POST CATEGORY : Finance

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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Why Your Business Needs Financial Transcription

In today’s volatile financial markets, the importance of financial transcription cannot be overstated. Every organisation or business enterprise deals with vast amounts of financial data on an almost daily basis and proper documentation is essential to keep track of these ever-fluctuating businesses. One false move can trigger a chain reaction that can have devastating consequences for your business.

Transcriptionist doing financial transcription

With that in mind, here’s why your business needs financial transcription.

What is financial transcription?

Transcription is the process of converting spoken words into written documentation. It usually involves taking an audio recording of a conversation, or dictating something to a financial transcriber out loud.…

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How Does Your Business Measure Up for Credit Facilities?

There are many ways that banks and financial institutions evaluate a business in terms of its creditworthiness. For example, one of the most important measures is cash flow.

Credit facilities

A business with a strong cash flow typically scores better in the creditworthiness department than one which is cash-strapped. Lenders will always look to the cash flows to see whether the business will be able to cover the interest repayments on the loans and maintain profitable operations simultaneously.

Of course, management needs to keep an eye on all aspects of the business.

Effective leadership at top management, middle management and lower management levels will also be considered when evaluating the performance of a business for credit facilities.…

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5 Ways to Improve Your Accounting Firm’s Bottom Line

The minute you start to become happy with the revenues in your accounting firm, you and, if applicable, your partners might as well refer to your business as a lifestyle, rather than a business intent on generating maximum profit.

Increasing accounting firms profits

The goal of any business should be to maximize revenues. Everything you do leading up to that point needs to be geared toward improving the bottom line – be it sales, customer service, administration, and so on. All tasks have the potential to help or harm revenues.

Here’s 5 ways you can start generating more profit in your accounting firm today:

1.

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SME VOICE: Making Tax Digital (MTD) – How Your Business Can Prepare

It’s official. By January 2018, the majority of individuals and businesses will be on a digital tax reporting system. This change was arguably inevitable as many other aspects of our surroundings make this digital switch, but it may create difficulties for those who are not prepared.

Make Tax Digital (MTD)

While there are those that denounce HMRC’s move as an invasion of privacy, most countries have had a digital option or requirement for filing taxes for quite a while. Even with the criticism that HMRC is struggling to get this all implemented, the change is definite. Their belief is that by 2020 paper tax forms will be virtually extinct.…

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Are No Credit Check Car Loans Possible?

If you or your business have a low credit score or suspect that you might have a low credit score, one part of the loan application process that might cause you some trepidation is the dreaded credit check.

Lenders will pore over your history in minute, vivid detail to determine whether or not you’re the type of individual they want to trust with borrowing their precious funds, and the entire ordeal can be altogether unnerving.

No credit check car loans

Alternatively, you can skip this hassle and look for car loans with no credit check. Is it even possible? Conventional wisdom states that you have to have great credit to even be considered for any kind of loan.…

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