business account – Growing Forward

How Safe Is It Using An Ordinary Bank Account For Gambling?

10/08/2020 Scott AsaiLeave a comment

Gambling is one of the most petted hobbies in every economic class. Although not everyone can afford to live by it.

Nevertheless, if you’re one of the privileged who can afford to gamble, you might be wondering if you can use your regular bank account.

In this article, you shall explore if it is safe to use your ordinary bank account for gambling purposes. And if there are other better options to make secure transactions.

What do Banks say About your Gambling Transactions?

Generally, banks don’t like it. Yes, you read that right. Banks usually do not take it easy, if your account is involved in high-risk transactions. And not to mention, gambling and other gaming transactions are considered as high-risk.

Notably, if your transactions are too small or not so frequent, your bank won’t look into it. Unless you start making more frequent and larger payouts or withdrawals. The reason being, gambling, and online gaming websites are usually considered to be involved in illegitimate activities. Banks sincerely want to protect you from them.

Secure Digital Banking Can Fit Your Need

Since the conventional banks do not endorse high-risk transactions, it is necessary that you find alternatives. Or rather, more importantly, you need to find alternatives that can provide you banking services along with mitigating the risks involved.

Here are some of the options that you can choose from.

Digital Bank Accounts For Gaming

The most secure way to handle your gambling transactions is having a digital bank account dedicated to gaming. Notably, your digital account should be at least two-point authentication enabled. In fact, Gaming Digital Bank Accounts are licensed from FCA for handling iGaming transactions. And they are not only licensed for personal holdings but also business account handling. In short, a digital bank account is one of the best alternatives to your high-risk transactions such as gambling and online gaming payments.

Setting Up Network Security

Another good option is setting up high security for your bank account, be it a digital gaming account or your ordinary. And there are plenty of ways to do that. One of them is using a dynamic key for logging into your account. These dynamic keys keep changing and generate a key unique for your account, before every transaction. And it is only if the key matches the database that someone can get into your account. Your bank would provide you with a key generator and help you set up security for your banking network.

The Verdict…

To sum it up, using an ordinary savings account or business account for gambling purposes is not ideal. Nor is it safe for your own good. There are serious risks involved in using your ordinary bank account for such transactions. Yet, there are safer alternatives that can protect your assets and let you enjoy your hobby, stress free. It is still suggested that you go through the details before you make any decision. Consult with your accounts manager for more details.

Why Good Bookkeeping Practices Are Essential

06/14/2020 Scott AsaiLeave a comment

Collaborative post – may contain affiliate links

Good bookkeeping practices are essential for businesses today. For those who are unaware, this relates to the art of keeping track of all of your company’s expenditures and incomings. This may seem like an easy task, but when you consider all of the incomings and outgoings you deal with, you can see how this can easily become very time consuming, and this can result in corners being cut.

However, bookkeeping is critical for businesses today, as you can see from the infographic below. The infographic reveals five of the key reasons why bookkeeping is so important. This should help you to understand why you have to prioritize accuracy and timeliness when it comes to bookkeeping. A lot of people can neglect their bookkeeping commitments for months on end, and this can have a detrimental impact on their company as a whole.

There are many different bookkeeping practices that you can use in order to get on top of this part of your business. Starting your bookkeeping early is a good place to start. You are also advised to keep your personal accounts separate from your business accounts. Other tips include always keeping a hole of your receipts and updating your records from anywhere through the use of digital bookkeeping software. Of course, if this all seems like a big undertaking, there is the popular option of outsourcing your bookkeeping requirements instead. This will allow you to focus on the main areas of your business rather than worrying about bookkeeping.

Infographic designed by Carmel Bookkeeping Pros

Save Money When Starting Up A Faming Business With These Tips

07/30/201907/20/2023 Scott AsaiLeave a comment

Collaborative post – may contain affiliate links

Many of us dream of starting our own business and reaping the rewards that it can bring. Not only do you get the chance to put your business skills to the test, but it also lets you be your own boss, set your own hours and make money from something that you enjoy doing.

Unfortunately, many people do not pursue their dreams in farming because of a lack of funding or go diving in without a thought to how they are going to finance their dreams. Some people start their agricultural business by borrowing money, and while this is not necessarily a bad thing, starting off in debt is never ideal, especially if you do not have any income coming in to pay it back.

Here are a few ways of getting the money together to start up your own farming business:

Research potential startup costs

Before you start saving for your farm, it is a good idea to figure out how much you will need to get it up and running. By this, we mean things such as animal feed with natural ingredients and additives, farm equipment, training, transportation, etc. Shop around as well to see where you can save money – for example, red diesel can be a cost-effective method of fueling tractors and other farm transport.

Do not be afraid of approaching other farmers if possible and asking them to get an insight into startup costs as well. They may suggest something you had not thought of. It is also always worth having an experienced farmer to guide you as a mentor.

Put aside funds

Once you have a rough idea of the sort of money that you will need, you can then work out how soon you will be able to launch your farm or agribusiness. Use that information to incorporate your startup costs into your monthly budget. By doing this, you may find that you need to make cuts in particular areas, which leads us into our next point.

Get creative

When it comes to making savings for your new business venture, you may have to make sacrifices and get creative with the money that you can spend. Some of the easiest ways to save some cash are by cutting out nights out, takeouts and eating out, not buying coffees to go and getting rid of any unnecessary subscriptions such as Netflix. Sure, it may be tedious and trying for a while, but sacrifices are necessary sometimes to fund dreams!

Set up a separate business account

Following on from the previous point, open up a bank account, especially for money towards your agribusiness. By putting it away, you are less likely to dip into it to fund other things, but it also allows you to see how close or how far away you are from your budget.

Pick things that are affordable to look after/grow

How are you going to make money from your farming business? If you’re growing and selling crops, pick options that are very affordable but have high-profit potential. Do some research and find things with low purchasing costs so you’re not spending too much money.

The same goes for any of you that might breed or sell livestock. Companies like Superior Farms have a lot of success raising and selling lambs because they’re cheap to acquire yet also offer multiple ways of making money. You can sheer the fur and sell it to clothing companies or raise the lamb for food purposes. It’s up to you, but if you do have animals on your farm, pick ones that don’t cost a lot to look after yet can provide high-yield gains.

If you can put these five tips into place, you will be well on your way to saving for your very own agricultural business venture!