Post about "Finance"

Helpful Hints in Preparing for Buy Here Pay Here Dealership Financing Requirements

Remember that the definition of buy here pay here dealers is that these dealerships finance the customers directly. This makes each dealer make his own criteria on what is needed to be able to trust that their money that is invested in the customers, is not going to be lost. This makes writing a rigid table with actual requirements an almost impossible task to achieve. However, here are the basic requirements as well as hints of why would dealers need them.1. Some sort of identification with picture of the customer that is asking for financing approval for verification.2. A recent bill to prove the address of the customer in case the payments are not paid on time. Although most identification cards, like the state ID and the driver’s licence, have the customer’s address, it can often be several years old and hence the address is not updated to the most recent one but a bill would have the recent address.3. Proof of income – This can be from check stubs or direct deposit into a bank account with the bank statement present to show as proof. Or it can be from Social Security Disability income or other reliable sources. Each dealer would have their own measurement of what is reliable income sources. Remember that some dealers are aiming to be able to garnish wages in case the payments are not paid and vehicle is not returned or can’t be found to repossess.4. Some places require a bank statement to reveal how the customers spend their money. If there are other car payments that show up on the statements, then the dealers would take this into account when calculating the approved loan amount to be granted to the customer. More life expenses means that this customer is less likely to be able to pay large monthly payments, even if his income is high.5. Down payment money – This differs greatly from dealer to dealer and from car to car and even from customer to customer. Here is why, first, some dealers are running incentives while others are not. Second, customers might be asking for very expensive vehicles. Third, customers may be asking for average priced vehicles but their income proven can not cover the monthly payments as well as life expenses so the dealers ask for higher down payments to lower the risk involved with such deals. Customers need to keep in mind that even if dealers are asking for no money down, it does not mean for customers not to have any cash available. The reason is that customers, in most states, are still required by law to pay all the taxes on the vehicle as a lump sum in the beginning of the sale. Also, there are registration costs that need to be paid by the customers.6. References – Many dealers require that customers provide references from family and friends. Basically, the dealerships would contact these people and ask them for information about the whereabouts of the customers when needed. This is meant as a secure way for the dealers to be able to track down the customers in the event that the payments are not paid and the vehicles cannot be traced to repossess.

Microsoft Excel to Power BI: Why you should migrate your data and reports.

Microsoft Excel comes to mind when considering a suitable reporting tool for businesses. Excel has been a natural choice for years because of its data organization and analysis capacity. However, as systems change and the demands for data analytics become more complex, it has become clear that the software has some limitations, hence it is necessary to shift from excel to power bi.

For organisations, Microsoft’s Power BI provides robust analytics and reporting features. Power BI delivers significantly more insight than Excel thanks to faster experimentation with visualisations, statistical functions, and calculations across large datasets and the capability to derive answers instantly through the quick recombination of fields.

Listed below are a few advantages of moving from excel to power bi:

Excel to Power bi – Accessing and Storing Large Quantity of Data

Microsoft Excel can perform simple and complex arithmetic operations and functions. However, its effectiveness wanes when you have enormous amounts of data that cannot be opened. This makes it less than ideal.

You can view, analyse, and visualise the more significant data sets that Excel struggles to manage with Power BI’s impressive comprehension capabilities. Not only are these things possible, but your files can also be stored and analysed using only 50 megabytes. To import and cache your data inside a .PBIX file, Power BI makes use of robust comprehension algorithms.

Efficiency is one of the most apparent reasons why Power BI is such a valuable tool. It eliminates the need to aggregate or reduce the size of large datasets to show a more comprehensive analysis. Instead, all the most minute details and summaries can coexist in one file and be evaluated through drill-downs.

In addition to having a massive amount of storage space, you can also edit and prepare your data. Many tasks are made simple by Power BI.

Excel to Power bi – Data Protection

Any business has always placed a high priority on data security. For all kinds of organisations, big or small, the growing threats of data theft, unauthorised access, and invasion by foreign entities have become major concerns. Excel has features that safeguard your data. Excel limits access to files, sheets, or any worksheet as part of security measures.

The user can keep any document locked to prevent unauthorised personnel from accessing the data. The read-only option prevents external parties from editing or otherwise altering the document. Excel does provide security features, but they are basic and lack more sophisticated features.

In contrast, Power BI offers data protection features that are highly dependable, scalable, and responsive to current business requirements. Power BI has the industry’s best built-in security control. Role-based authentication, cloud security, risk monitoring, risk identification, and network security are a few of the security features that Power BI offers.

Compared to Excel security features, Power BI’s data security measures are unquestionably more detailed and trustworthy.

Excel and Power BI provide analytics features, but in comparison, Power BI’s presentation of the visuals and analytical results is much more thorough and appealing. Excel offers basic analytical features, whereas Power BI provides advanced, business-focused analytical features.

Although some of the more recent charts are available in Excel, they cannot connect to the data model. Excel’s portfolio does not currently include some of the newest trending charts at the application level. It only has restricted access to the data model as a result.

However, Power BI has all the features necessary to satisfy customers’ new demands interactively. With the help of Power BI, an organisation can access real-time dashboards, performance indicators, and an alert system. Using data from the past, the organisation can visualise the present and future data.