Business travel

A business trip is a trip undertaken for work or business purposes, as opposed to other types of travel, such as for leisure
purposes or regularlycommuting between one's home and workplace.

Reasons for business trips

The necessity to conduct business travel may have many reasons. A few are stated below:

 Visiting customers or suppliers

 Meetings at other company locations
 Professional development and attending a congress.
 Market or promote a new or an existing product
 Visiting project site for evaluation
 Strengthening relationships with customers
 Strengthening employees' loyalty to the business
 Building new partnerships
 Networking
 Identifying trends and new markets

Who are the business travelers and how do they behave?

Since the earliest trade routes between cities, there have been business travelers. For millennia, there has been a
steady change in business travel behavior and some of the most rapid change has occurred within the last 16 years.
From web-based researching tools being little better than hit or miss to advanced booking options that have
dramatically changed the world of travel, to travel agencies that moved online and self-booking tools plus a slew of
other advancements, the world for corporate travelers has changed forever.

So who are the business travelers of the 21st century?

Modern business travelers span all age ranges but one of the largest segments of corporate travelers are
the Millennials. For Millennials who barely can remember a day without the internet and who became adults during
the advent of online travel agencies, self-booking tools, and smartphones, their concept of business travel is helping
to shape the future of travel.

Something that spans all generations is the culture of business travelers and that culture is changing in surprising
new ways.

One of the ways that the future of corporate travelers has changed is with the use of technology. Online booking
tools have taken the world by storm and have supplanted some travel agents as the primary agent by which people
find their flights. However, travel agents are not without their purposeanymore. One of the drawbacks of a near
infinite amount of information is that it can begin to clutter your options. This is just as true for individuals as it is for
corporate travel.

Many businesses to spare themselves the hassle of paying an employee to book their own flights and
accommodations will either act as the employee’s agent or pay an agency to set everything up. This allows for the
corporate executives to have a professional level of care for each step of their business travel.
Another way that technology has changed corporate travel behavior is in its ubiquity. It is truly everywhere and
because of that, its benefits can be applied at every stage of travel. For instance, you can book a flight and hotel on
your phone, scan a digital plane ticket on your tablet, read emails and draft business plans with in-flight Wi-Fi, use
Wi-Fi calling or texting on location to have your ground transportation ready, use a smartphone app to work out the
exchange rates, translate languages, plan your schedule, automatically update you on any changes, and even pay for
portions of your trip digitally. At every step, there is either a device or an app to assist you along the way.

But what does the future of this kind of life – with travel and technology syncing – look like?

It could look a lot like an app concept that was brought up at a recent interview between Marriott International’s
global brand officer Brian King and Skift.In the interview, Brian King described a possible future app that would be
like an intelligent automated assistant for people coming to a Marriott hotel or any of their other organizations. The
idea is that you have a file open with them once you book, and the app begins to chart your progress. If your plane
gets delayed or is arriving early, the app automatically updates your ground transportation so you are not
waiting between exiting the airport and getting picked up.

If you come in late, the app lets the hotel know and if a room better suited to your preferences becomes available
due to the delay, you may get an upgrade to something more reflective of your corporate stature. Going to be really
late? This app could note that the driver is coming directly to your hotel so hotel staff could automatically be sent to
make sure your room has a treat for you or even contact you if you would like room service to have a meal in your
room ready for your arrival.

Although this kind of app does not yet exist, each of its core elements does and it will not be long before every
corporate traveler has their own unique travel profile updated with preferences of food and lodging saved. The app
will also be able to keep track of his or her travel progress to ensure a perfect trip every time.

Another common trait of the 21st-century travelers is that they make extraordinary use of the shared economy.
Companies that cater to travelers like Airbnb and Uber have seen nearly double growth in the summer and they are
just an indication of a much wider concept that business travelers like the auto booking tools but ultimately they also
enjoy the human experience and would rather have a home and a private driver than a hotel or a taxi.

This idea of the shared economy, which has become very popular with younger corporate travelers, is changing the
face of the industry. This is partly because it allows for greater convenience, which is one of the single greatest
driving forces behind all business travel behavior.

So who are the business travelers?

They are the most technologically savvy, socially driven, shared economy smart travelers in the world today. They
can go anywhere in the world utilizing apps and smartphones, no longer limited to places they have been before or
languages they know already. The modern corporate traveler is truly a man or woman of the world.
 Travelling Problems
1) Your wallet is stolen

Solution: Contact the local police immediately and make sure you get a copy of the crime report with the statements you have

made. Report any missing cards to your bank as soon as possible - they may be able to send you a replacement card or give you

an emergency cash advance (dependent on bank). Alternatively, someone from home could always use an online money transfer

operator to send you money. It's important that you file a report with your travel insurance company as soon as you can. Most travel

insurance companies have strict time regulations regarding when you report the crime to local police, so make sure you don't delay

this or you could miss out on your compensation.

Top tips: Keep a decoy wallet with a few local currency notes in case you're mugged. Keep your cash and cards in different

locations, rather than carrying everything together. When you buy foreign currency, keep your receipt so the travel insurance

company knows how much you've lost. Before your holiday, be sure to make a note of your bank's emergency 'lost or stolen card'

phone number.

2) You're attacked by mosquitos

Solution: Don't scratch, as the more you scratch, the more it will itch and the area becomes more inflamed. If you don't already

have a first aid kit with you, go to see the local chemist for some remedies.Tea tree oil, calamine lotion, tiger balm, topical anti-

itching cream, ice and antihistamine tablets can all reduce swelling. You can also purchase a bite clicker device that stops the

itching by inhibiting the release of histamine.

Top tips: Always cover your arms and legs, wear insect repellent that contains DEET, keep bedroom lights off in the evening and

the curtains closed, bring a mosquito repelling plug-in and if you're in a malaria zone, always take tablets as instructed by your

doctor.

3) Jet lag is ruining your holiday

Solution: Set your watch on the plane to the time of the destination and avoid too much alcohol, caffeine, fat and salt. If you arrive

in daylight, stay awake and don't have any naps. Do anything you can to stop yourself falling asleep - go for a walk or have a

shower. Going in the sun can also help to reset our internal clocks and exercise is good as it releases endorphins.

Top tips: Prepare ahead of time by changing your sleeping and eating patterns before you go on holiday. Remember the rule:

"East to West is best, West to East is a beast". Travelling east is worse for jet lag as we are trying to go to sleep when our bodies

are waking up and it feels like you're waking up in the middle of the night.

4) You miss your flight

Solution: Firstly, stay calm and don't panic! If it's your fault that you've missed the flight, whether you are charged to change a

flight really depends on the airline, but a lot of staff have the power to waive payment. Make sure you're super polite and apologetic

and prepare to be patient and wait until a new flight is available. If you've got a frequent flier account, this will help you. If it's a

missed connection because of a previous flight delay, you may even be able to blag some freebies out of it (depending on the

airline once again). Also - some airlines may be able to refund your passenger bound taxes if you have to book a different flight, so

always ask about this. If you find you have to rebook, naturally Skyscanner is always here to help you search for the cheapest

option.
Top tips: Always ask reception for a wake up call and have a backup alarm if you've got an early flight time. Don't leave right at the

last minute - you never know what hold ups (weather or traffic delays) there will be on the way.

5) You have sunburn

Solution: Cool the skin as soon as possible with a cold compress and drink lots of water. A rehydration sachet dissolved in water

will stop dehydration. Take some anti-inflammatory medication such as ibuprofen and either apply aftersun, calamine lotion or aloe

vera to relieve the discomfort.

Top tips: Avoid the sun between 11am and 3pm, wear a hat, use a high factor sun protection lotion, cover up your moles and

regularly reapply suncream, especially after swimming.

6) You lose your luggage

Solution: If your baggage hasn't shown up on the conveyor belt - be patient then go to the airline's counter to file a report. They

may offer you a bag of essentials (i.e. toiletries) and will take your contact details. Be aware that the longer your luggage is lost, the

more compensation the airline will provide. Your travel insurance policy will probably cover lost luggage too so check the wording

on your policy. Be aware that if you lose your bag after you've left the baggage claim area, you need to contact the police, not the

airline.

Top tips: Label your bag clearly and put something recognisable on it (i.e. a colourful ribbon around the handle) so nobody takes it

by mistake. Also take a photo of your suitcase in case you need to show this to the airline. Keep all valuables (as well as

medication and glasses/contact lenses) in your hand luggage bag and pack a change of clothes in your carry on bag too. Be sure

that the person checking in your baggage attaches the correct destination tag to your luggage.

7) You get food poisoning

Solution: If you've got an upset stomach, stay hydrated and sip lots of water. Take rehydration sachets and try to eat bland foods

such as bread, bananas, crackers, scrambled egg and plain rice. Avoid spicy, sweet or fatty fried foods. Try to avoid immediately

resorting to anti-diarrhea medicine as it's best to let the condition take its course. If you're vomiting, avoid solid foods until it

subsides. If it carries on for more than a couple of days, contact a doctor.

Top tips: Avoid water that isn't bottled as well as ice. Also be careful about bottles where the seal has been broken as they have

been refilled. Be wary of fruit and salad (they could be washed in contaminated water). Also stay away from food that has been

standing around for a long time and exposed to flies, as well as reheated food, especially rice.

8) You lose your passport

Solution: The first thing you should do is report it lost with the local police, get the reference number then schedule an emergency

appointment with your country's embassy/consulate in the city you're visiting. You will then need to fill in a lost or stolen notification

form before you're issued a replacement passport. It's very helpful if you have another form of identification with you (i.e. driving

license). Finally, contact your travel insurance company as they may be able to help cover the cost of your lost passport.

Top tips: Always have a copy of your passport in your suitcase and on email. It also saves time to have a couple of extra passport

photos with you.

 9) Your hotel is a disappointment

Solution: Don't suffer in silence - if you've been allocated a bad room, give the hotel a chance to try and rectify the problem. Take

photos of what's bothering you and ask to speak to the manager or your travel rep if it's a package holiday. If it's just the room that's

the issue, complain immediately at reception and remain calm. In most situations, the hotel will offer you another room or an

upgrade. If the problem isn't rectified and you have to switch hotels, be sure to write a letter to the manager when you arrive home.

If you've booked through an online hotel provider site, you can write to them about the problem too.

Top tips: Take lots of photos/video evidence if you're not happy. If you pay with a credit card, you may be able to claim the money

back with your bank when you get back.

10) Your luggage is too heavy on the way back

Solution: Don't immediately argue/panic if your bag is too heavy. Take out some of the heavier items and put them in another bag.

It may seem a hassle but it may save you the fee. Also be prepared to wear any of the heavier coats you have or swap your shoes

for the heaviest pair in your suitcase (every little counts). Rather than complaining, be friendly and politely plead your case (usually

it's down to an airline's discretion if you're only around 10% over).

Top tips: Travelling light means a stress-free flight! If you really must pack a lot - take some portable luggage scales with you so

the weight of your bag is never a shock.

 At the Customs
Every day many people travel through the world either on business or for pleasure.
Those who cross thefrontier of the state have to go through the customs.
The customs service is designed for carrying out customs control to regulate import and export of goodsand cur
rency.
The place where customs or duties are paid is called a customs house.
Every country has its own customs regulations, which stipulate what articles are liable (subject) to dutyand what
are duty-free.
Sometimes an article which falls under customs restrictions and is liable to dutyis allowed as duty-
free if a traveler doesn’t exceed a certain fixed quota.
These are listed in a duty-free quota list.
Customs restrictions also include a prohibited articles list.
This is a list of items which may not bebrought into a country or taken out of it.
An official paper giving permission to take items, which fallunder special customs restrictions, in or out of a coun
try, is known as an import or export license.
If a traveler has any item which comes under customs restrictions, he is asked to declare it.
That is, he isasked to name an item, stating its value and other particulars.
The declaration is made orally or in writing on a special form.
In this case a traveler fills in the form.
The practice seems to vary in different countries.
Upon payment of duty a traveler is given a receipt.
If you are going abroad you are supposed to learn the rules of leaving and entering the foreign state.
Tobe on the safe side, you should know what is allowed or prohibited to be brought in or taken out.
Before packing your luggage consult the prohibited articled list which is available at the customs.
Amongthe articles that are prohibited for taking out of the country in accordance with customs legislation of allth
e states you will find works of art, different types of prints, manuscripts, valuable musical instruments,cancelled s
ecurities, numismatics, stamps and other articles of artistic, historical and cultural value.
Though strict prohibition applies to antiques, you may be allowed to take some original painting ordrawing you g
ot a special license for it and paid duties.
The list of prohibited commodities both forbringing in and taking out also included arms, explosive, military equip
ment and narcotics.

Everybody leaving for a foreign country ought to know that there can be articles liable to duty and duty-free.
As a rule, personal effects, gifts and souvenirs (the cost of the latter must not exceed a certain limitstipulated by
the customs regulation) are duty free.
Money not declared and therefore concealed fromthe customs control is liable to confiscation as smuggling.
Prohibited or restricted articles thoughdeclared are usually detained, and the traveler can collect them on his wa
y back.

When the passenger enters or leaves the country, he must fill in an entry or exit declaration which is tobe produc
ed to the customs officer.
The passenger is to fill in his name, citizenship, country of residence,permanent address, purpose and duration
of his visit in block letters.
He must also declare all dutiable articles.

To make a trip to most countries every traveler must have a visa, single, multiple or transit, which isissued by the
foreign Embassy or Consulate.
The visa may be prolonged in case of necessity, but thetime for which it is valid must not expire, otherwise the tr
aveler will not be allowed to leave the country.
The overseas passport is also necessary.
All the documents are carefully studied by the customs officer.
 Businessman ethic

12 Ethical Principles for Business Executives

1. HONESTY. Ethical executives are honest and truthful in all their dealings and they do not
deliberately mislead or deceive others by misrepresentations, overstatements, partial truths,
selective omissions, or any other means.

2. INTEGRITY. Ethical executives demonstrate personal integrity and the courage of their
convictions by doing what they think is right even when there is great pressure to do otherwise;
they are principled, honorable and upright; they will fight for their beliefs. They will not sacrifice
principle for expediency, be hypocritical, or unscrupulous.

3. PROMISE-KEEPING & TRUSTWORTHINESS. Ethical executives are worthy of trust. They are
candid and forthcoming in supplying relevant information and correcting misapprehensions of fact,
and they make every reasonable effort to fulfill the letter and spirit of their promises and
commitments. They do not interpret agreements in an unreasonably technical or legalistic manner
in order to rationalize non-compliance or create justifications for escaping their commitments.

4. LOYALTY. Ethical executives are worthy of trust, demonstrate fidelity and loyalty to persons
and institutions by friendship in adversity, support and devotion to duty; they do not use or disclose
information learned in confidence for personal advantage. They safeguard the ability to make
independent professional judgments by scrupulously avoiding undue influences and conflicts of
interest. They are loyal to their companies and colleagues and if they decide to accept other
employment, they provide reasonable notice, respect the proprietary information of their former
employer, and refuse to engage in any activities that take undue advantage of their previous
positions.

5. FAIRNESS. Ethical executives and fair and just in all dealings; they do not exercise power
arbitrarily, and do not use overreaching nor indecent means to gain or maintain any advantage nor
take undue advantage of another’s mistakes or difficulties. Fair persons manifest a commitment to
justice, the equal treatment of individuals, tolerance for and acceptance of diversity, the they are
open-minded; they are willing to admit they are wrong and, where appropriate, change their
positions and beliefs.

6. CONCERN FOR OTHERS. Ethical executives are caring, compassionate, benevolent and kind;
they like the Golden Rule, help those in need, and seek to accomplish their business objectives in
a manner that causes the least harm and the greatest positive good.

7. RESPECT FOR OTHERS. Ethical executives demonstrate respect for the human dignity,
autonomy, privacy, rights, and interests of all those who have a stake in their decisions; they are
courteous and treat all people with equal respect and dignity regardless of sex, race or national
origin.

8. LAW ABIDING. Ethical executives abide by laws, rules and regulations relating to their
business activities.
 9. COMMITMENT TO EXCELLENCE. Ethical executives pursue excellence in performing their
duties, are well informed and prepared, and constantly endeavor to increase their proficiency in all
areas of responsibility.

10. LEADERSHIP. Ethical executives are conscious of the responsibilities and opportunities of
their position of leadership and seek to be positive ethical role models by their own conduct and by
helping to create an environment in which principled reasoning and ethical decision making are
highly prized.

11. REPUTATION AND MORALE. Ethical executives seek to protect and build the company’s
good reputation and the morale of its employees by engaging in no conduct that might undermine
respect and by taking whatever actions are necessary to correct or prevent inappropriate conduct
of others.

12. ACCOUNTABILITY. Ethical executives acknowledge and accept personal accountability for
the ethical quality of their decisions and omissions to themselves, their colleagues, their
companies, and their communities.
 Businessman Dress code

How to Dress (for Businessmen)

Almost all professional positions require a certain kind of dress code. Things are no different for a businessman.
If you aren't dressed appropriately, you may not make a great impression on your coworkers, bosses, or clients.
People often base their opinion of your character and ability on your appearance alone.[1] Bearing this in mind, it
becomes clear that dressing appropriately as a businessman is critical if you want to find success.

1 Ask your professional contacts. If you are starting work with a new employer, try asking your contacts
there what to expect when it comes to dress code. Your contact should be able to tell you exactly what to wear.
Don't be afraid to ask those you know at your new company for help when deciding what clothes you need to
select.
 You can ask during an interview.

2 Do some research. If you are unsure of what to wear, do some research on-line to learn more. Look up
similar companies and industries and try to learn what their representatives are wearing. Researching what other
companies require for their dress-code can give you a better idea of what you can expect for your own position.

3 Check out men's fashion magazines or websites. If you aren't sure what the current trends in men's
fashion are, you can try reading over some men's fashion magazines or on-line style guides. These magazines
and guides can help get you up to date and give you a better idea of what businessmen are wearing today.

4 Ask for professional help. If you aren't sure what would look good or where to start, visit a tailor or men's
clothing store. The professional staff will help you make choices that look good and are specifically selected with
your own needs in mind. Look for some men's suit stores or tailors near you and ask the staff what they think
would work best for you.

5 Overdress if you are unsure what to wear. If you can't get any idea of what you should wear to work on
your first day as a businessman, overdress. It's better to overdress than to under dress, which may look too
casual. Always overdress if you aren't sure what you need to wear.

Dressing in the Business Professional Style

1 Pick out some suits. The suit is a staple for most every classic business dress code. A well fitted and
properly matching suit will help you look professional and earn the respect of your coworkers and clients. Keep
some of these tips in mind when picking out your suits:[2][3][4]
 Generally, cotton suits make a good choice in regards to the material.
 In cold areas, suits made from wool might be a warmer fit for you.
 Make sure that your suit has a jacket and pair of pants that match.
 Grey and blue suits are almost always in fashion.[5]
 Lighter shades can be a good fit during months with warm weather.
 Darker suits can look great during months that are colder.
 2 Select some dress shirts. You will need to find the perfect dress shirts to match your suits. These shirts can
add another layer of professionalism and create an interesting color contrast with the hue of your suit.
Remember some of these points when building your dress shirt collection:[6][7]
 Generally, long sleeved shirts with a collar are the best choice.
 Cotton shirts are generally your best choice.
 Dress shirts will almost always be button-up.
 In some cases plaid or other simple patterns may be acceptable, so long as the pattern isn't too busy or clashing
with your suit.

3 Find the best shoes. Although they may seem like a small detail, wearing the wrong kind of shoes with your
business dress can send the wrong message. Business shoes are almost always made entirely from leather,
including the sole. So long as your shoes are made from leather, you have a wide range of styles available to
choose from. Take a look at some of the following qualities your business shoes should have:[8][9]
 Should be entirely made of leather.
 Can come in a variety of styles. However, brogues, wingtips or square-toed shoes should be avoided.
 Loafers are acceptable to wear.
 Make sure your shoes are polished and clean at all times.[10]
 Never wear white socks with your shoes. Always try for something dark or that otherwise matches your suit and
shoes.[11]
 Your socks and shoes should match the color of your tie and both a generally dark colors.

4 Have your suit tailored. Having your clothes tailored to your unique measurements can help you stay
comfortable and look great. Having your suit tailored is necessary if you want to achieve a professional looking
fit. Look for a local tailor that can fit a suit to your exact measurements and help you dress for success.
 Wearing a suit without having it tailored will result in a poor fit.
 A tailor can fit your clothes in a way that will make your posture, physique and overall appearance look great.

5 Make sure your suit colors go well together. Even if you've got all the items you need to dress business
professional, you will still need to make sure your outfit matches. Wearing only one item that clashes with the
rest of your outfit can ruin your entire look. Keep some of these tips in mind when considering which items will go
together best:[14]
 Keep everything dark for an easy way to match your outfit.
 Wearing a dark suit with a white dress shirt can give a classic contrast.
 Black and white will match with any other color.
 Navy colors match well with oranges and golds.
 Yellow can pair well with purple.
 Greens or olives can match with reds.
 Trade finance
Trade finance signifies financing for trade, and it concerns both domestic and international trade transactions. A trade
transaction requires a seller of goods and services as well as a buyer. Various intermediaries such as banks and financial
institutions can facilitate these transactions by financing the trade.

Description
While a seller (or exporter) can require the purchaser (an importer) to prepay for goods shipped, the purchaser (importer)
may wish to reduce risk by requiring the seller to document the goods that have been shipped. Banks may assist by
providing various forms of support. For example, the importer's bank may provide a letter of credit to the exporter (or the
exporter's bank) providing for payment upon presentation of certain documents, such as a bill of lading. The exporter's bank
may make a loan (by advancing funds) to the exporter on the basis of the export contract.

Other forms of trade finance can include Documentary Collection, Trade Credit Insurance,
Finetrading, Factoring or forfaiting. Some forms are specifically designed to supplement traditional financing.

Secure trade finance depends on verifiable and secure tracking of physical risks and events in the chain between exporter
and importer. The advent of new information and communication technologies allows the development of risk mitigation
models which have developed into advance finance models. This allows very low risk of advance payment given to the
Exporter, while preserving the Importer's normal payment credit terms and without burdening the importer's balance sheet.
As trade transactions become more flexible and increase in volume, demand for these technologies has grown.

Products and services

Banks and financial institutions offer the following products and services in their trade finance branches.

 Letter of credit: It is an undertaking/promise given by a Bank/Financial Institute on behalf of the Buyer/Importer to the
Seller/Exporter, that, if the Seller/Exporter presents the complying documents to the Buyer's designated Bank/Financial
Institute as specified by the Buyer/Importer in the Purchase Agreement then the Buyer's Bank/Financial Institute will
make payment to the Seller/Exporter.
 Bank guarantee: It is an undertaking/promise given by a Bank on behalf of the Applicant and in favour of the
Beneficiary. Whereas, the Bank has agreed and undertakes that, if the Applicant failed to fulfill his obligations either
Financial or Performance as per the Agreement made between the Applicant and the Beneficiary, then the Guarantor
Bank on behalf of the Applicant will make payment of the guarantee amount to the Beneficiary upon receipt of a
demand or claim from the Beneficiary.[2]

Bank guarantee has various types like 1. Tender Bond 2. Advance Payment 3. Performance Bond 4. Financial 5. Retention
6. Labour

 Export
 Import
 Collection and discounting of bills: It is a major trade service offered by the Banks. The Seller's Bank collects the
payment proceeds on behalf of the Seller, from the Buyer or Buyer's Bank, for the goods sold by the Seller to the Buyer
as per the agreement made between the Seller and the Buyer.

New developments
Trade finance is going through a revolution. New technologies and development are energizing traditional players,
transforming their offerings and pulling trade into the 21st century. One of the main developments is the introduction of
blockchain technology into the trade finance ecosystem. The promise of blockchain is that it has the ability to streamline the
trade finance process. In the past, trade finance has been provided primarily by financial institutions, unchanged for years,
with many manual processes on old-legacy systems that are expensive and costly to update. Such structures are mostly
managed manually or through antiquated systems, which are not scalable and result in higher operational costs for financial
institutions.

Blockchain technology can provide enormous benefits to solve these technological challenges in trade finance. It can be
used to provide the basic services that are essential in trade finance. At its core, blockchain relies on a decentralized,
digitalized ledger model, which by its nature is more robust and secure than the proprietary, centralized models which are
currently used in trade finance. As a consequence, blockchain it can lead to radical simplification and cost reduction for large
parts of transactions in trade finance, whilst making it more secure and reliable. It keeps an immutable record of all the
transactions, back to the originating point of a transaction, also known as the provenance, which is essential in trade finance
as it allows financial institutions to review all transaction steps and reduce the risk of fraud. One of the blockchain’s
advantages is the speeding up of transaction settlement time which currently takes days, increasing transparency between
all parties, and unlocking capital that would otherwise be tied up waiting to be transferred between parties in the transaction.
Several companies are working on trade finance solutions leveraging blockchain technology such as the R3 consortium,
which brings together the world's biggest financial institutions and TradeIX, which developed a connected and secured
platform infrastructure for corporates, financial institutions, and B2B networks through standard communication channels
(APIs) leveraging blockchain technology.

Methods of payment
Popular methods of payment used in international trade include:

cash with order(CWO)-the buyers pay cash when he places an order.

cash on delivery(COD)-the buyer pays cash when the goods are delivered.

documentary credit(L/C)-a Letter of credit (L/C) is used; gives the seller two guarantees that the payment will be made by
the buyer:one guarantee from the buyer's bank and another from the seller's bank.

bills for collection(B/E or D/C) -here a Bill of Exchange (B/E)is used; or documentary collection (D/C) is a transaction
whereby the exporter entrusts the collection of the payment for a sale to its bank (remitting bank), which sends the
documents that its buyer needs to the importer’s bank (collecting bank), with instructions to release the documents to the
buyer for payment.

open account-this method can be used by business partners who trust each other;the two partners need to have their
accounts with the banks that are correspondent banks.

Methods of payment: Cash in Advance (Prepayment) Documentary Collections Letters of Credit Open Account Combining
Methods of Payment Summary Resources Activities Assessment
 Accounting

Accounting or accountancy is the measurement, processing, and communication of financial information about economic
entities such asbusinesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in
1494. Accounting, which has been called the "language of business", measures the results of an organization's economic
activities and conveys this information to a variety of users, including investors, creditors, management,
and regulators.Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are
often used as synonyms.

Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax
accounting and cost accounting. Accounting information systems are designed to support accounting functions and related
activities. Financial accounting focuses on the reporting of an organization's financial information, including the preparation
of financial statements, to external users of the information, such as investors, regulators and suppliers;[7] and management
accounting focuses on the measurement, analysis and reporting of information for internal use by management.[1][7] The
recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known
as bookkeeping, of which double-entry bookkeeping is the most common system.

Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional
bodies. Financial statementsare usually audited by accounting firms,[9] and are prepared in accordance with generally
accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial
Accounting Standards Board (FASB) in the United States] and the Financial Reporting Council in the United Kingdom. As of
2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting
Standards (IFRS).

Topics
Accounting has several subfields or subject areas, including financial accounting, management
accounting, auditing, taxation and accounting information systems.[

Financial accounting
Financial accounting focuses on the reporting of an organization's financial information to external users of the information,
such as investors, potential investors and creditors. It calculates and records business transactions and prepares financial
statements for the external users in accordance with generally accepted accounting principles (GAAP).[7] GAAP, in turn,
arises from the wide agreement between accounting theory and practice, and change over time to meet the needs of
decision-makers.[1]

Financial accounting produces past-oriented reports—for example the financial statements prepared in 2006 reports on
performance in 2005—on an annual or quarterly basis, generally about the organization as a whole.[7]

This branch of accounting is also studied as part of the board exams for qualifying as an actuary. It is interesting to note that
these two professionals, accountants and actuaries, have created a culture of being archrivals.

Management accounting
Management accounting focuses on the measurement, analysis and reporting of information that can help managers in
making decisions to fulfil the goals of an organization. In management accounting, internal measures and reports are based
on cost-benefit analysis, and are not required to follow the generally accepted accounting principle (GAAP). [7] In 2014 CIMA
created the Global Management Accounting Principles (GMAPs). The result of research from across 20 countries in five
continents, the principles aim to guide best practice in the discipline.

Management accounting produces future-oriented reports—for example the budget for 2006 is prepared in 2005—and the
time span of reports varies widely. Such reports may include both financial and non financial information, and may, for
example, focus on specific products and departments.
Auditing
Auditing is the verification of assertions made by others regarding a payoff, and in the context of accounting it is the
"unbiased examination and evaluation of the financial statements of an organization".

An audit of financial statements aims to express or disclaim an opinion on the financial statements. The auditor expresses
an opinion on the fairness with which the financial statements presents the financial position, results of operations, and cash
flows of an entity, in accordance with the generally acceptable accounting principle (GAAP) and "in all material respects". An
auditor is also required to identify circumstances in which the generally acceptable accounting principles (GAAP) has not
been consistently observed.

Accounting information systems

An accounting information system is a part of an organisation's information system that focuses on processing accounting
data.

Tax accounting[

Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax
returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from
the generally accepted accounting principles (GAAP) for financial reporting. U.S. tax law covers four basic forms of business
ownership: sole proprietorship, partnership, corporation, and limited liability company. Corporate and personal income are
taxed at different rates, both varying according to income levels and including varying marginal rates (taxed on each
additional dollar of income) and average rates (set as a percentage of overall income).

Organizations
Professional bodies
Professional accounting bodies include the American Institute of Certified Public Accountants (AICPA) and the other 179
members of the International Federation of Accountants (IFAC),[36]including CPA Australia, Association of Chartered Certified
Accountants (ACCA) and Institute of Chartered Accountants in England and Wales (ICAEW). Professional bodies for
subfields of the accounting professions also exist, for example the Chartered Institute of Management
Accountants (CIMA).[37] Many of these professional bodies offer education and training including qualification and
administration for various accounting designations, such as certified public accountant and chartered accountant.[38][39]

Accounting firms
Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor,
and audits are usually carried out by accounting firms.

Accounting firms grew in the United States and Europe in the late nineteenth and early twentieth century, and through
several mergers there were large international accounting firms by the mid-twentieth century. Further large mergers in the
late twentieth century led to the dominance by the auditing market by the Big Four accounting firms: Arthur
Andersen, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers.[40] The demise of Arthur Andersen following
the Enron scandal reduced the Big Five to the Big Four.

Standard-setters
Generally accepted accounting principles (GAAP) are accounting standards issued by national regulatory bodies. In
addition, the International Accounting Standards Board (IASB) issues theInternational Financial Reporting Standards (IFRS)
implemented by 147 countries.[1] While standards for international audit and assurance, ethics, education, and public sector
accounting are all set by independent standard settings boards supported by IFAC. The International Auditing and
Assurance Standards Board sets international standards for auditing, assurance, and quality control; the International Ethics
Standards Board for Accountants (IESBA) [42] sets the internationally appropriate principles- based Code of Ethics for
Professional Accounts theInternational Accounting Education Standards Board (IAESB) sets professional accounting
education standards;[43] International Public Sector Accounting Standards Board (IPSASB) sets accrual-based international
public sector accounting standards

Organizations in individual countries may issue accounting standards unique to the countries. For example, in the United
States the Financial Accounting Standards Board (FASB) issues the Statements of Financial Accounting Standards, which
form the basis of US GAAP,[1] and in the United Kingdom the Financial Reporting Council (FRC) sets accounting
standards.[45]However, as of 2012 "all major economies" have plans to converge towards or adopt the IFRS.[

Education and qualifications

Accounting degrees
At least a bachelor's degree in accounting or a related field is required for most accountant and auditor job positions, and
some employers prefer applicants with a master's degree. A degree in accounting may also be required for, or may be used
to fulfill the requirements for, membership to professional accounting bodies. For example, the education during an
accounting degree can be used to fulfill the American Institute of CPA's (AICPA) 150 semester hour requirement,[47] and
associate membership with the Certified Public Accountants Association of the UK is available after gaining a degree in
finance or accounting.[]

A doctorate is required in order to pursue a career in accounting academia, for example to work as a university professor in
accounting. The Doctor of Philosophy (PhD) and theDoctor of Business Administration (DBA) are the most popular degrees.
The PhD is the most common degree for those wishing to pursue a career in academia, while DBA programs generally focus
on equipping business executives for business or public careers requiring research skills and qualifications.

Professional qualifications
Professional accounting qualifications include the Chartered Accountant designations and other qualifications including
certificates and diplomas.[51] In the United Kingdom, chartered accountants of the ICAEW undergo annual training, and are
bound by the ICAEW's code of ethics and subject to its disciplinary procedures.[52] In the United States, the requirements for
joining the AICPA as a Certified Public Accountant are set by the Board of Accountancy of each state, and members agree
to abide by the AICPA's Code of Professional Conduct and Bylaws. In India the Apex Accounting body constituted by
parliament of India is "Institute of Chartered Accountants of India" (ICAI) was known for its rigorous training and study
methodology for granting the Qualification.[53]

Accounting research
Accounting research is research in the effects of economic events on the process of accounting, and the effects of reported
information on economic events. It encompasses a broad range of research areas including financial
accounting, management accounting, auditing and taxation.[

Accounting research is carried out both by academic researchers and practicing accountants. Methodologies in academic
accounting research can be classified into archival research, which examines "objective data collected from repositories";
experimental research, which examines data "the researcher gathered by administering treatments to subjects"; and
analytical research, which is "based on the act of formally modeling theories or substantiating ideas in mathematical terms".
This classification is not exhaustive; other possible methodologies include the use of case studies, computer
simulations and field research.

Empirical studies document that leading accounting journals publish in total fewer research articles than comparable
journals in economics and other business disciplines[, and consequently, accounting scholars are relatively less successful
in academic publishing than their business school peers. Due to different publication rates between accounting and other
business disciplines, a recent study based on academic author rankings concludes that the competitive value of a single
publication in a top-ranked journal is highest in accounting and lowest in marketing.
 Types Of Taxes
A tax (from the Latin taxo) is a mandatory financial charge or some other type of levy imposed upon a
taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public
expenditures.[1] A failure to pay, or evasion of or resistance to taxation, is punishable by law. Taxes consist
of direct or indirect taxes and may be paid in money or as its labour equivalent. Most countries have a tax
system in place to pay for public/common/agreed national needs and government functions: some levy a
flat percentage rate of taxation on personal annual income, some on a scale based on annual income
amounts, and some countries impose almost no taxation at all, or a very low tax rate for a certain area of
taxation. Some countries charge a tax both on corporate income and dividends; this is often referred to
as double taxation as the individual shareholder(s) receiving this payment from the company will also be
levied some tax on that personal income.

A business must pay a variety of taxes based on the company's physical location, ownership structure and
nature of the business. Business taxes can have a huge impact on the profitability of businesses and the amount
of business investment. Taxation is a very important factor in the financial investment decision-making process
because a lower tax burden allows the company to lower prices or generate higher revenue, which can then be
paid out in wages, salaries and/or dividends. Business may be required to remit the following types of taxes:

Federal Income Tax: A tax levied by a national government on annual income.

State and/or Local Income Tax: A tax levied by a state or local government on annual income. Not all states
have implemented state level income taxes.

Payroll Tax: A tax an employer withholds and/or pays on behalf of their employees based on the wage or salary
of the employee. In most countries, including the United States, both state and federal authorities collect some
form of payroll tax. In the United States, Medicare and Social Security, also called FICA, make up the payroll
tax.

Unemployment Tax: A federal tax that is allocated to state unemployment agencies to fund unemployment
assistance for laid-off workers.

Sales Tax: A tax imposed by the government at the point of sale on retail goods and services. It is collected by
the retailer and passed on to the state. Sales tax is based on a percentage of the selling prices of the goods and
services and is set by the state. Technically, consumers pay sales taxes, but effectively, business pay them
since the tax increases consumers costs and causes them to buy less.

Foreign Tax: Income taxes paid to a foreign government on income earned in that country.

Value-Added Tax: A national sales tax collected at each stage of production or consumption of a good.
Depending on the political climate, the taxing authority often exempts certain necessary living items, such as
food and medicine from the tax.