Monthly Archives: September 2013

Managing The Financial Health Of Health Care Organizations

Finance for non financial managers

                 Finance for hospital management

The Health care industry has become highly dynamic with the onset of modern technology and the surfacing of information science. The changes seen are quick and drastic. At the same time the policy changes have made the operations more complex. The health care industry has a variety of issues in the changing environment. To make the conditions worse, healthcare costs are rising day by day, and the medical reimbursements dwindling. The issues faced by the hospital CEOs, are more often than not financial. The issues concerning reimbursements, bad debt losses, Medicare, Medicaid, etc are also alarming. The situation is finance for non financial managers.

To manage finance you have to take decisions which are sound. The decisions can be based on the financial indicators, which are tools in the hands of the managers.

The financial indicators generally consulted before making managerial decisions are:

Financial capability indicator

This is the ability to raise finance on its own to replace assets and technology and meet the growing demands in the service sector.

Liquidity ease

This is the ability to meet cash requirements within a specific time.

Capital sufficiency

This is the ability to meet long-term financial demands, and perform the maintenance of the long-term assets.

Competence

This is seen as the ability to provide the best services in the industry, at the minimum cost.

Human resource efficiency

This is the ability to provide the best human resources, and ways to manage their practices.

These financial indicators when put into use gave the best results in terms of profits, utilization of the optimum capacity, and reduction in borrowings with time.

CEOs

             Finance for hospital industry

The reasons that necessitate the establishment of such sound methods include the reluctance on the part of the clinicians to involve themselves in the financial management practices, budgeting, costing and cost management. Most Healthcare organizations are with the non-profit sector. The government or the non-profit sector is not keen on preventing loss-making systems and to give incentives to the efficient systems. If such checks are present, they will curb the occurrence of such problems henceforth.

Health care organizations, when they employ financial recording methods, are faced with objections when it comes to budgeting and raising funds. The FASB has issued Accounting Standards updates to make accounting work more simplified and easy to infer from.

The lack of knowledge, and the implementation of efficient accounting methods, are causes for the bad financial health of the Health care organizations. Finance for non financial managers will help solve such problems.

Money Management Tips For Students

Money management for kids

       Teaching money management

Young boys and girls are reckless all the time and mostly during their teenage. In fact, it is the age to feel free and enjoy freedom without many barriers. Responsibility, discipline and punctuality are some of the words that are not fully understood by them. They take everything for granted and see life as it comes. Actually, there is absolutely nothing wrong about it since it’s the right thing to do. On the other hand developing a money management system will really help in the years to come. Parents and other caring elders should take initiative for teaching money management for kids. This helps to build a sense of responsibility and make them deal financial matters properly.

Importance of money management

It is imperative for every student to become matured enough for handling financial situations. Knowing their priorities, cutting down unwanted expenses and taking caring of savings are very crucial. This proves to be much useful in later years of life when financial dealings will be in a broader spectrum. So start to own and maintain a savings account at the earliest.

Next helpful tip is to create a spending structure and strictly stick on to it. It is good to make sure that you don’t spend much compared to the money at hand. Never go for unwanted shopping because it will only make you lose money. Window shopping is a better option though.

Furthermore, if you are a student and would like to make some profit, try your luck at share trading. But it’s very important that you know the details before plunging in. For that, you can take reliable advices from experienced elders. They will clear your queries and give a better idea regarding the prospects of share market.

Shopping

      Importance of money management

Try to attend meetings and seminars on money saving by eminent personalities. You can check the daily newspapers to get more information about the time and venue of such programs. This will help you in getting so many valuable and proven methods for maintaining a good financial status.

Adding to that, inquire and confirm which bank offers the best interest rate for savings account. Starting your account in a reliable bank with better interest rates will be really beneficial.

So it’s never late if you have not started to think about savings and its numerous advantages. In fact, money management for kids and students is a must. It is essential to lead a good life without financial insecurities.

Financial Services From Daily Money Managers

Daily money manager

    Daily money management for financial stability

Managing your finances on a daily basis is the key to ensuring long-term financial stability. The job involves maintaining a proper income to expenditure ratio and budgeting money for savings. If you are well versed in money management, you can do the task yourself. The alternate solution is hiring a money manager to do the task for you.

Who is a Daily money manager?

This person manages the various aspects of your financial portfolio on a regular basis. The job profile of a money manager demands execution of one or more of the following tasks.

Accounts maintenance: A family can have more than one bank account either in an individual’s name or as joint accounts. Maintaining and updating these accounts regularly is essential to manage your expenditure. A DMM can help you configure the bank account for automated payments as well as other money transactions.

Income budgeting: At times, you may get confused about appropriately dividing your income among expenditure, savings and other investments. A DMM is the right person to help you with this job. He can study your current financial situation in detail and find a comfortable equation for you.

Bill payments: The daily money managers or DMMs can devise a system to ensure timely payment of your utility as well as other bills. The same service can be extended to insurance and car loan premiums.

Tax consultation: Your DMM can also play the role of your tax consultant at the end of every financial year. His experience in dealing with your finances will make him the perfect choice for the job.

Random services: The list of jobs that a DMM can do is not predefined. When in need, he can help you with your medical bills, real estate purchase and legal documentations.

Financial stability

Money management for financial security

A business bookkeeper may not be able to do the same job as a DMM. Hence, care should be taken when choosing a DMM for you and your family. Make sure that the person is certified by organizations such as the American Association of Daily Money Managers. You can also check his credibility with his existing customers.

It is important to minimize the wastage of your hard-earned money. A daily money manager can help you analyze your financial needs for the present as well as future and formulate a plan to ensure minimum money loss and maximum financial security in your life.

Choose The Best Money Management Tool

Money Management Tools

            Tools For Money Management

You can manage your money in different ways. The best way to pick the best money management tool is to choose a system that you are more than willing to utilize. Should your money management tool be difficult to understand or is inconvenient or time consuming, chances are high that you will not stick to it. Managing personal expenses is akin to dieting in the sense that you want to make the process as painless as possible for yourself.

Effective tools for money management

The pen and paper budget happens to be the most basic of all money management tools. Using these, it will be possible for you to create a list of monthly bills to be deducted from your monthly income. There are templates printable from the Internet that are meant to help you get started.

Those who follow the advice of personal finance guru Dave Ramsey recommend cash based envelope system meant for effective money management. Those who are accustomed to making use of debit cards for most of their spending habits find an envelope system that takes a bit of getting used to.

Visual demonstration about how you tend to spend your money proves handy particularly for those who are shopaholics. If you plan to use envelopes as a money management tool, you are well advised to have individual envelopes for categories that include clothing, food, health care expenses, gas, and not to mention, family entertainment.

Personal Finance

              Money Management Tool

If you are the type who prefers a high-tech solution for keeping track of money, you are well advised to try making use of personal finance software for money management. You can use Microsoft Money and Quicken. A bit of learning curve is an integral part of programs like these. They have advanced features that will surely make your efforts worthwhile if you are also attempting to track your investment plan for achievement of long-term financial goals or to keep track of records as part of your home-based business.

In case you are someone always on the move and are in need of a convenient way to track your spending behavior, you can utilize numerous money management tools that are available in your iPhone or Blackberry.

You will surely be sufficiently familiarized about what a money management tool is by now. You will surely have no doubt that their relevance in controlling your spending cannot be ignored. Use the ones in your phone to manage your money effectively.

What Is The Importance Of Money Management?

Money Management Executive

  Money Management Executive

Money management is a difficult task for many people. It is common to see people struggling with additional expenses, which pop up especially towards the end of the month. Then they have to wait for the salary to be credited so that the financial crisis is stabilized. It is a common practice to see people taking loans to meet various expenses, when they run out of money. Therefore, the next month onwards your salary automatically goes into repayment, interest, etc. Here comes the need for a money management executive.

Deduction in salary   

Loans are indeed a great help during an immediate financial need. It could be an accident or a family function; good or bad the event, you need money to deal with it. This probably may cut money from your salary. The salary deductions from your account are for the following:

  • Educational loans
  • Mortgages
  • Debts from credit cards
  • Unexpected events in life

If you do not manage money flow, even with so much of debts, you are surely going to become bankrupt soon.

Unmanageable bankruptcy

Financial issues that go out of your control could even coil up and end up in bankruptcy. Money management executive would use only simple techniques, which even you could follow. You just need to practice this simple process of managing money. Inconsistent behavior is indeed a curse to money management. You would be in a safe and comfortable zone of finance, by employing a series of sound tips for money management. This would ensure you comfort on financial aspects in future as well.

Let’s face the reality

Everyone should develop money management skills in life. MSN money conducted a survey in 2007 about finance and consumer debts management. According to this survey, an American household bears consumer debts accounting to $8,000 on an average. Poor money management is directly linked to high rate of consumer debts. This creates difficult times for the whole family.

Deduction In Salary

              Help From Money Management Executive

Proper budgeting

Personal money management would start by creating a budget for family income. Budgeting is effective in studying cash flow in and out, which helps you to analyze your present financial situation.

Most people are troubled with debts and needs a money management executive to deal with finance. Proper financial education is substantial in understanding the working of consumer debts. National financial advisors as well as credit counselors could help you in adverse situations.

Tips To Become A Successful Money Manager

Daily money manager

         Find money manager

Money managers or investment managers help you in spending and investing your hard-earned money wisely and help you to set goals that can give you fruitful results in future. A money manager is also expected to keep in touch with his clients on a regular basis and provide updates on their client’s investments and its status. A study conducted by the website indeed.com found that, on an average, a money manager takes home a salary of $72000 per year. Now, that’s a handsome amount. So, what are the steps to become a daily money manager? In this article, we will discuss in detail on how to be a money manager and the skills you need to acquire for it.

Educational qualification

To take up the career of a money manager, you need to acquire a degree in finance. MBA in the same stream will be an added advantage, as many employers prefer aspirants with an MBA. A degree and MBA in finance will get you acquainted with investment concepts and banking affairs.

Certification programs

Certifications can always boost your career and the certification program of the Certified Financial Planner Board of Standards is considered worthwhile. A bachelor’s degree and a minimum work experience of three years make you eligible to enroll for this program. The certification exam includes topics, which test your risk management ability, financial management process, retirement process, emergency fund reserves and liability. Once you become a certified professional, you become a favorite with the employers as your portfolio management skills are tested and certified.

Attain key skills

Degree in finance

          Money manager fees

Acquiring key skills in analytics is very important to become a successful money manager. Acquiring a degree in finance will not suffice for this. You only learn the basics in investments and money management with the degree program. Industry exposure is the key to develop your skills. So, if possible do your internship in a reputed firm, as this will be an added advantage. You are also expected to improve your communication skills when you deal with your clients. Keep in mind that, most of your clients may be new to stocks and investments field and you should be able to make clear all the doubts that your client may ask.

Hope the tips above helped you in understanding the various aspects of becoming a money manager. A good money manager is also a daily money manager at home. Start spending your money wisely and let this start from your home. Only then, you can successfully manage the money of your valuable clients.

Locating Money Management Websites

Daily money manager

      Daily money manager tips

It is easier to spend money than save it. If not dealt with care, money can vanish from your hands in no time. People have long been thinking about various ways to tighten their control over money. There are numerous websites that provide you with daily money manager tips. This post provides a few tips on finding out useful money management websites.

How to save up

You may want to visit a money management website. The most common reason for someone to visit such a site is to find different ways to improve their money management skills. For some people, it is to find an article that deals with money management, while others search for software that help with this. Determine why you want to use a money management website before looking for it in the website.

  • Make different online searches depending on the specialized area of money management. You may end up with viewing a pile of websites with confusing topics if you do an online search in the broad terms of money management. So make sure to include the specialized area of interest in money management while you do the online search.
  • Include the specific functions in your search: Include areas of money management you require such as debt calculation, credit calculation, figuring out the statistics etc. Many sites provide options to enter the input calculation data and figure out the solution for you.
  • Locate a central portal website of money management. With the help of a central portal website, you will be exposed to hundreds of websites each one specializing in different topics of money management.
  • There are software that you can purchase after paying a certain amount of money. However, it is much cheaper than paying an accountant to assist you with managing your money for different things. Most of the software applications are downloadable from the websites while some can be attained by post. 

    Managing your money

                Money manager applications

  • Alternatively, look for free software on the web. Some software developers provide trial versions of money management software for a stipulated period of time. You can either use them for a limited period of time, and then another free software or purchase any software that suites your demand and affordability.

It is very important to have personal money as we can’t know when we require a large amount of money for many of the unexpected reasons. Daily money manager software applications, or sites that articles catalogued under on this subject would suffice to teach you money management.

Significance Of A Financial Management Information System

Managing personal finances

      Managing personal finances easily

Financial management information systems allow business houses to maintain and control the accounts over a period of time. Fundamentally, an accounting database provides reporting and control mechanisms. You might be possessing good knowledge about managing personal finances. Just like it, you can gain control over your business accounts as well. Maintaining the accounts database is expensive, however it is of highly useful for the corporate companies for planning the utilization of the financial resources to its full potential. Let us see some of the advantages of maintaining a financial database.

Easy Accounting

An account is prepared for a specific period and it has to be reported within the time. With the financial management information system, generating the data is much simpler.

Finance reporting

A business house requires the preparation of routine financial reports. In addition to this, they need to furnish other related reports. Financial information management system permits the preparation of these accounting reports with easy data access.

Management controls

Financial management information system acts as a control mechanism and provides security for the financial data by way of security controls within the system.

Available in popular accounting packages

The financial management information system is also available with major packages like SAP Business One, Microsoft Dynamics GP, and Oracle Enterprise Financials. In addition to this, almost all financial management information systems are compliant with the Sarbanes –Oxley accounting control criteria.

Benefits to employees

Those employees who manage the financial data and controls are benefited by the financial management information system by the easiness in obtaining the financial data, reliability and quick reporting. Moreover, the financial information management system allows the business houses to reduce the instances of frauds and embezzlement of cash.

Utilization of funds

The financial information management system examines the fund inflow and outflow. It examines the need for fund rising as well.

Special information

Easy accounting

Managing personal finances for maintaining control

Financial management information system is also used in the trading of stocks and bonds to indicate the market information and trends. It is also used for getting information regarding the sale of stocks and allows the collection and analysis of stock market data easily.

Before implementing a financial management information system, the business houses should perform a cost benefit analysis. It would be better if you know that the system is compatible with your way of doing business and verify the possibilities of its implementation.

You should also note that managing the business accounts is same as managing personal finances. Both require careful implementation with control over financial spending.

Hotels Featuring Indoor Pools In Santa Barbara

Hotels in Santa

      A list of hotels in Santa Barbara

Santa Barbara is among the world’s favorite tourist destinations. The city of Santa Barbara is renowned for its splendid beach side views, green pastures and antique shops. It offers accommodation facilities with state of the art amenities. Outdoor pools are quite common among all hotels in Santa Barbara. However, it is not difficult to find hotels that offer indoor pool facility in Santa Barbara. Let us check some of the major hotels in Santa Barbara that offer indoor pools with excellent amenities.

Hotel Santa Barbara

The hotel is located in the centre of the Santa Barbara’s old town district, and few blocks away from the Santa Barbara beach. It has spacious rooms and provides Wi-Fi facility, Cable TV and all other necessary amenities. The hotel provides complimentary breakfast in the lobby or on the cafe tables. Guests have the freedom to use the indoor pools by making a small payment toward the service charges.

The Eagle Inn

This is one of the old-fashioned hotels in Santa Barbara. It is located near the Santa Barbra’s sandy beaches. The walkway is filled with gift shops. The rooms in the hotel feature different themes. Most have a small outdoor patio and some feature whirlpools and fireplaces. Even the least expensive rooms feature a big screen TV, internet access and microwave oven.

The hotel serves a daily brunch buffet and it extends the breakfast hours for those travelers who want to get a late start to the day. Even the special recipes can be accessed through their website. The tourists can enjoy their time spending in the spacious pools after paying a small amount for using the service.

Simpson House

Favorite tourist destinations

Hotels in Santa Barbara offering Indoor pool facility

Simpson House Inn provides five-star accommodation facility within walkable distance of downtown’s busy streets. In-room spa services are available at the Simpsons house Inn. The hotel provides evening turn down services on the request of the guests. The three cottages feature private hot tubs, canopy beds and wood burning fireplaces. A complete vegetarian breakfast is served every morning and the guests have the freedom to get it delivered in the patio, on the verandah or in their room.

There is also provision for free refreshment and sweet buffet in the lounge. You can enjoy spending time in the indoor pool, gym spa and sauna within the Santa Barbara Athletic Club. For all the services, the hotel is charging only an affordable fee.

These are some of the major hotels in Santa Barbara that offer indoor pool facility to make your holiday an unforgettable experience. Enjoy your holidays in the tourist city of Santa Barbara.