Finances And Running A Business

Running a business means looking after many more details than simply getting on with the main task in hand. There are many different types of financial activities that are not found when you are simply in an employed role, working for someone else, and for some people these can present a barrier to making the leap into self employment.

Whatever the type of business you already have or intend to start, there are a few basics areas common to all when it comes to working out how to keep the financial side of things running smoothly.

Accounting

Whether you have a small start up enterprise (sometimes referred to as an SME), are an established business or are acting as a sole trader, the skills or training needed to actually run your business day to day might not prepare you for areas where you have to deal with money and finances.

Although it isn’t too difficult to look after the accounting procedures that are needed for the smooth running of your business with reasonably cheap software packages and basic computer and numeracy skills, when it comes to legal and taxation matters there are complex systems to deal with.

Cambridge Ensors Chartered Accountants

Cambridge Ensors Chartered Accountants

Being able to present accounts and books in the right format is all well and good, but to make sure that you are complying with all your legal obligations and paying the correct taxes and levies is something else. It is essential to get additional expert help with this to avoid unnecessary errors or mistakes.

Advice

Wherever you are in the UK, there will be a good choice of local firms who have a wealth of experience dealing with people in a similar situation to you. For tax advice in Cambridge Ensors Chartered Accountants is a great example of how you can find advice wherever you are based. From here you can build up a personal face-to-face relationship which can last the lifetime of your business.

When it comes to dealing with money, most people dislike the impersonal service that many modern approaches offer; be they online or over the telephone. When dealing with taxation matters in particular, most people value discretion and privacy and this is why using a local service is such a popular way of going about things.

Overview

Whatever your line of work or area of operations, having a clear and concise idea of your finances helps build a complete overview of how your business is doing; thus allowing you to make adjustments and improvements to make sure you are running at your best.

Photo Credits: Derek Harper [CC-BY-SA-2.0], via Wikimedia Commons

Cash Loans For Luxuries

Sometimes the days we get paid and the days we need money don’t work in unison, a lot of the time we’re desperate for our next pay check but still have a couple of weeks to wait. This then leaves us with an uncomfortable and awkward predicament to be in; we know that we need extra money, but we don’t want to have to go through the bank to do so. This is especially true for anyone who has bad credit history. If this sounds like a problem you know all too well, maybe it’s time for you to look into other avenues for loans, specifically cash loans. With help from cash loan companies like Cash Window you can be in touch with that extra money a lot quicker and easier than before. This is because, not only can they transfer the money to your bank, but they can also allow you to collect the cash in person.

Cash Loans

Their new approach to money lending means that you can be in touch with them whether on your mobile, surfing the web or in one of the 200+ stores that they’re going to be launched in. Therefore, when you’re in need for an extra bit of cash for a little luxury like an iPhone, or maybe for necessities like your food shopping, this cash loan team will be on hand closer than you think.

Now when your next pay check seems like a long way off, you can rest assured that you can find an easy and hassle free way of making it through the dry patch of income. Furthermore, while cash loans are good to cover you when you have no money, they’re also helpful when you do have some money but not enough to treat yourself. Many people find themselves in need of a new TV or bed but unwilling to break into the last of their funds however, with a cash loan you don’t have to. You can just request the amount you want and be in pocket without any fuss or stress.

Start Your Food Business With Restaurant Financing

Have you always loved food, but not just the mere gloriously wonderful experience of eating divine food, but actually providing and/or creating incredible edible masterpieces for friends and loved ones? If so, then chances are you’ve either been told to or played with the idea yourself of opening your own restaurant where you can share your delicious treats for the masses. If you have already made the decision to do so, let the simmering begin; but don’t forget, just like starting any other business, it is extremely important to take all of the appropriate steps needed to ensure the success of your new company… and be prepared, the restaurant business can be bring a lot of heat!

Restaurant Financing

There aren’t too many people out there who can resist a savory work of art on their plate and if you’re the genius behind it can you imagine the wonderful feeling that comes with such a creation? Well if you’re in the market of starting your own restaurant, get ready to hear the “mmms” and “yummms.” If you have the cooking skills or at least the desire and passion to open up your own restaurant you already have one of the biggest steps down, next up…financing! It is extremely important with any new business to get the proper financing to ensure its success and longstanding. From costs of employees, food, appliances, building leases or purchases, permits, licensing and much more, the budget tally can rake up pretty fast. Luckily for the foodies and chef’s out there, there are actually lenders that specialize in specific business financing, even restaurant financing! With that being said, first thing is first… get the financing needed to open AND run your new restaurant.

Do the appropriate research needed to successfully open a new restaurant to ensure the success of your new company. Don’t forget the importance of decor and your business name, which will draw the customers in, but allow your exquisite food to bring them back.

Foreign Exchange And International Money Transfer News

The (Daily) Mirror tells how Chancellor George Osborne’s driver dropped him off at a roadside burger joint then, artlessly, parked the car in a disabled bay to wait for his passenger’s return.  A bystander took a picture of Mr Osborne getting back into the car and sent it to the paper, providing The Mirror with a wonderful opportunity to craft an article excoriating government policy.  It talks of the “outrage” at the Chancellor’s failure to supervise his driver and uses it to blame him for everything from welfare cuts to that funny stain on the sofa.

The Mirror’s vituperation was lost on investors though.  Their support for sterling on Thursday made it the joint top performer among the major currencies, in an uneasy partnership with the euro in foreign exchange provided by moneycorp.  Sterling added one US cent, four and a half yen and around one and a half cents against the commodity dollars. It is unchanged against the euro and the Swiss franc.

The two things that could have gone wrong for sterling yesterday, but didn’t, were the services sector purchasing managers’ index (PMI) and the Monetary Policy Committee announcement.  The latter made no mention of further asset purchases and the former was really quite good; at 52.4 it was half a point better on the month and a point and a half higher than the best Euroland reading, Germany’s 50.9 in Moneycorp international money transfers services.

Thursday’s biggest mover, by a long chalk was the tumbling Japanese yen.  By the time London opened yesterday it had already fallen a fair way following the Bank of Japan’s decision to ramp up its asset purchase programme.  Since that announcement the yen has lost 4% of its value and the loss is likely to increase over time as Japanese investors move more of their assets abroad.

There were high expectations for the European Central Bank president’s press conference yesterday afternoon and Mario Draghi did not disappoint.  He said the Governing Council had had an “extensive” discussion about lowering the 0.75% Refinancing Rate and was considering “non-standard measures”, assumed to mean bond purchases.  In the context of “downside risks” to the Euroland economy those comments sent the euro lower.  It recovered when Sig. Draghi distanced himself from the Eurogroup president, who had said last week that the Cyprus bailout would provide the blueprint for future rescues.  Of the decision to seize bank deposits, the ECB president said “that was not a smart move” and as for future bailouts, “Cyprus is no template”.

Things should be less hectic for the euro today but there are a couple of important ecostats; German factory orders and Euroland retail sales.  There are no UK data.  After lunch Canada and the United States both release their balance of trade and employment data.  The change in US non-farm payrolls tops the bill.  February’s 236k increase was the biggest for a year.  The March number is expected to be close to the 191k average increase over the last three months.  The usual rules apply; the nearer the number is to expectations, the less effect it will have on exchange rates.  Have a good weekend.

Is Off Shore Banking a Good Choice?

off shore bank

Today, both individuals and businesses are learning more and more about all of the benefits that offshore savings and banking can offer. Offshore banks provide privacy, easy accessibility, and flexibility to individuals and businesses.

Privacy is a strong reason why people and businesses open up offshore accounts. The United States is known as the largest society of people and businesses suing one another and spends more than any other country in frivolous lawsuits. The United States has over 1 million lawyers, and they are not sitting around doing nothing in their offices all day. They are putting together civil litigation lawsuits to be filed in the courts. From 1993-2002 the number of civil suits filed has increased 12 percent, and costs the United States over $200 billion each year. A major problem in the American civil suit system is that the party that loses the case often also ends up paying for the winner’s attorney’s fees. Businesses and individuals showing large amounts of income and wealth have become targets of lawsuits. With such a high rate of lawsuits being filed everyday, individuals and businesses are finding the privacy policy of offshore banking extremely beneficial to protect their assets.

Flexibility is another benefit that international banking offer to their clients. Some businesses find it hard to run an international business from a local United States bank. International businesses need to accept payments in many different currencies, which are costly for the business, if only banking in the United States. The United States banks render large fees for exchanging money from other countries to American currency. It is just common sense for international businesses to set up accounts in those countries that they deal with on a regular basis. Setting up bank accounts is also very simple. As long as the business or individual has Internet connections, a telephone number and a secure email, they can set up their banking in almost any country they need. No one has to go and visit each country to set up offshore banking accounts to do business. Belize has many offshore banks where a business or individual can set up an account over the Internet in complete confidentiality and have ATM cards provided to them for use in the United States. Belize banks are open 24 hours a day and will take your calls by a representative that speaks your native language.

Political risk is another reason why businesses and individuals are opening up offshore accounts in foreign countries. The United States government has started to take a bigger role in controlling our banks. Inflation is another factor that reduces assets that are in our banks. Regulations have been set up as to how much interest a bank in the United States can pay their depositors. Businesses do not want to risk millions of dollars against the political factors in the United States. Most businesses and individuals who have offshore accounts are not avoiding taxes; they are finding privacy, flexibility and security against political issues.

photo by sids1

The Co-operative Bank Reveals Secrets about British Finances

We all know that finances are limited at present, but just where does our money go? Rising inflation, stagnant wages and an increased cost of living are facts we’re all familiar with but whatbritish finances are secrets do British finances hold?

Shedding some light on the situation, a new infographic by The Co-operative Bank has revealed plenty of interesting facts on consumer spending and money habits. From the 45% of us who make a New Year’s resolution to be better with money to the £314.50 extra we spend a month during summer, here are three secrets we learned:

1. January = debt

With the aftermath of Christmas still ringing in our ears, January is certainly a difficult month financially. While 45% of us vow to be better with our budgets as our New Year’s resolution the sad truth is that just one week into the month and we’re already out of money.

Two thirds of us set the month aside to pay off credit cards, overdrafts and other bills but most of us won’t have cleared the festive financial hangover till March with 22% seeing no end to the Christmas debt and only one in ten managing to have got themselves on track by the time January’s pay packet rolls around.

2. Budgeting = sacrifices

The fact we cut costs is hardly news, but how we go about this throws up some interesting results. Most people (42%) dip into their overdraft to see through difficult months while 34% put expensive purchases on the plastic and 29% seek solace in their savings. This January, sacrifices made to cope with money matters included reduce household bills (59%), avoiding sales (50%) abandoning social events (46%). The fact Brits find few ways to cut costs without compromising on comfort is startling and with a little financial help and strict budgeting it is possible to still enjoy the things you love whilst keeping a close eye on those pennies.

3. Summer = spending

As the sun finally makes an appearance in our lives, our wallets also seem to get an airing with the average Brit spending more than £300 more a month during summer. Most of this goes on summer holidays (38%) and socialising (28%) but keeping the children entertained also features highly (28%). Just like in Easter when we spend an extra £167.75 in March and one fifth of us take a holiday, the school holidays generally spell spending disaster for those of us with kids.

Financial Hangover Infographic

A Frugal Christmas and a Debt Free New Year – An infographic by the team at The Co-operative Bank

photo by marc falardeau

The Art of Re-branding

A re-brand is not just about stationery.  It’s about issuing a powerful message to a carefully targeted audience.
re-branding

However, re-branding offers businesses a chance of creating a new identity and if necessary shedding the baggage of any previous mistakes and wiping the slate clean with a fresh new look.  With this in mind, stationery is all important to any business providing it is completely on brand.  The humble business card is very often the first foot in the door when introducing new business to an area or a new client base and makes a big statement if designed well.

From plumbing services to hairdressers, a business card should have the wow factor and is in itself a pocket sized advert.  If we look at the huge market in stationery and advertising literature we can compare the wide variety of Instant Print services available online, many of which offer a full range of advice, design, artwork, typography and layout with a high quality finished product second to none.

Instant print leaflets keep costs low by using the latest technology, digital and lithographic print for a professional finish within 24 hours.  With so much choice for your business card, deciding which finish and card quality you require is all about your brand image for instance if you are a hairdresser you may want a sexier and more vibrant business card brand style than your estate agent counterparts.  When choosing the texture and color palette of your brand take some time to consider how this will be reproduced on your business cards and if you decide on a mammoth logo then take advice from your instant print specialist about how this can be redesigned for your business cards.

With a selection of finishes for your business cards, matte,  gloss or even velvet laminate , from artwork to door within 24 hours your calling cards are an essential part of the brand image and should not be left lack luster when giving your company a face lift.

photo by skeddy

The State of Consumer Loans

Do you like to travel?  Well, I do, and have traveled a lot in my life.  One thing I’ve noticed during my travels is how different other  cultures  are compared to the United States especially when it comes to finances.

One country I’ve taken especially great interest in is the UK.  They used to be our enemies and now they are our allies.

Finances take a totally different spin in their culture and are treated very different than in America.  This is best shown with an info graphic.  Check it out below and see how UK residents deal with their money, especially debt.

Surprised at the state of UK consumer loans? View how quickly UK consumers accumulate debt with this live debt ticker.

This infographic is brought to you by  QuickQuid.

 

Short Term Solutions for a Cash Flow Shortage

The first couple of months of the year are the worst for many of us when it comes to our finances. All of that Christmas spending can add up and if you’ve been paid earlier than usual it may well seem as if payday is never coming around. There are some short-term solutions you can put into place if your situation feels desperate.

Short Term Loans

Generally these are only advisable for very short term borrowing and they are designed as such. You obtain the cash extremely quickly and lenders will assess you based on factors such as whether or not you have a regular income. Consider this option if you are sure you can pay back the loan as soon as your next pay check comes through. It might be tempting to apply for payday loans on a regular basis, but it wouldn’t be a sensible method. Click here to find out more.

Overdrafts

Make an appointment with your bank to see if you can arrange an overdraft for your account. Usually there is an agreed limit on overdrafts so that there is a cap on the sum you can spend, and these will also accrue interest over a period of time. Many US banks were scrutinized in 2012 to ensure that overdraft legislation brought into play in 2010 had actually been implemented, meaning consumers should have more power over their banking in 2013.

Getting a Second Job

If you really are struggling to make ends meet, looking around for a part-time job to supplement your main source of income could be the answer. Whether you currently work evenings and have free time during the day or vice versa, there are often jobs out there that could be suitable. Make sure that you actually have time to put in extra hours without taking away too much leisure time. You could for example consider freelance work or try the hospitality industry where the tips will tide you over.

Whatever option you choose, ensure that it is sensible and fits in with your lifestyle. There are of course other methods that you could consider, and you should never be too proud to ask for help.

Benefits Of Business Start Up Loans

business loansBusiness start up loans have many benefits and they can really help a business get started quickly and easily. A business start up loan can give any business, regardless of the niche that it is in, the funds that they need to get started successfully and start earning a revenue stream.

Here are a number of benefits that a business start up loan offers a business as well as a number of things that the start up loan can be used for!

Buying Products Wholesale

A business can start buying products at wholesale prices to sell later at higher prices. Start up loans are a great way to give businesses the funds to buy products that they need in order to sell them at higher prices and make a profit later. A business may not have the funds to buy these products when they first start up so a loan can easily and quickly provide these funds.  Small business loans can really benefit early purchasing quantities.

Preparing To Offer New Services

A business can use start up loans to prepare to offer new services to their customers. A start up loan can offer a business the funds that they want and need to start buying new technology and new machines in order to offer optimal services to their customers.

Hiring New Employees

If a business wants to hire new employees when first getting started, a start up loan for a business can offer them the funds to do so. A business may not have a lot of funds on hand when they first get started and it may be a while before they get a consistent and steady revenue stream coming into the business from whatever it is that they’re doing.  This is where a business bank account comes in!

A start up loan for a business can give the business the funds to hire new employees and ensure that they are always paid on time, even if the business doesn’t have a lot of cash on hand at first.

Buying Or Renting A Space

Whether a business is planning on buying or renting a space in an office building, in a local shop or somewhere else, a start up loan for a business can give the business the funds to do so. Having a great place to run a business is very important for most businesses but a business that is just getting started may not have the funds to do so right away.

Getting a loan can give the business the funds to rent a place or to buy a place to run their operations from. The funds can also ensure that the business can pay any security deposit that might be required when renting a place or when leasing a new place for the business operations!

photo by thetaxhaven

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