Selling your (financial business coach) Collection Accounts
No commentsBy Joel Booker
When you engage in factoring or selling your accounts receivable, you’re accepting less money for an asset than you might expect to get for it. But there are great reasons for factoring and here are 10 of them:
1. The ready cash you’ll get by factoring will help your company to grow. If you have $2000 ready cash in the bank, but you’ve invoiced for $100,000 down the line this will lead to $75,000. Think about it: the ability to hire more necessary staff, buy needed equipment, and have stock on hand could make a real difference to your business.
2. Ready cash can help you pay your suppliers sooner, helping you negotiate discounts and have a larger credit line than you had before.
3. Factoring your current invoices gives you the capital to take on large, deadline-oriented contracts and orders that you’d otherwise have to pass up because of slow cash flow.
4. Those large accounts are worth money. Having cash on hand now allows you to offer longer payment terms to the new large accounts.
5. Out of marketing comes business. With ready cash you can get from factoring, you can buy billboards, newspaper and radio ads, and even have direct mail campaigns for those timely marketing campaigns.
6. If you’ve invoiced too much and now are finding yourself in a cash crunch, factoring will help you to meet your current expenses right away, reducing the chance of not being able to pay your bills. Nothing is worse for your company than not meeting payroll; you lose your best employees, and the ones who stay are probably going to be seeking other employment.
7. You can improve your balance sheet with working capital without incurring debt.
8. Pay off limited lines of credit, or lines of credit that are costing you too much in interest and fees.
9. Factoring out slow debts allows you to skip the unpleasantness of making payment collection calls; instead, the factoring company does this for you.
10. If you factor out part of your accounts receivable, the factoring company will give you a free analysis and comparison of what payment terms and credit amounts your customers really qualify for. This is invaluable information for conducting business in the future.
In addition to these ten great reasons to try factoring your accounts, there are a few reasons never to factor your accounts. If you’re concerned about late and slow payments without a good reason such as; you’ve given a thirty-day due date to someone and they take forty days to pay, then factoring is not a good idea. Instead, you should change your business practices to give a shorter due date. If you think your customer won’t pay, factoring their invoice out is dishonest, and will win you no points with a factoring company. Do you really want to ensure you have a bad reputation with people who trust you with a large amount of their capital?
If you’re in a dispute with a customer and you decide factoring out your invoice is a way out, you’re wrong. The customer could simply refuse to pay the factoring company and then sue you, or worse, tell everyone else what a horrible company you run. Face your disputes head on. If you are dissatisfied with the customer, don’t do business with them again.
Factoring to sustain a non-profitable business without some hope of profitability in the future is a sure way to drive your self into bankruptcy. Instead, you should let your business die a dignified death. Factoring so that you can remove cash from your business is a bad idea, akin to taking out a dozen credit cards so you’ll have money now. When you engage in factoring, you’re essentially agreeing to a profit loss; you should only do this if you stand to make more money in the long run.
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Get A Good Car Loan With Bad Credit
By Gen Wright
Even if you have less than perfect credit, there are quite a few different routes to finance a car. Today it is possible to finance an auto with little or no money down. A bad credit car loan is definitely something harder to get approved for and it’s more costly than typical auto financing. Interest rates are always higher with bad credit versus good credit. When you are trying to finance an automobile with bad credit, your best option is to buy a used car that is low in cost. The car loan will help you rebuild your credit, and in the future you can get a better car as you build a strong credit history.
To be successful in obtaining a car loan with bad credit, the first step is to be educated about your credit. Consumers oftentimes are frustrated when shopping for an automobile because their expectations are too high in relation to how bad their credit may be. It is very important to shop around, know how good or bad your credit really is, and make sure you are dealing with a company that offers bad credit financing. A bank usually doesn’t offer auto financing to people who have bad credit, so exactly what type of place you are applying to must be kept in mind. There are many car dealerships that specialize in bad credit car financing. These are known as the “Buy Here, Pay Here” car dealerships. Typically these car dealerships offer their own financing, and you go around the banking process altogether.
The more your credit is damaged the more likely it is that the bank will demand a higher down payment. The reason is, the larger your down payment, the less risk the lender is taking. A down payment can range from 20% to 50%, depending on how bad your credit really is. Interest rates range anywhere between 10% and 29%. You may end up paying your state’s maximum allowed interest rate.
If refused by traditional lenders, financing can be applied for through a car dealership, preferably one that is larger in size. Lenders work with almost all car dealerships, but the larger ones usually have more leverage and options when it comes to getting you financed. Another alternative is a major car manufacturer. Car manufacturers usually have their own finance companies to sell more cars. Car dealers will sometimes offer instant financing with many different payment options for someone with bad credit.
Your goal in the short to middle term should be to increase your credit worthiness. Get a car loan, make your payments on time, and you’ll establish a strong payment and credit history. Credit scores are more heavily weighted to what has happened in the past 12 to 24 months. If you can show payment history with no missed or late payments, your credit score will drastically improve. The next time you are car shopping, you’ll get that car you really had your eye on.
The author has written additional articles on bad credit loans and entry level finance jobs.
Get Easy Home Loans and Finances Options
By R Williams
Home is the place where your soul remains. In this world of uncertainty and insecurity, having a home is very important as well as hard to achieve. It acts as a protection and shields you from all the odds of life. So building a home requires utmost care and planning in terms of its size, locality, area as well as the amount of money that you spend.
It is an important move of life that comes with anxiety and great expectations. Building a home require huge investment which is sometimes not possible for an individual. In that case, you can take help of the home loans that are available widely nowadays. So if you want to build or buy your dream house, you can proceed by taking a home loan that will help you with all the arrangements.
With the help of home loans, you can have access to large amount of funds. This amount will depend on the equity of the borrowers’ home. Equity is the actual market value of your selected property inclusive of all the debts. This means with higher equity you will get large amount and with lower equity you will get lower amount. Through the borrowed home loan amount, you can also fulfill all the other requirements like financing of higher education, home improvement, meeting wedding expenses, undergoing cosmetics surgery, buying a brand new car and so on.
People with a poor credit history also have options for home loans. In this case, the interest rates will be a bit higher but through proper research, you will be able to find the ideal loan package at competitive rates. The lenders do not show up with any problems during the loan approval period as they have a benefit on which they can bank.
Home loans are categorized into two types- unsecured and secured. In an unsecured loan option, you will be free of collateral possessions and if you are having a good history of credit, you can enjoy this option full-fledged. Whereas, in a secured loan option, you need to keep your home as collateral possession. You will be getting many facilities with this option like flexibility in the interest rate and the duration of repayment. You can apply for your loan through various options like leading institutions, internet, banks, lenders and so on. One of the most cheapest and convenient way of accessing to home loans is the World Wide Web which will provide with wide options. You can compare and contrast the loan quotations in order to avail the beat deal.
If you are going through any financial crisis, seeking financial help is nothing wrong. But while looking for such options, be sure about the interest rates which always has to be nominal and easy on your pocket. This is important and you will be able to repay the borrowed amount well in time. As per your needs and requirements, it is better to avail the option of secured loans especially if you own a home and ready to assure for the collateral for the loan. By pledging collateral, you will be assuring your lender that the fund will be returned in due course of time. With this process, you will get the advantage of deriving a huge amount at considerably low rates as well as other benefits that comes along with this package.
Robin Williams works for CashOne, a company whose services include online payday loans and Cash Advance Payday Loans . He has extensive knowledge about payday loans and an understanding of urgency of clients & how they use payday loans for. His work at CashOne includes providing seamless loan transaction into customer account.
Get Easy Home (financial mentoring) Loans and Finances Options
No commentsBy R Williams
Home is the place where your soul remains. In this world of uncertainty and insecurity, having a home is very important as well as hard to achieve. It acts as a protection and shields you from all the odds of life. So building a home requires utmost care and planning in terms of its size, locality, area as well as the amount of money that you spend.
It is an important move of life that comes with anxiety and great expectations. Building a home require huge investment which is sometimes not possible for an individual. In that case, you can take help of the home loans that are available widely nowadays. So if you want to build or buy your dream house, you can proceed by taking a home loan that will help you with all the arrangements.
With the help of home loans, you can have access to large amount of funds. This amount will depend on the equity of the borrowers’ home. Equity is the actual market value of your selected property inclusive of all the debts. This means with higher equity you will get large amount and with lower equity you will get lower amount. Through the borrowed home loan amount, you can also fulfill all the other requirements like financing of higher education, home improvement, meeting wedding expenses, undergoing cosmetics surgery, buying a brand new car and so on.
People with a poor credit history also have options for home loans. In this case, the interest rates will be a bit higher but through proper research, you will be able to find the ideal loan package at competitive rates. The lenders do not show up with any problems during the loan approval period as they have a benefit on which they can bank.
Home loans are categorized into two types- unsecured and secured. In an unsecured loan option, you will be free of collateral possessions and if you are having a good history of credit, you can enjoy this option full-fledged. Whereas, in a secured loan option, you need to keep your home as collateral possession. You will be getting many facilities with this option like flexibility in the interest rate and the duration of repayment. You can apply for your loan through various options like leading institutions, internet, banks, lenders and so on. One of the most cheapest and convenient way of accessing to home loans is the World Wide Web which will provide with wide options. You can compare and contrast the loan quotations in order to avail the beat deal.
If you are going through any financial crisis, seeking financial help is nothing wrong. But while looking for such options, be sure about the interest rates which always has to be nominal and easy on your pocket. This is important and you will be able to repay the borrowed amount well in time. As per your needs and requirements, it is better to avail the option of secured loans especially if you own a home and ready to assure for the collateral for the loan. By pledging collateral, you will be assuring your lender that the fund will be returned in due course of time. With this process, you will get the advantage of deriving a huge amount at considerably low rates as well as other benefits that comes along with this package.
Robin Williams works for CashOne, a company whose services include online payday loans and Cash Advance Payday Loans . He has extensive knowledge about payday loans and an understanding of urgency of clients & how they use payday loans for. His work at CashOne includes providing seamless loan transaction into customer account.
Is Working at Home all it’s Cracked Up to Be?
By Joel Booker
Home-based businesses are cropping up everywhere you look. People have decided that being their own boss is the way to go. There are thousands of advertisements, junk mail, and email saying you should start your own home business today!
But should you really start your own home business? Should you be your own boss? What are the risks to operating your own home business? What are the rewards? How many people are successful at operating their own home business? How do I get started? Should I be answering all those ads that say I am missing the opportunity of a lifetime?
These are some of the questions you may be asking yourself every time you see an ad about starting a business from home. In this article, I will try to help you answer them
Let’s start with that first question, “Should I start my own home business?” The answer to that question is different for everyone. If you hate working nine to five and hate working to make other people rich, then owning your own business might be your answer.
If you have some business skill, it helps, however, you do not need to know more than the basics about running your own business. You have to keep several things in mind. Depending on the type of home business you will be operating, do you have the room for it at your house?
Do you have a separate space where you can do your work without the normal everyday distractions of being at home. The children, your spouse, the TV, the yard that needs mowing and other things are all distractions that can cut into your workday. Also, understand you will still have to work every day. That doesn’t change just because you now have a home business.
The bottom line is you need to plan before you make the move to owning your own home business. Make sure it is what you really want and that you are ready to do what it takes to be a success.
The second question is much like the first, “Do I really want to be my own boss?” If you are self-motivated, if you are the type of person who learns fast. if you are a confident type of person, then the answer is yes. If you lack those qualities, then your answer may be no.
Again, that question is something only you can decide and it also depends on the type of business you choose to run. If it is a service oriented business you might have an easier time than with a sales-based home business if you are not the outgoing confident type of person.
Self-motivation is the one quality you can’t do without if you plan to start your own business, whether it will be a home-based business or something else. You will be the one that has to get you out of bed every day and you will be the one that has to tell you to get to work.
What are the risks to operating your own home business? They are several. You should not start your own home business right AFTER quitting your day job. Until your home business starts making money, you are likely going to have to keep your current job while building your home business.
Again, though, the risks are greater for some people than for others. What are your finances? How much is your monthly overhead? Is your income already stretched to the limits? A single person has a head start. A spouse who is not already working also has an advantage over the main breadwinner in starting a home business.
If you are currently working part-time and it costs you almost as much to go to work as you are making, then you may as well take a shot at owning your own business. It isn’t likely to be worse than continuing to pursue a dead-end job.
What are the rewards? The rewards of owning your own home business are many. If you have a family, even though you still have to work, knowing you are home and close by is a comfort to them. Not having to commute back and forth to work is another plus. The gas and vehicle maintenance you save should be considered your first profits in your new home business.
The freedom of being your own boss is another reward. Knowing that it is you who will be making the decisions, who will be responsible for it’s success, and that it is you who decides everything is reward in itself. Too many times when working for others, we see a better way to do things, but no one listens and you don’t have the power to make it happen. In your own home business, you will be making those decisions.
The money is the other reward. Why I say, “other”, is that it isn’t as important as the others. Of course you want your business to be successful and it has to make money to be a success, however, if money is your only motivation, I would still say you have less chance of succeeding then many others who are not solely money-motivated.
Choose something you truly like or love to do for your home business. Do it because it is what you want to do. Don’t choose the type of home business with the amount of income it will generate as the only or most important factor to consider.
If you choose something you love to do, it will be easier to motivate yourself and you will obviously enjoy it so much more. When you combine that with the other rewards, such as being close to your family, then the money becomes secondary. At the very same time, you will also find that is the path to making more money. Because you chose something you like to do, you worked harder at it, and now you are making more money. That is how it works.
The last question is, “How many people succeed in their own home business?” My answer is, “Exactly the same number of people who chose to do something they enjoy.”
I hope this article has helped answer some questions you may have had about starting your own home business. I enjoy what I do and really hope that if nothing else, you remember to choose something you enjoy.
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Disaster Preparedness and Your Home Business
By Joel Booker
Disasters or family tragedies can strike families in many forms - Mother Nature, sickness and even computer problems can cause major difficulties for your business. Do you have a plan of action on how you will handle your home-based business if disaster were to strike? If not, you absolutely need to. Having a plan ensures that you can not only keep your business running, but decrease stress because you have already prepared for the unexpected.
Below are four tips to help you handle the unexpected.
1. Work around the events -Your customers will understand as long as you communicate with them. Be honest that things may take a little longer than usual, but keep your customers updated as often as possible. Communication is the key. Most people will understand the delay as long as they are aware of it. If you get to the point where you cannot work or cannot finish a project, but sure to be clear and honest about the situation and try to make an arrangement that will be acceptable. Also, let them know as soon as possible so they can prepare. Don’t wait until the last minute to advise them of a potential problem.
If you’re struggling because of a child being sick, try to work when the child is sleeping and don’t stress yourself out to work at other times. Make a schedule of what needs to be done, so that you can accomplish as much as possible during these times.
2. Don’t be afraid to ask for help - As moms, we tend to feel that we should be able to handle everything that is thrown at us. Unfortunately, this just isn’t always the case. There are times when we need to allow ourselves to ask for help. When a tragedy occurs and you are simply overwhelmed, find someone who you trust and ask them for help. Many times, just having someone reply to customers on your behalf can take the pressure off your shoulders.
Allowing someone to help you when necessary can also be uplifting to them as they feel they can be a part of helping in a difficult situation. So don’t’ shy away from letting others know. We all benefit when we work together and help one another.
When our one-year old had surgery he didn’t handle the pain medication well. He was wide awake for the better part of two days. In this case, I knew ahead of time when the surgery would occur, but I had no idea what his recovery would entail. It was impossible to work while he slept, because he wasn’t sleeping. I realized that I not only needed help business-wise, but I needed help with him as well so that I could get some rest. While it was humbling to admit that I needed help, that I couldn’t do it all, it turned out as a great time spent with family that we would not have had if I hadn’t asked for help.
3. Prepare for the worst - Because we never know what the future holds, it is always better to be prepared. As the old saying goes, “Better safe than sorry.”
One of the best resources to help you prepare is the Home Office Recovery Plan: Disaster Preparedness for Your Home Office by authors Diana Ennen and Patty Gale. This e-book covers all the bases of getting a Disaster Recovery Plan in place now so that if disaster strikes your home business or an emergency arises, you are able to get your business back up and running quickly and smoothly.
Ennen states, “In my case, this guide has been a lifesaver as a resident of South Florida. I have prepared for eight major hurricanes in the past two years with Hurricane Katrina and Hurricane Wilma taking a direct hit on Broward County where I live. I was without power for two weeks with Hurricane Wilma. Had I not prepared, my clients would have suffered as would my business.”
Gale also knows the importance of this book having lived in New York after 9/11 and had the task of preparing a similar guideline for a company she was working with at the time. Both know the importance in ensuring your business will withstand whatever this hurricane or any disaster (including a theft in the office or fire) has to offer.
4. Get a Plan - There are times when life becomes overwhelming and you simply aren’t able to accomplish everything on your own. It’s for these times that you need to have some type of log of what you do and what needs to be done. Keep a spreadsheet of tasks that you do, how often they are done and mark them completed as you are able. Keep a list of passwords in a safe, secure place. Make sure that your family (or whoever may be helping you during this time) is able to carry on even in the event that you are away from home.
If possible, train someone that you trust to do the things that you do each day (at least the key things), so that when the unexpected arises you won’t be caught off-guard.
Tragedy comes in many shapes and forms, but if you are prepared much of the unnecessary stress can be avoided. When tragedy strikes, you want to be focused on the important things in life, your family and you. By advance planning you are able to do so.
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What is the function of a structured settlement honestly, and can (financial coach) I get rid of it?
No commentsBy Johnathan Grover
Have you seen the ads for your structured settlement? They all try to get you to sell your settlement. But what exactly is selling your structured settlement?
Structured settlements usually come from legal actions where money is awarded to one of the participants in the case. The settlement, if large enough, usually gets structured and is paid out over a pre-determined time. But what if you won a case and you needed the money now?
That is when you would consider selling your structured settlement. Now at first this could sound like a good idea but there are many considerations you need to take in to account before doing this. You will have to do some research.
In some states you will have to get the court’s permission to sell your settlement. There are also tax implications to be considered. In some cases you won’t be taxed if you wait for the money to pay out but when you sell the structured settlement you will have to pay tax.
The reason these lump sums are structured in this way is sometimes not so bad. It protects your money for you and other people that want to get their hands on it. If you need the money to live it is probably not a good idea to sell the settlement. If you don’t really need the money you could get it quicker and do something else with it like starting a business.
The important thing to remember when dealing with any financial decisions is to get good, sound advice from an advisor you trust. Don’t just take anybody’s word for it. The better you do your research, the better your chances are to not lose your money.
I know that the legal system can sometimes seem over protective but if you stepped back, and think with your head, you might see the reasoning behind it and realise that all laws are there to protect you.
I am a legal expert that deals with Financial Legal Issues on a daily baisis.I am a legal expert that deals with Financial Legal Issues on a daily basis. I write for various blogs that deal with these types of issues. Please read my article on structured settlement payouts.
Why Contracts are Important
By Monte Mccarty
Every business owner says it; “Do I really need a written contract?” The answer is “YES, YES and YES!” Using a written contract is like buying insurance for your business deals, but much better.
What Is A Contract?
Simply put, a contract is an enforceable agreement between two or more parties. The contract contains the promises made by the parties to one another, which is legally known as “consideration.” These promises define the relationship being undertaken as well as what happens if the business relationship doesn’t work out. If one party fails to act according to their promises, then they have “breached” the contract and can be found liable for damages. The damages typically equate to what the non-breaching party would have received if there had been no breach.
Oral Contract v. Written Contract
You go to a party with a friend and meet someone interested in your product or service. Eventually, you agree to provide him with 1,000 units of your product in exchange for a discounted price. You have created what is known as an “oral contract.” He has promised to order products and you have promised to provide them at a discounted price. Is the agreement worth anything? Unfortunately, the answer is probably no. Why? In most states, oral contracts are not enforceable if they carry an inherent value in excess of $500. Since it is so difficult to establish the terms of an oral contract in a dispute the legal system tries to discourage them. In fact, this legal restriction is generally known as the “Statute of Frauds.”
Turning back to our example, what if you thought you were going to give a 10 percent discount and he thought it was 20 percent? What if you can’t resolve it and he insists you provide the discounted products? You will end up in court with the dispute coming down to which party the judge or jury believes. Are you really willing to take that gamble?
With even a simple written contract, you can create a clause containing language that states you will give a 10 percent discount. If the dispute ends up in court, he is asked if his signature is on the bottom, the clause is read and you win. The contract should also contain a clause requiring the “prevailing party” to be reimbursed for their attorneys fees and costs. In short, he has to pay your legal bills as well.
An additional benefit to using a written contract is the due diligence element. I realize you will be shocked to learn that there are unethical businesses. In negotiating a contract, very specific requirements are put in writing. What if the other party starts squirming? It may be a sign they are unable to meet their obligations. Might that give you pause before you commit to tying up your inventory? You can save yourself a lot of headaches by discovering this information in advance.
In summary, even a simple written contract should be a mandatory bullet in your arsenal. Much like car insurance, you will be glad you have one if a business transaction falls apart.
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Is (financial advisor) Greed Good?
No commentsBy Jonathan Rojas
The 1980’s business culture in the USA and internationally put a considerable emphasis on personal reward on the basis that highly motivated individuals could transform organisations and societies. The extreme example in film was Gordon Gekko in Wall Street stating that greed was good. The 90’s, however, have seen companies traumatised and bankrupted by the inappropriate use of remuneration as a motivator. Yet major corporate successes have been built on reward based remuneration systems. Phones4U recently and Allied Dunbar in the financial services market is an earlier example.
The notorious Barings Bank had individual traders on bonuses in the millions yet in the long term these motivated individuals were not fulfilling the company’s objectives. Moreover even when an individual’s reward system is based on entirely appropriate performance indicators, resulting in the organisation’s success and he or she is rewarded, there may still be problems arising from the large differential between salaries of senior people and those of middle management. A payment system that depresses or demotivates 10 people for every one it motivates may not be the best for the organisation.
Wise organisations are therefore trying to reward and motivate all staff so that staff act energetically to further the corporation’s interests both short and long term and feel they have been treated fairly. However there must be properly in place the link between the items on which they are being rewarded and the actions they are able to take to influence the desired outcome.
A wise organisation accepts that:
It is reasonable for the individual manager to act in his or her own interests.
Managers work for people not organisations and want to please the superiors closest to them, or failing that, their peer group.
Managers want to achieve and will be attracted to those tasks at which they know they can succeed, usually favouring the short term at the expense of the long term.
The clear implication is that an organisation should lay some groundwork before relying on a remuneration structure to change performance and behaviour. In other words the management and organisation system must be in balance with the remuneration system.
There are 5 major pre-conditions to the installation of an effective reward structure.
1. Measurement: “If you don’t measure it you won’t get it”. There are various measurement systems of which Balanced Scorecard, which sets multiple objectives and is used by Tesco, is perhaps the best known.
2. Monitoring: If the performance measures are not monitored properly or only monitored in a review at the year end, it can give the manager signals that they don’t really matter or, worse still, that failure is acceptable providing all the managers fail together.
3. Control of the tools for the job: The organisation must ensure that the individual is not over dependent on factors outside his control to achieve the performance measures set out (this is the ‘how’ part of the equation).
4. Consistency: Ensuring that short term organisational factors don’t over-influence managers or drive them from their real objective. The organisation must also ensure that its own design (be it bureaucratic or loose) is appropriate to what is being asked of managers.
5. Reward and strategy in line: An organisation’s achieving a clear strategy is not an event that will take place in the future; it is a journey. A remuneration system can be put into an organisation even when it has a relatively muddled strategy providing that organisational and management disputes are resolved by reference to strategy and the “balanced score card”. Only then will there be pressure on the organisation to refine its strategy, structure and remuneration systems.
Based on these 5 pre conditions, there is a checklist of 10 factors that the effective remuneration and reward structure must achieve:
1. Support the business strategy
2. Encourage the desired behaviour
3. Reward relevant performance
4. Be fair
5. Be substantial
6. Be tax efficient
7. Be timely (The reward must take place close to the achievement)
8. Incorporate non financial rewards (Recognition can be as important as cash)
9. Be firm (A bonus lost through missing target should not be recoverable whereas a salary increase should only be delayed until target is reached)
10. Be crystal clear
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The Necessity (financial services coach) for Keeping Records
No commentsBy Jonathan Rojas
When you decided to start your business, was your first priority concerned with setting up your filing system for recording your expenses? I seriously doubt it. This simple task (yes it is simple) is usually the item that is the last thing on the new business owner’s mind. The more “important” issues of what product to sell, how am I going to advertise, how much money is it going to cost me, and how much money can I make are the first questions we consider when going into business.
The task of recordkeeping is usually procrastinated until the very last minute, when it is required. It is time to file your tax return, or time to go to the bank to get a loan for the business and the banker wants to see some financial records for the business. This can be a very daunting and cumbersome task if you have to dig through receipts and expenses for the whole year! No wonder we hate keeping records. That’s no fun!
Well, guess what? If you aren’t keeping good, timely, and up-to-date records monthly, you don’t need to be in business. That’s right. I said it. Here are the top five reasons why I truly believe this statement.
1. Lost tax deductions = Lost Money If you are throwing your receipts in a shoebox each month and not keeping an organized record of your income and expenses, I can bet you money that you are losing out on some major tax deductions. A smart businessperson keeps track of her income (cash in) and expenses (cash out) monthly, sometimes even weekly. You do not need a fancy accounting software package to do this. You don’t even need a computer! Simply keep a journal monthly and log in all of your receipts and invoices, and there you have it.
2. High CPA/Tax Preparer Fees = Lost Money I can speak from personal experience, that if you bring in that shoebox of receipts for the year and expect your tax preparer to record and properly deduct your business expenses on your tax return, you are sadly mistaken. Tax season is the busiest time of year for these professionals. If you expect them to do your bookkeeping and recordkeeping as well, expect to pay for it. They don’t have the time, or the desire to make sure that every receipt is accounted for. As a businessperson, it is your responsibility to make sure they are given the right totals and you can trace it right back to your tax return.
3. Too much time spent looking for receipts The time you spend looking for a past receipt for a particular purchase for whatever reason, you can be utilizing this time in advertising your business or producing your product. These are important money generating activities that you are sacrificing due to your lack of recordkeeping.
4. No financial statements Every business owner should review at least the profit and loss statement (income statement) for their business MONTHLY. This important piece of paper tells you if you are making money or losing money. How can you possibly run your business and make a profit if you are not analyzing your sales and expenses continuously? A good recordkeeping system will allow you to have this information at your fingertips.
5. No need for expensive accounting software If you are just starting your business, or are a small business owner, you more than likely do not need software to prepare your books. A simple journal that is kept monthly of your income and expenses is all you need. At a glance, you will know how your business performed for that particular month.
As a business owner, you need to realize the importance of a good recordkeeping system. This should also be a task that the business owner performs for at least three to six months before delegating the job to someone else. You will be able to run your business more effectively, determine possible cycles in the business year, and know where your money is going. Your business will be much more successful if you keep a simple recordkeeping system.
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Gardening and Giftwrap
By Hollis Ware
If you’re looking for ways to make your gardening gifts really unique, try wrapping them in love and show your loved one you really care. You can gift wrap gardening gifts the traditional way, or you can get just a little more creative with your gift wrapping. Here are some ideas to give your gift-wrap a personal touch.
Garden Statues and Other Large Gardening Gift Items
For large gardening gifts such as full-size garden statues, birdbaths, arbors, a garden trellis, garden fountains, or patio furniture, use creative party decorations instead of gift wrap. You can tie big bows and balloons along with a card attached to decorate the gift.
Or, decorate the garden statue or fountain in plant or vegetable seed packs. To do this, use a hole-puncher to punch small holes in the very corner of each seed pack. Be sure not to puncture the pack where the seeds can spill. Then, thread ribbon through each of the holes and tie them around the statue, birdbath, or patio furniture with excess curly ribbon hanging for extra decoration.
Gift Wrap for Bird Houses or Bird Feeders
Bird houses and bird feeders are smaller items so you can easily place them in a gardening gift basket along with other gardening items such as bird seeds, vegetable or flower seed packs, unique garden tools, and other small garden decoration items. Fill the empty spaces in the basket with colorful cut shreds and fillers. Wrap the basket in a clear or colored shrink dome bag, and finish with a beautiful bow assortment and gift card.
Small Garden Sculptures and Other Lawn Decorations
Gift wrapping small garden sculptures and other lawn decorations is a cinch with themed gift boxes. There are garden-themed gift boxes that give your loved one just a “hint” of what’s inside. Fill the box with several of their favorite gardening decor items - a small garden sculpture, a wind chime, a sun catcher, along with some seeds, a small bag of soil, and a decorative planter. It’s sure to fill their heart as well!
Other Gift-Wrap Ideas
Gardening gifts can also be complemented by other items that are not particularly for gardening or lawn decoration. These might be a new coffee mug with a special-blend coffee, gourmet chocolate treats, baking mixes, or pampering products for women such as lotions and bath oils. The male gardener might enjoy some new household tools, tickets to a ball game, or some new work shoes. Items such as these make great “extras” along with gardening gifts during the holidays or for any occasion.
You can use decorative garden-themed gift bags instead of wrapping paper for a quick, easy gift-wrap alternative. There are also tie-up gift bags that are colored or decorated for convenience. Wood crate baskets are also popular for gardening gifts. These are small, decorative crates made of wood that are great for giving jars of jams or preserves, small potted plants or flowers, and other small gardening items.
Use these gardening gift wrapping techniques to make a great first impression when you present gifts to your friends and loved ones!
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American Express’ Preferred Rewards Green Card (financial advisor)
No commentsBy Richie Lindsay
Established in 1850, American express happens to be one of the oldest and most honored financial service organizations in the world. Also referred to as “Amex”, the concern excels in credit card, charge card and travelers’ cheque businesses. Credit cards from American express are known for providing unparalleled customer service and immediate purchasing power. Preferred Rewards Green Card from American Express is an exceptional Amex credit card.
The Target Group
Though Preferred Rewards Green Card from American Express is recommendable for everyone, yet it is ideal for those who can afford to pay the full balance every month to successfully skirt accumulation of credit card debt. This is because an accumulated debt leads to a very high rate of interest, which is inconvenient for an individual to pay later.
Key Characteristics
With no pre-set spending limit, the Preferred Rewards Green Card from American Express comes fee-free for the first year. It is not just the annual fee of the basic card, but fees for up to five additional cards are waived in the first year of card membership. After the expiry of the first year, an annual fee of $95 is charged for the basic card and $30 for each additional card.
Additional Benefits
Preferred Rewards Green Card from American Express is recognized in numerous places all over the world. This card provides several additional benefits like fraud protection, extended warranty for purchases, purchase protection, medical and legal referral services, roadside assistance, emergency cash replacement, auto rental as well as lost luggage insurance, emergency card replacement and a travel accident insurance up to a maximum of $100000.
Cardholders also get various Internet a/c related services and have easy access to the global assist plus hotline that proffers several assistances even when the holders are more than 100miles away from their home. At the year-end, all the cardholders receive a financial statement that carries all the minute details of the financial transactions.
The Reward Program
Merely signing in the card, inducts one into the reward program and the cardholder receives a warm welcome in the form of 5000 bonus membership rewards points (which can be redeemed right away). After this, one point accumulates for every dollar spent using the card and these points are redeemable towards fifty big names in entertainment and shopping, or for rewards from 21 airlines, over 50 cruise itineraries, hundreds of hotels worldwide, vacation packages and spa retreats.
This apart, the holder can transfer the points to eleven frequent flyer programmes at the rate of one point equated to one frequent flyer mile or frequent guest credit. It is mention worthy that there is no limit to the amount of points that can be earned and the points never expire on a Preferred Rewards Green Card from American Express.
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Buying Your Dream Home
By Richie Lindsay
Lots of people are dreaming about that little cottage with the white picket fence or that modern apartment with a killer view or that fixer-upper in the country or…
The dreams are endless, but the idea is all the same - owning your own home is a major milestone in life. Many people fell like they can’t ever reach the day they move into their own home, but it is possible for anyone. All it takes is a lot of hard work.
Owning your own home is more than just the dream. There is a reality too it also. You have to consider the many responsibilities that come with it. Don’t jump into buying a home before you are ready. Make sure that all of your bases are covered first.
Here are five things you must do before you buy a home.
Create good credit
This doesn’t just prepare you for buying a home, but also for all of your life. You should start really concentrating on your credit long before you ever plan to purchase a house. Often, you may need at least a year to get to where you need to be. It could be longer if you have bad credit.
The main things that will help your credit score is paying your bills on time and using your credit wisely. This often means using it very sparingly. A poor credit rating will result in you being turned down or having to accept less beneficial terms - higher interest and less money.
Save, save, save
The biggest advantage you can give yourself is as much of a down payment as possible. This shows lenders that you are putting a serious investment into your home.
You should also recognize that you will have additional expenses in owning a home. A savings plan can help you to handle any hidden costs or unexpected expenses.
Make a budget
If you don’t already have a budget, you need one. Look at all of your expenses and decide how much you can afford for your new house. Don’t just include your mortgage payment, think about your insurance and taxes also. If you are moving further from work, include the difference in commuting expenses. You want a realistic budget. It will tell you how much you can afford.
Don’t forget that you will have utility costs and hookup fees, some maintenance, closing costs and moving costs. These are extra expenses that are easy to overlook.
Get help
Ask family members or friends what it is like to buy a home. They can be a great source of information. Everyone has a good story about what can go wrong. You can also ask for recommendations for lenders and realtors.
Become emotionally prepared
Finances aren’t the only thing that will stress you out. Emotions run high when buying a home. Be prepared and plan ahead. This is the best way to make the experience positive. Don’t set your expectations too high. If you are well prepared and ready to adapt to any possible changes, you will be able to buy a home and enjoy the process.
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