Category Archives: Finance

Ways to Fund Your Small Business

100-Dollar Bills on a White BackgroundBusiness financing is often a challenge, especially for entrepreneurs who are just starting on the path of business ownership. Whether you are looking to start your dream business, expand your start-up company, or introduce new products and services to your clients, here are a few ways you can get funding for your business.

Business Loans

There are many lenders out there offering various loan products for small businesses. Some are banks while others are independent financial services providers. When checking out a financial business company, look at their loan terms and rates, and evaluate which one is best suited to your needs. Do your research and find out if there are any hidden terms or fees before you sign up for a loan.

SBA Loan

The U.S. Small Business Administration also helps entrepreneurs to start and run their business by giving them loans. An SBA loan, however, is stricter and requires a guarantee that it will be repaid.

Factoring

Factoring involves the selling of a company’s receivables at discounted prices to get cash up front. This method is good for companies with poor credit. However, factoring is expensive since a percentage, usually about 2% to 3% of the total amount, is charged as fees.

Credit Card

If you need to clear small bills when in a cash crunch, your credit card can come to your rescue. However, using one to fund your operations is a little risky as the rates are expensive and you can get into a financial mess if you fail to manage your debts well.

Whether you are just starting or already growing your business, you will need to seek financing help to keep it up and running. Make sure to weigh all your options well before you make any decision.

The Many Benefits of Startup Business Loans

Businessman pressing a Business Loan concept button. Instagram styling applied.Turning an innovative idea into a business is easier than ever. Thanks to the Internet, anyone savvy enough can market products and services and become a successful entrepreneur. The real challenge, though, is taking your venture to the next level. If you believe and can prove that it can be more profitable down the road, you need extra capital to scale up your production.

Fortunately, there are many ways to beef up your coffers. Many founders behind early-stage startups court investors, but TAB Bank noted that some are more willing to take the risks involved in obtaining a loan from a reputable bank.

Here are the notable advantages of online startup business loans overseed and Series A rounds:

No Equity Sacrifice

By and large, banks wouldn’t take a share of your business. They only want to make money from the deal through interest, which means you get to own 100% of your startup after the deal. If your venture becomes financially sustainable in the long run, you’d reap all of the potential rewards for yourself alone. You may eventually have to reach out to investors for further growth, but a loan could make your business more valuable by then.

Low Interest

Many bank startup loans come with low interest. Non-traditional lenders usually charge higher rates since they tend to work with unconventional borrowers. Of course, the amount of interest you could get depends on how risky your venture is. But if you show that you have it all figured out, you’d find a bank that’s comfortable to lend you money with a favorable interest. Plus, you could enjoy tax benefits from the interest you pay over the lifetime of your loan.

Fast Process

Securing a loan from a bank you’ve had a positive history with is simpler. Of course, many other factors could affect the speed of your application. Startups with a decent track record generally obtain loans faster than businesses that are not yet up and running.

In business, everything involves some form of risk. The key is to take a 360-degree evaluation of your venture to see the best source of funding you should seek. If you feel securing a business loan makes sense for your situation, and you qualify for one, don’t pass up on this great opportunity.

3 Things an Accountant Can Help With in Your Company

An AccountantAccounting is an integral part of doing business. If you have a small shop or a startup, you need the services of an accountant. They are there to make sure that you record your daily transactions in a proper, timely and correct manner. Accountants are trained to make sure that a business follows standard procedures for recording their transactions. Also, they are also well versed in tax computations and laws.

Taxation

Tax laws are meant to designate how much a person or an entity owes the government. There are several levels of taxation, including national and local tax laws. An accountant needs to know these things as part of their job. A trained accountant would know of any permissible deductions for specific cases. There is also the matter of the value-added tax (VAT) and its implementations. Although the business owner should know these, it is not the core business, and he has better things to do. Tax jobs in Cork, Ireland, like the rest of firms all over the world, are better left to the accountant knowledgeable in them.

Daily Transactions

Strictly speaking, an accountant is not a bookkeeper. However, an accountant relies on bookkeeping to keep track of all business transactions. There may be a separate bookkeeper, but an accountant is still required in filings with regulatory bodies and the tax office. The daily transactions are noted in the journal, placed onto their corresponding ledgers, and the rest of the accounting books are built up by accountants.

Business Filings

Business filing is part of the job of an accountant. Financial documents which are attached with filings for tax and business purposes have to be signed off by a registered or certified accountant. This means that the filings are correct and adhere to accounting practices and standards. Once signed off by a qualified accountant and submitted these documents become a matter of public record. Some of the financial papers which are usually submitted to the government include value-added tax deductions, tax remittances, balance sheet, statement of assets and liabilities, as well as other tax filings.

Accountants may be perceived as mere number-crunchers, but they play an integral role in businesses and companies.

Three Questions to Ask Before Finalizing a Mortgage

Mortgage loan agreement application with house shaped keyringYou’re ready to purchase a house. You’ve got the down payment covered. You’re itching to sign on the dotted line. Before you do, however, check some details about the mortgage, to make sure it’s favorable to you for the entirety of the loan duration.

Ask these questions before signing the mortgage:

Is a Fixed-Rate or Adjustable-Rate Mortgage More Favorable?

The repayment amounts will mostly depend on whether you have a fixed-rate home mortgage or an adjustable-rate mortgage. When you have a fixed-rate mortgage, you won’t have to worry about the interest rate continually changing. You are locked into a certain rate, which is favorable if the adjustable rates get higher. Conversely, if you have an adjustable-rate mortgage, you’ll benefit if the current rates are lower and you pay accordingly.

Are There Refinancing Fees?

Refinancing seems like a great idea if you find a rate that works for you. However, you will only be able to take advantage of the savings if your present mortgage has favorable terms. Some lenders allow for refinancing without requiring you to pay for adjustment fees, while others may do this in a completely different way. Talk to your lender about the possibility of refinancing and if you’ll need to pay to have the old mortgage closed.

Is the Area Expecting Major Changes?

This isn’t about the interest rate; this is about the value of the property. If there are any major developments to be completed anytime soon and they will affect the value of properties in the area, you need to ask yourself if the property is worth it. If the development is something that enriches the local community, it could improve the property’s value; if it’s detrimental to the community and a setback for many residents, however, you could be in for a sale that will only have you paying for more than what the house is worth.

Want to Downsize Your Wedding Except for the Ring? Here are Some Ideas

Female photographer photographing beautiful happy bride indoors.The price for a wedding has continued to increase, as evidenced by the average cost in 2016 amounting up to $28,000 without the engagement ring and honeymoon, according to The Knot and WeddingWire.

For this reason, some couples have wanted to downsize their budget to spend the money on other important things. Others have decided to focus on just reception, or simply invest in a fine wedding ring.

Cost Cutting

The venues for the ceremony and reception, food, music, and photography and videography account for 60% of most couples’ budgets, according to the WeddingWire. From these four items, focus on what you want to be less expensive. A buffet will be a good alternative to a tabled service. This allows you to save on the need to hire wait staff.

Those who dislike skimping on food may choose to save money by hiring a wedding DJ instead of a live band. Wedding planners are important, yet try to ask a friend or a family member to do it for you. Otherwise, you can hire a so-called “day-of planner” to help with preparations a few days before the occasion.

Ring Collection

An expensive ring could be another reason behind your decision to cut expenses. It makes sense, though, since wedding rings will be among the few that will remain with you after the wedding. Unlike in the past, you can choose to buy different kinds of rings online. From classic ones such as solitaire rings to more modern types of stones such as moissanite.

When comparing moissanite vs. diamond, cost estimates will likely incline practical couples to buy the latter. A moissanite ring has almost the same qualities of diamonds, although they come with a cheaper price tag.

Conclusion

Your wedding budget will ultimately decide on how much you intend to spend or save, on the special occasion.

Here Are Smart Ways to Finance Your New Home

Couple Outside Home With Sold SignFor new homebuyers, visions of beautiful driveways, elegant yards, gorgeous interiors, and nice neighborhoods can dominate your mind. That’s fantastic, if you don’t forget that important step called financing. Here are tips to keep in mind when raising money for your dream home.

Know Your Mortgage Options

There are various types of loans that aspiring homebuyers can choose from. If you can only afford to pay minimal cash for your down payment, your best move may be applying for FHA multifamily financing with established companies such as Bonneville Multifamily Capital. These loans allow incredibly low down payments and come with attractive credit underwriting. If you are a veteran, on the other hand, you can opt for VA loans that come with no down payment. The alternative, of course, is taking a conventional loan.

Get Your Credit Report

Once you’ve decided what loan is most suitable for you, it’s time to get a credit report from the three relevant credit bureaus. Start early. Typically, you’ll be ordering your national credit files to confirm whether there are any inaccuracies or information that is out of date. Once you discover any errors, move swiftly to rectify them so you don’t face delays when you finally apply for financing.

Gather All Essential Documents

Besides your credit report, lenders will ask to see documents detailing your income, IRS filings for the last two years, bank accounts and other assets. Be sure to compile them before even looking for a house. Determine an estimate of your monthly expenditure too as it will play a role in how much loan you qualify for.

Besides financing your new home using your personal savings, there are other options that can help out significantly. Rather sell your current home to buy the new one, it’s a wise idea to explore those other financing options.

How Loans Help Small Businesses

Lender and borrower signing a contractExcellent finance solutions which include business tax loans play an instrumental role in fulfilling the needs of a company. Websites like cmf-ltd.co.uk explain that these offer financial support and even offer flexible and low-cost interest rates to businesses.

A small business that seeks a bank loan may be frustrated by the enormous charges and conditions that are set by some institutions. However, a business tax loan can offer a solution, which includes only a small interest over a period.

Importance of Business Tax Loans

A small business may face financial constraints due to limited cash flow while at the same time it is required to fulfill some financial obligations.

For instance, the need to pay income tax before the due date may put pressure on business operations. The only solution for such an investor is to get a business tax loan on a short term basis and which has little punitive charges. You need to consider some factors to provide financial incentives that enable a business to run smoothly.

For instance, the credit history and the sales history of a business enables a lender to give a loan at an affordable interest rate. Also, the payment period can be stretched for a period of six to 12 months, depending on the repayment structure that has been agreed. These financial solutions are some of the reasons businesses could survive market ups and downs.

Small businesses that seek the most appropriate financial solutions can visit reputable lending agencies who offer loans at attractive repayment conditions. This helps a business avoid the punitive loan repayment conditions offered by banks.

Conclusion

For many companies, financial solutions such as business loans can help them through a difficult situation especially for those difficult times.

No Closing Cost Refinancing: Does It Work?

Calculator with Refinance WordRefinancing your home loan to get a reduced rate is a wise choice if you want to reduce your monthly mortgage payments or save some interest. However, you’d also have to deal with the closing costs.

Closing costs are usually around several thousands of dollars and could put a huge hole in your finances. Fortunately, you could opt for a no closing cost refinance, considering that it’s right for you.

How Exactly Does a No Closing Cost Refinance Work?

In general, no closing cost refinancing works in two ways, explains a mortgage refinance officer from Salt Lake City. With the first one, your mortgage lender would tack the closing costs, insurance, and taxes to your current home loan and then refinance it at a reduced interest rate. Essentially, you would still be paying for your closing costs, but you won’t have to pay for it all at once because it would be spread over your refinance loan term.

In the second scenario, your lender might agree to get rid of your closing costs altogether but would give you a relatively higher interest rate. For instance, your lender might offer you a 3.80 percent interest rate if you choose not to pay the closing costs, and a 3.40 percent refinance if you do. You won’t have to come up with the additional costs at closing and your lender would recover your closing costs with the slightly higher interest rate from your refinance.

Is a No Closing Cost Refinance Right For You?

If you are not looking to live in your house for the long haul, no closing cost refinancing might be a viable option. The higher your interest rate, the longer it would take you to recoup the associated costs. However, this might not be your concern if you’re not going to stay in your house for more than five years. In addition, if you believe you would be refinancing again a couple of years from now, no cost refinancing might also make sense for you if you are just after freeing up some money for your other expenses.

4 Ways to Get Cash Quickly

Monetary AssistanceIf you’re ever in need of quick cash, you need to know that you have some items in your own home that you can trade in for money. Here are some tips on how to raise some quick money this month.

  1. Apply for a title loan.

This is a good option for people who need a large amount of cash quickly. Title loan companies in Utah can lend you money in exchange for the title of your home or vehicle. According to easytitleloansutah.com, these types of short-term loans are approved quickly but need to be repaid in a matter of months. You need to make sure that you can pay the loan in time because if you can’t pay back the loan, the company can claim your house or vehicle.

  1. Sell collectibles online.

Collectibles can be in the form of rare baseball cards to action figures to stamps. In 2014, a 19th century British Guiana one-cent magenta stamp raked in a whopping $8 million through an auction. You can start selling some of your old items for small but quick cash. You can sell them on eBay, Etsy or even your own website or social media account. If you sell 10 copies of old but rare action figures or comic books for $100 a pop, it could add up.

  1. Pawn your jewelry.

It’s one of the quickest ways to get instant cash. Alternatively, you can also sell them at pawn shops or to friends and family who might be interested in second-hand but genuine gemstones. However, if you plan on getting your pieces back, the pawnshop is the best way to go.

  1. Sell your pre-loved clothes.

If you have a lot of clothes that are quite fashionable, consider putting up a pop-up garage sell. Not only can you sell old clothes, you can also sell old shoes, vinyl albums, cassette tapes and anything you have lying around that people might still like. Yes, even old stuffed toys could still have takers.

Show Me The Money

You don’t need drastic solutions if you’re a bit low on cash. The next time you need some monetary assistance, just look around your house.

Bankruptcy: When Debts Abound, You Still Have One Option Left

Bankruptcy in Salt Lake CityBeing up to your neck in debt is a nerve-wracking situation that can cause a great degree of stress. When you get those collection notices, perhaps all you can see are the past due stamped all over the envelope. In such situation, it is sometimes difficult to see what remaining options you have left. If you find that your earnings can hardly cope with your creditors’ demands, then maybe it is time for you to consider filing for a Chapter 13 bankruptcy.

What is it anyway?

The word bankruptcy must be sending shivers down your spine. Hey, it is not the end of your financial world. Even famous people have once filed for bankruptcy under Chapter 13 and were able to get back on their feet to do even greater things. According to USCourts.gov, Chapter 13 bankruptcy is a mechanism that allows you to assemble a plan to repay your creditors in part or full. In layman’s terms, it is like your creditors’ speed bump slowing them down and allowing you to develop a strategy on how to repay them all, either partially or wholly.

Why is Chapter 13 bankruptcy perhaps the best for you at the moment?

If you have a regular monthly income, you can easily reserve a portion of that income to pay your creditors over a period, which the bankruptcy court will fix. This is better than finding other sources of credit to pay half or even a third of what the creditor is demanding from you.

A Second Life

According to SmallBusiness.chron.com, Chapter 13 bankruptcy gives you the chance to apportion a slice of your income for your monthly needs, such as food, rent, and other expenses. The other slice will be reserved for one or all of your creditors who will be getting the remaining portion of your income. For creditors, this is better than not receiving any payment at all. For you, it is like getting a second financial life.

How do you file for one?

If you live in Salt Lake City, Utah Bankruptcy Pros says that you might want to visit a Chapter 13 bankruptcy attorney in Utah and discuss your options. Your lawyer can help you get the best end of the deal where you will come out also as a winner. Your bankruptcy attorney can also save your home from being foreclosed when you file under Chapter 13.

With Chapter 13, you have a rare opportunity to pay all your debts in full over a fixed number of years. The best part of it all, you will be able to do so without so much stress and anxiety. At the end of the fixed period, all your debts will be fully discharged and you will be able to redeem your financial honor.