Finance/Capital Access

Many small businesses have a conversation with your accountant before, during and after the tax preparation process. This can be a costly mistake.

Does your accountant know your accounting software?

First of all, your accountant (CPA or EA) should have an understanding of the accounting software that you use. Most have significant experience with Quickbooks & Peachtree, but you should certainly confirm that with them. If you’re wondering what is the best and cheapest software for you, it really depends on your company size, industry & budget. Outright, Xero & Wave accounting all offer free versions or trials and are generally free for small businesses and freelancers. The larger names in the space as we mentioned before are Quickbooks, which has over half of the small business market, and then there’s Peachtree. Our advice to you is to use an accounting solution that works well for you and provides for a seamless transition when you hand over your books to your accountant. (more…)

The first thing you should know is that there are a series of what are called interchange levels which affect the cost of a charge at every stage, depending on a number of factors—including the type of card presented, specific information contained in the transaction and how/when the transaction is processed.

Here are tips on how you can prevent being assessed higher processing fees: 

1. Swipe the card, key-entered transactions are charged higher rates

2. Obtain a valid authorization from the terminal/register

3. Provide all original electronic authorization information at the time of settlement

4. Settle transactions daily (more…)

Tips and strategies for business financing as we move forward in the 2013 economy.

Q: What skills will entrepreneurs need to make the most of the credit environment?

Many more businesses are learning the value of expanding into the world market, but lenders need a higher comfort level to help them with these plans. Entrepreneurs have to be visionaries who are able to clearly project future revenue streams, understand what infrastructure is necessary to support those streams and how to develop it, and what the net results of putting that structure into place will be.

Then, they need to be able to communicate that clearly with strongly supported assumptions to their lender. The business owner capable of doing that will continue to grow no matter what the economy at large may do. (more…)

As families gather for the holidays, entrepreneurs might consider approaching family members for money to help fund and grow their business.

But is family funding a good idea?

Maybe.

Considerations include the amount of money involved, how involved the family members will be in the business, and the personal relationships between the borrowers and lenders.

Advantages of Family Investors

– They are not likely to conduct background checks or review credit scores.
– Relatives will do you a favor, banks and other professional lenders will not.
– Loans are often made at no interest. (more…)