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Using Software to Maintain Employment Contracts is Common Sense

IrinaFerreira
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Using Software to Maintain Employment Contracts is Common Sense

We use software to create our business plans, and accountancy software is the lifeblood of any accountancy, so why are so many people slow to take up software to help create and maintain employment contracts. Most companies in the developed world will end up storing their contracts on their local hard drives, so why are they still creating contracts manually. By modern standards, if you are still creating contracts manually then it is the equivalent of taking a horse and cart to work every morning.

More than just a template

Some people do not care for employee contract software because they already work from a template. They use the template as a starting point for their contracts, but employee contract software does so much more. It holds your hand and takes you through the entire process. It is not just there to give you a starting point; it helps you to grow and evolve your contracts, and can be used to create suitable employment contracts for people employees in different departments with wildly different duties and risks.

Contract building software acts as a labour saving device

You use similar software to make your business planning process a lot easier, and your accounts department would probably fall apart if it did not have its accountancy software. Contract building and maintenance software works in a similar way by acting as a labour saving device. It means that less manual work needs to go into building and maintain your contracts of employment.

Error correction becomes a lot easier

Changes in employment contracts are often difficult because you have to make sure that your change does not create a contradiction or loophole elsewhere in the contract. You may also have to change a similar detail on a multitude of different contract types. This is hard enough as it is, but having to manually sift through each type of contract to make sure you have made no mistakes is difficult.

Using software means that you may make changes quickly and make them across the board. It also means that any errors may be highlighted more easily and changed a lot quicker than if you were using no software at all. Keeping your contracts on file is not enough to ensure you correctly build and maintain each one. Using software is going to make correcting any errors on your contracts a lot easier, effective and productive.

Contract maintenance and storage is simplified

You can turn a fairly manual process into a semi-automated process, simply by installing and using contract maintenance software. You need to maintain your contracts because internal agreements and union agreements change frequently, as do employment and pay laws. So, it is imperative that you have relevant software so that you can make the relevant changes in the correct contract areas. Many programs also have storage and archiving facilities so that you may quickly access previous employment contracts very quickly. Many also have a fast and efficient categorizing function too, so that you can store your contract in an easy to use index.

Image License: All rights reserved by votfnet

What to do for getting your credit report back on track

Subhadra Bhadauria
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What to do for getting your credit report back on track

Paralysis on finance front! That is what you will feel when your credit score is much below the ‘perfect’ margin. The first step of credit cure is to get a report from the three credit agencies. As per rule, they are obliged to hand a free report over to you. Go through the report to check for inaccuracy. If any incorrect entry is found, report to the credit agency for necessary correction as early as possible.

Credit backlash mainly emanates from debts which is, in turn results from delayed payment or evasion of loan pay-off. If not tackled in primary stage, the problem gets acute and reaches the stage of malignancy. If that is the case with you, seek help from an advisor. A well-scripted strategy can diminish the problem in a slow but steady way, thereby scoring up your credit point.

What you can do to get your derailed credit report back on track

  • When diagnosis is accurate, cure is not hard to be found. Always make sure to be regular with bill payment. Skipping payment or paying it off after due date triggers adverse effect in your credit report. Failure in mortgage loan repayment does more damages to your credit score. This shows your lack of attitudes towards managing personal finance.
  • Whenever an installment is skipped, the creditor sends you a notice. If such thing continues for two or three months at a stretch, it will be reported to the credit agencies. The agency always tries to produce an error-free report. Possibility of error is slim though not nil. Also consider the point that they collect reports from the creditors. To be safe, make payment in time and don’t step over overdraft limit as it will be immediately notified to the agency. Also avoid some overdraft fees to escape credit beating.
  • Those who manage their personal finance (and so credit score) more efficiently know which factors can score down their credit point. Bankruptcy as well as unpaid bills will appear in your credit sheet. The report will detail whether a particular debt has been discharged or not. It is possible for people to argue against an erroneous entry only if the debt is cleared in full. If you are burdened with overwhelming debt pressure, club them together under a consolidation loan so that all can be cleaned in one swoop.
  • Be rational while borrowing. If your affordability supports, you can ask for more but that never makes a strong point to borrow without reason or more than your needs. In fact, you will not be allowed to borrow beyond a certain level that is determined on the basis of your income ceiling. If you have financial problems in paying off, have a talk with the creditors for a way out.

Having a good credit history is an indicator that you belong to a group that is skilled at money management. If it is not up to the mark, you are less likely to get a loan and even if you obtain one, it will burn a hole in your pocket. So, instead of being a nonchalant, take some effective steps to nurse your credit report back to normalcy.

Image License: All rights reserved by jannet162011

Why You Should Compare Car Insurance Quotes

Muzahed I.
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Why You Should Compare Car Insurance Quotes

Car insurance is one of those important necessities it’s easy to forget about. But forgetting about it can cost you money in the long run. As a general rule, you should compare car insurance quotes on a regular basis (at least once every year) to be sure you’re getting the most coverage for your budget. Here are some important reasons why you should routinely compare car insurance quotes:

Rates can vary for the same coverage – insurance companies looks at factors such as your age, driving record and claims history as well as the type of car you drive. Every car insurance company has its own formula for determining how such factors affect rates and because of that, your rates can vary from company to company or from year to year, even for the exact same package of coverage options in a policy.

Companies change their rates – like any other business, car insurance companies stay competitive by changing their rates. If one company begins offering a loss-leading feature of coverage such as accident forgiveness or a pay-in-full discount, competitors will soon find ways to lower their rates to remain competitive.

Your needs will change – the insurance you needed as a new driver won’t be the same when you turn 30 or get married. When you life situations change, so will your car insurance requirements, which is another good reason to routinely compare car insurance quotes. As your life circumstances change, so do your auto insurance needs. Some of the events that can cause you to consider new car insurance would be:

  • Getting married
  • Having children
  • Passing milestone birthdays (25, 30, 40, etc.)
  • Buying a new car
  • Buying a home
  • Moving to a different state

It’s easy to do – with the advent of online services, it’s very easy to compare car insurance quotes and rates. In fact, you can get car insurance quotes any time of the day and from the convenience of your home computer or even a mobile device like a notepad or smartphone. Even if you prefer to personal touch of a face-to-face meeting with a prospective car insurance agent, going to any meeting armed with several competitive quotes you found online will help.

Know what you’re reading

When you do get a car insurance quote to compare or contrast what you’ve been relying on, be sure you understand what it is you’re reading. While there may be differences in presentation and layout, most car insurance quotes will include at least these following areas:

  • Declarations (generally a summary page) that outline who is covered and what cars the coverage applies to, the coverage options, limits and deductibles
  • Coverage & agreements, spelling out exactly what your insurance company will pay for in the event of a claim
  • Exclusions detail what, if any, exclusions to coverage and claims paying will be applied by your insurance company
  • Definitions, will give meaning to industry terms used in your quote and usually spells out your rights under any prospective policy

So don’t let your car insurance policy rollover from one term to the next without reviewing your coverage options, rates and any new discounts you may be eligible to apply for.

Selling House Quickly and Profitably by Thinking Like a Home Buyer

Frank Bateson
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Selling House Quickly and Profitably by Thinking Like a Home Buyer

If I were a writer thinking like a reader, I might read the above title and scoff, “Yes, obviously a seller should consider what buyers are looking for when selling a home.” Self-evident as the advice may seem, however, in my long and storied (most of those stories being pretty dull) career in the real estate biz I’ve seen this simple maxim ignored by a surprising cross-section of prospective sellers. So, for what it’s worth, my suggestions about selling your home by seeing it through the eyes of a buyer:

Curb Appeal and Tabula Rasa

Try standing back, suspending your familiarity and biases and seeing your property through the eyes of a buyer. Start with the simple (in theory) stuff: mow the lawn; weed the beds; clean the gutters; prune the bushes; buy a new mailbox and/or put the current one in a wooden planter surrounded by flowers, herbs, succulents, etc.; buy some flash new address numbers- they’re almost always well-liked and inexpensive.

Do touch-up painting where needs be, polish your brass, get those windows shining bright and clear, give the house a new coat of tasteful house paint or at least a good spray-wash. As for decorations- remember that your buyer wants a nice house, but they want their house- one they can make their own. Don’t go tearing out your carpets to replace them with a style more to your liking right before you put up the For Sale sign.

Hardwood Floors

Remember just a sentence ago when I said not to tear your carpets out? If there is hardwood underneath those carpets- tear them out. I’ve been to house sales up and down the Eastern Seaboard- from Adirondack resort towns along Route 9 in New York to single room places in St. Henri (Quebec) and never encountered buyers who were turned off by hardwood floors.

New Kitchen Appliances- Stainless Steel if Possible

If you have a set budget for improvements and have to make some specific decisions about where that money goes- consider investing in new kitchen appliances. They were consistently among the top three features new homebuyers actively sought. If you do invest in those appliances, consider stainless steel. They’re very stylish at the moment and a majority of buyers also cited stainless as their preferred look. However, keep in mind that these styles can change, so if you were to go with classic white, or even black, the choice would likely not get held against you.

Central Air

Let’s say you have that same specific budget for improvements that you’re considering putting into a sharply-shining stainless steel oven and fridge but then you think, “I could do that, but I don’t have central air conditioning. What should I do?” It was very wise of the hypothetical you to consider this issue. My advice if it’s between the two- go with the central air. This is particularly true if you already have appliances that work (even if beat up). Central air was the biggest sale-boosting feature among prospective buyers.

Beasts

Loving and fun and any pet can be- dogs in particular can frighten people or bother them. Cats are less intrusive, though certainly not universally popular and dander allergies are pretty common. Check in with people willing to board them for showings, or at least crate them out of respect. Prospective buyers can always request their release if they’re amenable.

Perhaps more importantly- be sure you banish beasties of the less adorable variety too. Nothing kills a sale faster than the presence of roaches, beetles, spiders or any other visible creepy crawlers.

“What is That Smell?”

That’s one question you absolutely never want to hear from someone looking at a house. This is where the thinking like a buyer happens. If your house does have a dog smell, or cigarette smoke smell or any other odor that could prove offensive, chances are you have gotten used to it. Get a trusted friend to give your place the literal sniff test and take their honest answer to heart if they give you a “Yea” on offensive odor. Plus, if the smell in question is a dank, moldy, mildew-y sort smell, your buyer is immediately going to think- “toxic mold”, “leaking water- water damage” and “leaky foundation- major structural issues”. That kind of thinking is gonna tank your sale faster than you can say, “We just need to air it out!”

Dirty Bathrooms and kitchens

Of course, the whole house should be well cleaned before any showing takes place. That’s a given. But the kitchen and bathroom should be spotless. I’m talking about eating off the floor or fixtures spotless. People really like to see clean kitchens and bathrooms and really hate to see dirty ones. Foulness in the most sanitation-important places of the building paints the whole house dirty and will very likely scuttle that closing deal.

You

There’s one final important thing that should not be present when your house is being viewed- you. It makes people uncomfortable. They don’t want to kick the tires when you’re there. They feel pressured and worry that a refusal may be construed as a personal slight to you and the home you’ve chosen, even if it’s just unconsciously. If you are selling it yourself, give them a quick great-feature once-over report, let them know you’ll be available for questions and make yourself scarce. You’re bank account will thank you for it.

Image License All rights reserved by DecoJim

What are the challenges for companies that just started using Payroll Software?

IrinaFerreira
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What are the challenges for companies that just started using Payroll Software?

Choosing UK payroll software to manage your company payroll can be a very wise move to make. When used properly, it makes the complex world of employment taxation much easier, streamlines the payroll process, and even allows those without payroll expertise to manage their company’s payroll effectively, accurately and in full compliance of HMRC regulations. As with the introduction of anything unfamiliar however, there are a number of challenges to overcome when using payroll software for the first time, but luckily these challenges are easy to face.

The difficulties of software

Software exists to simplify payroll, but many companies wrongfully think that in buying software they can simply put their feet up. No matter how you manage your payroll, you should never let anything lure you into complacency, and you should appreciate the challenges that come with adopting a new payroll system.

Different software packages come with different features and different working layouts, and you will likely find some easier to use than others. People often forget that providers offer software trial periods, so make sure you use them to your advantage. Take a trial period for 60 days with leading UK payroll software here.

Once a choice is made, another problem is not spending enough time to truly get to know the software, its features and how the processes work – make sure you know the software well before you use it for real, otherwise you will make the change harder for yourself.

Manual software features

PAYE processes and reporting are made simple with RTI payroll software, with income tax, national insurance contributions and other deductions automatically calculated and applied by the software. The software will also create the figures you require to report to HMRC automatically, as well as figures you need for when an employee leaves.

Despite the automation that software provides, you still need to keep your eye on the ball and appreciate all of the manual tasks you will still be required to perform. Take payroll calendars for example. Good payroll managers come with a visual calendar to manage working hours and leave, including annual leave, sick leave and other types of paid and unpaid leave. While many aspects of payroll are handled automatically by such software, the employee calendar must be updated manually during periods of leave. Depending on the employee’s employment contract, you may need to input manually whether the leave is paid or unpaid. Other challenges include non-automatic deductions and additions, setting up pension schemes, and managing multiple pay frequencies and company departments.

These are well-known challenges, but when you go with a great provider, you will be given information, reminders and hints to help you in situations where you are unsure. You should also think about what help and support services are provided, and the quality of the software documentation and tutorials – these are very important to help you overcome the initial challenges and become comfortable and effective with the software.

There is an additional challenge in 2013/2014. The year-end reporting requirements to HMRC are changing to real time reporting, so if you have just started using UK payroll software, ensure you and the software you have chosen are fully prepared for the switchover in April.

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Insure Before You Store

Mike Jordan
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Insure Before You Store

Movers and removals companies are much required when you have to consider relocating. In some situations storage facilities are the top requirement while you are expatiating, renovating or going out for a long holiday- may be a yearlong cruise.

For those in the business, may need storage while they are renovating or if they have to archive their old files and other important documents or stock their belongings. You own a business and feel your office is too cramped; it’s time to archive your files and let your office breathe fresh air. You want to extend your business at small scale or have to find small warehouse. Storage can be solution to various people in various situations. There are some who want to de-clutter their home, want to get rid of few things in auctions, e-commerce and other various modes. So till the time they de-clutter their house they can use self storage. For the antiques and your expensive items you might consider there storage facilities like storage and house removal company in Bath, Bristol, Kent, Birmingham or anywhere else in Europe.

Insurance Companies Covers It All:

No doubt about the fact that all storage companies are safe. For most of these companies, the main motive is customer satisfaction, but no matter how good their services are, they cannot alter certain conditions like natural calamity, fire or theft. Few storage companies do provide with insurance for your household, domestic and office goods in their storage facilities. The coverage they offer may not satisfy you completely though. Fortunately, there are other ways to get covers of your choice as you can consider contacting an insurance company. It becomes your choice to whether you go with the storage company insurance options or opt for an insurance company. You must carefully choose among the various options available. First, research and know how to choose the best. You can cross check with your agents if your home owner policy includes the covers for elf storage also or not.

Choose It Well:

Go with the company which gives value for money, maximum coverage at lesser premiums. There are insurance companies which are flexible and ready to amend their policies as per your requirements. Choose the most convenient policy which can be tailored for the covers you don’t need and covers you may need for your belongings. Calculate it as per your risk assumption appetite. Make sure you read the agreement carefully before saying yes to the deal. Also, see if the insurance company has a cash-value or a replacement-cost coverage for your stored belongings. What’s the difference? Well, if your belongings are missing, a cash-value policy would provide you with only the depreciated value of each item, while a replacement-cost policy would pay to replace the items at the day’s prices.

Smell The Threat:

Before you move your stuff in, make sure that the storage space is safe and secure and has a permanent, reliable pest and rodent extermination contract in place. For the sake of your valuables it’s better to consider a bank safe deposit box especially for jewelry and an endorsement or “floater” on your homeowners or renters policy to cover the loss of artwork and collectibles.

Square it up with a proof; once insurance is finalised, take photos or shoot a video of the things you’re storing; the documentation will save time in the event of a damage claim.

Round up everything diligently, like the way the construction company cannot risk it all without the welding safety supplies, you cannot risk it all without insurance in the storage facilities.

Image License: Some rights reserved by hey skinny

Safety Tips to single women real estate investor

Subhadra Bhadauria
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Safety Tips to single women real estate investor

Buying home is a pain, but being careful is something you can’t afford to ignore. If you are a single mother or looking for a house just for yourself, you need to consider many aspects before cracking a deal.This article talks about safety tips for prospective women investors. Read on to know more.

Visiting sites, contacting property agents, procrastinating meetings and cancelling hang outs with friends, you sacrifice all these for buying a home for yourself. Apart from just investing your money, you put many other important things at stake. Definitely you would not like doing it again after period of time. So why not make a striking deal at first go and search a house that encompasses every basic thing you are looking forward for.

Owning a luxury flat in Chennai can be you long lived dream but how about safely accomplishing it? If Chennai is the city where you are planning to capitalize your investment, then you might come across various opportunities.

Chennai at Glance

Chennai serves to be cultural, commercial, educational and economic center for the state of South India. Being the city of eminent importance it has attracted many developers and investors to explore the periphery. Apart from the trade and industrial set up, it is blessed with rich natural beauty.The city has earned high praises for its extensive emerald scenery. All these features and conveniences of the city can be advantage to the investor but in true sense safety probes are highly essential while investing in a property.

Safety Tips for Women Investors

Prior making any investment, it is really necessary that you list things of prime importance. With increasing crime rate and other uncertainties, safety is major concern. So before owning a residential accommodation see to the fact that your house is safe and secure and so is you.

Location: – Explore the location where you are planning to buy your flat. Is your society densely populated or is structured in secluded place. Make sure that your luxury flat is located within gated community, with guards assuring proper gatekeeping. Keep off all the chances of burglars, and stay in secured settings.

Attached Garages: – For prospective women investors, it is wiser to take cautious steps while choosing a property rather than later regrets. It is always helpful to have an attached garage to your flat or bungalow. See that parking space is not far from your home, so that even if you are returning home late, you directly enter your home from garage.

Well Illuminated Area: – It is better to opt for a property which has abundant lights during evening hours to avoid any mishaps. Choose for a location with well-lit roads and paths to assure easy movements during dark.

Door Locks: – Securing a home with proper locks is essential. Affirm that you change your locks frequently. Replace old locks and keep the keys of the main door out of child’s reach. Do not pass your home keys to any of your acquaintance. Ensure that you properly bolt the doors before exit is made.

Dogs: – Having a pet as dog can be escape from security issues. Dogs are not only good friends but they also assure good sense of security. It is always advisable to buy bigger dogs that can scare the strangers and keep them off from your home’s vicinity.

Neighbors: –Knowing the background and history of neighbors is also necessary before purchasing a property. You never know whether your neighbors are criminals or have such records. Therefore it becomes your responsibility to thoroughly go through the nuts and bolts and choose best residential site for yourself.

Keep above tips intact while hunting a home. Chennai has plenty of residential accommodation facilities but if you are prospective women investor, do a thorough research before a deal is made.

Image courtesy of njaj / FreeDigitalPhotos.net

Common Misconceptions About Taxes In The UK

Muzahed I.
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Common Misconceptions About Taxes In The UK

When it comes to taxes in the UK, there are a lot of things which are commonly believed by the public that are actually not true at all. These common misconceptions have been passed along for many years and can cause a lot of confusion when tax time comes around. This is why it is so important to have a qualified accountant on your side so that you can make the best choices when it comes to your taxes.

Here are a few of the common myths and misconceptions about taxes in the UK:

You Will Pay So Much Tax on a Second Job It is Not Worth Doing

Many people believe that if they take up a second job, their earnings will be so heavily taxed that the job itself won’t even be worth it. Of course, this is a bit of a misconception and an exaggeration. The truth is that your second job will fall under the tax code BR and you will pay 20% on all of your earnings. The reason for this is because all of your personal allowance will be allocated to your first job.

So don’t let this myth stop you from taking up a side job if you really want to. Essentially, it doesn’t matter where you put in the extra hours because you will pay the same amount of tax on your second job or whatever you earn over your personal allowance at your first time.

Of course, if your second job pays more than your first job, you might want to contact your accountant and ask them if you should switch the allowance over to your higher paying job. Sometimes this can mean that you will end up not paying as much tax overall.

There Are Ways to Pay No Tax if You Set Up a Limited Company

This is a myth that sounds too good to be true. Wouldn’t everyone love to set up a company and not have to worry about paying tax? Of course, it is not true. If this were the case, everyone would take advantage of such a loophole.

The truth is that in this situation, when you set up a limited company, you will have no additional income tax to be paid on your dividends. Of course, the dividends will have been paid to the shareholder after the Corporation tax has been deducted, so this means that the tax actually has been paid by the company.

If you want to find out more about how to manage your taxes when you are setting up a company, you should speak to your accountant for personally tailored advice.

HMRC Always Get It Right

Don’t assume that HM Revenue and Customs always have their accounts right, as sometimes they can send out incorrect bills or make wrong calculations. Just like anyone else, they have been known to make mistakes. After all, the people who work there are only human!

If you receive a bill that seems a lot higher than you were expecting, it is worth checking to make sure that there hasn’t been an error somewhere. You can ask your accountant to double check and verify the calculations. You just might find that HMRC have made a mistake and you owe a lot less.

These are just a few of the common misconceptions that many people believe about the tax laws within the UK. If you are not too sure about your tax situation or you have questions about what is fact and what is fiction, an experienced accountant will be able to help you make the right decisions.

 

Image courtesy of Robert Cochrane / FreeDigitalPhotos.net

A CPA Helps You Save

Muzahed I.
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A CPA Helps You Save

Managing finances can be a heavy weight and an added expense that individuals don’t need to carry. Having the assistance and guidance of a certified public accountant (CPA) opens the way for individuals to have access to accountants with the resources and knowledge base that the individual may not have or the time to deal with. The nearly unlimited accounting resources that a CPA has can assist the individual as the accountants are not only accessible, but also work to help the individuals save time and money, as well as offer individuals guidance where fiscal matters are concerned. This helps to reduce headaches and stress the individuals may be experiencing.

Being Accessible: Works Both Ways

Being accessible is important for a CPA where individuals seeking accounting assistance are concerned. Individuals who have access to accountants who will return calls within a 24 hour time frame allows for the individuals to have constant contact with those who are working to keep the their financial information up to date. This gives the individuals peace of mind as they are being kept informed and the answers they seek to any and all of their questions concerning the individuals’ finances are answered. Accountants who make this their top priority are ensuring that client satisfaction is of the highest priority as well; this is possible through weekly client status evaluations and the year-round consultation access that the individuals are given on an unlimited basis. This helps to give the necessary information to individuals in order for them to remain informed about their finances. In order for this to be possible, the accountants’ knowledge base is kept up to date through regular training and meetings.

Keeping Up with the New Stuff

Monthly training is essential for CPAs to stay highly knowledgeable on new and upcoming tax laws. This ensures that the individual’s finances will be processed using current guidelines protecting the individual’s finances should an audit occur; as the information used to work with the individual’s finances is relevant to laws in place, the individual will not be found at fault financially since audits are performed to determine the validity and reliability of the information presented. Having an accountant ensures that the individual’s finances will not be found invalid or unreliable. The accountants are also updated on other tax and management tips to better help individuals keep their finances in order and to grow their financial base. This is also done through meetings that occur semi-annually involving finances and tax stewardship in which the accountants review the individual’s financial statements in order to make better financial and tax strategy recommendations; this can be done in a face-to-face meeting with the accountant or through a phone conference.  To enhance the experience, the accountants use the latest technology to provide individuals with access to their financial information in real time.

Real-Time Access

Individuals with real time access to their financial information from anywhere gives the individuals the freedom to be where they need or want to be without having to worry about being in a specific place at a specific time in order for them to check the state of their finances. Through the use of the latest in technology, it is possible for individuals to view their financial records and books at any time from wherever they may happen to be. This is done through the use of a CPA, making them an invaluable tool to individuals needing accounting assistance. And, even though these services may sound pricey, accounting services through a CPA can be inexpensive.

Inexpensive does not have to mean cheap and reduced quality. A CPA is capable of delivering superior quality services to individuals at lower costs without lowering the quality of the services provided. This means that individuals will have access to the same great accounting help they need without the expensive price tag. Individuals get to keep more of their money while still getting the qualified accounting services they need from highly-knowledgeable and well-trained accountants. Accountants who work consistently and thoroughly on the individual’s financial records to help them save money and time through the use of the accountant’s tax planning and management strategies to increase your savings to outweigh the cost of accounting fees. Overall, it’s a win-win situation for both the individuals needing the accounting help and the accountants providing the services.

Image courtesy of adamr / FreeDigitalPhotos.net

Underdeveloped Countries Using Mineral Wealth To Succeed

Muzahed I.
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0
Underdeveloped Countries Using Mineral Wealth To Succeed

Our planet has a seemingly unlimited supply of natural resources, not only in commodities such as water, timber, agricultural resources, fossil fuels, and wildlife, but also in mineral wealth. Gold, iron, uranium, copper, and many other minerals lie just beneath the surface in many parts of the globe and have yet to be discovered, much less extracted and refined for use in a variety of industries and applications from residential to governmental. While advanced economic markets are able to tap into their natural resources and mineral wealth without much difficulty or opposition, doing so is not as simple or inexpensive for emerging markets and developing countries.

What is a developing, emerging, or underdeveloped country?

According to the World Economic Outlook (WEO) of the International Monetary Fund (IMF), the defining differences between a developed (advanced) and developing (emerging) country are per capita income level, diversity of exports, and how well integrated a country is into the global financial system. The WEO provides a list of over 150 countries it classifies as developing or emerging which includes Russia, India, Saudi Arabia, China, the United Arab Emirates, and South Africa.

The International Statistical Institute (ISI) published a list of developing countries, effective for the 2013 calendar year. They define a country as “developing” if it has a gross national income of less than $11,905 in 2010 (as calculated by The World Bank). There are over 140 countries on the list including Haiti, the Philippines, India, China, Mexico, and the Dominican Republic.

What valuable natural resources can be found in developing nations?

In Africa, the poorest continent on the planet, over half a dozen minerals are available for mining that provide abundant opportunities for several countries to capitalize on its natural resources. Those natural resources include oil and gas (Ethiopia, Mozambique, and Uganda), bauxite (Guinea), copper (Zambia and the Congo), gold (Ghana and Mali), and tantalum (Ethiopia).

Sierra Leone has an abundance of resources available in timber, oil, fish, and mineral wealth. Somaliland is poised to diversify their long-term livestock exports by tapping their oil and gas reserves. A mountain range in Guinea holds millions of tons of high-grade iron ore waiting to be mined, and Serbia holds ample coal deposits. The biggest gas discovery of the past decade was recently located in Mozambique. The country of Niger possesses gold, oil, and uranium resources. These are just a few examples of the mineral deposits and natural resources that exist in abundance in developing countries.

How can exploiting natural resources stimulate a developing country’s economic status?

If the countries who have untapped resources available for extraction can develop a well-balanced and thorough plan for managing revenues gained from their resources, it can greatly enhance their long-term outlook for economic growth and stability. The ways in which this can be done are through improved access to education and health care options, reduction in poverty, the creation of jobs, and a continued infusion of capital through exportation of resources for the life of that commodity.

The governments of developing countries are increasing their awareness of what lies beneath the soil in their own lands and are investigating ways of utilizing these resources to establish a better economic position for their countries. The long-term prospects, if managed properly with the future in mind rather than instant gratification, look very good for these countries to achieve success in the global market.

 Image License: All rights reserved by kleepet

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