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How a Specialist Contractor Accountant Can Help You

Contracting can be quite different compared to full-time employment, especially when it comes to the end of the month and you’re looking towards your bank account for payment. Since contracting… Read more » The post How a Specialist Contractor Accountant Can Help You appeared first on

Predictions for Brexit’s Impact on the Property Market

Over 2 years ago, the UK went to the polls and decided to leave the European Union, not even 50 years after they had decided to join the confederacy of… Read more » The post Predictions for Brexit’s Impact on the Property Market appeared first on

The Differences Between Caveat Loans and Second Mortgages

Using a property as security on a loan may help you to access more money. However, you need to know the difference between a second mortgage and a caveat loan… Read more » The post The Differences Between Caveat Loans and Second Mortgages appeared first on

SpankChain spanked

SpankChain, a cryptocurrency aimed at decentralized sex cams, has announced that a hacker stole about $38,000 from their payment channel thanks to a broken smart contract. They wrote: At 6pm PST Saturday, an unknown attacker drained 165.38 ETH (~$38,000) from our payment channel smart contract which also resulted in $4,000 worth of BOOTY on the contract becoming immobilized. Of the stolen/immobilized ETH/BOOTY, 34.99 ETH (~$8,000) and 1271.88 BOOTY belongs to users (~$9,300 total), and the rest belonged to SpankChain. Our immediate priority has been to provide complete reimbursements to all users who lost funds. We are preparing an ETH airdrop to cover all $9,300 worth of ETH and BOOTY that belonged to users. Funds will be sent directly to users’ SpankPay accounts, and will be available as soon as we reboot Spank.Live. The hacker used a ‘reentrancy’ bug in which the user calls the same transfer multiple times, draining a little Ethereum each time. The bug is the same one that previously affected the DAO. The company pointed out that a security audit on their smart contract would have cost $50,000, a bit more than the amount lost. “As we move forward and grow, we will be stepping up our security practices, and making sure to get multiple internal audits for any smart contract code we publish, as well as at least one professional external audit,” they wrote. I’ve reached out to the company for clarification but in short it seems the spanker has become the spankee. UPDATE – According to the CEO the hacker returned the cash and offered to help Spankchain fix its smart contract. Who said the crypto world was full of crooks and liars! Ladies and gentlemen, I present the real winner of the @ETHSanFrancisco hackathon! — Ameen Soleimani (@ameensol) October 11, 2018

How to Start a Fintech Company

Starting a new business requires planning, a good understanding of the business field or industry, especially in emerging fields like fintech, as well as handling the steps for opening a legal entity. The company formation process and the requirements for a fintech company in Cyprus will differ from those in the Africa-Pacific region, however, this business field offers exciting new opportunities for entrepreneurs who have the expertise and innovation to deliver financial products and services. Fintech Startups Financial technology or fintech, in short, is the cumulus of new technologies and innovative services that aim to improve or even replace traditional financial services. From online payment solutions to cryptocurrency wallets or personal finance management, these companies are delivering innovative solutions to individual customers as well as corporations. Fintech companies in Hong Kong are an example of how a city that has long been a business and financial hub in Asia had adopted the new technology and innovative solutions. The Special Administrative Region is an attractive location to base a fintech company because of the easy company set-up procedure and the low taxes on corporate profits. Other locations that offer advantages for investors and a welcoming business climate include the Netherlands, where opening a Dutch fintech company has the advantage of easily accessing the surrounding European markets. What to Focus on When Starting a Fintech Company Here are some points investors can take into consideration when starting a fintech business: Specific regulations: the financial regulators in Thailand will adopt a different approach than those from the Netherlands for example; understanding how the law treats companies that offer financial services and whether or not they are regulated by the local financial supervisory authorities is important. The team: offering quality and reliable financial services is possible with the help of a professional team; technological and business experience are two important skills to look for when hiring employees for a fintech company in Thailand or any other country. The product: the service or product offered by the company will need to be one that answers a need; the market is already populated by companies that…

What is Financial Modeling and Why Should Your Small Business Use It?

Planning for the future of your small business is an important part of success. Financial modeling takes different shapes, but basically, it’s about plugging different numbers and scenarios into a formula very often on an excel sheet and seeing the effect they have. Financial Modeling in Action Small Business Trends spoke with various business experts about this useful tool and how it works for small business. Healy Jones from Kruze Consulting clarified how these tools can help a startup get rolling or an established business move forward when they are considering expansion. Understanding Costs and Profits “A well built financial model will help a business owner understand the costs and profits from their management decisions. What will it  cost to open a new location, hire a new employee, and how does that impact the bottom line?” he says. He went on to say that a good financial model can answer questions like whether your small business should buy a new piece of equipment or pay down debt too. “These can even tell businesses they have enough customer service people to take on the number of customers they want to next year.” Using Real World Starting Points Although you can pick some numbers out of the air and plug them in (what happens if we price our widgets at $400 dollars and sell 6000?) more accurate results come with more real world starting points. That’s why using financial statements and market research will give you more accurate results. It’s even a good idea to consider a professional consultant to get an objective base to start from. Daniel Feiman from explains how to use  base line once you’ve put one together. Establishing Extreme Outcomes “Frequently you want to establish the most extreme possible outcomes by modeling the best and worst case, then anything else that happens somewhere in between,” he says. You can get a bunch of different scenarios by changing the variables which can be factors like the size of your target market, price per unit (which can even include extra selling costs like transportation) and estimated profit. One of…

Seven Tips for Getting a Business Loan With Bad Credit

Having a bad credit score causes major issues when you’re applying for loans. Many lenders won’t consider you. However, it’s not impossible to get a loan with bad credit as… Read more » The post Seven Tips for Getting a Business Loan With Bad Credit appeared first on

Debt Settlement and its Alternatives

In recent years, debt settlement has become a popular strategy to clear overwhelming debt. It’s fast, and offers a number of key protections for debtors that make it an attractive… Read more » The post Debt Settlement and its Alternatives appeared first on

How to Keep Your Personal Finances Out of Your Business

If you haven’t separated your business finances from your personal finances yet, you’ll want to move that up to the top of your list. Keeping personal and business finances separate can help you stay organized and provide plenty of peace of mind especially around tax time. If you’ve legitimized your business and became an LLC or S-Corp, keeping your finances mixed will cancel out any legal protections that come with having one of these entities. How to Keep Personal and Business Finances Separate I made the mistake of putting off separating my finances for almost a full year. The best time to get started is when you get your first payment and start making money. Here are a few tips to help you keep personal and business finances separate. 1. Open a Business or Separate Checking Account You can’t fully separate your personal and business finances if you’re keeping everything in the same bank account. You want to open a business checking account so you can deposit for your revenue and manage business expenses all in the same place. Some banks have strict requirements for business checking accounts. For example, PNC Bank requires you to have a minimum of $5,000 deposited into your account each month or maintain an average daily balance of $1,500 to avoid a monthly maintenance fee. If you’re not sure if you can meet the bank’s requirements for a business checking account, simply start by opening a second personal checking account. You can treat it just like your business checking account and separate finances while you grow your business. 2. Consider Opening a Designated Business Credit Card Most people skip this step after creating their separate business bank account. However, if you’re still making business-related purchases on a personal credit card, you’ll want to consider getting a business credit card as well. You’ve probably already taken the time to build your credit score which allows you to get quality credit cards, mortgages, loans. As a business owner, you’ll want to have a separate business credit score in case you ever need to use business credit to expand, finance equipment or materials, etc. An…

Recent departures hint at turmoil at Quartet Health, a mental health startup backed by GV

Backed with nearly $87 million in venture capital funding from GV, Oak HC/FT and F-Prime Capital, Quartet Health was founded in 2014 by Arun Gupta, Steve Shulman and David Wennberg to improve access to behavioral healthcare. Its mission: “enable every person in our society to thrive by building a collaborative behavioral and physical health ecosystem.” Recent shakeups within the New York-based company’s c-suite and a perusal of its Glassdoor profile suggest Quartet’s culture is not fully in line with its own philosophy.   In the last few weeks, chief product officer Rajesh Midha has left the company and president and chief operating officer David Liu is on his way out, TechCrunch has learned and confirmed with Quartet. Founding chief executive officer Arun Gupta, meanwhile, has stepped into the executive chairman role, relinquishing responsibility of the company’s day-to-day operations to former chief science officer David Wennberg, who’s taken over as CEO. “I’m focusing on our external growth,” Gupta told TechCrunch on Friday. “David has really stepped up as CEO.” Quartet raises $40M Series C to help healthcare providers collaborate on patient care Gupta and Wennberg said Liu’s role was no longer needed because Wennberg had assumed his responsibilities. Liu will formally exit the company at the end of the month. As for its product chief, the pair say Midha had “transitioned out” of the role and that an unnamed internal candidate was tapped to replace him. When asked whether other employees had left in recent weeks,  Wennberg provided the following indeterminate statement: “We are always having people coming in. I don’t think we’ve had any unusual turnover. We’re hiring and people’s roles change and that’s just part of growth.” Quartet, which provides a platform that allows providers to collaborate on treatment plans, currently has 150 employees, according to its executives. In a LinkedIn status update published this week — after TechCrunch’s initial inquiries — Gupta announced his transition to executive chairman: “Still full-time, though focused largely on our opportunity to further evangelize our mission, [I will] drive the change we want to see in this world, and expand our reach … I have tremendous confidence in David’s ability…

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