Trends In 2018 That Accountants Have To Watch Out For

We are already a month into the New Year, 2018. As with any profession, this year will be an eventful one because of the new trends expected to become popular that will affect accountants from insurance accountant to technology that will dominate the profession.

Accounting software that is cloud-based is currently employed by nearly 30 per cent of small businesses while majority of the accounting firms are still using hosted server or their programs still depend on internal server. It is expected that each year accountants will be geared toward using a model that is cloud-based SAAS or software as a service. A big change is expected in 2018 because an increasing number of small businesses will be using cloud and leading software companies specializing in tax programs are expected to launch to the public cloud-based software that is fully functional.

Tax planning will dominate because of the new tax law that was recently implemented. The new law is more complicated thus businesses will consider tax planning for the coming years. It is not sure how long this new provisions will be implemented because it is still dependent with the coming elections in 2018 as well as 2020 elections. There is a chance that it might change.

In terms of using AI or artificial intelligence as well as automation, the profession is only starting to scratch the surface. In the previous year, minor AI and automation is employed in book keeping and tax programs are also utilizing them. There is more to come as the technology is expected to increase efficiency and offer analytical data that will aid practitioners and their clients in improving the decisions regarding their businesses. Smarter programs are expected in 2018 that will be incorporated with huge payroll companies and a number of brokerage houses to make each tax return an automated task.

There is an expected decrease in compilations and reviews because of the increase in demand for real time accounting that is cloud based. Accountants and their clients are now relying on real time data to make more efficient decisions. Audits, which are the reason many get an insurance accountant, are expected to be rendered unnecessary in the next few years because of real time technology.

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4 Tips In Picking Health Insurance In Thailand

Picking a health insurance in Thailand can be daunting especially with all the choices available and if you are not quite sure what would suit you best. However, there are tips to make choosing an insurance coverage a little easier for you. Here are these tips.

Determine what you need

Generally, employees are provide with health insurance as part of their employment benefits. However, some of the insurance policies provided may not be as comprehensive as you would want them to be and employees do not have a choice but accept whatever type of coverage is given to them. If you have an existing health insurance from your company, get a copy of the and if you are not happy with it, search for health insurance providers where you can get the lacking items that you would want to have.

Make a research

Make a research to find out that there are different types of health insurance in Thailand that you can purchase. Some of these insurances include Exclusive Provider Organization (EPO), Health Maintenance Organization (HMO),Point of Service Plan (POS) and Preferred Provider Organization (PPO). Find out about these insurances and their differences to see what suits you. Check the summary of benefits and the premium. Consider you and your family’s health conditions, risks and medical or health history.

Search for health insurance company

If you have a doctor, find out if he is an in-network doctor of your preferred health insurance provider. An in-network doctorcollects lower rates because they have a contract with the insurance company. Pick a health plan with more options and coverage at a reasonable amount.

Compare the benefits

Before you decide on a health insurance in Thailand, take a look at the different options before you. To better understand the coverage and how you will benefit from it, call the insurance company and talk to an insurance representative. Ask as many questions as possible until you are fully satisfied. Find out if you would be covered even if you travel overseas or if your current medication, if any, would be covered by the insurance policy.

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Growth In The Insurance Industry Of Nigeria In Spite Of Challenges

The insurance industry in Nigeria was able to record a 22.2% growth in gross premium income for the financial year of 2016. Gross premium income recorded for 2016 is N380 billion compared to N311 billion in 2015. The figures were disclosed by Mr. Eddie Efekoha, Chairman of Nigeria Insurers Association during their annual general meeting in Lagos.

According to Mr. Efekoha, there were serious consequences that severely affected the operations of the insurance industry. Nigeria’s main revenue earner is crude oil. The price of crude oil fell below US$30 per barrel in the global market. Other factors include epileptic power supply, cutthroat inflation, conflicts between herdsmen and farmers, a poor economy and prolonged period of recession.

However, in spite of the challenges faced by the insurance industry, it continues to be the preferred destination of reputable investors in the global insurance market. Mr. Efekoha is optimistic that in spite of the challenges of a struggling economy, the suspension of the FRC corporate Governance Code and the implementation and improvements in “No premium, no cover” compliance will renew the government’s vigor towards improving the ease of doing business in Nigeria.

The government of Nigeria has also implemented improved anti-money laundering mechanisms and international financial reporting standards to attract potential investors to the insurance industry. The motor module of Nigerian insurance industry database has continued to record resounding success particularly in providing real-time online solutions for the elimination of fake insurance certificates and verification of insurance documents.

On the marine module, Efekoha has particularly noted that member companies are very consistent in uploading to the platform their marine policies. Members are encouraged to continue uploading while plans are being made to bring stakeholders into the scheme. Meanwhile, third party motor insurance policies have been fully digitalized to eliminate the existence of fake insurance certificates.

Once an insurance agent learns how to sell insurance effectively, he can easily dominate the market. The skills that have been passed on by veteran insurance experts no longer work and it is time to make a change. There is a guide for insurance brokers in enhancing their websites for serious lead generation.

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