Work and Business Trends You Need to Know for 2023

September 22, 2022

Having a successful career as an entrepreneur always depended on the ability to feel the pulse of the market and stay in touch with the trends shaping the business landscape. As time goes by, though, this becomes increasingly difficult. First, the world has recently experienced a couple of severe crises that completely threw off the rails the traditional business norms.

And then, we also need to consider the rapid tech development, societal shifts, globalization of the market, and countless other patterns that only add more unknowns to this equation.

Still, the fact we don’t know what the outcomes of these developments are going to be doesn’t mean don’t have enough info to make an educated guess. So, let us take a look at a couple of business and work trends you will need to know in 2023 and beyond.

Remote work becoming a new normal

The expansion of remote work was in motion for quite some time now. But, it took the outbreak of COVID-19 to truly push this trend into the mainstream. Now, when countless companies had the chance to try this model out and reap its benefits, it looks like very few of them are inclined to go the exclusively on-premise work arrangement. On the contrary – after taking a slight post-pandemic dip, remote work and other similar models are once again gaining a lot of traction. Keeping in mind their inherent perks, you can expect to see remote and hybrid positions becoming a new norm in the post-pandemic world.

Rise of contingent workforce

As we mentioned in the introduction, the present-day business world is very fast-paced and requires a great deal of mobility and nimbleness. The companies that want to keep pace with it need to be able to quickly close in on any opportunity as soon as it arises. So, it shouldn’t be a surprise that the idea of contingent teams that are hired to address specific business problems and fill in the ranks until the companies are capable of performing adequate recruitment is picking up a lot of steam. The number of companies using this model will only keep growing creating a very lean and mutable business landscape.

SMB market becoming more diverse and casual

The modern lifestyle is very fast-paced and leaves people very little time to deal with their daily tasks. That is why we are currently seeing a growing number of businesses and services aimed at addressing these casual problems. Let’s say, for instance, you are traveling and don’t know what to do with your pet. Now, you can look for professional house sitting services and solve this problem in minutes. Similar services can be found for other daily activities. What’s important to note is that these job profiles are very casual and open to newcomers so they do a great job of diversifying labor and entrepreneur ranks.

A growing number of niche markets

To put it simply, people want to be unique. And as time goes by, top brands keep dominating the public consciousness, and the world becomes more globalized, the opportunities for demonstrating individuality only become scarcer. Therefore, it shouldn’t be a surprise that niche markets that encourage distinction are getting a very strong wind at their back, especially evident in the case of food, fashion, accessory, and affordable tech. But, the trend is gradually spreading and, as time goes by, we can expect to see niche markets developing stronger social components becoming and becoming an identifying factor in different communities.

Demands for a socially responsible economy

These days, people have very strong stances on various social and political issues and like to feel backed up and represented by the brands they buy products and services from. This trend is all but expected – its extent is everything but. Namely, the recent survey indicated that as many as 92% of Millennials prefer buying from a socially responsible and ethical brand. So, the higher level of social responsibility and participation in relevant social discussion will inevitably transition from a novel way of reaching a wider audience to a business standard where differing factors won’t lie in participation but in honesty and effort.

Specialized business education

This trend is, in its essence, very similar to the development of niche markets. Essentially, the traditional business education was built around the idea that when you finish business school you will get a broad set of skills that will be able to fuel your entire career. However, the modern business landscape is very fast-paced and requires constant adaptation and evolution. Accordingly, workers and business owners are gradually adopting the mentality of lifelong learning where degrees only make stops but not the finish line. As a result, we see a rise in smaller-scale education specialized around very specific goals.

So, there you have it – the top six work and business trends that should steer the business world by the end of 2023 and beyond. Of course, these are only the broad strokes and the complete business outlook can change in a matter of days. But, most of these developments were brewing for quite some time now so it’s expected they will demonstrate strong staying power. Keep them in mind if you are looking for a gig or even starting your own company. Good insights and knowledge of the market will always be some of your strongest allies.

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The Role of Accounting in Business

September 22, 2022

Accountants consolidate financial information and translate it into easily understandable bites of information. They do this by reporting financial transactions, cash flows, and financial performance and keeping meticulous records from year to year.

This service is especially important for businesses. Shareholders and stakeholders expect to be kept updated with any financial developments, and an effective accountant can help discern any changes and explain them to interested parties. This kind of standardized reporting makes it easy to keep tabs on financial health over both the short term and the long term.

How do accountants help businesses, and what does their professional outlook say about the future of the industry? Here is a look at some of the ways business accountants can help your business thrive as well as what the industry’s future looks like.

Important financial statements

Accountants generate the following financial statements:

Income statements
Balance sheets
Cash flow statements

An income statement provides information about the company’s loss and profit over a set time period. Balance sheets are used to paint a broader picture of the business’s financial position on any given date, and it is especially helpful to management as they seek to make smart financial decisions. A cash flow statement bridges information from income statements and balance sheets and also reports incoming and outgoing cash during a particular period of time.

The importance of business accounting

Business accountants are important for a few different reasons. Here is a look at what the goals explained in our introduction look like in practice as well as how they impact business success.

1. Maintains records of financial transactions

Accountants spend much of their time carefully recording and analyzing financial transactions. This is important for a few reasons. First, businesses pay taxes according to the state of their finances, including the size and nature of transactions. Accounting ensures that this information is accurately recorded and reported via the proper forms. This, in turn, protects businesses from fines as well as other consequences stemming from inaccurate tax filings.

Maintaining records of financial transactions also makes it easier to spot trends in spending or profits, whether they are positive or negative. This, in turn, can assist business leaders in making informed decisions. These records can also help shareholders and stakeholders.

2. Proves results to interested parties

Another reason accounting is so important to businesses is that it serves as proof to interested parties. Lenders, creditors, and investors, for example, all have a vested stake in the success of the business in question. Some of them might even have the ability to sway business decisions based on their relationship with the company. Shareholders, for example, often have the ability to veto decisions such as large capital expenditures, especially if they don’t believe the decision is in the best financial interest of the company. Even when the parties in question do not have the ability to directly sway business decisions, potential investors and lenders will expect to receive information they can use to determine creditworthiness before they hand over any money.

Accounting can often be the deciding factor in these situations.

3. Evaluates business performance

We touched upon this briefly above, but the topic is important enough to warrant further clarification. Accounting helps to evaluate the performance of the business in question. This is important to many kinds of decision-makers both in and out of house. In addition to potential lenders, in-house leaders seeking to make decisions that stand to impact profit moving forward can use the reports generated from accountants to track possible debt, gross margin, and expenses.

Accounting also enables comparison from one period of time to another, offering insight about recent decisions and making it easier to spot trends in expenses or profits.

4. Aids in creating budgets and projections

Businesses typically require a lot of money to operate at peak efficiency, and leaders are always hoping to squeeze as much value from every dollar as possible. Future projections and budgeting, in particular, are incredibly important to business success and financial health, and financial records are a critical part of both processes. Budget planning is especially important here as it helps businesses save money, develop business strategies, and detect expenses over the agreed-upon budgeted amount.

Business projections and trends are also based on historical financial information to keep operations profitable. This means that financial information provided by experienced and detailed accountants is the foundation of both future projections and budgets, and without them, the accuracy of these plans is greatly diminished.

5. Monitors cash flow

There is a lot more to business finances than simply “profits” and “expenses”. Business operations typically follow complex financial processes that may see money move at a quick rate. Accountants monitor cash flow to ensure that businesses are doing well overall and that their financial goals and needs are being met.

Cash flow includes factors such as:

Employee salaries
Bills
Miscellaneous expenses

6. Detects and prevents fraud

An increasingly dangerous and pervasive issue facing professionals is fraud. There are six main types of business fraud, and good accounting can help detect and prevent most of them. They include:

Payroll fraud
Financial statement fraud
Asset misappropriation
Tax fraud
Identity theft
Corruption

Of the above fraud types, accounting can significantly mitigate the first four and helps detect the last two. Since an accountant is in charge of generating financial statements, handling taxes, and payroll monitoring, they are in a prime position to catch fraud before it impacts the business’s bottom line too seriously. This includes the issues of payroll fraud, financial statement fraud, tax fraud, and asset misappropriation, but it also encompasses identity theft and corruption. Both of these issues tend to impact a company’s money, and an alert and diligent accountant can often catch these issues before too much harm has been done.

7. Improves payment cycles

Accurate accounting systems developed by an engaged accountant with experience in the field and knowledge about your business can help enhance payment cycles. This means that they can improve the efficiency of payable and receivable cycles, as well as other payment processes. Given that there are many payment cycles to balance throughout the month(s) and year, such as payroll, investor’s profit shares, and even daily wages, working with an accountant can significantly streamline daily operations and enable employees to focus on other tasks.

8. Helps with credit building

People might not immediately think of businesses when it comes to credit building, but the truth is that maintaining a good financial reputation is incredibly important to success. Running a business requires a lot of money, especially when expanding operations or product lines comes into play. To secure funding for pricier moves, businesses often work with lenders or investors who are familiar with their industry. These potential lenders and investors will want proof of the business’s ability to pay back the debt just as they would with an individual.

An accountant is in the perfect position to help your business not only develop and maintain good credit, but also to ensure that the terms of any loans or other contracts with lenders and investors are honored in a timely manner.

9. Increases transparency

Transparency is important when it comes to business decisions, and that is true at nearly every level of the business in question. Workers will want to have accurate information about their employer’s finances before they accept new positions, while investors, stakeholders, and other invested parties will want to know that they are making decisions based on the whole picture, not just a small piece of the financial whole.

Transparency ensures that everyone involved in a business makes informed decisions about how to invest, whether it is financially or via their time. This, in turn, can help cement a business’s good reputation and attract even more investors or lenders in the future, thereby securing its financial well-being in the long term.

Accounting outlook

As you can see, accountants are critically important for businesses in many ways. They can help ensure that businesses are on track, for example, in terms of both the amount of money they are making as well as their overall financial soundness and reputation.

It might be a bit surprising to find out just how much accountants do for businesses, but the reality is that when it comes to business success, money is often the most important metric of all. Making money and keeping accurate books not only helps businesses in the short term to keep their finances in order so they can meet immediate needs such as paying their employees, but it also helps them to secure funding for future endeavors, which can often make or break them.

Given how crucial experienced accountants are in business, it might come as no surprise that the field is set to grow even further in the future. According to the U.S. Bureau of Labor Statistics, employment of auditors and accountants is poised to grow by about 6 percent by 2031, and accountants can earn a respectable wage even in unspecialized positions. General accountants make, on average, $77,000 annually, and the salary for experienced accountants in more niche business sectors can increase dramatically.

Are you ready to learn more about how you can break into accounting for your future career? Luckily, the process is not a confusing or complicated one.

How to become an accountant

Becoming an accountant with the education and professional background needed for a lucrative salary does not have to be a mystifying experience. Focus on expanding your education as far as possible to receive stable job offers with impressive payment. Don’t worry if the thought of returning to school full-time seems daunting; thanks to advancing technology and shifting attendance standards in a post-COVID world, online degrees are now more prevalent than ever.

Before you get started on a remote degree, however, it is important to choose an educator that has a history of successful graduates. Suffolk University, for example, is a well-respected institution offering an MBA accounting degree online. The university is a fixture of downtown Boston and has created a robust online educational system designed to allow everyone, even busy professionals on the go, the opportunity to expand their learning and improve their professional prospects.

Regardless of where you decide to attend school, make sure that you are opting for an accredited institution that has the ability to provide you with a first-class education, including experienced faculty, dedicated mentors, and a diverse student population. Do your own research before you sign up, and remember that you will be paying the bill in the future for your education today, so make sure what you receive is worth the price tag.

Financial professionals play a vital role in building a strong business, so the career prospects for those who pursue this field are excellent.

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Easily Get BMW for Rent in United Arad Emirates

September 22, 2022

To protect yourself, ensure you are safe, and ensure that the company insures you if you’re driving with an insurance company that does not provide this type of coverage. The majority of credit BMW cards offer rental insurance for BMW cars. There is no requirement to purchase additional insurance if your credit BMW card can cover the risk that you will be involved in an accident.

Make sure you read the contract thoroughly and determine the amount your credit BMW card or BMW car insurance will pay. Then, review the insurance coverage for the rental vehicle with the rental BMW car agent. You must make sure that you’re making an informed choice. Don’t get influenced by the needs of the company renting your property. It may be challenging to decide if you want additional insurance from rental companies. It isn’t easy to determine if you’d prefer to have a different insurance policy on rental vehicles.

Do not invest your money in things you don’t need. It is vital to have a good insurance policy if you are involved in an accident when you lease a BMW rental dubai. You’ve probably rented a vehicle at some point, regardless of whether you’ve travelled to other countries or just needed to travel through the area as your vehicle was being fixed. American BMW cars and automobiles are diverse and thriving simultaneously. The importance of renting BMW cars hasn’t changed with time. But, they’re a vital element of the automotive business.

While the specifics of the beginnings of rental vehicles aren’t widely known, Many believe that they were invented by models similar to Model T. This first mass-produced vehicle was used in the initial rental industry. Joe Saunders of Nebraska, who hired the Model T for ten cents per mile, was believed to have created the first rental company. Saunders employed an odometer to determine the distance his vehicle was travelling. Legend says that the first automobile Saunders provided was to a salesman on the move who was looking to impress an attractive woman on the date.

In this way, Saunders was the person who started the first BMW car rental company, which was highly profitable. The company operated 21 rental sites across the. Walter Jacobs’s close friend, Walter Jacobs, was also launching his Model while Saunders was starting his own business. Jacobs did better than Saunders. Jacobs sold his business to the control of John Hertz, Yellow bmw offers dubai. General Motors bought Hertz’s business. Hertz Rent a BMW car today is the largest company worldwide. It was established during Prohibition and Prohibition, and the rental BMW car industry was afflicted with a bad reputation because people believed that they were utilized for transporting criminals. Rental BMW car companies earned respect after Prohibition was lifted.

With the increasing demand for business travel, more people require automobiles to travel for business. The business’s growth was substantial during the following year. He established the first BMW car rental shop at Chicago’s Midway Airport. Avis is the sole company that rents and focuses on airports as its primary source of income. Warren Avis, the founder of Avis, is an Army pilot who centred the bulk of their efforts on airports and the surrounding region.

National System, Inc. was another company that had great success founded within the same time frame. Joe Saunders was one of the founding members of the company. You’ll require an automobile to transport the luggage you bring to the airport. At Dubai Airport, you will need a rental BMW car. You can reserve a rental BMW car online before arriving at Dubai Airport. You’ll have to enter the exact arrival time in the booking procedure.

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7 Office Design Ideas that Exude Power and Authority

September 22, 2022

As more and more people return to the office following the coronavirus pandemic, it’s more important than ever to have creative workplaces that radiate control and ability – in a good way. This article is going to show you seven ways to do just that, so keep reading if you want to find out how.

1. Open office areas

These traditional types of seating arrangements are especially useful for collaboration and connection within a workplace. Each employee has their own space but is also able to communicate with those around them effectively, conveying high levels of skill and capability.

Open office layouts have shared workspaces, fostering better company culture, trust, and productivity. In an open office, you don’t find dividers and internal walls, allowing natural light to enter freely. Most open offices don’t have individual workstations. Instead, employees use large tables, allowing multiple employees to share the space. They work in rows of desks face to face or side by side.

2. Private areas

Having small, dedicated areas where employees are able to take confidential calls, discreet meetings or just get some deep concentration is important in any work space but especially one that is trying to exude power and authority.

Offices that recognise noise as a distraction and take steps to remove that distraction are showing initiative and asserting themselves as leaders in the industry.

3. Biophilic designs

These green workspaces have been shown to boost performance and wellness among office workers because of the stress relieving benefits they produce. Commonly natural light, nature views and plants make up this design and bring a whole host of advantages.

4. Home-style designs

Crafting offices that feel like a home from home is a new and very popular design idea over the past couple of years. Things like comfortable sofas and lounge areas go a long way towards making the office environment less stressful. The idea is that by creating areas where employees can take breaks and recharge, they’re better able to work.

These spaces are also commonly used as collaborative workspaces too because of the inclusivity and positive community that they provide.

5. Industrial designs

Industrial office design has always been trendy and especially so now. The beauty of this design is that it is purposely unrefined and creates a rustic atmosphere for those who work there.

Recently, companies have been replacing regular table legs with box section table legs and pairing it with overhanging light fixtures with exposed bulbs.

This design is a great way to show authority and power because it’s so far removed from the traditional luxurious and corporate designs that offices so often have.

6. All things ergonomic

To address the fact that so many office workers suffer from being seated for so many hours of the day, ergonomic work spaces have been cropping up. Ergonomic office chairs, height adjustable desks and standing desks exude the message that this company cares for their employees – something that’s certain to draw attention to you as a powerful and authoritative business.

A standard office chair can cause leg, arm, and back discomfort. Prolonged used can cause long-term health problems, including postural, lumbar tension, and other musculoskeletal problems. So, it’s crucial to pick the right office chairs to support your body and avoid these problems.

Invest in ergonomic office chairs with adjustable height and armrests. You can check out ergonomic office chairs online, such as at Freedman’s Office Furniture and other reputable furniture shops near you.

7. Glass walls and doors

Although this design has been popular for a while, it’s still certain to boast a sense of strength and control from within the business. Both the increase of natural light and the transparency that is created give a sense of community within the office. As well as this, glass walls are usually less expensive than traditional walls and bring many benefits that brick walls don’t, namely brightness.

Glass walls and doors come in different types, and you can choose the best for your office depending on your specific design and budget requirements. Frameless glass walls give your open office a professional look because they don’t have support on the sides. They’re also moveable and configurable when changing your office interior. On the other hand, framed glass is low maintenance and classic, perfect for a tight budget. Other options include modular, frosted, film, and strained glass walls.

With these 7 office design ideas under your belt, you will be able to design a space that exudes power and authority, as well as fuel productivity.

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Everything A Unified Communications System Should Include for Your Business

September 22, 2022

Coordination and communication are essential for the success of any business. Your staff will need the proper resources to accomplish each of these goals. A unified communications system is a one-stop shop for any small business. Prioritising features is essential when deciding between competing platforms, as there are a number of options including digital mailboxes. With that in mind, here are some of the best examples you should look for.

Ability To Scale

Every business wants to get bigger. As you add people to your team, you’ll need to think about how your technology can grow with you. It should be simple and easy to do. You need to have this kind of control with your chosen unified communications platform. You should be able to add users with just a few clicks, if possible. Make sure to ask about this when you’re looking at different providers.

Support For Your Business

Business continuity is important for every business. If your company doesn’t have communication systems, it could be in danger if there are natural disasters or other disruptions. Business continuity is helped by unified communications. The system has the capability of ringing all destinations for each call. If no one picks up, the call can be routed to another number (a mobile phone, perhaps, or an automated attendant) of your choosing.

Cloud-Based Phones

With unified communications, workers can take and make calls from any location using VoIP (voice over internet protocol). Calls can be taken from either an office computer or a mobile device. The quality of your calls will remain constant regardless of where you are. Managing a cloud-based telephony system is also simplified due to the use of a centralised web interface. You will have access to the full suite of capabilities available on modern business telephones, including voicemail to email, call parking, call forwarding, and call recording.

Call Analytics

Call analytics can be used to monitor the efficiency of both sales and support teams. The utilisation of your groups can be monitored through reports. You can use these reports to assess your team’s performance and the quality of your customer interactions. This functionality is crucial if your company’s sales and support staff primarily communicate with customers via telephone conversations.

Video Conferencing

These days, video conferencing is an absolute must in the corporate world. This method of communication can be used by your team when in-person meetings are impractical. Video conferencing is a feature of many UC platforms, but not all of them are created equal. Identifying the system’s security is crucial for protecting user privacy and staying in compliance with regulations.

It must also be straightforward to implement. Your staff shouldn’t have to undergo lengthy training sessions or install numerous programmes. With a browser-based solution, users can begin a conference with a single click and continue working from any location and device.

File Backup And Remote Collaboration

One of the most important factors in streamlining teamwork is having easy access to a safe central repository for all relevant documents. Your group can now edit the same document simultaneously. With this feature, it’s not necessary to send several versions of a document through email. With unified communications, you can take your teamwork to the next level, and your employees can do their jobs from wherever they happen to be.

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Sustainable Investment and Green Financing in the British Virgin Islands

September 22, 2022

By Rachael Pape

It is impossible to consider future trends and developments in project financing and investment today without looking to the challenges created by climate change. “Green investing” is reshaping conversations and investment priorities. In recent years the allocation of capital to greener purposes has grown rapidly with institutional investors and regulators across the globe increasingly focusing on environmental, social and governance (ESG) issues in terms of investment portfolio composition, corporate best practices and corporate disclosure requirements. British Virgin Islands (BVI) companies provide a flexible yet internationally recognised corporate regime to facilitate ESG investment.

Green project finance and green bonds

Active asset managers and financial investors have shown a significant shift towards ESG issues in recent years with a clear trend in favour of ESG growth, particularly in Europe. Investors and fund managers are increasingly waking up to the fact that finance and investment can either harm environmental outcomes or help them, and it is important therefore that such investments are approached in a conscientious and intelligent manner.

The term “green project finance” or “GPF” refers to any structured financial activity that is created to ensure a better environmental outcome. This includes loans, debt mechanisms and investments that encourage new project developments which limit harm to the planet. GPF offers the chance to make a positive difference to the climate conversation, whilst delivering a return for investors.

Developments such as “green bonds” are also gaining increasing traction to tap into this growing demand and provide investors with exposure to green assets. Green bonds now account for 8-10 per cent of global bond issuances. According to the Climate Bonds Initiative, 2021 was a record year for green bond issuances with the market for such products reaching US$350 billion. The proceeds from such bond issuances are used to fund eligible green projects complying with guidelines such as the “Green Bond Principles”, which are voluntary guidelines published by the International Capital Markets Association that promote climate change mitigation, low carbon society and the achievement of the UN’s Sustainable Development Goals.

Use of BVI companies in green financing structures

Finding an appropriate way to structure GPF deals across jurisdictions can be problematic. Typically investors will be located in multiple jurisdictions and will be looking to come together to find a neutral platform to enable them to invest. The British Virgin Islands offers fund managers the ability to establish tailored, flexible and low-cost vehicles to meet clients’ specific investment requirements.

The BVI is well-placed to assist investors and companies with all stages of the investment process

BVI companies provide issuers with a tax-neutral, flexible and low-cost vehicle, which can be tailored to meet the specific requirements of the proposed transaction while being internationally recognised and listed on exchanges around the world including New York, London and Hong Kong.

Some of the key features of BVI entities which may be of relevance to issuers of green bonds and other GPF products and in structuring ESG funds include:

Flexible corporate regime

There are no restrictions under BVI law on the objects of a BVI company, which can be unlimited or, in the case of a restricted purpose company, as specified in the memorandum of association of the company. The BVI Business Companies Act allows significant flexibility in how BVI companies are structured in terms of capital structure, management roles and required levels of shareholder involvement.
There are also no financial assistance restrictions or guarantee limitations applicable to BVI companies, with BVI companies having clear statutory power and capacity to grant guarantees regardless of corporate benefit.

No disclosure restrictions

BVI law imposes no specific disclosure requirements or restrictions on BVI companies in terms of offering documents. BVI companies are therefore free to tailor their disclosures to follow market practice and guidance, including with respect to ESG reporting.

Low cost and reduced administrative burden

Directors of BVI companies have wide discretion and management powers to carry on the business and affairs of the company, subject to their fiduciary duties to the company and its shareholders and the memorandum and articles of association of the company.

BVI companies are also low-cost and efficient vehicles, allowing invested funds to be directed to the intended green projects with minimal wastage. In particular:

BVI companies are subject to low annual maintenance costs, with the annual government fees in respect of companies authorised to issue up to 50,000 shares currently being only US$450 per year.
There is no income, VAT or other tax of the BVI imposed on BVI companies by withholding or otherwise. In addition BVI companies are not subject to stamp duty in the BVI and no registration, documentary, recording, transfer or other similar tax, fee or charge is payable in the BVI in connection with the execution, delivery, filing, registration or performance of transaction documents (other than filing fees in respect of the public registration of security).
For BVI companies not specifically regulated by the BVI Financial Services Commission, there are no annual audit or public financial statement requirements in the BVI, limiting the administrative burden on the company (although simple financial statements will shortly be required to be provided to a BVI company’s registered agent, however such financial statements will not be pubicly filed or otherwise made publicly available).

Bank accounts and exchange controls

There is no requirement for a BVI company to hold its bank account(s) in the BVI, and therefore accounts may be opened in the jurisdictions where the proposed green projects and/or the investors are based. There is no exchange control legislation under British Virgin Islands law.

Future trends and developments

The British Virgin Islands offers fund managers the ability to establish tailored, flexible and low-cost vehicles to meet clients’ specific investment requirements.

The flexibility and agility of the British Virgin Islands corporate regime, together with its international recognition, is a key benefit for structures looking to facilitate sustainable investment. The BVI is well-placed to assist investors and companies with all stages of the investment process. We anticipate that BVI companies and partnerships will continue to be at the forefront of the development of novel features and structures to facilitate sustainable investment with a wide global footprint.
As the green revolution marches on, however, investors and fund managers should be aware of possible investor blind spots. For example, currently there is no globally accepted reporting mechanism for ESG investments which presents a significant risk if a fund is exaggerating its ESG credentials.

We are here to help

GPF and ESG structures often employ novel structures and skilled legal counsel is vital throughout the process. Conyers is active in giving legal advice on the most appropriate capital structures and governance issues with our consistently top-ranked corporate, finance and dispute resolution BVI legal practices. Established in 1996, Conyers Dill & Pearman was the first international law firm in the British Virgin Islands, and as an acknowledged market leader, we are well placed to provide you with all the legal advice and services you need in the BVI. In addition, Conyers’ BVI-based legal team work alongside our affiliated corporate services provider to provide seamless company incorporation and management services. Conyers Corporate Services was established in the British Virgin Islands in 1988 and has been at the heart of the jurisdiction’s development as an international financial centre ever since; providing registered agent, registered office, corporate secretarial, director and authorised representative services to top-tier international clients and multi-national groups.

Conyers signed the Green VI Green Pledge on Earth Day 2021 (22 April 2021) and is working toward formal accreditation for our sustainability programme with Green VI, a BVI not-for-profit organisation established in 2009 to combat climate change through environmental improvements.

Tailored professional advice should be sought in respect of the individual circumstances of any proposed transaction. This article is not intended to be a substitute for legal advice or a legal opinion. It deals in broad terms only and is intended to merely provide a brief overview and give general information.

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About the Author

Rachael Pape, Counsel, has a broad corporate and finance practice with particular expertise in corporate finance and reorganisations, capital markets, derivatives and securitisations, mergers and acquisitions and investment funds, along with providing cross-border regulatory guidance. She advises a range of clients including corporations and leading international banks and financial institutions.

Uncovering the Value of Blockchain Applications in the World of Finance

September 22, 2022

By Qiang Cheng

This article discusses the benefits of using blockchain in the context of asset-backed security (ABS) issuance: reducing information asymmetry between issuers and investors, reducing yield spread of ABS, disciplining credit rating agencies, increasing the quality of underlying assets, and reducing issuers’ risk exposure. Such benefits should apply to other blockchain applications in the world of finance.

Depending on the headline of the day, Bitcoin can be a villainous play for rookie investors or a means of becoming an overnight billionaire. Partly because of the volatility of Bitcoin prices, some people regard blockchain as hype. However, beyond volatile cryptocurrencies, blockchain technology can be harnessed by financial institutions, governments, and other commercial enterprises to improve economic activities. As COVID-19 and other forces are galvanising the world of finance and moving financial services into a more digital era, blockchain technology provides a valuable solution to help resolve trust issues more efficiently. Because of the controversy surrounding blockchain applications, many organisations, such as the Organisation for Economic Co-operation and Development, have called for an investigation into the value of blockchain applications.

However, to date, there has been little research on the economic value of such applications in the realm of business. For this reason, my co-authors (Xia Chen from Singapore Management University and Ting Luo from Tsinghua University) and I investigate this issue in the context of asset-backed security (ABS) issuance in China and report the findings in a paper that is forthcoming at Management Science: “The Value of Blockchain Applications – Early Evidence from Asset-Backed Securities”. The findings of our study shed light on the economic value of blockchain applications and can help government agencies and businesses to decide whether to use blockchain applications.

Blockchain can address investors’ concerns about the quality of the underlying assets, which is the most important consideration when investors decide on ABS prices.

An ABS is a financial investment collateralised by an underlying pool of assets – such as loans, leases, and credit card balances. ABS is usually in the form of a bond or note, and disburses income at a fixed rate for a set amount of time. We find that, compared with other ABS, those issued using blockchain technology experience a decrease of 31.4 basis points in the yield spread, which corresponds to a relative decrease of 13 per cent. This is a substantial saving for issuers; we estimate that the total interest payment saving is RMB9.6 million for an average ABS issuer.
Here are five top takeaways on how blockchain applications have shown immense benefits in the area of ABS issuance.

1. Reducing information asymmetry

Currently, there is limited research on the real-world applications of blockchain, as institutions that accept Bitcoins and other cryptocurrencies are at an early stage of adoption. However, asset-backed securities (ABS) issued in China based on blockchain present an opportunity to examine the application of this technology, because, while some issuers have started to use blockchain to issue ABS, others have not.

Blockchain can address investors’ concerns about the quality of the underlying assets, which is the most important consideration when investors decide on ABS prices. Blockchain technology can ensure that the information stored on the chain is reliable and that the issuer cannot change any information stored on the chain, thereby increasing investors’ confidence. See Exhibit 1 for the general benefits of blockchain applications. The benefit of the application of blockchain is even greater for ABS with underlying assets that are less transparent to investors, such as revolving ABS.

2. Reducing ABS yield

When investors have concerns about the quality of the underlying ABS assets, they are less inclined to buy the ABS, which will drive down the price, and the interest rate that issuers have to pay goes up. Blockchain can increase the reliability of information about underlying assets on the chain, as the issuer cannot alter that information. As a result, it can increase the confidence of ABS investors, thereby reducing the yield or the interest rate of the issuance.

3. Disciplining credit rating agencies

Another benefit of using blockchain in issuing ABS is its ability to discipline credit rating agencies, which assign a rating to an ABS, upon which ABS yield is based. Credit rating agencies adopt a business model similar to that of auditors: the ABS issuers, not the investors, pay the rating agencies. This can lead to a phenomenon of rating shopping, in which issuers will choose the rating agencies that assign higher ratings to their ABS, or rating inflation, in which credit rating agencies tend to provide high ratings that favour the ABS issuers. Both phenomena can lead to conflicts of interest. Using blockchain to issue ABS can address these conflicts, as investors have access to the data related to the underlying assets stored on the blockchain and conduct their own due diligence. Knowing that other market participants, including investors, can conduct their own due diligence, rating agencies are more likely to make objective evaluations of the quality of underlying assets, thereby improving the accuracy of their ratings. This benefit is greater for less-reputable credit rating agencies or rating agencies relying on issuers for
rating businesses.

4. Ramping up asset quality

The benefit of blockchain applications is also greater for an ABS with underlying assets that are less transparent to the investors, for example an ABS with a large number of underlying assets, or revolving ABS, which involves issuers adding assets to the underlying asset pool over time. Investors may face difficulty in understanding the quality of the underlying assets of such products. In addition, issuers might add assets with worse quality to the existing pool of assets of a revolving ABS. Blockchain applications are more useful in reducing information asymmetry and have a bigger impact on the yield spread of these ABS.

5. Reducing issuers’ risk Exposure

The issuer of a securitisation usually retains a percentage of credit risk – typically 5 per cent – underlying its asset-backed securities, and adopts other credit enhancement mechanisms to reduce the risk to investors. For example, ABS issuers may designate a third-party guarantor or provide more assets in the asset pool than the principal amount. We find that blockchain applications enable issuers to reduce their retained interest and the need for multiple credit enhancement mechanisms, due to the enhanced transparency and a reduction in information asymmetry.

Exhibit 2 illustrates how blockchain technology can be used in ABS issuance to reduce the costs to issuers and increase investors’ confidence.

I would like to conclude with two caveats with regard to the findings of our study. First, the number of ABS issued using blockchain thus far has been relatively small, and so it is unclear whether the benefits are similar in the event of a more widespread application. Second, the number of users of a blockchain in the ABS issuance setting is relatively small, and thus the cost of running and maintaining the blockchain is low. The cost of using blockchain in, for example, a large initial public offering might outweigh the benefits. Nevertheless, our study sheds light on the economic value of blockchain applications, and the findings of the study can help government agencies and businesses better decide on blockchain applications in the future.

This article is adapted from an article published in City Perspectives by the Singapore Management University. Permission is required for reproduction.

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About the Author

Professor Cheng is Lee Kong Chian Chair Professor of Accounting and Dean of the School of Accountancy at Singapore Management University. He is a prolific accounting scholar and has published over thirty articles in top accounting and finance journals. Professor Cheng has received many best paper and best discussant awards and has been a keynote speaker at many conferences. He served as an editor of The Accounting Review, one of the top-three accounting journals, from 2017 to 2020. Professor Cheng serves on the Research Committee of the American Accounting Association and is a senior fellow at the Asian Bureau of Finance and Economic Research.

Why a Recession Will Boost Remote Work

September 21, 2022

By Gleb Tsipursky

U.S. employers added more jobs in July than forecast, dispelling the notion of a cooling labour market that gives executives more power to force employees to comply with their demands.

Many recent headlines have claimed that an upcoming recession will mean the end of remote work. And while surveys show that the large majority of employees prefer to spend most or all their time working remotely, most executives want employees to be in the office.

Unfortunately, they fail to grasp the key factors of a recession that will actually boost remote work. It’s true that a recession will give employers more power. However, what the headline authors miss is that a recession requires getting the most return on investment from employees.

In a period of economic growth, the comfortable bottom lines for most companies give traditionalist executives significant leeway to default to their intuitive personal and selfish preferences and intuitions for in-office work. As one such executive wrote in a recent op-ed, “There’s a deeply personal reason why I want to go back to the office. It’s selfish, but I don’t care. I feel like I lost a piece of my identity in the pandemic… I’m worried that I won’t truly find myself again if I have to work from home for the rest of my life.”

There’s no question that a focus on profits over personal preferences will benefit remote work. Once a recession hits, executives will need to show more discipline. Rather than trusting their gut, they’ll need to rely on the hard data of what makes the most financial sense for companies.

We have extensive evidence showing that remote work is more productive than in-office work. A Stanford University study found that remote workers were 5 per cent more productive than in-office workers in the summer of 2020. By the spring of 2022, remote workers had become 9 per cent more productive, since companies learned how to do remote work better and invested in more remote-friendly technology. Another study, using employee monitoring software, confirms that remote workers are substantially more productive than in-office workers.

Remote work improves retention. Nearly two-thirds of respondents (64 per cent) to an ADP Institute survey reported they would consider looking for a new job if forced to come in full-time.

What about concerns over team productivity in the form of collaboration and innovation, versus individual productivity? Indeed, collaboration and innovation can be weakened in remote settings, but that’s only if leaders try to shoehorn traditional office-centric methods into remote work, instead of using best practices for collaboration and innovation in remote settings, such as virtual asynchronous brainstorming. Embracing asynchronous ways of working can further enhance productivity and innovation by allowing team members to contribute thoughtfully in their own time, reducing the pressure of synchronous communication, and fostering a work environment that is adaptable to individual schedules and time zones. A recent peer-reviewed study also found a boost in collaboration linked to well-designed remote work. A study of 307 companies found that greater worker autonomy and flexibility results in more innovation.

Overall, taking into consideration both individual and team productivity, productivity is substantially higher in a remote work environment. A new study from the National Bureau of Economic Research (NBER) found that productivity growth in business sectors that rely widely on remote work, such as IT and finance, grew by 1.1 per cent between 2010 and 2019, a figure which jumped to 3.3 per cent with the start of the pandemic. Conversely, industries relying on in-person contact, such as transportation, dining, and hospitality went from a productivity growth rate of 0.6 per cent between 2010 and 2019 to a 2.6 per cent drop from the start of the pandemic.

Besides being more productive, remote workers are willing to work for less money. Another NBER study found that remote work reduced wage growth by 2 per cent over the first two years of the pandemic, as employees perceive remote work as an important benefit. As a concrete example of this trend, a survey of 3,000 workers at top companies such as Google, Amazon, and Microsoft found that 64 per cent would prefer permanent working from home over a $30,000 pay raise.

Companies that offer remote work opportunities are increasingly hiring in lower-cost-of-living areas of the U.S. and even outside the U.S. to get the best-value talent.
Besides offering more productivity for less money, remote work boosts the ability of companies to get the best hires. Over 60 per cent of Morning Consult survey respondents would be more likely to apply for a job offering remote work.

Remote work improves retention. Nearly two-thirds of respondents (64 per cent) to an ADP Institute survey reported they would consider looking for a new job if forced to come in full-time. That includes 71 per cent of 18-24 year-olds. Flexibility ranks only behind compensation for job satisfaction in a Future Forum survey.

Even the Biden administration finally realised these facts. In March, Biden called for the vast majority of federal workers to return to the office. By July, his officials were defending remote work for government employees as improving recruitment, retention, and productivity. That matches surveys of government employees by Cisco, with 66 per cent preferring to work more than half their work week remotely, and 85 per cent saying that flexibility to work from home substantially improves their job satisfaction.

There’s no question that a focus on profits over personal preferences will benefit remote work. Once a recession hits, executives will need to show more discipline.

We know that diversity improves financial performance and decision-making. That aligns with clear data showing that underrepresented employees have a strong preference for remote work compared to the average employee. Such desires stem from the reality of micro-aggressions and discrimination for minorities. Companies are already seeing these consequences; Meta has reported that it met and even exceeded its diversity goals two years ahead of schedule as a result of offering remote work options.

Further financial benefits stem from reduced need for office space and associated expenses such as utilities, cleaning, and security. An NBER report found that regions with more remote work experienced the biggest decline in demand for commercial real estate and consequent rents. Indeed, both Amazon and Meta recently announced halts to office space construction projects because so many of their employees worked remotely.

The cost savings and productivity improvements associated with remote work, combined with less leeway for personal preferences due to the discipline imposed by the recession, will result in more and more traditionalist executives supporting their employees working remotely. They will have to overcome the obstacle of cognitive dissonance – how they deal with their internal gut reactions contradicting the external financial reality.

The best leaders are courageous enough to change their minds when the facts change. More timid, second-rate leaders fall into confirmation bias, the tendency to look for information that confirms their beliefs. They also suffer from the ostrich effect, denying negative facts about reality.

These less-competent leaders will try to stick to their personal predilections, even during a recession. As a consequence, their companies will underperform in comparison to more flexible rivals, and such leaders will eventually be forced out for denying reality, and replaced by leaders who endorse remote work. That’s why a recession will, in the end, boost remote work.

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About the Author

Dr. Gleb Tsipursky is the CEO of the future-proofing consultancy Disaster Avoidance Experts, he helps tech and insurance executives seize competitive advantage in hybrid work by driving employee retention, collaboration, and innovation through cognitive science. He is the author of the bestseller Leading Hybrid and Remote Teams: A Manual on Benchmarking to Best Practices for Competitive Advantage.

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I lost my identity during the pandemic—if we never completely return to the office, how will I find it again?, Fortune, 29 June 2022, https://fortune.com/2022/06/29/working-mom-return-to-office-opinion/
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3 New Studies End Debate Over Effectiveness Of Hybrid And Remote Work, Forbes, 22 February, 2022, https://www.forbes.com/sites/bryanrobinson/2022/02/04/3-new-studies-end-debate-over-effectiveness-of-hybrid-and-remote-work/?sh=4b75750359b2
The effects of remote work on collaboration among information workers, Microsoft, September 2021, https://www.microsoft.com/en-us/research/publication/the-effects-of-remote-work-on-collaboration-among-information-workers/
Google and Apple are wrong: Hybrid and remote work won’t keep employees from building ‘social capital’, Fortune, 19 August 2022, https://fortune.com/2022/04/19/work-from-home-social-capital-remote-work-best-practices/
Why Virtual Brainstorming Is Better for Innovation, Harvard Business Review, 3 February 2022, https://hbr.org/2022/02/why-virtual-brainstorming-is-better-for-innovation
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Biden Officials Are Defending Telework Policies Assailed by Republica, Government Executive, 21 July 2022, https://www.govexec.com/workforce/2022/07/biden-officials-defend-telework-policies-assailed-republicans/374783/
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25. same reference as reference number 25
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For some workers, office mandates aren’t just a pain. They’re harmful, The Washington Post, 30 June 2022, https://www.washingtonpost.com/technology/2022/06/30/return-to-office-inequity/
Meta’s 2022 Diversity Report Shows Remote Work Has Led To A More Diverse Workforce, Black Enterprise, 21 July 2022, https://www.blackenterprise.com/metas-2022-diversity-report-shows-remote-work-has-led-to-a-more-diverse-workforce/
Remote work drove home price surge, Axios, 23 May 2022, https://www.axios.com/2022/05/23/remote-work-drove-home-price-surge
Amazon pauses work on six new U.S. office buildings to weigh hybrid work needs, Reuters, 16 July 2022, https://www.reuters.com/technology/amazon-pauses-work-six-new-us-office-buildings-weigh-hybrid-work-needs-2022-07-15/
Facebook Parent Meta, Amazon Pull Back on NYC Office Expansions, Bloomberg, 16 July 2022, https://www.bloomberg.com/news/articles/2022-07-15/facebook-parent-meta-amazon-pull-back-on-nyc-office-expansions
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How to Save Money on Auto Insurance in Florida

September 21, 2022

Florida has the highest insurance rates in the country, according to insurance comparison and guidance site Insure.com. The average monthly premiums hit an astonishing $2,560 in 2022, which is more than $800 more than the national average.

At this price, insurance can take up a huge chunk of your budget, but it’s not like you can go uninsured to save some money. Not only does it protect you, your car, and other drivers, it’s a legal requirement in Florida.

But are you stuck paying the country’s highest premiums to stay safe and is it possible to get cheaper car insurance in Florida? Plenty of things factor into you the price you pay. While you can’t control all of them, you can take these steps to reduce your premiums.

Improve Your Credit Score

Usually, someone might focus on bringing up their credit score when they plan on buying a home or taking out a line of credit. But giving this score a bit of polish may help you lower your insurance, too. That’s because insurance companies use an auto credit score to determine your rates.

This auto credit score uses some data found in your traditional credit report, the one a financial institution might check when you apply for a personal line of credit in Florida. But instead of checking your creditworthiness, this auto credit check weighs the chances you’ll get into an accident.

There are a lot of things that go into your auto insurance score. But generally speaking, a higher traditional credit score will translate into a higher auto credit score.

So, what can you do to boost these scores? Focus on paying all your utilities, FL line of credit loans, and installment loans on time. You’ll also want to keep your credit card and line of credit balances low.

Shop Around for Options

Just because one insurance company charges you one thing doesn’t mean you’ll get the same price everywhere you go. Every insurer evaluates risk factors differently, which could lead to fluctuating prices.

Take the time to compare coverage and prices from at least three companies. You can find comparison tools online to help you do this, but it’s also a good idea to check in with rating sites like Standard & Poor and your state insurance department to verify information.

Qualify for as Many Discounts as Possible

Some insurance companies offer discounted rates if you prove you’re less of a risk to insure on the roads. This can be as simple as driving a vehicle with optional safety features, like lane-keep assist and a 360-degree camera.

However, your lifestyle may also play a role in the prices you pay. If you’ve been working from home since the pandemic started, you’re naturally driving less. You might be able to negotiate your lower average mileage into a better price. Bundling your home and auto insurance with the same company is also another option.

The Takeaway:

When it comes to saving money, most people try to put a stop to unnecessary spending, with things like delivery memberships, pricey gadgets, and takeout the first things to go. But if you want to make a meaningful change to your budget, consider adjusting an essential like auto insurance. In Florida, these money-savvy techniques can help you save a lot each month.

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Why Is Privileged Access Management So Important?

September 21, 2022

Privileged access management is the process of managing and monitoring access to privileges that are typically reserved for system administrators. The high-level goal of this process is to ensure that only authorized personnel has access to systems, data, and devices.

What is Privileged Access Management?

Privileged access management is a critical security measure that controls and monitors how privileged users – those with administrative or other sensitive access – interact with systems and data. By managing and auditing these users, PAM helps organizations prevent data breaches, comply with regulations, and protect their assets.

PAM solutions typically include a centralized console for managing user privileges, as well as tools for monitoring user activity and auditing privileged actions. Some PAM solutions also include features such as password management and least privilege enforcement.

Why Is Privileged Access Management So Important?

PAM is important because it helps organizations control and monitors the activities of privileged users. This can help prevent data breaches, compliance problems, and other security issues.

PAM can also be used to enforce least privilege policies, which can help reduce the risk of privilege abuse. In addition, PAM solutions can provide audit trails that can be used to track down security issues.

Overall, PAM is a critical security measure that can help organizations safeguard their systems and data.

Why is it Important to Manage Privileged Accounts?

As organizations strive to meet ever-changing compliance requirements, they are looking for ways to improve their security posture. One area of focus is Privileged Access Management (PAM), which provides users with different access levels.

PAM is the process of identifying, managing, and monitoring privileged accounts. These are accounts that have elevated permissions that allow users to perform actions that could potentially impact the security of the organization.

Some examples of privileged accounts include:

Domain administrator accounts
Service accounts
Database administrator accounts

Organizations must take steps to ensure that these accounts are properly secured and monitored. Otherwise, they could be exploited by malicious actors to gain access to sensitive data or systems.

There are a number of reasons why PAM is so important. First, privileged accounts usually have access to a wide range of resources and data. This makes them a prime target for attackers who are looking to gain unauthorized access to sensitive information.

Second, privileged account holders often have high levels of privileges. This means that if an attacker is able to compromise a privileged account, they could potentially wreak havoc on the organization’s systems and data.

Finally, many organizations struggle with managing and monitoring privileged accounts. This can make it difficult to detect and

How do you Manage Privileged Accounts?

Privileged Access Management, or PAM, is a method of security that ensures only authorized users have access to privileged accounts. This is important because privileged accounts often have access to sensitive information or systems that could be exploited if they fell into the wrong hands.

PAM can be implemented in a number of ways, but typically involves creating separate accounts for each user with limited privileges and requiring approval from a designated administrator before granting access to privileged accounts. This ensures that only those who absolutely need access to these accounts are able to gain access and that all activity is logged and monitored.

While PAM may seem like an extra step that adds complexity to the process of managing privileged accounts, it is actually a very important security measure that can help prevent data breaches and other security incidents. By taking the time to implement PAM, you can help protect your organization’s most sensitive information and keep your systems safe from potential attacks.

What are the benefits of Managing Privileged Accounts?

Privileged access management is a process of identifying, managing, and monitoring privileged accounts and their associated users. By managing these privileged accounts, you can help to improve security and compliance within your organization.

There are many benefits to implementing a privileged access management solution, including:

Reduced risk of data breaches: By managing and monitoring privileged accounts, you can help to reduce the risk of data breaches.
Improved compliance: A privileged access management solution can help you to meet compliance requirements, such as those set out by the Sarbanes-Oxley Act.
Increased efficiency: A centralized platform for managing privileged accounts can make it easier for administrators to manage and monitor user activity. This can lead to increased efficiency and productivity.
Enhanced security: By managing and monitoring privileged accounts, you can help to improve the overall security of your organization.

What are the challenges with Managing Privileged Accounts?

One of the most difficult aspects of managing privileged accounts is trying to keep track of who has access to what. With so many people having access to different systems and data, it can be hard to know who should have access to what. This can lead to security breaches and data leaks.

Another challenge with managing privileged accounts is that they often have a lot of privileges. This means that if someone with malicious intent gets access to one of these accounts, they can do a lot of damage. It is therefore important to have strict controls in place to prevent unauthorized access.

Finally, it can be difficult to monitor privileged users. As they have high levels of access, they can easily bypass security measures or make changes that are not easily detected. This makes it hard to identify when something has gone wrong or when there is suspicious activity taking place.

Despite these challenges, managing privileged accounts is essential for ensuring the security of an organization. By keeping track of who has access to what, and by monitoring activity, organizations can reduce the risk of security breaches and data leaks.

Conclusion

In conclusion, privileged access management is vitally important because it helps to protect organizational data and systems from unauthorized access and misuse. By implementing a PAM solution, organizations can control and monitor user activity, prevent data breaches, and ensure compliance with industry regulations. If your organization does not currently have a PAM solution in place, now is the time to consider implementing one.

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