So What Makes Mexican Food Culture So Specially Unique?

Like all countries, there are Mexican food traditions, which are unique to the country. Food, after all, is an important part of any country’s culture and Mexico is certainly no exception. There are Mexican food customs, which are attached to certain holidays and other occasions, with special dishes being cooked on these days. Mexican Holidays … Continue reading “So What Makes Mexican Food Culture So Specially Unique?”

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Like all countries, there are Mexican food traditions, which are unique to the country. Food, after all, is an important part of any country’s culture and Mexico is certainly no exception. There are Mexican food customs, which are attached to certain holidays and other occasions, with special dishes being cooked on these days.

Mexican Holidays Recipes and Typical Mexican Food

Perhaps the best known of Mexican holidays is Cinco de Mayo. This celebration on May 5th every year is commonly thought to be Mexico’s Independence Day holiday. As it happens, the holiday was declared not to celebrate Mexican independence from Spain, but the victory of the Mexican army over the French in 1862 at Puebla.

Outside of the state of Puebla, the holiday is a minor one – though there are some special Cinco de Mayo dishes, which are served on this day, especially in Puebla. This state is the region of Mexico where mole, an important ingredient in many traditional Mexican recipes was developed; and this is a popular sauce nationwide.

One traditional Cinco de Mayo recipe often made in Puebla for this holiday is turkey cooked in a mole sauce. This would be mole poblano in particular (the name means “Puebla-style mole”), a rich, nutty and spicy sauce which is worth every bit of the considerable time and effort needed to make it. Turkey is a popular food in Puebla and in fact, in much of the country. Turkey shows up not only here, but also in many Mexican recipes, even some of Mexico’s other special holiday dishes.

Religious Holidays Including Christmas And Others

As a largely Catholic nation, Mexico celebrates Christmas and other religious holidays with aplomb; and when it comes to celebrating with food, Mexican food traditions are second to none! On Christmas morning in Mexico, families and friends hold “posadas,” a traditional Christmas morning party.

On this occasion, you will often find traditional dishes served such as mashed potatoes with cranberry and chili relish, rather than the gravy you would find at the table in the US. Punch is also traditionally served at a posada, as are other dishes including turkey soup and codfish. A piata is also a traditional (and very festive) addition to the Christmas day festivities in Mexico.

The feast of Epiphany is another holiday with its own special Mexican food traditions. The traditional Spanish ring cake has been enthusiastically adopted into Mexican Epiphany celebrations, along with the new world treat of hot chocolate as an addition.

Naturally, we cannot talk about Mexican food culture without a few words about Dia de los Muertos. This is how Mexico celebrates All Saints Day. On “the day of the dead,” there are special holiday sweets which are eaten. These include dulce de calabasa, a candy made from pumpkin and pan de muerto. Pan de muerto is a bread, which is glazed and decorated with colored sugar, and smaller pieces of bread shaped like bones.

However, sugar skulls are without a doubt the best known of Mexico’s food traditions surrounding the day of the dead. These are skull shaped candies, which are made by pressing sugar into a mold. These candies are often decorated with great care, making for a holiday treat, which is so beautifully decorated that you may not want to eat them!

The food traditions of every nation reflect their unique culture, something which Mexican food traditions certainly do. The country’s amalgam of new world and old world ingredients, recipes and cooking methods have resulted in a culture – and a set of traditional foods which are an integral part of Mexican life and culture.

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Modern Financial Management Theories & Small Businesses

The following are some examples of modern financial management theories formulated on principles considered as ‘a set of fundamental tenets that form the basis for financial theory and decision-making in finance’ (Emery et al.1991). An attempt would be made to relate the principles behind these concepts to small businesses’ financial management.

Agency Theory

Agency theory deals with the people who own a business enterprise and all others who have interests in it, for example managers, banks, creditors, family members, and employees. The agency theory postulates that the day to day running of a business enterprise is carried out by managers as agents who have been engaged by the owners of the business as principals who are also known as shareholders. The theory is on the notion of the principle of ‘two-sided transactions’ which holds that any financial transactions involve two parties, both acting in their own best interests, but with different expectations.

Problems usually identified with agency theory may include:

i. Information asymmetry- a situation in which agents have information on the financial circumstances and prospects of the enterprise that is not known to principals (Emery et al.1991). For example ‘The Business Roundtable’ emphasised that in planning communications with shareholders and investors, companies should consider never misleading or misinforming stockholders about the corporation’s operations or financial condition. In spite of this principle, there was lack of transparency from Enron’s management leading to its collapse;

ii. Moral hazard-a situation in which agents deliberately take advantage of information asymmetry to redistribute wealth to themselves in an unseen manner which is ultimately to the detriment of principals. A case in point is the failure of the Board of directors of Enron’s compensation committee to ask any question about the award of salaries, perks, annuities, life insurance and rewards to the executive members at a critical point in the life of Enron; with one executive on record to have received a share of ownership of a corporate jet as a reward and also a loan of $77m to the CEO even though the Sarbanes-Oxley Act in the US bans loans by companies to their executives; and

iii. Adverse selection-this concerns a situation in which agents misrepresent the skills or abilities they bring to an enterprise. As a result of that the principal’s wealth is not maximised (Emery et al.1991).

In response to the inherent risk posed by agents’ quest to make the most of their interests to the disadvantage of principals (i.e. all stakeholders), each stakeholder tries to increase the reward expected in return for participation in the enterprise. Creditors may increase the interest rates they get from the enterprise. Other responses are monitoring and bonding to improve principal’s access to reliable information and devising means to find a common ground for agents and principals respectively.

Emanating from the risks faced in agency theory, researchers on small business financial management contend that in many small enterprises the agency relationship between owners and managers may be absent because the owners are also managers; and that the predominantly nature of SMEs make the usual solutions to agency problems such as monitoring and bonding costly thereby increasing the cost of transactions between various stakeholders (Emery et al.1991).

Nevertheless, the theory provides useful knowledge into many matters in SMEs financial management and shows considerable avenues as to how SMEs financial management should be practiced and perceived. It also enables academic and practitioners to pursue strategies that could help sustain the growth of SMEs.

Signaling Theory

Signaling theory rests on the transfer and interpretation of information at hand about a business enterprise to the capital market, and the impounding of the resulting perceptions into the terms on which finance is made available to the enterprise. In other words, flows of funds between an enterprise and the capital market are dependent on the flow of information between them. (Emery et al, 1991). For example management’s decision to make an acquisition or divest; repurchase outstanding shares; as well as decisions by outsiders like for example an institutional investor deciding to withhold a certain amount of equity or debt finance. The emerging evidence on the relevance of signaling theory to small enterprise financial management is mixed. Until recently, there has been no substantial and reliable empirical evidence that signaling theory accurately represents particular situations in SME financial management, or that it adds insights that are not provided by modern theory (Emery et al.1991).

Keasey et al(1992) writes that of the ability of small enterprises to signal their value to potential investors, only the signal of the disclosure of an earnings forecast were found to be positively and significantly related to enterprise value amongst the following: percentage of equity retained by owners, the net proceeds raised by an equity issue, the choice of financial advisor to an issue (presuming that a more reputable accountant, banker or auditor may cause greater faith to be placed in the prospectus for the float), and the level of under pricing of an issue. Signaling theory is now considered to be more insightful for some aspects of small enterprise financial management than others (Emery et al 1991).

The Pecking-Order Theory or Framework (POF)

This is another financial theory, which is to be considered in relation to SMEs financial management. It is a finance theory which suggests that management prefers to finance first from retained earnings, then with debt, followed by hybrid forms of finance such as convertible loans, and last of all by using externally issued equity; with bankruptcy costs, agency costs, and information asymmetries playing little role in affecting the capital structure policy. A research study carried out by Norton (1991b) found out that 75% of the small enterprises used seemed to make financial structure decisions within a hierarchical or pecking order framework .Holmes et al. (1991) admitted that POF is consistent with small business sectors because they are owner-managed and do not want to dilute their ownership. Owner-managed businesses usually prefer retained profits because they want to maintain the control of assets and business operations.

This is not strange considering the fact that in Ghana, according to empirical evidence, SMEs funding is made up of about 86% of own equity as well as loans from family and friends(See Table 1). Losing this money is like losing one’s own reputation which is considered very serious customarily in Ghana.

Access to capital

The 1971 Bolton report on small firms outlined issues underlying the concept of ‘finance gap’ (this has two components-knowledge gap-debt is restricted due to lack of awareness of appropriate sources, advantages and disadvantages of finance; and supply gap-unavailability of funds or cost of debt to small enterprises exceeds the cost of debt for larger enterprises.) that: there are a set of difficulties which face a small company. Small companies are hit harder by taxation, face higher investigation costs for loans, are generally less well informed of sources of finance and are less able to satisfy loan requirements. Small firms have limited access to the capital and money markets and therefore suffer from chronic undercapitalization. As a result; they are likely to have excessive recourse to expensive funds which act as a brake on their economic development.

Leverage

This is the term used to describe the converse of gearing which is the proportion of total assets financed by equity and may be called equity to assets ratio. The studies under review in this section on leverage are focused on total debt as a percentage of equity or total assets. There are however, some studies on the relative proportions of different types of debt held by small and large enterprises.

Equity Funds

Equity is also known as owners’ equity, capital, or net worth.

Costand et al (1990) suggests that ‘larger firms will use greater levels of debt financing than small firms. This implies that larger firms will rely relatively less on equity financing than do smaller firms.’ According to the pecking order framework, the small enterprises have two problems when it comes to equity funding [McMahon et al. (1993, pp153)]:

1) Small enterprises usually do not have the option of issuing additional equity to the public.

2) Owner-managers are strongly averse to any dilution of their ownership interest and control. This way they are unlike the managers of large concerns who usually have only a limited degree of control and limited, if any, ownership interest, and are therefore prepared to recognise a broader range of funding options.

Financial Management in SME

With high spate of financial problems contributing to the high rate of failures in small medium enterprises, what do the literature on small business say on financial management in small businesses to combat such failures?

Osteryoung et al (1997) writes that “while financial management is a critical element of the management of a business as a whole, within this function the management of its assets is perhaps the most important. In the long term, the purchase of assets directs the course that the business will take during the life of these assets, but the business will never see the long term if it cannot plan an appropriate policy to effectively manage its working capital.” In effect the poor financial management of owner-managers or lack of financial management altogether is the main cause underlying the problems in SME financial management.

Hall and Young(1991) in a study in the UK of 3 samples of 100 small enterprises that were subject to involuntary liquidation in 1973,1978,and 1983 found out that the reasons given for failure,49.8% were of financial nature. On the perceptions of official receivers interviewed for the same small enterprises, 86.6% of the 247 reasons given were of a financial nature. The positive correlation between poor or nil financial management (including basic accounting) and business failure has well been documented in western countries according to Peacock (1985a).

It is gainsaying the fact that despite the need to manage every aspect of their small enterprises with very little internal and external support, it is often the case that owner-managers only have experience or training in some functional areas.

There is a school of thought that believes “a well-run business enterprise should be as unconscious of its finances as healthy a fit person is of his or her breathing”. It must be possible to undertake production, marketing, distribution and the like, without repeatedly causing, or being hindered by, financial pressures and strains. It does not mean, however, that financial management can be ignored by a small enterprise owner-manager; or as is often done, given to an accountant to take care of. Whether it is obvious or not to the casual observer, in prosperous small enterprises the owner-managers themselves have a firm grasp of the principles of financial management and are actively involved in applying them to their own situation.” McMahon et al. (1993).

Some researchers tried to predict small enterprise failure to mitigate the collapse of small businesses. McNamara et al (1988) developed a model to predict small enterprise failures giving the following four reasons:

– To enable management to respond quickly to changing conditions

– To train lenders in recognising the important factors involved in determining an enterprise’s likelihood of failing

– To assist lending organisations in their marketing by identifying their customer’s financial needs more effectively

– To act as a filter in the credit evaluation process.

They went on to argue that small enterprises are very different from large ones in the area of borrowing by small enterprises, lack of long-term debt finance and different taxation provisions.

For small private companies, these measures are unreliable and textbook methods for judging investment opportunities are not always useful in organisations that are privately owned to give a true and fair view of events taking place in the company.

Thus,modern financial management is not the ultimate answer to every business problem including both large and small businesses.However,it could be argued that there is some food for thought for SMEs concerning every concept considered in this study. For example it could be seen (from the literature reviewed )that, financial records are meant to examine and analyse corporate operations. Return on equity, return on assets, return on investment, and debt to equity ratios are useful yardsticks for measuring the performance of big business and SMEs as well.

Types Of Oil Skimmers

A skimmer is a machine that is utilized for separating a liquid from particles floating in it or from another liquid. The most common usage of skimmer is in the form of oil skimmer which is used to separate oil floating on water. This technology is used for oil spill remediation but is also commonly found in industrial applications such as removing oil from machine tool coolant and removing oil from aqueous part washers.

There are mainly three types of oil skimmers such as weir and oleophilic and non-oleophilic (disc, drum, belt, tube, brush, mop, grooved disc, and grooved drum). Weir skimmers allow the oil floating on the surface of the water to flow over a weir. The height of the weir is adjustable. This device will collect water when oil is no longer present. These are also available in floating, self-adjustable variations. And they are very efficient as they can be used in changing water levels as well. With the help of the adjustable feature, it is able to efficiently remove thin or thick layers of oil or pollutant. These are suitable for permanent installation or emergency oil spill response situation, due to their light weight and ease of transportation. Also, it only requires a person to monitor its functioning. Hence, it’s easy to use.

The oleophilic skimmers function by using a rotating element such as a drum, to which the oil adheres. The oil is wiped from the surface of the drum and collected. They are very efficient and do not pick up any appreciable quantum of water even when oil is not present. These are distinguished by the component that they use to collect the oil. Ropes, discs, or drums are treated with a substance or otherwise manufactured to adhere to the oil. These are suitable for permanent or temporary installation.

The last is the Non-oleophilic skimmers which also do the same job as the above two, i.e., to separate oil from water. But its distinguishing point is again the component that it uses to carry out the separation. A metal disc, belt or drum is used in cases where an oleophilic material is inappropriate, such as in a hot alkaline aqueous parts washer. It is generally turned off whenever there is no oil to skim thus, minimizing the amount of water collected. Metal skimming elements are nearly as efficient as oleophilic skimmers when the oil is present.

Another type is the hand held oil skimmer. It is used to recover oil and pollutants where access is severely restricted, such as drains, manholes and sumps. The best benefit of this is that it is really light weight. That is also the reason which makes them ideal for emergency response in case of oil spill situations. These are suitable to use with a self priming pump. It is a suction machine which has incredible performance. It can run without harm during dry suction, is self compensating for wear and is simplistic in its design.

What Are the Major Disadvantages of Medical Coding That You Need to Know?

Now that we are fully aware of the benefits and advantages of medical coding, I believe that many of you out there have the urgent urge to get your hands around this field because of the great prospect which this job might bring them in the future. However, before any harsh decision is made from your end, it would definitely be worth-while for us to review and understand what are on the other side of medical coding? There are always pro and cons in almost everything, therefore it is beneficial for us to review and understand both sides of medical coding for good.

Below are some of the key common disadvantages which have been shared for medical coding;

1. Difficult to be breaking into this medical field. This is especially true if you are a fresh graduate with a certificate or degree in medical coding looking for your first job. Most employers preferred medical coders with experiences because they can save up some extensive training cost and time required to provide hands-on trainings to the new hire. Thus, it is really a challenge for new hire with less or no experience in this medical field to gain their market value and competitiveness.

2. Once you find your way into the coding world, it is up to the respective personnel to make it to the top or stay where they were as in the start. It is the diligence and effort from the individual himself which will drive him to succeed as a great medical coder or otherwise. However one thing about medical coding is that anyone who wishes to be a medical coder will need to be patience, hardworking and possess of self-discipline during the process of becoming a qualified medical coder. There is no short cut in getting your way into the related coding field except going through the proper path of education and training which require at least 2-3 years to obtain the prestigious certification to lead your career path to be a successful professional medical coder.

3. Relocation is one of the option to advance in your career as a medical coder. However relocation can be an advantage for some people while at the same time it can be a disadvantage for others. Not everyone is willing to move to a brand new city or town with unfamiliar faces and places for his career advancement. Therefore, relocation can be a disadvantage for medical coders who are staying together with their family.

4. As the name of the profession tells it all, any students in this coding field have to deal with a lot of coding and abbreviations. It can be pretty torturing if you are not good in memorizing words or names and it can turn out to be a terrible nightmare for anyone who has to give up on his/her medical coding education because of the complexities in remembering and digesting the coding required to excel in the medical coding field.

5. It is very normal for medical coders to be working for long hours in the hospitals, clinics, doctor offices or even in the insurance companies. There are a serious lacking of work-life balance for most of the medical coders today.

6. Also, medical coding is a stressful job considering the accuracy that these medical coders will need to enforce in their job because any mistakes made will lead to no payments or long pending claims from the insurance companies itself.

How Much Money Do You Need To Start A Staffing Agency

How much money does it really take to start your own staffing agency?

I have known some that have started with less than $10,000. I have also seen other companies have deep, deep pocket and begin With over $250,000. Depending on your goals and your particular Niche will determine how much money you need to start your business.

I can say for certain that I am a living testament of starting my own medical staffing agency with less than $2,000. I had my own office, I had my own computer, I had my own toll free number, I had a corporate mailing address, I even had my own marketing material.

I was able to do payroll and I was able to find contracts with less than $2,000 of startup capital. Nothing, and I mean nothing was left to chance. I had a limited budget and I was able to get the business.

The kind of services I offered was radiology staffing at first. I wanted To move into nursing staffing and then respiratory staffing, but was only limited by time and not so much money.

The Breakdown

I first secured my business license by checking online for name I wanted to use. Making sure your business domain name is available will prevent any future headaches. Once I secured my business domain name I paid for my business name in the city. ($150.00)

I opened my bank account and ordered some simple checks, nothing fancy, I just wanted to make sure I had a way to pay for whatever comes up with my business. ($25.00)

I then went online and found an online toll free service, this service was able to be linked with my email account. Anytime someone called, the message was routed to my email account. It became a virtual office that allowed me to look larger than I really was. ($30.00)

I then secured a “Suite”, more like a P.O.Box. I used the UPS Store, I am not promoting this company but felt they provided what I needed at the time. ($50.00)

I used a free online resource to grab some free business cards. I was given 500 cards for the price of shipping and handling. The business cards where simple, but they did the job. ($5.00)

I also managed to secure my liability insurance as well as workman’s comp. There are a few tricks of the trade to manage this cost, but for the most part it was affordable. ($300)

I wanted to keep it simple and simple is what I did. I used my existing excel spreadsheet to keep tracks of my clients and staff. It was not hard at first being that I was small. My idea was that as I grew and made money, I then would be able to use funds from the business to continue to grow and acquire things I needed.

My first action to acquire my first contract was so simple, yet I actually Make money today teaching people my finding clients techniques. It was so easy that nobody saw me coming. Not literally, but metaphorically.

You are waiting to find out what I actually did, well, I cant share all my secrets in this short article, but what I can say is confidence played a huge role in me getting contracts quickly with virtually no marketing budget.

Forensic Accounting – a New Paradigm For Niche Consulting

OBJECTIVES OF WRITING THIS ARTICLE: Forensic accounting(F.A.) has come into limelight due to rapid increase in financial frauds and white-collar crimes. But it is largely untrodden area in India.The integration of accounting, auditing and investigative skills creates the speciality know as F.A.The opportunities for the Forensic Accountants are growing fast;they are being engaged in public practice and are being employed by insurance companies, banks, police forces, government agencies etc.This article seeks to examine the meaning and nature, activities and services rendered, core knowledge and personal skills required for forensic accounting as a specialized field in accountancy profession. Indeed there is a future in F.A. as a separate niche consulting.

The lack of respect and belief in India’s law enforcement agencies and the rate at which white-collar crimes have increased has prompted the development of Forensic Accounting in India. The fraud detecting agencies seems to lack time and devotion needed for detecting and prevention of errors and fraud. According to a large global accounting firm, the market is sufficiently big enough to maintain an unit devoted entirely towards “forensic accounting”. Many large as well as small accounting firms as well as the tiny firms have inculcated or rather developed separate forensic accounting departments.

We were of the belief that detection and prevention of frauds or white-collar crimes is part of conventional accounting function. It was thought that the frauds, both internal as well as external has be to detected by the auditors through their periodic audit. Now it is crystal clear that auditors can only check for the compliance of a company’s books to generally accepted accounting principles, auditing standards and company policies. Hence the need was felt to detect the frauds in companies that are suspected to be engaged in fraudulent transactions. This field of accounting is known as “forensic accounting”.

The litmus test of investigation, first introduced by the ever great Sherlock-Homes(considered by many as the father of Forensic Accounting) is perhaps the first ever application of forensic accounting. Though, the contribution of the other few great historians to the field of forensic accounting cannot be overlooked. They used various tricks to investigate various crimes.

F.A. is a specialized a area of accounting practice that describes engagements which result from actual or anticipated disputes or litigation. The word “forensic” means “suitable for use in court”. The forensic accountants have to keep in mind this statement while they have to work or chalk out their programme. The F.A. work is tailor made according to the situation and need. The gathering of information and evidences is done according to the need and situation. We can say, it is customized according to the situation. The forensic-accountants give expert evidence at the ultimate trial. All the modern medium-sized as well as the large-sized accounting firms have specialized forensic accounting departments. Within these firms there may be specialized forensic accounting departments. Within these groups their may be further sub-specializations. Various sub-specializations include insurance claims, personal injury claims, fraud detection, construction or royalty audits. Nearly 40 percent of the top 100 US accounting firms are expanding their forensic and fraud services, according to Accounting Today. Now if we consider this data as significant then we can say that the total contribution of forensic accounting to the total revenue of the C.A. firms would be highly significant in the years to come. Under rising instances of frauds and litigation and flourishing businesses these services are considered to be very significant as they are rendered at a very competitive price.

The forensic accountants utilize the various information relating the business, utilizes financial reporting systems, various accounting and auditing standards and procedures, investigative techniques and litigation processes and procedure to perform their work. By acting as advisors to audit committees and assisting in investment analyst research, they are playing more “proactive” risk reduction roles.This is possible by designing and performing extended procedures as part of the statutory audit. The objectives of such an accounting include measurement of losses caused by an auditor due to his negligence, to look into the matter whether their has been any embezzlement of cash, the amount, necessity of criminal proceedings, computation of asset values in a divorced proceeding.

The primary approach technique of forensic accounting is explanatory analysis(cause and effect)of the phenomena-including the discovery of deception(if any), and its effects -introduced into an accounting system field. The primary methodology employed by the forensic accountants is the verification of the objective. They are trained to deal with real world business and do have the sufficient expertise to look beyond(behind) the numbers. The scope of the forensic accountants are growing at a rapid pace. The increase in their work opportunities have been accelerated due to the fall of the Enron corporation and the collapse of the American Twin Towers.

This has led to increase in the demand for American forensic accountants. So as far India is concerned, formation of Serious Fraud Investigation Office(SIFO) is a landmark creation so far as forensic accountants are concerned. Failure of regulators to track security scams, increasing cyber crimes, chain of cooperative banks bursting -all point to the ever increasing need for forensic accountants. Our understanding of the need for forensic accountants is immaterial here. In India due to the growing number of frauds the need for forensic accountants is ever increasing. The regulatory and administrative agencies will put pressure for greater demand of forensic practices. This has been initiated due to the changing nature of Indian and International accounting.Auditing and assurance standards also confirm this. A change in the curriculum can be initiated if the written exams and practical industrial training are boosted to show the “new knowledge base and skill-set” required by the professional accountants in the new era. It is therefore recommended that the “forensic accounting and auditing” be introduced as a paper in the various professional examinations conducted by the various accounting bodies in India. Unfortunately forensic accounting is largely an unexplored area as far as India is concerned. The chartered Accountants(CAs) deal with such cases in an irregular fashion. In the western counter-part(countries), the Lawyers, police, insurance companies, government and regulatory bodies, banks, courts and business communities are increasingly utilizing the services of the forensic accountants.The accountants and the auditors must have the skills and expertise to venture into the emerging field of forensic accounting.

What Is Forensic Accounting? The growing needs of corporations has changed the definition of forensic accounting. As per Bologna and Indquist, “the application of financial skills and an investigative mentality to unresolved issues, conducted within the context of rules of evidence.It is a new emerging field that encompasses financial expertise, fraud knowledge, and a sound knowledge and understanding of business reality and the working of the legal system.”It means that the forensic accounting should be skilled not only in financial accounting but also internal control systems, the legal matters, other institutional requirements, investigative blend of mind and interpersonal skills.

According to AICPA: “Forensic accounting is the application of accounting principles, theories, and discipline to facts or hypotheses at issues in a legal dispute and encompasses every branch of accounting knowledge: ‘ Similarly, forensic accounting is defined by Horty as:

“The science that deals with the relation and application of finance, accounting, tax and auditing knowledge to analyze, investigate, inquire, test and examine matters in civil law, criminal law and jurisprudence in an attempt to obtain the truth from which to render an expert opinion.”

In simple words, forensic accounting includes the use of accounting, auditing as well as investigative skills to assist in legal matters.It comprises of two major components: litigation services, that recognizes the role of an accountant as an expert consultant and investigative services, that uses a forensic accountant, s skills and may require possible court-room testimony.

Investigation of theft and defalcation of corporate and individual assets are part of legal matters.They use their education as well as experience to discuss the facts, patterns of the theft or misappropriation.Business accounting systems are reviewed by the forensic accountants.They suggest ways and means to solve and improve the internal control and internal accounting system.This is adopted to prevent theft and fraud. Because of their expert knowledge and educational background and experience their(forensic accountants) work is elevated to a new height.

Forensic accountants do not contest in cases.They act as fact finding devices, try trt to seek the real truth from the hidden facts.They conduct their work in an unbiased and objective manner.They need legal knowledge, expertise, training and experience to perform their work in an effective and real manner.Extensive knowledge in the field of commerce, legal, accounting as well an investigative blend of mind is needed to perform the work in a proper fashion.Expertise in litigation support and testimony in courts of law are also prerequisites of the forensic accountants.This is due to the fact that their work would many times be used in a court of law.The valuation of damages due to criminal and civil wrong-doings need to be done with perfection and for that reason knowledge of business valuation theory is the most essential.

What exactly do the Forensic Accountants perform? Answer: They are trained to deal with real life business situations and are trained to look beyond the numbers.

Analysis, interpretation and summarization of complex financial and business related issues are prominent characteristics of this accounting/auditing profession. Familiarity with legal concepts and procedures is a must.Insurance companies, public practice, banks, police forces and government agencies are major employers of forensic accountants.

The various field of work encompassing the arena of a forensic accountant can be stated in points format as follows:

1) Financial evidence investigation and analysis.

2) Development of computerized software to help in the analysis and presentation of financial evidence.

3) Sharing their findings in the form of reports, slide shows or exhibits and documents collected.

4) To support trial evidence they prepare visual slides, assist in legal proceedings, including testifying in courts as an expert witness.

If we want to say or rather point out the role performed by the forensic accountants in a nutshell, we can say as follows:

Measurement or to quantify the impact of lost earnings. Such as construction delays, stolen trade secrets, insurance disputes, damage/loss estimates, malpractice claims, employee theft, loss of profit, financial solvency reports, disturbance damages, loss of goodwill, compensation losses suffered in expropriation determination, assessment of the potential business compensation costs and providing consultation on business defalcation minimization. Lease default damages, breach of contract, business interruptions, breaches of shareholders and partnership agreements, reconstruction of accounting records,

Investigation of misappropriation, assistance in establishing ownership and division of assets, commercial damages, professional negligence cases, partnership disputes, expert evidence, fair value or fair market value and personal injury damages are included in commercial damages. Tax advocacy, compliance and review of financial statements, tax reporting and tax planning in such areas as income as estate matters are included in tax matters. Analysis, interpretation, summarization, presentation of complex financial and issues relating to the business for investigation is the role of a forensic accountant.

They carry out investigative accounting and provide litigation support.

The services rendered by the forensic accountants are in great demand in the following areas:

1) Fraud detection where employees commit Fraud:

Where the employee indulges in fraudulent activities:

Where the employees are caught to have committed fraud the forensic accountant tries to locate any assets created by them out of the funds defalcated, then try interrogate them and try to find out the hidden truth.

2)Criminal Investigation: Matters relating to financial implications the services of the forensic accountants are availed of. The report of the accountants are considered in preparing and presentation as evidence.

3) Outgoing Partner’s settlement:

If the outgoing partner is not happy about his settlement he can employ a forensic accountant who will correctly assess his dues(assets) as well as his liabilities correctly.

4)Cases relating to professional negligence:

Professional negligence cases are taken up by the forensic accountants.

Non-conformation to Generally Accepted Accounting Standards(GAAS) or non compliance to auditing practices or ethical codes of any profession they are needed to measure the loss due to such professional negligence or shortage in services.

5) Arbitration service: Forensic accountants render arbitration and mediation services for the business community, since they undergo special training in the area of alternative dispute resolution.

6) Facilitating settlement regarding motor vehicle accident: As the forensic accountant is well acquainted with intricacies of laws relating to motor vehicles, and other relevant laws in force, his services become indispensable in measuring economic loss when a vehicle meets with an accident.

7) Settlement of insurance claims: Insurance companies engage forensic accountants to have an accurate assessment of claims to be settled. Similarly, policyholders seek the help of a forensic accountant when they need to challenge the claim settlement as worked out by the insurance companies. A forensic accountant handles the claims relating to consequential loss policy, property loss due to various risks, fidelity insurance and other types of insurance claims.

8) Dispute settlement: Business firms engage forensic accountants to handle contract disputes, construction claims, product liability claims, infringement of patent and trade marks cases, liability arising from breach of contracts and so on.

9) Matrimonial dispute cases: Forensic accountants entertain cases pertaining to matrimonial disputes wherein their role is merely confined to tracing, locating and evaluating any form of asset involved.

Core Knowledge Of Forensic Accountants:

A forensic accountant is expected to be a specialist in accounting and financial systems. Yet, as companies continue to grow in size and complexity, uncovering fraud requires a forensic accountant to become proficient in an ever- increasing number of professional skills and competencies. Here are some of the broad areas of useful expertise for a forensic accountant:

” An in-depth knowledge of financial statements and the ability to critically analyse them. These skills help forensic accountants to uncover abnormal patterns in accounting information and recognise their source.

” A thorough understanding of fraud schemes, including but not limited to asset misappropriations, money laundering, bribery, and corruption.

” The ability to comprehend the internal control systems of corporations, and to set up a control system that assesses risks, achieves management objectives, informs employees of their control responsibilities, and monitors the quality of the programme so that corrections and changes can be made.

” Proficiency in computer and knowledge of network systems. These skills help forensic accountants to conduct investigations in the area of e-banking and computerised accounting systems.

” Knowledge of psychology in order to understand the impulses behind criminal behaviour and to set up fraud prevention programmes that motivate and encourage employees.

” Interpersonal and communication skills, which aid in disseminating information about the company’s ethical policies and help forensic accountants to conduct interviews and obtain crucially needed information.

” Thorough knowledge of company.s governance policies and the laws that regulate these policies.

” Command of criminal and civil law, as well as, of the legal system and court procedures.

Personal Skills Required:

So what does it take to become a forensic accountant? In addition to the specialised knowledge about the techniques of finding out the frauds, one needs patience and an analytical mindset. One has to look beyond the numbers and grasp the substance of the situation. There is a need for the same basic accounting skills that it takes to become a good auditor plus the ability to pay attention to the smallest detail, analyse data thoroughly, think creatively, possess common business sense, be proficient with a computer, and have excellent communication skills. A “sixth”sense that can be used to reconstruct details of past accounting transactions is also beneficial. A photographic memory helps when trying to visualise and reconstruct these past events. The forensic accountant also needs the ability to maintain his composure when detailing these events on the witness stand. Finally, a forensic accountant should be insensitive to personal attacks on his professional credibility. A fraud accountant (as forensic accountants are sometimes called) should also observe and listen carefully. By this, you can improve your ability to detect lies whether they involve fraud or not. This is so because”not all liars are fraudsters, but all fraudsters are liars”(Wells).

According to a forensic accounting expert, “the traits of a forensic accountant could be compared to a well-baked pizza. The base of forensic accounting is accounting knowledge. Size and the extent of baking decide the quality of the pizza. A middle layer is a dispersed knowledge of auditing, internal controls, risk assessment and fraud detection. It is like the spread of the cheese in pizza. The toppings of this pizza area basic understanding of the legal environment. The legal environment is essential in order to support the litigations. The cherry on the toppings of the pizza is a strong set of communication skills, both written and oral. It is just the beautification part. Perfect combination of the pizza base, cheese spread and good toppings makes the pizza delicious and the of company’s the laws that Forensic Auditor perfects. It is a combination that will be in demand for as long as human nature exists.”

In addition to these personal characteristics, accountants must meet several additional requirements to become successful forensic accountants, say a Certification, acknowledging his competence. One can learn forensic accounting by obtaining a diploma given by Association of Certified Fraud Examiners (ACFE) in the US. Indian chapter of ACFE offers the course based on the white-collared crimes prevalent in US, based on their laws. However, there is no formal body that provides formal education of the frauds in India. Besides the formal certificate, one can deepen one’s knowledge and sharpen one’s skills in forensic accounting by undergoing training under an experienced forensic accountant, participating in various international conferences, reading relevant journals, books and other literature on forensic accounting.

To combat the frauds effectively one needs the active support of government at every stage. There are three-four such agencies in India, which are dedicated to the mission of combating frauds. Serious Fraud Office looks into violations of Income Tax, FEMA, RBI Act, etc.; CBI (Economic Office Wing) deals with big financial frauds; Central Vigilance Commission deals with corruption. These are the major government agencies that combat frauds of different types. Unfortunately, there is no specialised education provided by any of the Universities in the country. Recently, TCS has also come out with software to combat money laundering and Subex Systems have designed software to combat the telecom frauds. Thus, combating the frauds with software has started picking up in India, with few big companies like ACL and IDEA, joining the race.

The Need For Niche Consulting:

The CPA Vision Statement states: “The CPAs are trusted professionals who enable people and organisations to shape their future. Combining insight with integrity, CPAs deliver value by: (a) communicating the total picture with clarity and objectivity, (b) translating corn plex information into critical knowledge, (c) anticipating and creating opportunities, and (d) developing pathways that transform vision into reality1 It reflects the trend towards providing a broader range of assurance services. However, recent corporate accounting scandals and the resultant outcry for transparency and honesty in reporting have given rise to two disparate yet logical outcomes. First, forensic accounting skills have become crucial in untangling the complicated accounting manoeuvres that have obfuscated financial statements. Second, public demand for change and subsequent regulatory action has transformed corporate governance. Increasingly, company officers and directors are under ethical and legal scrutiny. Both trends have the common goal of responsibly addressing investors’ concerns about the financial reporting system. Indeed, there is a future in forensic accounting as a separate”niche” consulting area in India. The need to specialise, otherwise known as Niche Consulting, is imperative to practising accountants because the fast-paced developments in business thereby demand specialised knowledge and skills. While a majority of CAs have excellent analytical skills, they need to acknowledge that ‘forensic’ services require ‘specialised’ training as well as real-life ‘practical’ corporate experience. There is a need for specialised information, not just audit and tax service. What clients seem to want are people with unique sets of skills and experiences. With the maturing of the audit business, and the rapid development of technology that makes existing services low cost and cheap, it appears that it is the right time now to acquire those unique skills. To help practitioners move into ‘niche’ consulting, some professional organisations in the US have concluded that: “Future success for the profession depends, in part, on how the public perceives the ability of CPAs. New efforts in consulting, specialisation and understanding global business practices and strategies are considered crucial. We go out into the niche market, examining our strengths first. We go where the action is, only then we know we can adequately service our clients and make money doing it.” One area where ‘niche’ consulting is becoming the global trend is in “Forensic Accounting and Auditing’ But the major question facing the Indian accountancy profession is: Are we ready to plunge to where the challenging action is?

Forensic Accounting In India:

It is in an infancy state in India.It is still an untrodden area in India.But due to ever increasing cases of bank & cyber-frauds its growing importance cannot be denied.

One immediate landmark creation is “Forensic Research Foundation”.They provide support for investigation of fraud.They publish one bi-monthly journal named as “White Crimes”.It relates to forensic and economic crimes. Another international organization named as KPNG has set up investigation detection centre in India.. Networks Limited, a Delhi based organization, working in the similar field, they are also trying to innovate ways and means to detect financial irregularities and crimes in India.Serious Investigation Fraud Offices(SIFO), has been established in India for the same reason, i.e. detection and prevention of economic irregularities and crimes. The need for such bodies and the importance of Forensic Accountants have been highlighted by L.N.Roy Committee.Lenin Parekh Committee has also expressed the view that one “fraud detection committee”need to be established. The main aim of such boards should be to prevent the interest of the stakeholders.

Conclusion:

Forensic accounting in India has come to limelight only recently due to rapid increase in white-collar crimes and the belief that our law enforcement agencies do not have sufficient expertise or the time needed to uncover frauds. A large global accounting firm believes the market is sufficiently large to support an independent unit devoted strictly to ‘forensic’ accounting. All of the larger accounting firms, as well as, many medium-sized and boutique firms have recently created forensic accounting departments.

Forensic accounting, in fact, integrates accounting, auditing, and investigative skills to conduct an examination into a company’s financial statements. Broad-based knowledge (within the themes listed above) is crucial to the success of entry-level forensic accountants. Because forensic accounting is relatively a new area of study, a series of working definitions and sharing of corporate experiences should be undertaken and encouraged to ensure a common understanding. Indeed, there is great future in forensic accounting as a separate”niche” consulting.

While the forensic accounting and auditing practice had commenced in the US as early as ‘1995, the seed of this specialisation has yet to take off in India. Forensic accountants are only dealing with financial implications of the cases entrusted to them and not engaging in auditing exercise. On account of global competition, the accounting profession must convince the marketplace that it has the “best-equipped” professionals to perform such services.

Forensic accountants are also increasingly playing more ‘proactive’ risk reduction roles by designing and performing extended procedures as part of the statutory audit, acting as advisors to audit committees, and assisting in investment analyst research.

While majority of CAs have excellent analytical skills, they need to acknowledge that ‘forensic’ services require ‘specialised’ training as well as real-life ‘practical’ corporate experience.

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References: –

1)Journal Of Forensic Accounting: Editor-In Chief: Crumbley D. Larry, Publisher: Inc.Edwards. R.T.

2)Journal Of The Chartered Accountant 2007, Pages: 1000-1010.Dr. Madan Bhasin, The Author is Head, Accounting Department, Mazoon College, Muscat, Sultanate Of Oman.

3)Referential Notes Of Prof. Dutta Kr. Uttam, Reader Deaprtment Of Commerce, Reader, University Of Burdwan.

4)Website access: http://www.wikipedia.com, accessed on 4th, February, 2008.

Hovercraft Regulations

Hovercraft are largely regulated according to the environment they operate in. For example, a hovercraft operating over land is considered an off-road vehicle.

Over water, your craft will be considered to be a boat.

Most vehicles are required to be insured (whether as a boat or an off-road vehicle, or both). Here, we will briefly address these three issues.

Land Operation

Usually off-road vehicles cannot be operated on public roadways. In certain municipalities, some regulations for ATVs apply.

The ATV operating restrictions and equipment requirements may also apply to hovercraft depending on local area legislation. You may need headlights (and sometimes tail lights) to operate near public roadways (or after dark).

There may be plate or other licensing requirements too. In order to be sure, check with the “Motor Vehicles” and “Parks and Recreation” Departments for your location.

Water Operation For marine operation, a hovercraft typically must be registered as a boat. It must comply with the U.S. Coast Guard regulations for boating:

  1. A life preserver must be available on board for each occupant of the craft.
  2. The hovercraft must have enough positive buoyancy to remain afloat even if it becomes totally swamped.
  3. Night time lighting equipment is required for craft operating at night or more than one mile from shore during the day in enclosed waterways (bays, rivers, etc.)
  4. In open waterways, night time lighting is required regardless of the distance from shore.
  5. An approved fire extinguisher should be on board.
  6. Fuel system requirements for the engine and fuel tank(s) must be met.
  7. A Hull Identification Number (HIN) must be visibly in place.
  8. Maximum weight ratings must be posted in sight on the craft.

Because of the onboard arrangement of engine(s), and other power equipment, for hovercraft, the safe powering standards are among the regulations not usually applied to hovercraft. Note: you will also find “Surface Effect Vehicles” listed in the “excepted” category.

Additional Coast Guard information is available on the Coast Guard website.



Hovercraft Insurance

Insurance is a major issue for the operation of any motorized vehicle. It is not recommended to use a hovercraft (or any kind of motor vehicle) without it because it only represents your own best interests to have coverage.

It is extremely difficult to find insurance policies specifically covering hovercraft. Insurance companies consider the accident and injury statistics for hovercraft inaccurate or unreliable. There are also very few hovercraft around (compared to cars), making most insurers reluctant to provide policies that may not be very profitable for them.

To insure a hovercraft, you may be able to obtain marine insurance (for boats) or off-road vehicle insurance (for ATVs). It is not advised to get both (for financial reasons) unless you use your craft in both environments equally. Currently, it is generally acceptable to insure a hovercraft as either a boat or an ATV (but even this has its difficulties).

There are disadvantages to only having insurance for land or water operation. For example, if your hovercraft is only insured as a marine vehicle, you will have to transport it to the water before operating it. Operation of a marine vehicle on land is not covered by standard boat insurance.

If your hovercraft is insured as an ATV, you are not covered for marine operation in most cases (even though the craft has marine capabilities). The purpose of having a hovercraft is defeated if you cannot take advantage of the full abilities of the craft.

You might consider insuring your hovercraft as a boat under a Home Owner’s policy. This is usually cheaper than a separate policy covering only the vehicle. Also consider that, although you could insure your craft as an ATV, hovercraft are legally classified as boats.

Special Notes:

Because hovercrafting is a relatively new recreational activity, there is no legislative body governing hovercraft. For the most part, hovercraft are self-regulated by the Hoverclub of America.

In many ways, the Hoverclub of America is self-reliant in order to prevent regulations from a legislative body that may know very little about hovercraft. They are constantly updating their own standards to remain current on these issues.

For more information about hovercraft regulations, visit the Hoverclub of America website or write to them directly.

Six Principles and Standards of Conduct Chosen by the American Journal of Occupational Therapy

There are six core principles and standards of conduct established by the American Journal of Occupational Therapy. These points are enforceable for professionals working in the field. These principles are useful in evaluating times when a licensed professional has been accused of inappropriate actions and are intended to guide therapists toward ethical choices. When unusual circumstances and decisions arise, it is helpful to have a set of idealized principles as a guide.

Beneficence

Those who provide occupational therapy need to have concern for the well-being of their patients. “Beneficence” is a fancy word used mainly when discussing ethics, and it calls into question whether participants benefit from a particular study or procedure. Custom treatments can be designed for patients whenever possible, but it is also important for a therapist to periodically evaluate whether a particular course of treatment is benefiting the recipient.

Nonmaleficence

Maleficence is an evil or harmful act, the opposite of beneficence. Nonmaleficence, logically, is refraining from causing harm. One of the most well-known parts of the Hippocratic oath sworn by physicians, nonmaleficence is a reminder to be careful when harm is possible. Especially when helping people recover from past injuries, a poor choice of exercise activities can exacerbate the problem. While there are certainly more than a few sadistic individuals in the world, this principle is mostly targeted at professionals who may unintentionally cause harm.

Autonomy

Dealing with an individual’s right to independence, the principle of autonomy ensures that each patient has a right to privacy, self-determination, consent, and confidentiality. While extremely personal issues might not often be discussed during occupational therapy, it is still important to respect a patient’s privacy.

Justice

Objectivity and fairness are hallmarks of justice as it pertains to this professional field. People deserve to be treated equally, regardless of their race, beliefs, orientation, or financial means. Those without the necessary finances may be directed to charitable organizations and other alternatives for appropriate treatment.

Veracity

It’s critical that professionals maintain a level of respectability and candor that reflects positively on others in the field. Misinformation and deception can be harmful to patients and the standing of other therapists. Veracity is particularly valuable when discussing certifications, qualifications, and experience. Plagiarism and failing to give proper credit is also a violation of this ethical standard.

Fidelity

Rooted in the Latin word “fidelis,” fidelity refers to loyalty and honoring one’s commitments. Personnel who work in an occupational therapy office must have loyalty to peers, coworkers, patients, and the larger community of fellow therapists. One must be ready to identify and report conflicts of interest and mistakes. Like in any workplace, colleagues must be treated with respect and dignity.

Published principles and standards of conduct provide a safeguard for those who provide these kinds of therapeutic services. These rules make it clear when someone has gone out of bounds, and they serve as a reminder during times of difficult decisions.

Private Investigators – Part IV

In this article about private investigators we're going to discuss the training that's required as well as other qualifications.

Unlike most other jobs there are no formal requirements for education to get a job as a private investigator. In spite of this, many private investigators do have college degrees. Most private detectives and investigators do have some kind of related experience in another profession such as in law enforcement. Some may have worked for insurance companies, collection agencies, in private security or even as paralegals. Some may have served in some sort of government position such as a federal intelligence job with the FBI or the CIA. Many private investigators may have even served in the military where many skills are taught that come in quite handy when tackling the job of a detective.

What is very common is for people who work in the public sector, who are able to retire after 25 years of service, to become private investigators. These people are usually still relatively young, in their mid 40's, and find it hard to retire at that age. Those who have been exposed to jobs that would assist them in becoming investigators find it an easy transition to go from the one job to the other. For these people it is like starting life all over and many of them find it quite exciting and fulfilling. Some even go back to college to get additional training in order to be better prepared for an investigator's job.

In the United States, most states require private investigators to be licensed even though no formal training is required. The requirements for licensing vary from state to state but seven states, Alabama, Alaska, Colorado, Idaho, Mississippi, Missouri, and South Dakota, have no licensing requirements. Some states have very few requirements. Many states however, have very strict requirements and it is very difficult in those states to get a private investigator's license. A number of states now have mandatory training programs. For example, in California a person must be 18 years old, must be educated in criminal law, police science and justice, and have a minimum of 6,000 hours of investigation experience. Then on top of all of that they have to pass a criminal history background check by the California Department of Justice and the FBI. They then must take a 2 hour exam and pass with a minimum score. Then if they want to get a gun permit there are additional requirements for that as well.

Then to get hired, many firms look for people with certain characteristics such as ingenuity, persistence, and assertiveness. Job applicants can not be afraid of confrontation, should be able to communicate well and be able to think on their feet. They also need good interrogation and interviewing skills. A good investigator also must be able to present the facts in a detailed, organized manner as many times they will be called on to testify in court.

In our next article we'll cover where private investigators get their training, how they go about getting employment, what the job outlook is for new investigators and what investigators can expect to earn.

Vehicle Protected Declared Value

Commercial Vehicle Insurance:

A commercial vehicle is used for transporting products or travelers over the span of directing business. Obtaining business collision protection is a need in ensuring your property in case of a mischance. It will guarantee that your kin and items, and in addition the vehicle itself, are shielded from a significant number of the things that could transpire while out and about. Business accident protection will likewise give you true serenity that if something happens you can be repaid decently and have the capacity to settle or purchase another business vehicle with least cost to you. Having the correct vehicle protection could help in repairing the auto. It could likewise cover any wounds managed by the driver. Protection could likewise incorporate outsider harms that happen in a mischance.”

The sorts of vehicle insurance policy:

There are primarily two sorts of engine vehicle protection. One is obligation/act just arrangement; such kind of protection covers the danger of all outsiders who are harmed by the engine vehicle. This incorporates all outsider clients thumped around the vehicle furthermore inhabitants of business vehicles. Furthermore, the second sort of engine vehicle protection is exhaustive/bundle approach, which covers the above as well as tenants of private vehicles and the safeguarded vehicle itself.

How protection approaches help casualties?

The goal of such protection arrangements is to help the casualties and the lawful agents of the expired casualties to secure generous remuneration. The pay can be gotten just if the engine vehicle that was included in the mishap is guaranteed. On the off chance that the vehicles are not safeguarded, then recuperation of the pay is a particular probability. Hence, vehicle protection benefits both the mischance casualties and in addition the vehicle proprietors as they are spared of paying any remuneration out of their pocket.

It is essential for organizations to have business accident protection. This is particularly valid for those organizations that use trucks, vans and autos as the fundamental wellspring of pay for their business. With the vehicles dependably out and about, there might be occurrences where drivers can get into mishaps with different vehicles or in different events, the vehicle might be harmed because of outrageous climate conditions. With the correct business protection, you are certain to be shielded from these unexpected conditions.

Now and again, the harms done to a business vehicle is not the blame of the driver. This may happen when different drivers are not watchful or when a tree limb hits the vehicle. At the point when this happens, having business protection that covers the harms is extremely useful.

Business auto protection may cover auto obligation, scope for the representative that was driving the vehicle, doctor’s visit expenses in the event that somebody was harmed amid the mischance and different harms on the vehicle. You need to pick the correct kind of protection arrangement for the sort of business that you run. Getting auto protection is quite simple.

Reaching various operators could help you look at changed strategies offered by various organizations. You get distinctive rates relying upon the vehicle sort, the vehicle’s expected utilize etc. You can contract down which organizations and strategies you think may suit you best.

The most effective method to get the correct Premium:

Premium is a critical variable while selecting protection. Vicky elucidated, “It depends a great deal on the amount you can save all the time. The general thought however, is to get however much scope as could reasonably be expected from as meager premium paid as would be prudent.

Keep in mind to pick a business vehicle insurance agency that has a decent notoriety since you will work with them every now and then and not just when you have a claim. Check the rundown of different organizations that the organization gives protection to check whether they are sound.