POST CATEGORY : Finance

Saving Money on Your Startup: 5 Cost-cutting Measures That Will Help Your Bottom Line

Starting your own business is a dream for many business people. After years of making money for someone else, many of us look around and say, “It’s my turn. I want to be in the driver’s seat,” and a new small business is born.

Startup action

The gestation of that business, however, can be a long and difficult road to travel. Starting and running your own business is not for the faint-hearted. It is perfect for over-achievers who believe that sleep is optional, coffee is a basic food group and who have a vision that they can trust no one else to make true.…

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Need to Get Cash Flow Back on Track? Here Are Some Tips to Help

With so many funds going out of a business bank account to pay for procurement and other costs, it is easy (and very common) for organizations to often struggle with cash flow as a result. However, cash flow is the life blood of all ventures, and needs to be kept track of closely if a business is to steer clear of financial woes, staff layoffs and even closure. If you need to find ways to get your organization’s cash levels more even, read on for some tips you can follow today.

Stressed out business leader

Track Cash Flow Closely

The first step to take if you want to get on top of cash flow is to consistently track it.…

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Funding Your SME from the Start: Here’s How

Starting an SME is both exciting and challenging, and careful thought and consideration is essential if you wish to be successful. It is no wonder that many businesses go bust before they have even got started, with some figures suggesting that 40% of SMEs do not last more than five years. Here is a short guide on how to properly funding your SME.

Business funding

Plan/Budget

Any business owner must have a business plan which they can follow, which will set out their long and short term business objectives. This will provide a structure for your budget, and detail exactly how much funding you need to successfully run the business.…

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5 Tips About Budgeting For Freelancers You Can’t Afford To Miss

The rewards offered through contracting are both personal as well as financial. Despite this, challenges arise; a crucial one being working without a guaranteed income. Below are some simple budgeting tips to help your cash flow.

Freelancing

1. Predict your earnings and set your rate

By already having a contract for the coming six months to a year secured, you should find it far easier to figure out what you will be earning taking into account savings, bills and living expenses. Nonetheless, if you are working on shorter contracts during the year or in between roles, a strategy for you to take is to evaluate what you need to earn to live comfortably.…

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3 Alternatives to Bankruptcy for Small Businesses

Small businesses go bankrupt. The Small Business Administration states that 50% of businesses survive past the five-year mark. This means half of the entrepreneurs that follow their dreams and start their own businesses will see their dreams go up in flames.

Bankruptcy

Business is a risk, and one late shipment or one lost contract can mean the difference between a business thriving or boarding up their windows.

There are options outside of bankruptcy that can stop a business from dissolving.

1. Direct Negotiating Outside of Court

Lenders will negotiate with a business outside of court. When negotiations take place away from the stringent requirements of the court, there are a plethora of benefits, such as:

  • Avoiding court proceedings, which allows a business to save money
  • Direct negotiations take far less time to complete
  • A plan to get back on a financial track will be drafted, and will work for all involved parties.
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7 Money Saving Tips for the Small Business Owner

If you’re a small business owner, you already know how important it is to save some money however you can – and the best answer isn’t cutting your employees’ healthcare plans because that’s bad for everyone involved and makes you seem more miserly than thrifty.

Save money

That aside, there are definitely a number of effective ways to reduce your expenses and save you a bit of money when you own a small business without forcing you to cut costs where it truly hurts. Saving money where you can is an important factor that can make or break a small business, so here are some tips and pointers.…

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Why Credit Cards Should Be Your First Choice of Payment When Running a Business

Once a business is up and running, it is much easier for it to be approved for a business line of credit, compared to the process of getting a personal line of credit. According to reports, approximately 65% of SMBs utilize credit cards, and this number is increasing all the time. By using business credit facilities, a small business owner can preserve cash reserves, while acquiring the necessary supplies, equipment, office space and other assets to run the business optimally.

Business credit card

A caveat is in order: personal credit cards and business credit cards should be separated at all times. The difference between personal and business credit cards is stark.…

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Invoicing Is Your Worst Enemy: 7 Ways To Defeat It

We know—invoicing can be quite a pain, especially when your clients are late or unwilling to pay their invoices.

One of the most important things for businesses to take care of is to make sure they have positive cash flow on a consistent basis.

This cash flow can help keep them afloat by allowing them to meet their financial obligations, including rent, utilities, salaries, and other crucial aspects of their business.

However, if this cash flow is not flowing in, it can lead to lots of problems, including certain business failure.

In order to get this cash flow, then, small business owners need to make sure their invoicing is top-notch.…

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How Financial Apps and Tools Can Help Streamline Your Productivity

Getting to accomplish all tasks within 24 hours can be difficult especially for business owners who never seem to have enough of time. Considering how important the effective use of time is when it comes to productivity level, it affects other essential areas that must be properly managed for the running of a successful business, such as finances. Then again, proper time and financial management is also important to streamline the productivity of any individual who is looking to secure a bright financial future.

Business people using financial software

Thankfully, there are different apps and tools that are available to help achieve this. However, how do these financial apps really help?…

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Tax Tips for Overseas Companies Operating in The U.S.

The US has one of the most complex tax systems in the world, with local, state, and federal-level obligations creating significant challenges for overseas companies. Making sense of the administrative process, navigating it, and mitigating the risks involved is a huge task in itself, and pitfalls can be difficult to foresee and hurdle even if you conduct due diligence.

While tax is often confusing, it’s incredibly important in today’s business environment to have a mastery of the processes involved. Here are some tips for getting to grips with tax in the US.

Understanding state and local tax

Foreign enterprises operating in the US often fail to recognize the wide-reaching nature of taxing powers as business activity can trigger state-level and federal taxes, which they may not have much experience with.…

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