Learn what accounting principles the Italian Renaissance has to teach modern society in a New York Times OpEd by Jacob Soll (@jakesoll): "These historical examples point the way toward achievable solutions to our own crises. Over the past half century, people have stopped learning double-entry bookkeeping — so much so that few know what it means — leaving it instead to specialists and computerized banking." He argues that a more financially literate society could avoid the fallout of mismanaged funds.
Financial Planner Anna Sergunina (@ASergunina) shares her top money management secrets that keep her personal finances in order. Drawing upon a simplified money flow chart, she separates fixed from variable expenses using an easy-to-follow method. Sergunina explains the root of many people's money management problems: "We [also] ring up debt because we simply don't understand the flow of our income and expenses, so we can't accurately estimate how much money we have available to spend."
From investment platforms to money transfer services, here are a few of the hot startups in financial technology, as curated by Phillip Kushmaro (@PhilipKushmaro). TransferWise is among them, in addition to CommonBond, a student loan marketplace making school funds more accessible to Millennials. The fintechs listed provide services at a fraction of the cost of bigger players in the industry, making this change one that both consumers and businesses can get behind.
Where is the fintech capital of the world? The jury is still out, but a few strong contenders are vying for the spot, including fast-growth cities like Hong Kong. Supporting fintech growth has a lot to do with the status of government regulations on startups. With the implications of Brexit looming in the not too distant future, many are looking outside of financial centers such as London for fintech's new home. Cities like Dublin and Berlin have signaled interest with attendance at Money 2020, the largest fintech conference in the world.
The perils of spot checking, using spreadsheets created by others, and incomplete reviews abound while holiday office distractions are at an all-time high. Accountants—whose jobs require a special level of focus—are recommended to cover their bases with these practical reminders: "Stay focused. Give yourself enough time to do the work. Don't spot check when a more detailed review is the better choice." The suggestions are offset by encouragements to participate in activities that boost morale and celebrate a job well done. Just make sure the work is done right!