Surprising Facts about Money and the Financial Industry
Ever since paper currency first came about during the 7th century in China, money has been changing lives and streamlining the way we do business; here are some interesting things about money that you may not have known:
- The original automatic teller machine was installed in London more than 45 years ago.
- Prior to 2009, when Zimbabwe was experiencing a prolonged period of unprecedented hyperinflation and currency devaluation, the country’s government actually minted a $100 trillion note. Sadly, the note is now worth less than 34p.
- Cumulatively, adults in the UK have upwards of £1.5 trillion in debt.
- Due to substandard reporting and financial errors, more than £18 billion in benefits and tax credits remain unclaimed every 12 months, which highlights the significance of reputable money management services.
From the money in your wallet all the way to the budgetary statements of both small and large businesses, currency plays a pivotal role and it will always serve a crucial purpose in our society.
Understanding the UK’s Finance Sector
According to a business report published just a few months ago, the financial industry in the United Kingdom is one of the most important, impactful sectors in the entire country, especially when you evaluate the commercial landscape from a value-added perspective. As a matter of fact, the gross value added (GVA) of each finance employee is almost £80,000 while the median GVA for employees in all other industries sits at a paltry £55,000.
However, it’s worth mentioning that analysts have also determined that the vast majority of today’s finance managers are missing out on additional profits, clients, and expansionary opportunities, which can be largely attributed to a lack of advanced coaching, guidance, and training with regard to new trends and innovative tactics.
So if you’d like to enhance your capabilities and improve the aptitudes of your most integral administrators, it’s in your best interests to schedule some professional financial management courses for your workforce.
The Advantages of Arranging Financial Management Training for Your Firm
Irrespective of the size of your organisation or the scope of your operations, it’s worth noting that your local consulting firm specialises in facilitating beneficial seminars and instructive courses:
- Innovative reporting and accounting methods to account for changing rules, regulations, and forthcoming money-saving opportunities
- Increasing your strategic and financial inputs with prudent decision-making
- Maintaining legal compliance while capitalising on revenue-generating ventures
- How to avoid crime, misconduct, and corruption in the digital age
- Improving internal auditing techniques to stay risk-averse year-round
- Understanding how to hedge against sector-specific threats, select the ideal insurance plans, and encourage external investments
Your dedicated liaison will help you pinpoint the most pressing concerns within the confines of your finance department and then tailor a comprehensive training colloquium that can effect immediate results.
Your employees will become more adaptable; your bookkeeping standards will improve; and, most notably, you’ll be able to ensure a modernised approach to long-term sustainability. Be sure to get in touch with an accredited consulting firm at your earliest convenience.