Australia is quickly becoming one of the core countries where bitcoin has gained massive popularity. There has been an upward trend of bitcoin usage in the Oceanian country for several years now and that doesn’t seem like it will stop any time soon. This is after several companies recently launched their bitcoin ATMs in Australia. These ATMs are expected to spur bitcoin trading in the country and consequently support the currency’s progress towards becoming a more accepted form of currency.
First Cashless Bitcoin ATMs Developed in Australia
Diamond Circle, a company hailed for having developed in the first cashless bitcoin ATM, was among the first firms to launch a bitcoin ATM in Queensland, Australia in 2014. Through these ATMs, users can buy and sell bitcoins using their credit or bank cards. Any proceeds from the transaction are then transferred directly to the user’s pre-registered bank account. However, when users wish to buy bitcoins online in Australia, they prefer to use the website buyabitcoin.com.au.
How Cashless Bitcoin ATMs Operate
Cashless bitcoin ATMs largely rely on the Near Field Communication (NFC) technology that enables two devices to communicate with each other using radio waves. To complete a transaction using these ATMs, users are required to possess a VISA or MasterCard branded ATM which they can then use to buy a Diamond Circle debit card. This debit card serves as an offline storage wallet.
Users are then given unique pin codes that helps to secure their wallets. Paper receipts are also provided and function as printed records of the transactions. Users also receive SMS notifications on their smartphones on any completed transaction including queries for bank balances.
More Bitcoin ATMs Launched in Various Cities in Australia
ABA Technology was the first company to set up a bitcoin ATM for a mall in Sydney in 2014. The ATM which is found in Central Plaza supports both withdrawals and deposits to individuals’ own wallets.
The main aim of setting this ATM was to bring bitcoin nearer to the masses especially at a time when a majority of the people are yet to familiarize themselves with this digital currency. According to ABA Technology, more bitcoin ATMs are expected to be rolled out not only in Australia but also in other parts of the world. The ultimate target is to set up about 500 ATMs by the end of this 2016 (find a bitcoin ATM here).
ABA Technology aims to develop easy-to-use, intuitive machines for their ATMs which anyone can easily operate even without having prior knowledge of the technology. With this, more people can be attracted to using this form of currency and as a result, help it gain even more acceptance.
In mid-2014, ABA Technology launched another bitcoin ATM in Melbourne which in the process became the third city that the firm has set up its operations in Australia. That move followed the installation of other similar machines in Sydney and Brisbane during the previous months. The ATM in Melbourne can be accessed at the Emporium Retail Center which opened its doors to the public in April 2014.
Following this ATM launch, ABA Technology announced that its other ATM at Sydney had performed quite well and thus hoped the one in Melbourne would follow suit. These ATMs were expected to use an operation model similar to that of the Western Union only that these ones dealt with bitcoins. The kiosks installed by ABA are developed by Robocoin which is a Las Vegas-based money remittance firm.
How To Use Robocoin ATMs For Bitcoin Transfers
To begin with, users can store, access, and even send bitcoins to any Robocoin “branch” in a method similar to that of Western Union. The recipient of these bitcoins can then convert the cryptocurrency into cash instantly if they so desire. On the sender’s end, all is required is a smartphone, a secret PIN, as well as their palm scan.
With Robocoin ATMs, senders only need to send their bitcoins to a recipient’s phone number which means no addresses or QR codes are required to complete these transactions. The use of palm vein scan is one of the three levels of authentication work that helps to safeguard customers against fraud.
The best part about using Robocoin ATMs is that customers do not have to wait for long confirmation times to complete their bitcoin transactions.
Australia has been making great strides in the past few years in matter of bitcoin and its usage as a currency. The launch of bitcoin ATMs in Australia by various operators have helped to increase the acceptability of the digital currency as a valid form of currency in the country.
A travel budget may not be part of discussion on revenues but will definitely be part of costs allocation and defense. Profits and cash flows will figure into the money that’s left over after capital expenses. The travel budget will be part of the operating expenses.
Yearly budgets are divided into 12 months. Blank columns next to cost estimates will be filled up with actual cost results as the year progresses. Costs to be incurred in Perth airport transfers is an example of costs estimate.
Writing down the travel costs will be estimates at best. But it is important to be accurate still. Erring on the side of being conservative will be good in the long run. Keep close tab of past numbers and actual figures and do a percentage on top of it as increase in the cost component.
Research for Realistic Numbers
Do the necessary research too to get better deals. Research will be always be part of the business. Doing it for travel will not be an exception.
Do the total costs and expenses. Once you are done with the cost estimates you can come up with figures on how much it will cost your business to recover your costs. This is taken against the potential earning from the new market or business given the reason for doing the business trip.
It can be tricky as in most cases there will be variations due to inflation, price increases, and other factors. Fixed costs can be on insurance or hotel costs as a corporate account. As they are those expenses that remain the same fixed costs are easier to plug into your travel expenses as they most likely remain the same over the period of time.
Drafting a Travel Budget
If you did write the previous year travel costs drafting a budget for the current need will be easier. Projections would form the basis of your estimates. Coupled with the actual expense figures realized it will a more than good estimate.
If you’re a startup business, start by estimating the basics mentioned.
If you are in the business for a while, taking your company’s most recent financial statements in using those as basis for targets. The reason you start with previous numbers is because this information will drive the rest of your estimates for business costs, travel expenses, and operating expenditures.
Taking into consideration those factors will affect your cost projections but worrying too much if it’s accurate will be too much. As the basic tenet of budgeting is that the figures will never turn out to be exactly right. A realistic approximation will be the next best thing.
In calculating operating expenses, a good place to start will still be the financial statements. Itemize the list of fixed and variable expenses incurred the previous year including allowances for travel, rent, postage, research, utilities, taxes, etc. If you’re just starting out, you’re going to have to brainstorm to make sure you anticipate and factor in all the costs you will incur most possibly.
The right bookkeeping service or expert will depend on so many things like the type and size of your business. What worked for other business may not be that ideal for your business. This is why it is crucial to really understand your business and your financial situation so you can find the right service and the right person for the job.
Bookkeeping service is a complicated task that requires education and training. When hiring a bookkeeper, it is important that the person has certain level of formal education in the field of business, accounting, or other related courses.
Through proper education, a bookkeeper must already have the basics in bookkeeping in terms of procedures, policies and ethics.
Some small business owners think that they do not need a well-experienced bookkeeper, yet, since they only run a small business. If you are running a small business, you are actually in greater need for a well-experienced and really reliable bookkeeper especially if you have limited bookkeeping skills.
You need the best service from a highly-experienced bookkeeper like the financial team of Controlligence to help you grow your small business. However, keep in mind that a long experience does not automatically means it is the best fit for your business. Someone with a long bookkeeping experience in the construction business may not be the best fit for your food business.
In this digital era, being able to conduct transactions over the internet is already an essential part of businesses and that also includes bookkeeping services and solutions. For efficient bookkeeping, it is essential that your bookkeeping and accounting systems can allow you to do these processes online with the highest security as possible.
Your bookkeeper should also be updated with these latest systems and solutions, and know how to effectively use these technologies to provide the best bookkeeping services for your business.
Reports And Updates
The main reason why you have bookkeeping for your business is to better understand the financial situation of your business. It is not just about encoding numbers but most importantly, these numbers provide business owners essential information about the business.
With these numbers, you can also make predictions on where your business is going and predict possible problems.
This is why regular updates and reports through bookkeeping services are critical. Your bookkeeper should be able to provide you accurate and regular reports and updates so you can make decisions based on facts and data.
Tax is a key component of running a business. You need to plan tax payments for your business and must have a good tax planning so you can properly pay business taxes on time to avoid penalties, and to effectively address problems in case you encounter errors.
When looking for a bookkeeping service, make sure that your bookkeeping solution includes tax planning. Your bookkeeper should also be adept in terms of tax planning and preparation so you can pay your taxes properly and manage your finances wisely especially if your business is already growing.