POST CATEGORY : Finance

How Virtual Offices Can Help You Win the Cost Cutting Game

A virtual office offers benefits to businesses of all sizes, including small startups and large corporations looking to expand operations into new areas. The fact is that in the era of digital, there’s no reason to rent, furnish and maintain an expensive office location, when a virtual office offers all the advantages at a fraction of the cost.

Virtual office

A virtual office gives you a professional address to put on your business card; a place to receive mail, faxes, and even receive visitors; and a facility that’s open for you, your colleagues, and clients to conduct meetings in at your convenience.

Other advantages like virtual answering service and access to virtual assistants for pressing projects means you can, for instance, work in rural Thailand while maintaining your business’s headquarters on Bay Street in Toronto, or Silicon Valley in San Francisco.…

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6th Tax Compliance for Financial Institutions

From 7th to 9th November, Hermes bank representatives reaffirmed their commitment to regulatory transparency by turning their attention to adopting CRS updates and sustaining FATCA compliance.

Tax compliance for financial institutions

The 6th Annual Tax Compliance conference held at Times Square, New York brought together a global pool of acclaimed professionals in their field. In attendance, the bank benefited from the experience of industry experts from international players such as BNP Paribas, JPMorgan Chase, BNY Mellon, Deutsche Bank, Goldman Sachs, Citi, Thomson Reuters and others as well as the Internal Revenue Services (IRS).

In preparation for the inaugural year of country by country reporting the bank continues to examine FATCA and CRS requirements from various perspectives to mitigate risk and adopt industry best practices.…

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Why It is Dangerous to Keep Extending Debt Collection Time Frames

In the movies, debt collectors are thuggish, scary-looking individuals who hound consumers and threaten them with shame and physical harm. In the real world, unless of course, you borrowed from the mob, your debt collector is more likely to be a polite, well-dressed professional who will talk to you nicely with a sprinkling of legalese.

Debt collection

As a debt collector, the first thing you should do when you contact a debtor is to tell them what their rights are. Let them know that they can legally challenge their debt so that they don’t feel bullied or trapped. Then inform, clearly, of how much they owe, who they owe it to, and when the debt is due.…

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Should You Use a Third-Party Accountant or Bring Someone In-House?

Unless you as the owner of your business happen to have a masters in accounting, chances are that right from the start you’ve been using a third party accountant to keep track of your books, do your taxes, ensure you can survive an audit, and make recommendations on how you manage money within your business.

Accountants discussing business finances

However, if your business has seen some recent expansion and your accounting needs have become more complicated, you may be considering whether or not this arrangement is still best for your business.

Should you stay with your current small business accountant and up your demand for their time, hire an accounting firm with more capacity, or hire a full or part time in-house accounting expert?…

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Bad Credit Business Loans: 8 Warning Signs a Lender isn’t Right for You

Sometimes a business can just spiral out of control financially, despite all the owner’s best initial efforts. This is reality, as markets can dry up, or unexpected expenses hit and compound one after the other. Growth problems are another big reason for a business to become cash strapped — from buying property and equipment in anticipation of expansion that never takes place — to being over-run with expensive inventory you can’t sell.

Bad credit business loans - in AUD

Regardless your individual reasons, you now find yourself faced with a bad or poor credit rating and an uncertain financial future for your company, which you’re sure can be fixed with a bad credit loan.…

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An Overseas Money Transfer Guide for Small Businesses

A plethora of small businesses the world over have used the Internet to good effect, by reaching out to customers from different parts of the world. While the growth is welcome, the process of selling services or products internationally comes with its share of challenges.

International money transfer

A commonly faced problem is that of having to deal with poor exchange rates and paying steep currency exchange fees. Fortunately, the online world comes to the rescue again, giving small businesses various options from which to choose.

Several international money transfer companies have come up in the last two decades, mainly because of Internet-based advances.…

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Factoring for Small Business – The Essential Guide and Most Important Benefits

As a small business owner, you probably did some crucial thinking before you started your enterprise – as any good business owner does. But beginning a business of your own entails more than just the proper planning – it also entails a day-by-day effort to make your business grow.

Small business factoring

It requires a lot of dedication and commitment, and if you’re not passionate about what you are doing, it’s easy to throw in the towel and walk away. But when you’ve invested so much into your business – you want it to succeed. So, where can you can get the support you need?…

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Can You Get a Small Business Loan With Bad Credit?

When you start a business, there’s a very good chance that you are going to need some extra capital. Whether you need money to hire and train employees, to pay for office space, or to buy inventory, it seems there is always something to spend money on when you start a business.

Small business loans

The great news is that there are so many options out there for finding the funding you need, from small-business loans to lines of credit. But what if your credit isn’t exactly stellar? Can you still get a small-business loan with bad credit?

The answer is yes, but it may be more challenging than you think.…

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The Facts about Startup Business Lines of Credit

The truth about lines of credit for businesses is yet to be known by both existing and aspiring entrepreneurs. This is so because most of the sources available to provide information concerning lines of credit are too generic and inaccurate. As a result, many people have found themselves in problems in their efforts to use a line of credit to establish their businesses.

Business line of credit

Prior to considering this option to revamp your business idea, here are important things you should do:

  • Learn how it works;
  • Check if you meet the qualifications;
  • Look at its merits and demerits
  • Choosing your best option.

The Myth about Lines of Credit

People out there are meant to believe that their business plan is the ultimate factor considered by a bank before it can give them business line of credit.…

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Money Management – 6 Tips for Optimising Your Invoicing System

Are you being paid on time? When do you mail out invoices to clients? Invoicing can seem like a never-ending job, especially if you do not have a reliable system in place to maximise your accounting practices. If you are struggling with invoicing and billing within your business, you may need to make a change in the way you charge.

If the employees that you have completing the invoicing process are struggling with getting them out on time or appear to dislike the time of the month when invoicing occurs, you need to make a change in your company to speed up the process and make it more efficient.…

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