Hot Business News Today

Starting your own currency brokerage firm is a horrible idea

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Originally written by Partner Content on Small Business
Starting a financial-focused business in 2021 is challenging enough as the full impact of the Covid-19 pandemic has yet to be fully understood. This is especially true in the money exchange space as the industry is dominated by multi-billion pound giants like Wise (formerly TransferWise) who compete against multi-hundred-billion pound banks.
Anyone thinking now is an opportune time to enter the currency brokerages space may not fully understand how crowded the space is and just how much power the industry titans have.
The currency brokerage industry: many big and small players
One of the first steps in evaluating a business idea is understanding the competitive environment. Starting a business knowing there are few companies in the space offering a competing service makes the entrepreneurship journey just a little bit easier.
But looking at the global foreign exchange space shows this is far from the case. There are at least two dozen FX exchange providers in London alone. London is the epicenter of the global foreign exchange industry so it is natural for a large number of companies to be based out of the United Kingdom.
There are other major global money exchange hubs, including New York City, Singapore,

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Hot Business News Today

Cloud and SaaS accounting — what are the advantages?

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Originally written by Alice Feilden on Small Business
Cloud and SaaS accounting systems are becoming ever-more sophisticated and more widely used. In essence, they are web-based software programmes which users rent or subscribe to. The advent of such services means businesses no longer own the software downloaded on a disk or computer. Instead, subscribers can use the internet to access their financial information.
Small business accounting can be a challenge, but it needn’t be. Below, are five advantages of using an cloud-based and SaaS (software-as-a-service) accounting system for your business:
1. Time saving
One of the benefits of internet-based accounting software is its ease of use. You can set up an account so that information about your finances — including sales, income, purchases and transactions — can flow straight from your business account to your books.
Using desktop-based softwares, from the advanced to the Excels of the world, can be clunky and mean small business owners must manually input bookkeeping data. This can waste time and prove expensive for a streamlined team. With the cloud, entrepreneurs can essentially go ‘hands free’, which means spending less time on repetitive accounting tasks and more time on growing the business.
2. Easy access
The beauty of cloud and SaaS accounting software means

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