If Time is Money, How Much Could You Save by Outsourcing Your Payroll?

Think back to the last time you restructured your office. You might have reduced your team, redefined roles and rearranged the furniture but what did you think to reconsider any processes that may be holding you back? It’s often the older, more set-in-stone processes that go on behind the scenes that get left behind when we’re busy rethinking how other aspects of the business could affect performances. Take payroll for instance, did you know that according to research from ADP, a staggering 55% of companies fail to measure the true costs of payroll? That’s a pretty significant number and one, which could be drastically cut if companies reconsidered their options, particularly outsourcing. A few years ago, an article in HRWorld magazine stated: ‘Big businesses can afford to maintain big payroll departments. For small businesses however, an in-house payroll service is…

Tips For Using A Home Office Tax Deduction

When you own your own business, there are certain perks you get to enjoy. One is the ability to write off a home office. This can make a substantial difference in the size of your income, and you don’t want to overlook the deduction if it is available to you. However, you need to tread lightly when claiming it. The rules are clear, and violating them can land you in hot water with the IRS. Business Only Suppose you have a desk in the corner of the family room that serves as your “office.” The rest of the room is for the family’s enjoyment, but the desk is only for you. If you decide to write off the entire room, then you fail the first test. The space must be used exclusively and regularly for business if it will qualify….

Spring Cleaning Those Finances

Getting your finances on track can often best be performed during times of change and when better than spring to give your money relationship a quick one over. So, let’s look at how you can de clutter your finances and get them in spick and span shape for the rest of the year. ISA The ISA is a great addition and one that can allow you to benefit from increased interest, once you do so before the end of the next tax year. The ISA allowance is £11,280 and you can deposit half in cash form. This investment is tax-free and allows you one of the best opportunities to shelter your account from the tax man and also earn a quite nice sum in interest. Getting on top of it now and investing before the deadline means you can benefit…

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Here Comes Baby: Financial Planning Tips For New Parents

Expecting your first child can produce a rollercoaster of emotions; it is exciting, but it can also be terrifying in so many ways. You wonder if you will be a good parent; you may feel stress over preparing for your new bundle of joy; and perhaps the greatest source of terror is the financial aspect of raising a child. For many expectant parents, the costs of having a baby will produce major changes to their current financial picture.You need to consider things you’ve never had to think about before. By making a few smart choices and good financial planning, you can ease into this new life with greater confidence. Get a Life Insurance Policy If you are currently without life insurance, you need to start thinking about getting some when preparing for your new child. You now have a tiny…

How To Manage Your Company’s Inconsistent Cash Flow

Most companies, especially new businesses, have an unpredictable cash flow on a regular basis. Sales can vary due to a change of season, new promotional events, and fluctuations in the economy. Expenses will differ week to week and month to month, so it is hard to know for sure exactly how much cash flow will be available in the future. Since you can’t accurately predict how much money you will have in your bank account, you need to monitor it closely. Simply checking your bank statement each month will not be enough to ensure that you have the cash you need to cover all of your upcoming expenses. It won’t take into consideration any outstanding checks or any payments that have not been received yet. Here are a few helpful ways you can manage your company’s inconsistent cash flow: Run…

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Tax Planning Tips For A Small Business

Organizing Your Taxes Successfully running and operating a business can be quite an involved task. You have a lot on your plate and the last thing you need is to worry about tax planning. Because of this, it may be a good idea to hire the help of a professional. Now, I do recommend that you keep an eye on the details so that you know exactly what is going on at all times. This will allow you to make better plans and also assist anyone who is going to be working on your taxes. Let’s go into a bit more detail about tax planning. The “check the box” regulation was introduced in 1997 by the IRS. This is basically a regulation that allows business owners to be classified as either a partnership or corporation so that they are able…

Category : finances

Essential Accountancy Advice For New Small Businesses

One of the less exciting aspects of starting your own business is the fact that you have to start maintaining your own accounts. Moreover, when you are first starting out, money is tight and the chances are that you wont have money spare to spend on a fancy accountant. Instead, you will need to learn how to handle your own taxes and that can be a difficult process for most people, particularly when they have all the other aspects of starting a business to deal with.  This article will provide some answers as to the most common accountancy questions for new businesses: What Do I Need to Handle the Business Bookkeeping Myself? If you do decide to go down the route of handling your accounts yourself then there are differing ways of doing it that can make it easier depending…

Four Money Saving Tactics for Your Small Business to Try in 2013

Small businesses face a number of challenges from a variety of sources, because of their limited revenue small business success can be won or lost with a relatively small amount of money. In order to save money and help your business be more profitable this year these are some tactics to consider. 1. Eliminate Paper Wherever Possible Electronic isn’t always better but in a lot of cases it is cheaper, electronic customer files require less storage space and are ready to be pulled up in a second. Electronic paychecks for employees remove the cost of printing checks and can be scheduled on a recurring basis so that they require less time and effort. Even things that don’t seem like they would be easy to make electronic can be, like offering electronic invoices can allow your customers to choose whether or…

The Two Most Important Elements Of Business

Small business owners typically have to wear all sorts of hats in the company.  The typical small business owner may fill the role of CEO, COO, CFO, and CMO at the executive level, and it is common for the same owner to have to regularly fill the role of frontline employees, such as the administrative assistant, the tech team, and the sales rep.  Trying to balance all of this out can be exhausting.  And even worse—it can be damaging to the business. As an entrepreneur it is easy to get distracted by non-essential tasks.  This can be devastating because in the early stages of a business’ life, staying afloat is often the number one challenge.  Therefore, there is not a huge buffer of cash to allow for business mistakes and non-essential tasks to eat up an entrepreneur’s time.  Peter Drucker…

Business Budgeting for Start-Ups

A budget, like a business plan, is absolutely necessary for a start-up business venture. Without a budget, the owner will not know if he or she has included everything. There will be no picture what the business will look like at the end of the year without revenues estimates. Often business start-ups are short on available funds. There is often a time constraint on how long the business has to break even and start making a profit. A budget that shows an eventual profit makes a case for a valid, sustainable business. In addition to providing a picture of the business, the budget is at the same time, a road map. Extending income and expenditure out into the future will give the owner (and possibly investors or creditors) an idea of what the route the business will follow and describe…

Asset Search- You Are Always One Step Ahead With It

In these days, every body wants to know the farthest corner of the asset locations of the targeted party. The matter is not confined to a single thing. It touches many, starting from individual, couple, divorcee, financial companies, partnership firms, business deals and what not? In fact asset investigation is unearthing accounts, property, money and many such in the name of the person in question by the other interested person(s) or interested party.   Shouldn’t We Know What An Asset Is? In the dictionary of “Financial Accounting”, all the financial resources are assets. Any thing, whether tangible or intangible but capable of being controlled or owned for producing any positive economic value, is considered as asset. If it can be said in a simpler way, assets entails about the value of ownership that is convertible into cash. Assets Types- Brushing…

Top 20 Ways Everyone Can Save Money

The recent numbers released by the federal government show that the economy is still in neutral at best. Inflation is still outpacing income and there does not seem to be an end in sight. The only thing that most people can do is control their spending and find ways to save money. Here are twenty proven ways that you can keep up to an extra $1,000 in your pocket each year. Change your cellphone plan. If you are not using all of your minutes, why pay for them? Drop your home phone. Raise your insurance deductibles. Also, ask yourself; ”do you need full coverage on a paid off car?” Cut your cable package to basic. Eliminate memberships and subscriptions that you do not use regularly. Pack your lunch. You can cut your lunch bill in half each day. Switch banks….

How Does Bankruptcy Work in Canada?

Bankruptcy in Canada is different from in other places in the world. A person goes through this procedure when he or she is having trouble paying debts. The consumer must be unable to pay back his or her creditor bills as they are due. The individual must have at least $1,000 due to the creditors and he or she must be financially deprived and incapable of paying immediately. Canadian bankruptcy usually lasts for a period of nine months. During that time, the debtor must follow strict rules and requirements. At the end of the nine months, the court will make a ruling on whether to discharge the bankruptcy. Loan After Discharge After a Canadian resident receives a discharge from the courts, he or she will have the ability to receive bankruptcy loans. Creditors will be willing to give this type…

What is the Right Finance Type for Your Company?

Does your small business need financing to take off? During the financial crisis in 2008, many financial institutions including lending companies temporarily stopped processing loans and closed the applications process altogether. The impact of such a crisis created a domino effect on many businesses from small startups through to the industry behemoths. In the ensuing years, however, or just a couple of years since that crisis, lending to small business picked up quite surprisingly as it registered an 18 percent increase in the financial year that ended in 2011. This is good news for many businesses, and it seems that the lights at the end of the tunnel are still shining. There is a legislation currently being proposed in Congress that would, among other things, enable small businesses to raise capital and invest their money in business ventures considered to…

Keeping Your Business in the Black

You’ve finished your work, the client is happy, and you’ve just sent off the invoice – now you can relax, right? Not quite yet! Just sending out your invoices isn’t enough – you need to remember that a sale isn’t a sale until the money’s in your bank account! Emily Coltman ACA, Chief Accountant to online accounting service provider FreeAgent, gives her five top tips on how to collect payment from your customers and ensure that you stay in the black – not the red. Don’t make your customers think – make payment simple! When it comes to invoicing, it pays to put yourself in your customer’s shoes. Think about all of the different ways your customers could pay you, and which would be the most straightforward for them. Also think about the risk involved with each payment method –…

A Comprehensive Starter’s Guide To Home Office Tax Deductions

An enterprise that uses the home for business is considered a home office. It includes mobile homes, boats, apartments, condominiums, residential properties, or other venues for accommodating basic living needs. One of the advantages of a home office worker is that he or she can be qualified for tax deductions which are always an advantage to anyone. For a home office to be considered qualified for tax deductions, it must be the main area of a business, where clients are dealt with, and which is comprised of a segment of the home not used for any other purposes. The exclusive use of the portion as an office is vital; otherwise, one will not be entitled to getting any deduction. This coverage does not include houses which are used fully and exclusively as inns or motels. The exclusivity requirements also do…

Alternative Ways to Make some Extra Money Online

In my experience I have found it’s possible to make a little bit of extra cash online. I’m not talking about get rich quick schemes here, basically they don’t exist.  If something seems too good to be true then it usually is.  What I am talking about is genuine ways of building up some extra income which you can spend on life’s little luxuries. Let’s face it not many of us are rolling in cash at the minute, and every little bit helps. So I thought I would share some of the ways I have found it possible to use the Internet to my advantage. Winning and Taking a Little Risk Okay, this option I am going to focus on first because there are no guarantees. If you enjoy playing games though this is a really good way of having fun…

Keep Your Business Finance Clean in Spring

Spring season is analogous to starting a new life. Spring heralds a new day, a promise of a new beginning. A promise of new opportunities for your business. There is a lesson or two to be learnt from the fresh new season of spring, which you can apply to your business and make a better start for the year. Begin to consider the present financial health of your company and make some comparisons with previous years. Whether the differences are big or small, this can be the start of something great for your business planning. If the financial health of your company for the past year has not been a look you want to continue into the new season, then get the metaphorical duster out and start spring cleaning your business. First Step: Eliminate Expenses Which Prove to be Unnecessary…

So, You Want Your Money?

So, You Want Your Money? If you have recently or even not so recently been awarded a settlement but are only getting your money in tiny little payments over a period of time, then this may interest you.   There is a way to get your money in a single, lump sum.  It’s called settlement funding and every state regulates it.  Once you settle a lawsuit, or a worker’s compensation claim you will be awarded financial benefits.  If you have a structured settlement that means that your money will be paid out to you in agreed upon payments over a very long period of time.  Once the structured settlement is reached and agreed on, it cannot be changed. Knowing that you have an enormous amount of money due to you, but you can’t access it can be beyond frustrating.  You may…

Update Your Lighting And Improve Your Business Profits

It has been obvious to business owners for some time what a difference the lighting in the workplace can make to the efficiency and productivity of the employees. In the last decade or so, this has become even more striking, with the rapid new developments in lighting technology. These days, there is really no reason for any group of workers to be hampered in their work by unsuitable or inadequate lighting. Commercial lighting is of course very different from domestic lighting, even that in very large or affluent homes. However, even commercial lighting falls into very diverse categories depending on the setting. For instance, the lighting needed for a retail store is quite different from that required for an office block, and for a commercial warehouse. Happily, there are electricians who can provide lighting design solutions for any type of…

Is My Legal Settlement Taxable?

A legal settlement is a conflict resolution between one or more parties that is made to avoid the continuation of a court case. The courts carry out the settlement. People who disregard the agreement could be sued sometimes twice if they have been sued before. It is important to know how to obtain a settlement and figure out when the award must be taxed. Obtaining a Settlement Most legal cases are determined by settlements. Both parties usually have good reasons to settle so that they do not incur legal fees and deal with typical court case time and hassle. Also, some people cannot continue working after they have suffered severe injuries. Also, litigation takes up a great amount of time because other cases have to be handled. These delays and interferences may affect the plaintiffs employment. Additionally, getting enough money…

Some Advantages to Wealth Management

The number of advantages to wealth management can equal the tax dollars you might save or the number of dollars you have acquired in your lifetime. From estate planning to charitable donations to investment advice to even private banking, wealth management entails far more than simply counting pennies. What is Wealth Management Wealth management is often defined as the oversight and fund manipulation to grow investments and increase personal funds and assets. It does not incorporate only one discipline but usually spans several. An advisory specialist is usually credentialed and experienced in tax management, investments and portfolio growth and may include either direct experience in financial law or have resources at hand to assist as needed. A wealth manager can be either independent of any institution or an employee of a bank or management firm, for example. Certification and Bonding…