Important Factors to Consider Before Starting a Career in Finance

Are you unsure about what career to pursue? If so, a career in a finance-related discipline may be the career for you. With a wide range of careers to choose from, you have the potential to start a successful and lucrative career in this area. However, before you choose to do this type of work, there are certain factors you need to consider first.

Your Suitability

First of all, you have to ask yourself some serious questions and determine whether or not you have the personality required to work in this area. The main skills and personal attributes you require include excellent communication, analytics, numeric, and logical skills. It’s also crucial to have a keen interest in business, as well as being able to work as part of a team and also on your own.

Education

To progress in any financial field, you need to have some kind of formal education and training. It’s not always practical to attend classes or lectures in a university of college. If this is the case, there is always the option of enrolling in an online accounting masters degree. Completing a masters of accounting program will provide you with the skills and knowledge that are required to start a rewarding career that will be in-demand throughout your working life.

Getting Experience

Once you have obtained a high-quality finance-related qualification, you then need to put the theory you have learned into practice. This means you will need to get industry experience in your chosen area. Getting this work experience often requires trainees to work for a low wage, but the experience gained is invaluable and it will give you a greater insight into this sector.

Area of Expertise

As mentioned earlier, there are many different finance career paths you can follow. It may take some time to find out which area you eventually want to specialize in. The most common and most rewarding careers available to finance professionals include budget analyst, certified public accountant, chief financial officer, financial advisor, financial analyst or a financial manager.

Networking and Associations

Like any industry, it’s vital to make the right connections in the financial world. Taking this action has the potential to lead to important friendships and partnerships, which can help you find work or grow your business if you work for yourself. To make these business connections, you should consider joining associations like the Association for Financial Professionals and local business networking organizations.

Work for Yourself or For Someone Else

Employers are always looking for people to fill a wide range of financial roles and there are plenty of opportunities to work for one of these companies. However, if you want more control over your destiny and the opportunity to make more money, you may want to consider working for yourself.

Deciding to start a career in finance could be the best decision you ever make. However, before you set out on this journey, make sure you are aware of the points above and that you are suitable and have the necessary motivation to follow this career path.

Losing Your Invoice… What Happens If A Client Won’t Pay?

It’s the farthest thing from your mind when you start a business. The little idea that turned into a fully-fledged business is now the biggest headache, and everything is threatening to crumble, all because a client won’t pay up. For a lot of business owners, a client avoiding paying is a typical issue, but one that shouldn’t ever come up. If you’re new to the entrepreneurial way of life, the fact that you have a client is relief enough, but when you’re left in a bind because you have a final payment due, the whole business can be tinged with regret, especially when you’re relying on this one client. So how can these situations be prevented?

Make Sure You Have A Proposal And Contract That’s Solid

Outline a proposal before any contract is signed. You need to make sure the proposal shows a status report for the whole project on a monthly basis as well as a schedule of payments. This helps to keep everyone that’s internal and external on the same page and motivated, so the project can stay on track. When drafting up a contract, you should make it as very specific as possible. Information such as legal fee clauses or the outcomes of the project being delayed as far as the financial penalties are concerned. Collect a retainer up front, most organizations demand 50%, and as the work is being done, be sure to document the process in as much detail as possible. If you end up going to court, you will need this to cover your back.

Get Legal Help

This should be a last resort, but if you’ve not been able to successfully obtain your payment, you will have to get legal help. Hire an experienced debt collection attorney or one who works on cases of breaches of contract. The costs will be front loaded of course, but if you emerge victorious from the legal wrangle, the client will cover the payments as outlined in your contract. Make sure to send an official letter to the client, and include the proposal, a copy of the contract and inform them you will be proceeding with legal action. Also, send these to the company attorney if there is one, their in-house public relations team, and the immediate contact. Usually, a letter of this magnitude will make them pay attention, and they may try to settle before the case goes to court.

A Couple Of Hints…

It is always so tempting to give these clients a public shaming, and social media can seem like a purpose-built soapbox, but try and maintain some decorum in this instance. Don’t forget that you have other clients or prospective ones, and you need to be professional at all times. In addition to this, the benefit of hindsight is a wonderful thing, and in the future, one approach to payments would be to divide the fee into sections and send an invoice for each section. So if your work has very definable sections, send an invoice once one part is completed, and when you receive payment, you can press on with the assignment.

When Home Problems Become Work Problems

If you have followed the plethora of advice on business ownership, then your home and business life are kept very separate. Home is for the cups of coffee to rouse you in the morning, the relaxed evenings with your feet up, the afternoons spent sweeping leaves in the yard. Business is for… business, really. The two remain very separate.

That’s why it can be so discomfiting to discover that some of the problems you’d think belong at home might actually crop up at work.

When you own business premises, the true separation of work and business might not be obtainable. Occasionally, you will find yourself with a problem that is more suited to home ownership – but you have to rectify it all the same. You can’t be nothing but your professional self, seeing your office premises as a shell you inhabit for eight hours per day. Just like your home, it’s going to need maintenance.

It’s probably not welcome news. After all, your business is where you can go to escape that kind of maintenance. Except… it’s not. The following problems might be more suited to your domestic residence, but they’re just as likely to crop up at work as well.

1) Infestations

Crawling in the walls, squeaks in the office kitchen… yes, you might have an infestation problem in the office. Not only is this going to gross everyone out, but it’s also going to require some work to fix it.

If you suspect this might be an issue for you, then the likes of Urban Property Inspections are perfect to suss out just how big of a problem you are facing. When you know what you have to do, bring in professionals to do it. This is your place of work, so no “at home” remedies for pests are going to cut it.

2) Building Problems

If you rent your business premises, then this is less likely to be an issue for you. Or if it is, you can just bounce it to the landlord.

If, however, you’re responsible for this kind of issue, then it could be a big headache. Roof problems are perhaps the most common; any leaks should be treated as an emergency that has to be fixed as soon as possible. It’s always useful to have a reliable team of tradespeople on hand that you can call in at the first sign of problems.

3) Cleaning

“Spring cleaning” is the kind of phrase that is massively overused, but it’s something many of us engage in. We acknowledge that, at least once per year, our usual cleaning regime needs to be deepened as we clean our home right down to the basics.

The same is true of your business premises. If you have a cleaning team, then every six months or so, hire them in for an entire day for a special deep clean. If you don’t have a cleaning team and it’s up to you, then sorry, it may be a work day but it looks like you’re going to need to don some rubber gloves and get going with the polish!