POST CATEGORY : Finance

3 Key Ways Your Small Business Can Save

Keeping down costs as much as possible without sacrificing quality is critical to any small business if it’s going to stay competitive, maintain a high customer satisfaction rate, and ultimately grow into a medium or even large-sized business somewhere down the road.

Business setup

Many small businesses these days can be run by only one or a few people, at least in their “infant stage,” and sometimes can even be run entirely from a home office with no physical business property.

But no matter how minimalistic your business may be, there are three areas you probably can’t do without: a quality business phone system, a good website hosting service, and fast, affordable shipping.…

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Why Outsourcing Your Accounting Makes Sense for Small Business Owners

Were you aware that out of all the new businesses established each year, that only 20% of them make it through their first year? And of that twenty percent, only half of them survive 5 years. Even though there are plenty of reasons why they don’t succeed, in many instances it relates directly to finances.

As money is required to operate, entrepreneurs must not only learn how to generate profits but manage those profits accordingly. Accounting and bookkeeping, for this reason, are of the utmost importance to a company’s lifespan.

Outsourcing your accounting

Why DIY Accounting Isn’t Always Efficient Enough

It is not uncommon for an entrepreneur to take on accounting and bookkeeping responsibilities in the first few years of their establishment.…

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Using Personal Loans for Business Purchases: Pros and Cons

There are many times along the journey as an entrepreneur where the shortcomings of available funding can throw a wrench into your goals.

For instance, mobile repair businesses need to be ‘mobile’. Vehicles are expensive, and it’s hard to expand such a business without purchasing more vehicles and additional staff.

Taking personal loans for business purchases

Investment opportunities come up all the time for those who are networking savvy. They often require a significant amount of cash to secure. Not to mention, sometimes an essential piece of equipment can break down suddenly, requiring thousands, or even tens of thousands in repair funds.

When there’s no money in the bank for these and other purchases, it becomes necessary to consider taking out a loan.…

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How To Dig Yourself Out Of A Bad Financial Situation

Have you recently found your company in a bad situation financially? The good news is that you’re not the only one. The bad news is that you need to fix the situation as quickly as possible before it ruins your company’s credit and reputation. Thankfully, there are plenty of things that you can do to right the ship.

Get out of bad financial situation

Within this guide, you will discover ways to correct your company’s business finances and get out of debt.

Cut Expenses Immediately

If you’ve gotten your company into a bad situation, you need to take action immediately. It is absolutely pertinent to balance out your expenses and your revenue.…

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7 Little-Known Tax Deductions for Small Businesses

Many small businesses dread filing their quarterly taxes, but deductions help owners lower their tax burden. In addition to the standard deductions that most businesses take, there are lesser-known write-offs that can reduce tax bills even further.

Small business tax deductions

1. Home Office

If you run your business out of a dedicated home office, you may be able to take the home office deduction. The catch with this deduction is that the space must be used exclusively for business purposes.

There are two ways to deduct a home office:

  • Deduct actual expenses. You’ll need to have records for the cost of painting, repairs, utilities, rent, insurance and other expenses you want to write-off.
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The Financial Industry is Rapidly Changing

Since the advent of online banking, the financial industry has undergone several important changes. Meanwhile, terms such as fintech (i.e. financial technology) has become part of the everyday journalistic jargon, pointing to rapid innovation and change.

Fintech

Besides the development of new apps and decentralized technologies, new participants have entered the industry to the benefit of the public. Here we take a look at some of the most profound and important changes taking place within the financial sector.

Blockchain equals the decentralization of banking

Banking as a profession has been around since the dawn of time, having played an integral role in human history.…

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Exploring How Invoice Factoring Can Impact The Growth of Your Business

If you are a small business owner with a steady and moderate growing business, you are already way ahead of the game. Maybe you have just recently had the chance to expand or take on a new client that will completely change the game for you and propel you into the big leagues, but unfortunately, there are stipulations that you can’t meet. For instance, say that the new customer or the new expansion is going to eat up your profits for 3 months, leaving you hanging in the wind. How can you take advantage of this opportunity, while still being able to survive the next few months?…

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How to Use Your Business Credit Score to Your Advantage

While many business owners are more than aware of their personal credit scores, there are many who are simply unaware of how their company’s credit score contributes to their potential success.

Business credit score

As most professionals know, a good, clean credit score can be the difference between loan or mortgage approval. If you have ever applied for credit, a lender will generally use this metric in their assessment of you and the risk you pose to their business. This three figure number (generally between 300 and 900) is a representation of your history of how you have handled credit. This information is widely available in 2018, meaning that there is no excuse not to be familiar with how lenders treat you, considering that almost everyone has access to their free credit score.…

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Superannuation Solutions for Every Size & Type of Business: Find the fund that is right for you – no matter the business you are in

Choosing the right superannuation fund for your employees can be a complex process regardless of the industry you are in or the size of your business. The number of superannuation fund options is vast and, even though you may already be an experienced employer, the laws and requirements concerning employers and super are not always easy to master. From 1st July 2018, new legislation regarding super will be coming into effect – adding further considerations to the existing rules. Therefore, it is crucial to have a clear strategy for selecting super for your employees.

Superannuation solutions

This article will discuss different sizes and types of Australian small businesses, the common superannuation problems that employers in these businesses tend to encounter, and what superannuation strategies these businesses could employ to solve these common problems.…

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How to Find Money to Start Your Own Business

Entrepreneurial endeavors are becoming more and more commonplace as technology continues to place the tools to do the job in the hands of regular people. The path to starting your own business is no longer shrouded in obscurity.

Business start up funding

The steps are easy to figure out, and with a quick online search, you could be on your way to business ownership within a few days (though we would not recommend moving that quickly through the process). The problem is, how to fund your new business?

Take a few moments now, and check out some of the most effective ways to use the internet to find the money to start your own business.…

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