Showing posts with label finance. Show all posts
Showing posts with label finance. Show all posts

Wednesday, August 11, 2010

BAG Networks launches web-based accounting solution


BAG Networks yesterday launched a web-based accounting system targeted at small and medium enterprises (SMEs) in a bid to harness business potential in the country's nascent private sector.

After months of being in the beta-testing stage, the web-based accounting solution, dubbed Ikhlas, was unveiled to entrepreneurs at the Empire Hotel & Country Club.

Invited guests were given the opportunity to test the system, and were briefed by the Ikhlas team on the benefits of the system.

The system, which targets "young companies", is a simplified version of an accounting system which replaces accounting jargon with simple layman's terms such as "money in" and "money out".

Continue reading this article.

Wednesday, December 30, 2009

Shopping Past Midnight

Tuesday, December 29, 2009

Bonus Day: All roads lead to ATMs


AS EARLY as dawn yesterday, queues had already formed at the front doors of ATM booths around the country as the sun rose to greet what Bruneians have come to call "Bonus Day", when civil servants receive their remunerative reward for a year of hard work and dedication to their profession.

Traffic jams plagued key commercial areas throughout the day, particularly in Serusop, Bandar Seri Begawan and Kiulap, causing minor gridlocks at some intersections and testing the patience of motorists in search of parking spaces at already full car parks.

An officer at the Fisheries Department who asked to be named only as Jafri said he had a hard time looking for a parking spot. He had to park two blocks away from the TAIB branch in Kiulap and walk, only to end up at the wrong end of a long line of people stretching all the way out of the building.

"I came all the way here from Muara as the ATM machines in my area were out of order. It was difficult to find a parking spot earlier and it didn't occur to me that Kiulap was going to be jammed," he said.

Asked what he will be spending his hard-earned bonus on, Jafri replied, "The new school term is just around the corner and, like every other year, my wife and I will prioritise buying books, stationery, uniforms and other school supplies for our four children."

Mohd Asri, a father of two, said that he had been waiting outside the bank since before it opened for business.

He explained that he chose to make his withdraw at the counter because the queue at the ATM spilled out all the way to the next shop unit.

He added that the ATMs had preset limits on the amount that could be withdrawn by the same person within 24 hours, and that since it was Bonus Day, he wanted to withdraw more.

"I promised my eldest son I would get him his first video game console as he had passed his PSR exams this year with flying colours," he said when asked what he was going to spend his bonus on.

"Other than that, I have some loans to settle, and the remaining will go into my emergency fund," he added.

Mohd Khairul, a security guard at the TAIB branch in Kiulap, said that he saw a long line of people even before the doors were open, and more people kept pouring in throughout the busy morning.

"It took less than two hours for our ticket counter to reach 200. On normal days we usually reach that figure at the end of the day," Mohd Khairul said.

He added that additional security guard was posted for the day to ensure the safety and smooth serving of customers. "So far everything is under control. Everyone is cooperating in queues," he said.


Some people were willing to spend more than an hour in the long queue, even in the hot sun, to withdraw their hard-earned money.

Fendi, who lives at Sungai Akar, came all the way to BIBD's Kiulap branch to withdraw his salary from the counter. He had been waiting for his number for almost an hour when he was interviewed by The Brunei Times.

"It is something we all expect. Whether people came early or late, they still have to wait in line. I prefer withdrawing from the counter instead of from the ATM because, in my past experience, the machines ran out of money too quickly," he said.

"Though I have to wait longer for the counter service, it's good for me as it keeps me from the temptation of entering figures on the machine higher than I really need."

Over the years, he has learned from past mistakes and learned to practise smart spending and budgeting, Fendi explained.

"I don't really owe anyone or the bank much and I'm always thrifty, so I will definitely be able to save more this year. I'm only going to spend some on basic necessities," he added.

"It is an unusual sight for me," said Dayanti, a fresh graduate who just started her career in the government early this year.

It was the first time in her life she had received a bonus, said the 25-year-old, adding that she became more and more anxious the longer she spent in the long queue for the Standard Chartered Bank ATM at Hua Ho Manggis Mall.

"The excitement is there as I'm about to receive my first bonus. Now, I finally understand the thrill experienced by my friends and family on Bonus Day," she said ecstatically.

"I've been advised by my parents for many years not to splurge my hard-earned pay, so I've decided to give both my parents half of my bonus as a way of giving back to them after all the sacrifices they've made in raising me and getting me to where I am now," she said.

However, she added, "Though a little treat wouldn't hurt. I know I've been working hard for the past few months, so I'm still going to use my money to go shopping, but I'm just going it to spend here in the country as I want to support the economy, too.

"Besides, new year is coming, doesn't that call for a little celebration?" she added.

A government teacher who declined to be named said that he saw all the cars heading to the banks and that traffic was congested, but that didn't stop him from coming for a quick withdrawal at BIBD headquarters' ATM.

"My obligations drove me to the bank today. Paying the bills and the car loan as well as spending for my children's new school year are what got me on my feet this morning.

"There is no time to lose. The school holiday is nearly over and we will be very busy by the time the new year kicks in," he said.

"I did enjoy the previous years when we received our salaries and our bonuses four days earlier, as it gave us more time to check bookshops for better offers and buy school items such as stationery for the children," he said.

Wednesday, November 18, 2009

Home Financing

Thursday, June 4, 2009

Cycling Anyone?


When was the last time we did our personal budgeting? And if you have pretty recently, its easy to notice that one of the big chunks which we have to deduct from our monthly income goes to the monthly car loan. As a fresh graduate who have started a career and earning that very first paycheck, I've conducted a thorough analysis on this matter.

We all know that in our country, the average household has at least two cars or more. That said, there are those who are paying for more than one cars a month, considering that he/she is earning from a high-paying job, and those who only financed for one car, the ones that he/she primarily uses for work or leisure. In my case, I'm categorized in the latter.

Having realized that I have to pay close to half of my monthly income for my car loan, I thought to myself what it's like to live without having to pay for my car, and break myself away from monthly deductions on my income statement. But considering the lack of proper and efficient public transportation services here (we only have purple buses and motorboats), I don't think anyone here could live without at least one vehicle to get to work, to send and pick up the kids, shopping for groceries or visit distant relatives in another district.

But after several research I've made on the internet on alternative commuting, I've discovered interesting insights on bicycles! Wouldn't it be great if we all commute with bicycles? Think of all the money you save annually from the costs of cars (including the payments, insurance, gas, maintenance, tickets & fines, parking, car washes, supplies, and after-market parts & upgrades). Would you like to not have to spend that money?

Cycling to work. A cheaper, 'greener' trend? Why not.

I know this sounds crazy, and I'm sure gonna get a backlash on this, but think about the benefits of cycling in the long run:
  • For most town commutes, a bicycle is quickest door-to-door.
  • Cycling gives you the energy and enthusiasm for your work and study.
  • Cycling boosts your brain power, makes you mentally sharper, re-focuses your mind and improves your concentration.
  • Cycling is healthy because it protects you from heart disease, obesity and much more.
  • Cycling helps to prevent weight-gain. You will build healthy, lean muscle, lose fat and pump up your metabolism.
  • Cycling is inexpensive. All you need is a bicycle and some bits of equipment.
  • Cycling does not pollute. The only fuel you will need is a healthy meal.
  • At times it is possible to reach your destination faster with a bike rather than a car, during those traffic jam moments.
  • So what if it takes a little longer to reach your destination? It's definitely faster and far less tiring then getting there by foot.
  • Statistics have shown that the number of deaths from cycling are very low compared to the staggering figures of deaths of car drivers.
As I've mentioned above, living without a car can be pretty tough, especially in the Brunei, where public transportation is frequently lacking and I'm sure everyone don't like the idea of getting soaked from the rain. That said, it's certainly possible, as long as you're willing to change your lifestyle. After all, bicycles are dirt cheap, and there are no added cost to it (unless if you're thinking of pimpin' it). Best of all, you don't have to pay that monthly car loan anymore. Yay!

Interesting fact: Most millionaires leave well below their means. Maybe this could be a good start of a debt-free life. Of course, you still need to be more precautious when cycling on the road, because you don't wanna end up like this guy:


Happy cycling!

Tuesday, May 26, 2009

BIBD Promotion


Interested? Please bring along your ID Card, latest salary slip and updated bank book for on-the-spot assessment.

Which reminds me, isn't it time for me to apply one of these?

Friday, September 12, 2008

Millionaires Are From a Different Planet



I bought this book last week. No wait, actually I've 're-purchased' this book because I bought a copy of it some 6-7 years ago in Singapore at the time of its release, but halfway through reading it I lend it to someone and he never returned it back. Lesson learned; never lend people your books. They're great investments and if a friend wishes to read it, ask him/her to buy one for herself (there are always enough books for everyone, c'mon). I know I'm kinda karit in this particular thing but people kept borrowing my books and just never returned them back!

Anyway, this is one my favorite reads on finance and wealth. I am an absolute fan of Azizi Ali. His writing is sound and the book is actually more practical then technical. Azizi Ali, a Malaysian, is one of the best known millionaires coaches who's been conducting a lot of talks and seminars on wealth and financial success over the years in Malaysia. He was a pilot turned millionaire after realizing the true formula to financial freedom.

Millionnaires Are From a Different Planet is his first and one of his best books he's ever written. In his book, Azizi explained his theory that in order to be financially successful, its not just simply figuring out how to make more money, but rather manage your personal finance. Most people thought that to be rich and successful one needs to learn how to make more money, full stop. Azizi encouraged people to be smart in managing your money that you currently have, and from there you'll be able to see your money grow. All is explained in his book, which is indeed practical and logical. None of those MLM, pyramid, forex or money laundering stuff, just pure financial management that you can put to practice.

I highly recommend this book to everyone, especially to my fellow colleagues and juniors of the Business School. It will teach you how to manage your money the right way so that you'll be well off in the future. And please get a copy. Don't borrow. Seriously people, buy books. Its sad that not many people read books here in Brunei. Reading is fun and at its true what our teachers used to tell us; reading more improves your English better, not DVD subtitles!

To learn more about Azizi Ali, visit his website at millionairesplanet.com

Tuesday, June 24, 2008

The Mighty D's


If money's not a problem, I would get either one of these two, right now. IF money's not a problem... sigh.

Friday, April 11, 2008

Back On The Road

Buang STRESS!!!!!!!

Just got my car out from the workshop, finally. It's been months. And just as the alternator's fixed and the battery's up and running, the car's got other problems that need to be fixed; worn front tires, wheel misalignment, brake pads need replacing, AARGH!! To think that I'm only receiving monthly allowances of $200 just isn't enough for maintenance.

Anyway, I won't be updating much for the next few weeks because I have tons of stuff to do and the final exams are comin up. Next week is our Business Project final presentation already. Pressure's building up again. Gotta split.

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