POST CATEGORY : Finance

How to Truly Take Your Business Payments On the Go

One of the most liberating parts of being your own boss is having the ability to call all the shots. At the same time, as a business owner you are going to end up working longer hours, with fewer breaks, and have far less vacation time available when compared to your subordinates. This is why it is vital that all business owners have the ability to literally take their businesses with them while they take a day off, go on the road, or just go out to run a few errands.

Work on the go

When it comes to taking payments on the go, portability is paramount.…

Continue reading →

A Taxing Endeavor: 3 Tips to Take the Stress Out of Tax Season

Benjamin Franklin famously quipped that only two things are certain in life: death and taxes. Given that inevitability, it might seem surprising that so many business owners struggle during tax season.

Tax season stress

Entrepreneurs are typically so focused on growing their companies’ products and services that taxes become an afterthought. Most people don’t think about taxes until the last minute, so they’re not ready when it’s time to file. This ends up making the process more stressful than it needs to be.

This minor annoyance can morph into a major issue, disrupting day-to-day business activities in the process. A survey of small business owners found that 73 percent felt federal taxes had major to moderate effects on their routine operations.…

Continue reading →

Mobile or Online Banking: What’s the Difference?

Today, there are so many options to conduct transactions at your bank without actually going to a physical branch. Two of these methods include mobile and online banking. While most people use these terms interchangeably, there’s still a big difference between these two modes.

Mobile banking

Defining Mobile Banking

Strictly speaking, mobile banking is an umbrella term to cover any transaction conducted using a mobile phone or device. For example, sending text messages to approve transactions or receiving SMS about your account’s status can fall under mobile banking.

However, these kinds of transactions are not as common anymore due to the advent of the smartphone.…

Continue reading →

Emergency Loan Options for Small Business Owners

In an ideal situation, your small business would generate enough money each month to pay the bills on time and to turn a sizable profit for you to live on. However, running a small business often is financially stressful, and things do not always go as planned.

Emergency loan

Sales may be slow for a few months, or you may have great sales, but your invoices may not be paid on time by your customers. Even when you are generating income, you may have unexpected bills this month that require immediate payment.

There are many situations when a small business owner may need access to extra cash quickly.…

Continue reading →

Important Financial Tips for the New Small Business Entrepreneur

People start small businesses all kinds of ways, but one common factor within these diverse origin stories is the difficulty of controlling money. Money, essentially, is the reason all businesses exist. When your business starts up, it’s flowing all over the place.

New business financial meanagement

If you don’t have a lot of experience in the world of business accounting, it can be difficult to get the finances right during the critical early stages of your business’s existence. Following the following steps will help you correct early errors, and ultimately stay in business for a lot longer.

Separate Private and Business Finances

It’s common, in the early stages of your small business’s existence, to mix up your personal and business finances.…

Continue reading →

Taxes And Your Small Business

Debt is a pain, and if you run a small business your personal debt could have an effect on your business and your taxes. Freelance and contract workers have enough to deal with when it comes to tax time, so it’s not fun to learn that there are other things that can mess with you when tax time rolls around.

Doing taxes

One depressing thing is knowing that if you get a good deal paying off a debt it could come back to bite you when you file your taxes. You just might get a 1099-C in the mail for the money you saved, which will make it count as part of your income for the previous year.…

Continue reading →

Options For Handling Personal Debt Before Starting a Business

There are going to be times when people have a great idea to start a business, but still have some financial baggage in their personal monetary history. The question that hits: is it possible to start a new business while being privately in debt? The answer is – it depends. But, at the very least, having a goal for the personal debt is a must before you get too far into the details of your new business venture.

Paying personal debt

So to begin looking at your options overall, consider things like debt consolidation, taking out personal loans, talking to the SBA, getting angel investors on board, and using crowdfunding and crowdsourcing as a modern resource.…

Continue reading →

A Wiser Approach To Business Spending

Businesses are not cheap to run. Even a small home business costs money. Instead of putting your new business into debt immediately, it makes sense to learn how to be a bit wiser with the money you have.

Business budgeting

New business or old business, many of these tips can help you. However, they are definitely well suited to someone that is just starting to think about launching their own business. You really need to be careful with your money until you have a stream of it coming in from your business.

Have A Marketing Plan

Just as every good business needs a business plan before it gets launched, every good business needs a marketing plan.…

Continue reading →

4 Business Insurance Tips Agents Don’t Want you to Know

There are many different types of insurance policies available to small and medium-size business owners. There’s so much to consider, much of it being industry dependent, and also depending on what risks you, your employees, and customers undertake while doing business together.

Of course, if you’ve done any research to this point, you’re probably interested in seeing if you qualify for a comprehensive Business Owner’s Policy (BOP), which is great if you qualify and in fact need all that a BOP policy can cover. However, a BOP only scratches the surface of what most businesses need in terms of coverage.

Business insurance agent

So, how to get the best insurance coverage for your business, given the facts that your insurance agents may know something that you don’t know – and might use that knowledge to take advantage of you?…

Continue reading →

5 Business Expenses a Startup can do Without

It can be so easy to get carried away during the initial phases of setting up your own business, but it’s vital that you keep your head. Many new company owners waste thousands that they haven’t earnt yet on illogical expenses, so here are just a handful that you should avoid.

Fancy business car

1. Extravagant “image” purchases

The last thing you should be spending your money on is a fancy suit or designer watch; you can certainly get a smart-looking, good quality suit to match whatever your budget is. As long as you look professional, your client won’t know or care where your clothes are from.…

Continue reading →