tag:blogger.com,1999:blog-78981676065675881182024-02-02T13:13:04.368-08:00Financial ManagementErick Julian Mollehttp://www.blogger.com/profile/18375282066608434768noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-7898167606567588118.post-54865290017960017782015-03-25T09:28:00.000-07:002015-03-25T09:28:24.946-07:00Improving Your Profitability Via Financial Management System<div class="MsoNormal">
<span lang="EN-US">In order to
maximize a company's profitability, it is very important to have a good and
complete <b><span style="color: #134f5c;">financial management system</span></b> to handle the important aspects of money
management.<o:p></o:p></span></div>
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<span lang="EN-US">One of the
keys to a good business <a href="http://smartsabak.blogspot.com/2015/03/improving-your-financial-management.html">financial management structure</a> is controlling the
daily, weekly, monthly and yearly expenses of the operation. This comes down to
simple math and cash management principles. Companies will not be profitable,
and therefore won't stay in business long, if they spend more than is required
to produce and deliver their product, and end up trimming their profit margin
so that it is just too thin to make the business viable.<o:p></o:p></span></div>
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<span lang="EN-US">Keeping
overhead expenses in check and making sure that the cash in the business is
managed effectively through a <u>financial management system</u> will help make a
company better able to compete in the marketplace. When expenses get too high,
it is hard to compete effectively and a competing company can easily start
luring away customers based on price.<o:p></o:p></span></div>
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<span lang="EN-US">One of the
most important people involved in good business <b><span style="color: #134f5c;">financial management</span></b> is the
treasurer of the board. The person in this role should come to the job with a
wealth of business cash management experience, a strong level of wisdom and a
firm understanding of corporate financial management. With the treasurer
strongly armed with these money management skills, the corporation stands a
much better chance of being strong financially and being able to ride out the
storms of business and economic challenges.<o:p></o:p></span></div>
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<span lang="EN-US">Another key
person on the team that oversees the entire <a href="http://smartsabak.blogspot.com/2015/03/improving-your-financial-management.html">business financial management</a>
practices for a corporation is, of course, the accountant. It is the corporate
accountant and his team, depending on the size of the company, that will deal
with the minute and detailed money management for the company on a daily or
sometimes hourly basis.<o:p></o:p></span></div>
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<span lang="EN-US">The
accounting department of a company will keep the books for the organization,
will generate the various financial statements that are required both by
government agencies and by the board of directors, and will conduct the
financial analysis of the financial reports. This is the department that is
entrusted with managing and enforcing departmental budgets, which is such an
essential part of financial management systems, and essentially handles and
accounts for every penny that flows in and out of the business coffers.<o:p></o:p></span></div>
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<span lang="EN-US">Nowadays,
with the ubiquitousness of computers at every level of business and commerce,
there is no doubt that any company that takes advantage of a complete financial
management system for their operation will also be using sophisticated money
management software as well. Even though the people in the organization bring
the expertise and knowledge to the task of business financial management, the
software chosen to help them do their jobs is critically important and much be
chosen only after careful research and comparisons, with regard to the options
available.<o:p></o:p></span></div>
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<span lang="EN-US">It can be
really hard keeping up with your business's finances. This means choosing an
adequate <b><span style="color: #134f5c;">financial management system</span></b> that will allow change and growth in your
company, in a simple and cost-effective manner. When evaluating financial
management systems from many vendors or suppliers, you'll want to look at it
from all points and not just focus on the competitive pricing. Indeed, your
budget would determine which business processing system you choose but other
factors such as support, security, and solutions can greatly affect the results
of your investment. </span></div>
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<o:p></o:p></div>
<h2>
<span style="font-size: large; font-weight: normal;"><u>Tips When Choosing Your Financial Management System</u></span></h2>
<b><span style="color: #134f5c;">Think about the total cost of ownership</span></b><br />What other costs are related to the integration of the new system?<br /><br /><b><span style="color: #134f5c;">Look for significant features</span></b><br />Modern <b><span style="color: #134f5c;">financial management systems</span></b> offer up complete solutions. Make sure it's built with all the essential features your business will need. These may include data integrity and security, transparent and up-to-date record-keeping, tracking liabilities, coordination of income statements and balance sheets, and whatever else your business may require.<br /><br /><b><span style="color: #134f5c;">Ask about the kind of maintenance and support you'll get</span></b><br />Lastly, any kind of new business processing system may require IT support and maintenance. Perhaps your system requires updating for new functionality like supply chain management or procurement management. The level of maintenance and support you get will have an effect on the ease and success of your newly purchased <a href="http://smartsabak.blogspot.com/">financial</a> system. So it pays to give it considerable thought before making that investment decision.Erick Julian Mollehttp://www.blogger.com/profile/18375282066608434768noreply@blogger.com0tag:blogger.com,1999:blog-7898167606567588118.post-58237033356230094632015-03-20T09:30:00.002-07:002015-03-20T09:30:18.564-07:00Financial Management Programs<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuaZZALqTvZNUkqQ0xGSaFNgZVxv45cXXak6MTIkkqAwbM650SxYUGD-Zs7GC87EeYNqSMHAaq3Xuh-gpPzD3Ky75ITmu_ZRxw4tWpqbUA3L1ru2lJBKfuVKuoP1RwOSW_PGih2NGBc2ah/s1600/financial-management-programs.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="financial-management-programs" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuaZZALqTvZNUkqQ0xGSaFNgZVxv45cXXak6MTIkkqAwbM650SxYUGD-Zs7GC87EeYNqSMHAaq3Xuh-gpPzD3Ky75ITmu_ZRxw4tWpqbUA3L1ru2lJBKfuVKuoP1RwOSW_PGih2NGBc2ah/s1600/financial-management-programs.png" height="180" title="Financial Management Programs" width="320" /></a></div>
Program <b><span style="color: #0c343d;">Financial Management</span></b> includes identifying sources of funding, integrating individual project budgets, developing a overall budget and controlling costs throughout the lifecycle.<br /><br />Program finance management sets the structure for managing finances efficiently. Key elements of finance management includes aggregating the individual project budgets as well as budget for the effort involved in managing the initiative as a program.<br /><br />A program is a <i>financial investment</i>. A common understanding of the cost drivers and the cost limits are essential in finance management.<br /><br />Program managers are generally involved in <a href="http://smartsabak.blogspot.com/2015/03/financial-management-programs.html">financial management</a> of the initiative starting from the initial pre-approval stages.<br /><br />The first process under financial management is <u>Establish Program Financial Framework</u>. Connecting the phase, process group and the process, it would be the Program Initiation Phase, Initiating process group and the process falls under Financial management knowledge area.<br /><br />The process Establish Program Financial Framework is about determining the funding sources for the program and creating a plan for managing funding flows and ensuring money is spent efficiently<br /><br />A Program's financial framework varies according to the environmental factors in which the program operates. Common environmental factors that affect the financial framework of a program include cost, size, geography, industry and duration.<br /><br />Starting a business and making it grow, as we all know, is not an easy task--even if you have all the financial resources you need for your business to thrive. If you are new to business, don't worry because there are literally hundreds of financial management software programs available today. <a href="http://smartsabak.blogspot.com/2015/03/financial-management-programs.html">Financial management programs</a> can help you take care of cash management, accounting, payroll reporting, check preparation, financial risk management, and others with ease and convenience.<br /><br />There are several kinds of <b><span style="color: #0c343d;">financial management</span></b> programs, and each kind has its own features, advantages, and disadvantages. It is advisable to choose programs with basic features first if you are starting a small business. If you find it hard to budget your finances and plan your business, you can choose programs with budgeting features.<br /><br />Advanced <a href="http://smartsabak.blogspot.com/">financial management</a> programs aid in billing as well as preparation of payrolls and invoices.Erick Julian Mollehttp://www.blogger.com/profile/18375282066608434768noreply@blogger.com2tag:blogger.com,1999:blog-7898167606567588118.post-44224351992651218432015-03-20T09:18:00.002-07:002015-03-20T09:21:02.306-07:00Why Financial Management is a Popular Program<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGDbPWEVNVWCEOG8suOjc1QHvrqncMPObGg_rVh0aDRld5z_9_a125ZfXyAQSvKsXNT6Khm1Kgywt5kxRwH8ZJbCrSifQ1b8Qns3Yg4Ir6NRtiOaiLas0t1e81AqS1lRyrLzy0AnuYzrFD/s1600/why-financial-management-is-popular.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="why-financial-management-is-popular" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGDbPWEVNVWCEOG8suOjc1QHvrqncMPObGg_rVh0aDRld5z_9_a125ZfXyAQSvKsXNT6Khm1Kgywt5kxRwH8ZJbCrSifQ1b8Qns3Yg4Ir6NRtiOaiLas0t1e81AqS1lRyrLzy0AnuYzrFD/s1600/why-financial-management-is-popular.jpg" height="320" title="Why Financial Management is a Popular Program" width="231" /></a></div>
Finance management or <b><span style="color: #0c343d;">financial management</span></b> is that aspect of management which involves the application of general management principles to specific financial operations. It basically entails planning within a business enterprise to ensure a positive cash flow and maximize shareholder wealth. <a href="http://smartsabak.blogspot.com/2015/03/why-financial-management-is-popular.html">Financial management</a> includes a large number of complex practices and processes, including the administration and maintenance of financial aspects and identifying and managing risks.<br />
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The decisions that financial managers need to make are in regard to financing, investments, payouts of dividends, and working capital management. They generally encounter difficulties in the form of measurement problems, uncertainty, and temporal spread. Financial managers need to be conversant with the tools and concepts of financial management, such as capital budgeting, sources of finance, various types of <i>financial statements</i>, <i>financial accounting</i>, <i>financial reporting</i>, and risk management.<br />
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Managerial or corporate finance is the task of providing funds for a corporation's activities. Its goal is the maximization of the company's wealth and the value of its stock, while balancing risk and profitability. People entrusted with the financial management of corporations must be sound in the practices of <a href="http://smartsabak.blogspot.com/2015/03/why-financial-management-is-popular.html">financial management</a> if they are run an organization successfully.<br />
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Given the importance of financial managers in today's business environment, it is not surprising that a wide variety of courses from the full-time MBA to the online courses abound.<br />
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Finance is perhaps the most popular choice for candidates seeking management degrees. The role of the financial manager is to oversee the generation of financial analysis and reports to help with the company's decision making, business development, and more importantly, strategic planning. The job of the financial analyst is to use these tools and devices to shape the company's investments and business growth. <b><span style="color: #0c343d;">Financial analysts</span></b> and managers today play a crucial role in effecting mergers and global financing and expansion.<br />
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If you are looking for a role in finance in a medium to large corporation, the degree program is what you will need to look at, given the complexities of <a href="http://smartsabak.blogspot.com/">financial management</a> in large corporations. When choosing a program, remember that with finance and management degrees, the institute that you pick must be reputable and recognized in the field. Accreditation bodies exist specifically for MBA programs to oversee the consistency and quality of business education, so it is preferable for a student to select a program that is accredited.<br />
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If however, you are already running your own small or medium enterprise or non-profit organization, and need to apply the tools of <b><span style="color: #0c343d;">financial management</span></b> to run your organization more effectively, you can opt for the shorter courses or the online programs offered by the many institutes.<br />
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Several MBA programs offer tailor-made courses that could be full-time, part-time, and distance learning courses with specialized concentrations. Accelerated MBA programs involve a higher course load and more intense and examination schedules. Part-time courses are another option, with classes being held in evenings, after normal working hours, or on weekends. Executive MBA programs are developed to meet the training needs of full-time managers and executives, allowing them to earn their degrees without compromising their jobs.<br />
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From this spectrum of financial management courses, there is truly one for each one to enhance our own financial management skills and take our enterprises to the cutting edge!<br />
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<i>Author by: <u><b>John Baxter</b></u><br />Article Source: http://EzineArticles.com/4505525</i>Erick Julian Mollehttp://www.blogger.com/profile/18375282066608434768noreply@blogger.com0tag:blogger.com,1999:blog-7898167606567588118.post-7642984666889708382015-03-19T09:18:00.000-07:002015-03-20T09:20:20.430-07:00Easing Your Money Management Using Financial Management Software<div class="MsoNormal">
<span lang="EN-US">Along with
a sound understanding of these principles and acquiring solid money management
skills, you should also make full use of the business related, <b><span style="color: #0c343d;">financial
management software</span></b> that is available these days.<o:p></o:p></span></div>
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<span lang="EN-US"><br /></span></div>
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<span lang="EN-US">When
business owners, managers and accounting personnel make financial decisions for
a business, it is important that they have the most complete, organized and
accurate business financial management reports that are available. <a href="http://smartsabak.blogspot.com/2015/03/easing-your-money-management-software.html">Financial management software</a> often comes in suites or bundles of programs or modules,
which are designed to work together to manage the data needed for professional
accounting practices for the business. These modules include a variety of
financial management tools that can generate the reports for the management of
the business, as well as being able to easily handle the calculation of taxes.<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgE3SWn65Jf9Mfu-t3VHecGVk3lUbul3Wn-B6QjWJMPXrPVCr-lzeNN82sod6HY3lzQRSnbckgtIJBFtvM66BeN9bUMPv1RFcdsVPeLoChpCqurNonm8tfkGIsToep_R_rpl41Vfkt7sxl0/s1600/financial-management-software.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="financial-management-software" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgE3SWn65Jf9Mfu-t3VHecGVk3lUbul3Wn-B6QjWJMPXrPVCr-lzeNN82sod6HY3lzQRSnbckgtIJBFtvM66BeN9bUMPv1RFcdsVPeLoChpCqurNonm8tfkGIsToep_R_rpl41Vfkt7sxl0/s1600/financial-management-software.png" height="320" title="Easing Your Money Management Using Financial Management Software" width="320" /></a></div>
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The
software packages that are available today for business <u>finance money
management</u> are typically "all in one" solutions that include many
modules for different aspects of business accounting. Money management for
businesses, whether small home-based businesses or large corporations, all come
down to the same principles, so these software programs are essentially the
same regardless of the size of the business. In most instances, the primary
differences in software for business <a href="http://smartsabak.blogspot.com/2015/03/easing-your-money-management-software.html">financial management</a> for small business,
as opposed to those for corporate financial management, is the potential
limitation on the size of the database, the number of users who are allowed to
access the software, and the networking capabilities of the program.</div>
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<span lang="EN-US"><br /></span></div>
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<span lang="EN-US">However,
the basic functions of any good money management software program will include
all of the basic accounting functions. In addition, there are personal money
management software solutions on the market as well, which allow the user to
have more control and better insights into their personal financial situation
and which can also prepare personal tax reports and forms. The larger <b><span style="color: #0c343d;">financial
management software</span></b> packages for businesses will also have modules that can
handle all aspects of payroll, cash management account needs, check preparation
and generation, and financial risk assessment and management. In short, a
financial management program is a highly detailed and complex system that is
vital to keep track of spending as well as net worth.<o:p></o:p></span></div>
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<h2>
What Should I Look For in Personal Financial Management Software?</h2>
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<span lang="EN-US">The first
thing that comes to mind when considering personal <a href="http://smartsabak.blogspot.com/">financial management</a>
software is the process of budgeting. The heart of proper financial management
lies in budgeting, as it helps to keep track of spending and earnings, while at
the same time, gives a view of your overall financial condition. These software
programs are usually incorporated with one of these two types of budgeting
methods: Retroactive or Proactive budgeting. This money that is set aside,
allows the software to make financial recommendation with much more confidence
and accuracy.<o:p></o:p></span></div>
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<span lang="EN-US">The more
complex personal <b><span style="color: #0c343d;">financial management</span></b> software systems have this process as
well, and will give you an accurate picture of your financial position. Good
personal <i>financial management software</i> will be able to track this and present
an accurate picture.<o:p></o:p></span></div>
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<span lang="EN-US">In summary,
budgeting and keeping an accurate track of your net worth are crucial when it
comes to good financial management. When you are exploring options for
effective personal financial management software, make sure the program is able
to handle your current and future needs.</span></div>
Erick Julian Mollehttp://www.blogger.com/profile/18375282066608434768noreply@blogger.com0tag:blogger.com,1999:blog-7898167606567588118.post-68817001216544906702015-03-18T14:05:00.002-07:002015-03-20T09:20:33.837-07:00Importance of Financial Management Operations ManualAt the very start of the business, owners or shareholders will instantly be faced with financial matters that require financial decisions. It requires knowledge in an entirely different area - the area of <b>financial management</b>.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-Zzu7aXSRt2G6x7YEqhT3vw-mYnopyoZk9K93gfYvaC36b3Hea5QA7XMVi28OKm07DrWYicUNpr2yMdtYfvKwVc81QnJDwKmQPj1lXzFw_158-KEwbSPUXTOR5-rficGgKs8IF14WhFkd/s1600/importance-of-financial-management.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="importance-of-financial-management" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-Zzu7aXSRt2G6x7YEqhT3vw-mYnopyoZk9K93gfYvaC36b3Hea5QA7XMVi28OKm07DrWYicUNpr2yMdtYfvKwVc81QnJDwKmQPj1lXzFw_158-KEwbSPUXTOR5-rficGgKs8IF14WhFkd/s1600/importance-of-financial-management.jpg" title="Importance of Financial Management Operations Manual" /></a></div>
Defined, financial management is the process of planning financial decisions with the ultimate goal of maximizing the stockholders' wealth. In the world of finance, <a href="http://smartsabak.blogspot.com/2015/03/importance-of-financial-management.html">financial management</a> is also known by other names like corporate finance, business finance, and managerial finance.<br />
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Aside from these, financial management also tackles other long-term goals, including business profitability and viability.<br />
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Achieving the goals of financial management, both long term and short term, involves a lot of processes and activities. These usually include cash management, financial risk management, financial accounting, managerial accounting, and others.<br />
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With the many <a href="http://smartsabak.blogspot.com/2015/03/importance-of-financial-management.html">financial management</a> software products available, however, handling all of these tasks may become easier. Alternatively, businessmen may avail themselves of the services of a financial manager or seek the aid of companies providing financial management services.<br />
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At present, nearly all government or private organizations have at least one financial manager to guide investment activities, manage the groundwork of financial reports and develop and carry out cash-management schemes. In many firms, financial managers are the key personnel who administer the accounting and budget departments.<br />
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<a href="http://smartsabak.blogspot.com/2015/03/importance-of-financial-management.html">Financial</a> managers also called as financial consultants or personal financial advisors use their knowledge of investments, tax laws, insurance and real estate to recommend financial options to individuals based on their short-term and long-term goals. Typically, a career in the financial management needs at least a master's degree. Courses available in the financial management in the United States include fundamentals of business law, accounting, management principles, e-commerce, ethics, finances, tax laws and other related topics. Both the creation of new businesses and growth of established companies will spur demand for financial managers, controller, treasurer/finance officer, credit manager, cash manager, and risk/insurance manager.<br />
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From a process perspective, <b><span style="color: #0c343d;">Financial Management</span></b> is the easiest and simplest business process to take care of no matter what business you're in. Then putting that knowledge into a financial management operations manual so that your financial records are maintained in a consistent manner that you can get the information you want.<br />
<br />
So over time, I developed my financial know-how and then devised systems and procedures to help me to be able to better manage my business finances.<br />
<br />
<ul>
<li><u>ACCOUNTING ROLES</u></li>
</ul>
<div>
Clearly indicate who's responsible for your money in your financial management operations manual.<br />
<div>
<ul>
<li><u>YOUR ACCOUNTING SYSTEM</u></li>
</ul>
</div>
<div>
Many people rely on their bookkeeper or accountant to tell them what the best accounting system is to use. </div>
<div>
<ul>
<li><u>CONTROLLING COSTS</u></li>
</ul>
</div>
<div>
To control costs in your business you should have a purchasing system in place. </div>
<div>
<ul>
<li><u>ACCOUNTS PAYABLE</u></li>
</ul>
</div>
<div>
Outline and record in your financial management operations manual how your accounts are paid including the method and timeline. </div>
<div>
<ul>
<li><u>BANK ACCOUNTS</u></li>
</ul>
</div>
<div>
Make sure that your financial management operations manual includes an outline of bank accounts, including GST accounts and who credit cards are issued to. </div>
<div>
<ul>
<li><u>DATA BACKUPS</u></li>
</ul>
</div>
<div>
Your money records are THE most important records in your business. Include information on how to back up to this device in your <i><u>financial management</u></i> operations manual.</div>
</div>
Erick Julian Mollehttp://www.blogger.com/profile/18375282066608434768noreply@blogger.com1