Why Do We Spend More When Paying With Credit Cards?

Some studies conclude that we spend more when we use credit cards than when paying in cash. You seem fascinating to me, since as many of my readers know and illustrated in this post, credit cards are my preferred means of payment.

That is why in my most recent posts, I have explored a little the subject of psychology applied to our finances since I believe that many of our money problems have to do with satisfying other types of deficiencies. The shopaholics are a typical example of this.

Why do we spend more when paying with credit cards? Cubicle to Cloud virtual business

Psychologists and behavioral economists have identified two fundamental reasons why we overspend when we use credit cards instead of cash:

We spend more because we do not have the same feeling when paying

The simple act of handing out cash – taking it out of our pocket to give it to someone else – is a sense of detachment that money is getting out of hand. That is, we felt that expense in a very vivid way.

On the other hand, when we pay by credit card, we sign a promissory note. The money, in that case, is abstract: we will deliver it sometime later. Emotionally it is a big difference: we are not feeling that money is getting out of hand. That is why we spend more.

Psychologists call this feeling a “bond” – or coupling in English. In this case, he describes how the experience of consuming something links to the understanding of paying for it.

When we buy an item in cash, our shopping experience to the feeling of paying, when we invite the family to eat at a restaurant, and the bill is several thousand pesos when paying in cash, we feel a sense of pain for the amount we must pay, which is intense and immediate. In addition, this pain is intricately linked to the pleasure of eating with the family. That is, it is significantly related to that consumption because it is experienced almost simultaneously. ADP. Payroll – HR – Benefits

On the other hand, if we take out the credit card, although we may feel an inevitable “pain” when seeing the amount at that moment, it is much less intense. The feeling of paying is actually “throwing” into the future. And when we finally pay for it, that experience will not be linked to the consumption that we made; we are unlinking the pain of paying with the pleasure of consuming. That is why we spend more: the experience of drinking and the pain of spending are not linked as they are when paying in cash.

We spend more because we focus on the benefits of what we buy, not on its cost

One of the natural consequences of decoupling the feeling of payment from the pleasure of buying is that consumers tend to overestimate the benefits of that purchase. That is another reason why we spend more when we pay with a credit card.

That is, the decoupling causes consumers to evaluate the benefits without considering the costs. Download A Free Financial Toolkit

To give a simple example, suppose we have $500 to go to dinner at a luxury restaurant with our partner to celebrate our anniversary. We cannot take the risk that when the account arrives, it will not reach us. But sometimes, we do not want to limit our partner too much.

In that case, we try to limit our consumption and search among the cheapest dishes on the menu.

When we have a credit card that we know we can use, our behavior changes, it is evident that in this case, we do not have any concerns. We concentrate on enjoying the evening, without the total cost of the account we care too much. Come on, and we are celebrating, so we can even order a bottle of wine to accompany our food.

CorpNet. Start A New Business Now About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Complete Controller. America’s Bookkeeping Experts

When my Social Networks are Decisive to Finance my Business

In the era where the Internet dominates a good part of the economy and the business ecosystem, the boundaries between professional and personal are increasingly diffuse. Where the generation, access, and data traffic of any kind grows exponentially, our personal and professional, and business history is much more exposed. However, this does not always have to become an obstacle and can give us opportunities that would be unthinkable in another context.

When we talk about new technologies applied to the company, the first things that come to mind are marketing (usually online marketing), document management (cloud computing), or even the commercial area. Download A Free Financial Toolkit

And if we talk about technologies and techniques such as big data, that is, the collection and massive accumulation of data for later analysis and search for trends, opportunities, etc. Between technology and business management, we leave a vital element for the start-up and the growth of any company or business: financing.

But if I finance my business, if obtaining credit or capital is a fundamental element for my project, why not also apply the virtues of the digital revolution and big data for it?

The new technologies have allowed the creation of alternative sources of financing intricately linked to the Network and offering a new window to entrepreneurs. Perhaps, crowdfunding platforms are the most representative (and best known) agent of this new way of conceiving financing, so far from traditional banking intermediation, but it is not the only one.

Technological progress allows us to go much further when it comes to finding financing for our project. Proof of this is creating new platforms that use all these enormous amounts of information and data to offer financing lines appropriate to the accurate profile and the needs of a project or entrepreneur. ADP. Payroll – HR – Benefits

What data do they use? Can my social networks influence my ability to finance my business?

Well, pay attention, because that seems to be the trend. Consciously or unconsciously, we have data about our companies and us on the Network, data that other companies can analyze and use to form a reasonably clear picture of how our business works and decide on our credit capacity.

And, although that point has not yet been reached, there is little left for it. Some recent landing platforms in Spain, such as Spot cap, already use the data provided by Amazon, eBay, or Presentation accounts, for those companies that sell online.

A priority may be that over-exposure to the Network can create suspicion. Still, the truth is that, in many cases, it can be advantageous when it comes to obtaining financing without the need to rely solely on the credit history of our company.

For example, they offer an alternative financing model for freelancers and SMEs based on data obtained from the aforementioned platforms to provide credit lines adapted to a reality closer to that of entrepreneurs and SMEs. Many influences more factors than merely financial ones.

A recent study by the Chamber of Commerce asserts that only 1 in 4 small businesses get the desired financing, while the injection of credit to large companies is increasingly significant. Exit Advisor

When it comes to obtaining financing, especially among small businesses, time and flexibility are essential. Still, the long waits, the high demands of the banks, and the high conditions they demand mean that meaningful growth opportunities are often lost.

For this reason, it seems that the traditional ways of bank financing have begun to become an obsolete model unable to respond effectively to the real needs of SMEs and self-employed, which make up more than 95% of the Spanish business fabric. Today, the new possibilities that offer new technologies, the increasing connectivity, and the proliferation of intelligent terminals such as smartphones or tablets are the not-too-distant future for obtaining credit in small businesses.

CorpNet. Start A New Business Now About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Complete Controller. America’s Bookkeeping Experts

How to Set Up a Franchise?

If you are determined to start, setting up a franchise can be a great idea. It is an exciting option both for those looking to make a living opening a business and those who have some savings and want to make a profitable investment.

First, you should know that the operation of a franchise consists of business collaboration between two parties. One is the franchisor, the company that created the brand, and the other is the franchisee, which would be you. An autonomous society that wants to open an establishment with the support of a brand already consolidated.

The agreement between the two parties is generated by a contract that establishes specific image standards, sales targets or business strategies, and the franchisee’s payment of a fixed or variable amount. Exit Advisor

Why do you want to open a franchise?

Setting up a business of this type has many advantages, which we could summarize in three main aspects:

Comfort

If you have wanted to start for a long time, one of the obstacles you have encountered is likely finding a good business idea. Luckily, when opening a franchise, this work is already given. This and many other initial steps you must take to create a company, such as developing the business plan, managing suppliers and sales, the design of the image, etc.  

Lower risks

When you open a franchise, you support a consolidated brand and the security of a business idea that has already proven its operation. In addition, you have the know-how (knowledge), training, and assistance of an experienced company. This means that the adventure’s chances do not go as you expected are much lower than when you start from scratch. Cubicle to Cloud virtual business

Greater competitiveness

Being backed by a brand allows you to specialize in a sector and compete on equal terms with large stores. You facilitate growth concerning more local businesses.

Tips for setting up a franchise

Despite all these benefits, launching a franchise also has risks and disadvantages. You cannot forget that it requires an essential economic investment and limits the business’s independence. Therefore, you must reflect and make a good decision. For this, we recommend the following:

Choose the franchise that best suits you

You will be one of the most complex points. And in 2015, 1232 franchise brands operated in our country, as the report the franchise in Spain points out. First, think about the sector: fashion, food, hospitality. From there, research the brands of the field you have chosen. You must evaluate the canon they offer, your obligations as a franchisee, the proven experience of the brand, profitability, and future options.

Negotiate the contract

When the time comes, he asks specialized lawyers to help him review the contract and negotiate it with the other party. The goal is for both of you to win. Download A Free Financial Toolkit

Find the perfect location

The situation can determine the success or failure of the business. Hence, you should study very well in which place you should put the franchise. Although much of the research work has already been given to you, you cannot neglect this point.

Find a way to finance yourself

Suppose you have the money, perfect. If not, beyond the traditional financing in the bank, you should ask for loans to friends and family, in addition to public subsidies. Try to save everything you can.

And, above all, do not rush

We know that it is challenging to stop the entrepreneurial impulse but setting up a franchise requires time. You must think carefully about each decision and each movement, so keep looking for options if you are not entirely sure.

CorpNet. Start A New Business Now About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Complete Controller. America’s Bookkeeping Experts

How to Acquire a Loan From Investors for Your Small Business

Every business requires an investment to either initiate, grow, or expand it regardless of its level (small or large). Especially in the case of small businesses, loans can play a significant role in supporting the commercial growth of a business idea, funding new research and development, providing aid in expansion into new territories, enhancing sales and marketing efforts, help in the recruitment process, and much more.

However, the process of loan-taking for small businesses can get a bit complicated for first-timers. It requires some extra effort and may induce anxiety for some people. Several questions can pop up while taking a loan. Therefore, some prior knowledge regarding the loan-taking process will increase the chances of acquiring a loan. Mentioned below are five key steps to assist in getting a small business loan. Cubicle to Cloud virtual business

Determine whether you qualify for a business loan or not

Before applying for a loan, it is necessary to evaluate if the business qualifies for a loan or not. A credit score of the company plays a vital role in the industry for the loan. Different lenders require different credit scores. Therefore, it is essential to calculate them beforehand. If the credit score falls below the threshold, the loan is likely to be declined.

Importantly, lenders need assurance for being paid back in time, therefore, the demand for information regarding early revenue of the business. So, it is necessary to evaluate the business revenue to calculate if a loan can be paid back or not. In addition to this, having collateral is also important for a secured loan. In some cases, lenders make it necessary to have collateral. Even though it is a risky step, it may reduce the interest rates, allowing to lend more significant sums.

Furthermore, the period a particular business has been in the market also contributes to qualifying. Online lenders and banks require one and two years of business, respectively. LasPass – Family or Org Password Vault

Research potential lenders

Numerous lenders are willing to lend to small businesses, and you can discover many of these through online platforms. One can choose any lender after research that may seem suitable and appropriate for their business. Some of the main lenders are listed below:

  • Direct online lenders: Various lenders have made the lending process relatively smooth through easy online methods. It includes many reputable companies such as PayPal that provide fast, small cash advances, working capital loans, and a certain amount of short-term loans. Moreover, many sites act as a lead generation service, where multiple lenders can access on a single platform.
  • Commercial banks: For the small business market, large commercial banks act as the traditional lenders. However, the loan-taking process tends to be relatively slower due to the time-consuming and challenging underwriting criteria.
  • Local community bank: Several community banks tend and aim to make a business loan to local businesses in the region.
  • Peer-to-peer lending sites: Many sites act as an agent between the lender and individual. These lenders are known to make relatively quick decisions. Exit Advisor

Figure out the purpose and amount of the loan

An essential step before acquiring a loan is to figure out precisely the purpose of the loan application. For a small business, a loan can be either for initiating the business, managing daily expenses, or growing the pre-existing business. It is essential to mention the purpose of the loan to the lender for transparency as it increases the trust level with the lender.

 Furthermore, it is vital to calculate the exact amount of loan required since money ranges do not work when taking a loan. Listing the works and their costs appears to be helpful for such purposes.

Compile the required documents

For an accessible, smooth, and hassle-free experience, it would be helpful to gather all the required documents before starting the actual process of a loan application. Standard documents required include a resume, business plan, Business Credit Report, Income tax returns, financial statements, license, registrations, contact details, and commercial lease. Any further additional document may also be required depending on the lender.

Apply for the Loan

Once the business is qualified for the loan, the purpose and amount of the loan are determined, all the relevant documents are together, and an appropriate lender is selected. Finally, the business owner is all set to apply for a small business loan.

CorpNet. Start A New Business Now About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Complete Controller. America’s Bookkeeping Experts

Five Favorite Productivity Features in QuickBooks Enterprise for Every Accountant

There are numerous reasons why QuickBooks should be your first pick if you need a business accounting solution. QuickBooks Pro, Premier, Enterprise, and Accountant are all distinct versions of the software.
QuickBooks has a solution for your specific accounting needs. However, which version is ideal for your company? Knowing this is critical before making the crucial decision.
The top five favorite productivity features in the QuickBooks for every accountant are as follows:

Easy management of finances and reporting

You’ll need an end-to-end perspective of all your financial transactions for your business to obtain a good understanding of your income and expenses. It is available if you use QuickBooks Enterprise, which includes an “income tracker.” You may quickly input your expense transactions with this tool, including transactions from numerous bank accounts in one place and in less time. Cubicle to Cloud virtual business
With this powerful program, you can even merge reports from multiple corporate files. It is more convenient to export QuickBooks data in Excel format for later use.
Other significant advantages of QuickBooks Enterprise include tracking costs conveniently, fixed assets, and tax deductions.

Easy management of inventory

QuickBooks Enterprise offers an advanced inventory tool that allows you to build sub-assemblies without manually entering them quickly. You also don’t have to be concerned about stock levels below or above a certain threshold. You may quickly establish advanced price rules based on parameters such as customers, items, vendors, and so on.
Another advantage of QB Enterprise is that it allows you to enter data accurately by scanning inventory, serial numbers, or bar codes. You can even use it to generate barcodes.
Every company needs to keep an eye on its supply chain. To receive complete, accurate visibility of your supply chain, you can start utilizing QuickBooks Enterprise. You can obtain industry-standard reports that include precise information such as the number of items on hand, sales orders, and purchase orders. LasPass – Family or Org Password Vault
You can also use QuickBooks’ Inventory center to locate inventory tasks by browsing inventory items and reports. With this program’s built-in inventory stock status report, even reordering your goods as needed becomes easier.

Management of user roles and permissions

Not every firm employee requires access to all types of business data and information. Additionally, having all data available to all employees raises the danger of data loss. With the help of QuickBooks Enterprise, it can reduce this danger.
You can provide your employees role-based access to the data depending on their departments and work responsibilities. As the owner of your company, you will have central access to this program, from which you will be able to set user roles and issue permissions to your staff.

Track your sales and customers

Tracking sales and orders is difficult for any organization, whether small, medium-sized, or large. QuickBooks Enterprise is a program that can help you keep track of your sales more efficiently. You can track your sales agents and view expenses with this intelligent program, saving time and effort. ADP. Payroll – HR – Benefits You can also use the QuickBooks Lead Center to track leads.
You want to add as many clients, vendors, and workers as possible to expand your firm. When you use QuickBooks Enterprise, which has comprehensive user tracking tools, you can do this. With this software, you can send estimates or invoices, define, and use foreign currencies for sales transactions, create custom pricing, and much more.

Employee payroll management

Just like handling orders and customers, managing employees is essential for all businesses. You can cater to this aspect related to your business using QuickBooks Enterprise. Using this software, it is easier to calculate all your employees’ earnings, deductions, and payroll taxes.
You can get and check customizable reports to track your employees and contractor time. If you want to save time running payroll, this software is all that you need.

QuickBooks Enterprise software is equipped with tools to assist you in managing your company’s accounting demands. It supports a variety of facets of your organization, including payroll, payments, inventory, and much more. CorpNet. Start A New Business Now About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Complete Controller. America’s Bookkeeping Experts

What is The Meaning and Purpose of Blockchain?

Blockchain is a method for maintaining records that are difficult to hack or fabricate the data stored on it, making it safe and unchangeable. Blockchain is a form of distributed ledger technology (DLT), a digital system for simultaneously recording transactions and related data in various locations. To avoid a single point of failure, each computer in a blockchain network keeps a copy of the ledger, and all documents are updated and validated simultaneously. Blockchain is a database, but it varies significantly from traditional databases in storing and maintaining information. Cubicle to Cloud virtual business Furthermore, a blockchain is a decentralized database controlled by computers in a peer-to-peer network rather than a central computer as in traditional databases.

Uses of Blockchain

The first prominent application to effectively employ blockchain was Bitcoin, which hit the market in 2009. However, since Bitcoin’s creation, the use of blockchain has spread to various applications. As a result, blockchain has become synonymous with Bitcoin and its competitors, such as Dogecoin and Bitcoin Cash.
The global financial community and government central banks have been exploring blockchain technology as a foundation for digital currency exchange. Logistics businesses use blockchain to track and trace items as they move through the supply chain. Moreover, blockchain is becoming the foundation for smart contracts and other mechanisms for transferring and safeguarding intellectual property rights in various industries, including the legal community and entertainment.
Indeed, several sectors are already investigating blockchain-based applications as a safe and cost-effective solution to establish and administer a distributed database and preserve records for all sorts of digital transactions. As a result, blockchain is rapidly evolving to record and exchange data among various corporate organizations securely.

How Blockchain Works

Blockchain operates in a multistep process; the steps are as follows:
  • An authorized participant enters a transaction, and the technology authenticates it. Download A Free Financial Toolkit
  • This operation generates a block that reflects the particular transaction or data.
  • The block distributes to each computer node in the network, creating a chain.
  • Authorized nodes verify the transaction and add the block to the current blockchain. (Nodes on public blockchain networks are miners; they often receive compensation for their effort – often through a mechanism known as Proof of Work, or PoW – in the form of bitcoin.)
  • The transaction is complete when the update disseminates across the network.
  • Individual transactions and blocks are the two types of entries in a blockchain ledger. The first block comprises a header and data about transactions that occurred during a specific period. The blocks utilize timestamps to aid in the creation of an alphanumeric string known as a hash.
  • Following the creation of the initial block, each successive block in the ledger utilizes the preceding block’s hash to compute its hash.
  • A new block’s validity authenticates itself through a computational process known as validation or consensus before adding it to the chain. Most network nodes must agree that the new block’s hash has been calculated correctly at this stage in the blockchain process.
  • Once inserted, references to a block are possible in future blocks, but no further alterations are possible.
  • If someone tries to swap out a block, the hashes for prior and future blocks will also change, disrupting the shared state of the ledger.
  • When consensus is no longer feasible, the system notifies other computers in the network, and no new blocks are added to the chain until the problem comes to a resolution.
  • Typically, this process involves deleting the block that caused the problem and restarting the consensus process. ADP. Payroll – HR – Benefits

The Benefits of Blockchain

Experts cite several significant advantages of adopting blockchain.
The most significant advantage is most likely security. Because the information is shared and constantly reconciled by dozens, if not millions, of computers, it is nearly challenging to damage a blockchain. Furthermore, blockchain has no single point of failure.
Transactions may be more efficient than non-DLT-based transactional systems; however, public blockchains may occasionally experience slowness and inefficiency.
It is resilient: No one is affected if one node fails since all other nodes have a copy of the ledger.
It establishes confidence among network participants. Confirmed blocks are complicated to reverse, implying that data is impossible to delete or modify.
It can be cost-effective since it frequently decreases transaction costs by removing intermediaries and third parties.

In Conclusion

Blockchain is still a relatively new technology, and we’re discovering new uses for it all the time. Will blockchain pave the way for a better, more secure future? We will have to see how blockchain technology continues to evolve to find out. CorpNet. Start A New Business Now About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Complete Controller. America’s Bookkeeping Experts

Four Great Apps for Domestic Budgeting

Budgeting can indeed be a pain when you do not have the time to sit down and divide your money according to your requirements. A proper budgeting system is needed for every household to ensure that finances are used effectively rather than being mismanaged.
Technology has evolved, and there has never been a better time to be alive. If you hate going through the hassle of sitting down, laying out all your finances, and then creating a budget, there is good news for you.
There are now mobile phone applications in the market that do the deed for you. All you must do is find an application that works for you, then sit back and enjoy as you have one less thing to worry about in your life.
Following is a list of applications that would cater to your needs of domestic budgeting. Cubicle to Cloud virtual business
Please ensure that you do your research before trusting an application with your financial data.

Mint

Mint is a free app available in the market for the sole purpose of budget creation.
The purpose of the app is to allow you to keep track of your daily expenditure to stay within the limit while making everyday purchases. The app is extremely user-friendly, so it is one of the top-rated ones in the market.
Mint suggests the option of connecting you to your bank account so all the transactions can be filed automatically. Those who do not wish to use this option due to privacy concerns could always manually add their transactions to the app.
The only con this app has been the targeted advertisements that are a part of the app interface, although they are not that bothersome to a massive majority since the app is, after all, free! ADP. Payroll – HR – Benefits

PocketGuard

PocketGuard is your next go-to application if you want to cub your overspending habits. The app has been created with the primary purpose of curbing unnecessary spending by tracking all your transactions through your bank account.
PocketGuard comes in two different variations; a free, basic version and a paid, premium version that goes by PocketGuard Plus. PocketGuard Plus costs its users $79.99 per year, which seems plausible according to the app’s services.

EveryDollar

EveryDollar is a budgeting app that caters to your budgeting needs as well as tracking all your purchases. The app has been created on the zero-based budgeting philosophy that focuses on creating equilibrium between expenses and income.
The paid version of this application costs a whopping $129.99 per year, which may be a lot for some individuals, which is why it has the option of a free version. The central point that sets the two versions apart is that the user must manually add all the transactions to the app, which the paid version would do automatically.

You Need a Budget

You Need a Budget, or YNAB, is an application for those willing to invest some bucks to save some dollars. Exit Advisor
The app, charging $84 annually, is one of the most acceptable applications for budgeting—the app sync to your bank account, which takes away your worry of manually adding each transaction. Due to the in-depth approach of the company towards budgeting, it has yielded excellent results in the past. It claims to save $600 in the first two months of usage.
The app is known for being completely safe and strict on data protection as it uses high-level encryption.
Those who may be concerned about paying a considerable amount could always avail of the 34-day free trial that the company offers. It would be enough time for you to realize if the app is for you.

If you’re looking for a free application to create a domestic budgeting plan for you, Mint should be your first option due to its remarkable results and user-friendly programming. But if you are ready to pay for the services, you should invest in YNAB because of the promising results with the application. CorpNet. Start A New Business Now About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Complete Controller. America’s Bookkeeping Experts

Crack the Art of Gaining Investor’s Confidence

If you’re starting a new business, you would likely require the help of investors to fund your venture. This monetary funding, of course, comes at a cost that is often a certain percentage of the business. But to get to that point, one must have the confidence to catch a big fish. Every investor would be willing to invest in your venture as long as they see potential in you and your pitch. It may not be that easy, but it is certainly not impossible. So, get ready and flash that smile because you are just about to get those investors to invest.
Some tactics are helpful when one is trying to gain an investor’s confidence. LasPass – Family or Org Password Vault These seemingly simple steps could ultimately make or break your game.

Entice Them Through Your Results

The way your venture performs is what decides its fate.
Investors need to, first, understand the product or company in which they are investing. If your company has performed well in the past, there is a high chance it would perform even better with a more significant investment onboard.
While making your pitch, make sure to include the results of your previous sales; this will increase your confidence and leave a lasting impact on the investor. The mention of your past results would build an air of faith, increasing your chances of getting a fund to improve your venture.
Let’s be honest! Everyone is in it for the money. ADP. Payroll – HR – Benefits If you can show them that you have what it takes to make a business flourish, they would automatically trust you with their money.

Pitch Your Idea While Networking

Known as a “soft sell,” you could pitch your idea online to any potential investors. Such a pitch is always a great idea because it is not intrusive but gets the idea across conveniently.
For this purpose, the social media marketing of your business must be immaculate. The picture you present of your business online is what the potential investors have to judge you on. Any lacking in this department may hinder your path in getting them on your side. If your business catches their eye, there is a chance that a proposal would get you the investment of your dreams.

Sound Confident

If you sound unsure about the pitch you are presenting, even for a second, a potential investor would not even think twice about the offer you are making.
It’s natural to get jittery in such a situation, but you must put your best foot forward and present your pitch. If you have confidence in yourself, your investors will have confidence in you. The best tip in such a situation is to rehearse the pitch a few times, which would help you sound confident. Download A Free Financial Toolkit Make sure to add only the essential bits so their attention remains glued to the words coming out of your mouth.

Ask For Their Help

Rather than approaching a potential investor directly, take a more calculated route which may increase your chances of getting the fund.
Understand their area of expertise and ask them for their guidance to get your business on a better track; this may work as a way to get the investor interested in your venture. If they take out the time to guide you, there is a high chance they will take out that money too.
Such a technique would work great for you as it would allow you to pitch the plan without making it too obvious. It would also give the investor a chance to analyze the opportunities that your business may have.
Getting an investment may not always be easy, but it indeed is crucial for the business. Be confident, know what your company stands for, realize why you need an investment, and convey your idea to potential investors. Ensure that your pitch makes you stand out in the room, which will get you to catch the eye of those investors.
Now get out there and get your investment! CorpNet. Start A New Business Now About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Complete Controller. America’s Bookkeeping Experts

Installments Agreement vs. Offer in Compromise

If you have recently been in action with the IRS, you may want to read about Partial Pay Installment Agreements and Offer in Compromise. These are two payment plans for the people who are under the radar of the IRS.

IRS is the Internal Revenue Service. It is a wing of the United States federal government that deals with the taxation department. The IRS is known for being adamant about the payments that business owners might owe them. If you have recently fallen under the radar of the IRS, ensure that you pay the dues promptly. There are two plans for people who would like some ease in the payments. ADP. Payroll – HR – Benefits

Please read below to understand which one would be the best possible option for you, considering your financial health.

Partial Pay Installment Agreements (PPIA)

A Partial Pay Installment Agreement is an agreement between the IRS and the business owner. In such a situation, the business owner makes monthly payments to the IRS to fulfill the payment plan as soon as possible. Despite being a complex deal to strike, a PPIA is an excellent plan for business owners who struggle to collect all the funds required to clear their dues.

The ease that the government provides in this situation is removing all the levies imposed on the organization to easily make the rest of the payments. The levies include all those placed on an individual’s bank accounts and properties. Garnering such a deal is considered impossible, which is why someone who finds themselves in a sticky situation should always try to get a lawyer to deal with the IRS. If they are interested in striking this deal, they would be able to. Exit Advisor

Keep in mind that once you agree to a PPIA with the IRS, you practically allow the IRS to peep into your financial records every two years. The IRS snooping around is something that many business owners do not appreciate, which is why they often end up going for Offer in Comprise. Unaware of what that is? Continue reading.

Offer in Compromise (OIC)

An Offer in Compromise is an arrangement between the taxpayer and the IRS. When the taxpayer cannot pay off the debt, the IRS intervenes to develop a number that it thinks would be the most reasonable amount to acquire while keeping the statute of limitations in mind.

OIC’s often happen when the IRS is unsure whether the taxpayer would ever pay the total amount, which is why the IRS compromises on a comparatively lesser amount that they think would be paid by the taxpayer. People who often accept this deal believe it as compensation since they get to spend a lesser amount. Download A Free Financial Toolkit

Working out such an agreement is always a great idea and is appreciated both by the taxpayer and the IRS. It is obvious why the debtor would think of this as a great idea. The IRS supports such a deal because it feels like this is a fresh start for the debtor. Letting them off at a significantly lesser payment package seems like a great idea, especially if the taxpayer struggles to make ends meet.

Payment Plan Installation Agreement (PPIA) or Offer in Compromise (OIC)?

Both the plans are brilliant ways out for those who are stuck in the business of unpaid taxes. The IRS has always struck up ways to ease people’s lives while ensuring they receive all the due payments.

A Payment Plan Installation Agreement (PPIA) is an excellent option for those looking for dividend payments. They would pay the total amount but in monthly installations. Monthly installations ease out the entire payment process for them. But those who do not wish to have the IRS peeking into their financial records every two years should not opt for this plan.

Offer in Compromise (OIC) is a comparatively more convenient option, although businesses must pay upfront, allowing you to pay a lesser amount and get done with the entire process.

CorpNet. Start A New Business Now About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Complete Controller. America’s Bookkeeping Experts

4 Reasons Why You Can’t Get Your Loan Application Approved

First, let’s get the facts out of the way. More often than not, banks deny business loan applications. It happens to everyone; big names in the market as well as small businesses. Do not despair because we will let you know what you might have done wrong in your previous application and how you can fix it now.

Banks must inform you as to why it is denying your application. The chances are that if the bank rejects your business loan application, you might receive an email stating the reason why. If you have not received such an email, you can always reach out to the bank. And if you do not wish to, you can self-analyze by seeing if one of the four reasons mentioned below has anything to do with you.

So, let’s jump in and understand why you didn’t bag that check. LasPass – Family or Org Password Vault

  1. Too New:

Your loan application may not have made it through if your business has just kick-started. Lenders pay close attention to the history of the company to understand the potential it holds. If the results cannot vouch for you, it makes the lenders fear you may never return the loan.

To get your loan application accepted, make sure that you show them the numbers you want to see. If you give them a rough idea of how successful your business has previously been, you are surely going to get that loan application accepted.

  1. Risky Business:

If the industry you’re delving into has a higher failure rate, you may not be able to receive a financial loan to strengthen your business.

Lenders and loaning businesses wish to see you start a company that would promise them a return. If there are doubts regarding the industry you are stepping into, they may not be as comfortable loaning you the money. In case of a business failure, you may not be able to return the loan, which would put you in perpetual debt while causing the lender a substantial financial loss. Cubicle to Cloud virtual business

Try to research the business you’re starting to understand beforehand if it has a chance in the market.

  1. Low Return:

If your business has not been performing too well, lenders would not be willing to take the risk of lending you a loan. An unsatisfactory performance would mean that the cash inflow is not very sound. A lack of positive cash flow may lead the lenders to question if you would be capable of returning the loan.

When writing an application, try emphasizing the numbers that your business has brought in historically. A solid financial history will give the bank or the lenders a sense of confidence in your business, giving you a better chance of getting that loan application approved.

  1. Incomplete Application:

Incomplete applications are the most common reason why lenders reject loan applications without even considering them; incomplete information on the application. If your application does not have the required documentation, it wouldn’t even make it into the reviewing stage. Download A Free Financial Toolkit

Specific documentation is required so that the bank or the lender can analyze the company while also checking it for its authenticity. Trusting someone with a considerable sum of money is a game of risk, but a calculated risk nonetheless. The lender needs to understand the complexities of your business before they trust you with their money.

If you provide incomplete information, this will plant a seed of doubt in their minds, leading them to question your integrity.

If a lender denies your loan application, there’s no harm in trying again. Complete your documentation and realize your mistake to improve your loan application which may magnify your chances of getting it approved.

Loan application rejections should not set you back from your goals as they can genuinely be eye-openers for you to review and revise your business model. Work on the contents of your application while also paying attention to the performance of your business.

CorpNet. Start A New Business Now About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Complete Controller. America’s Bookkeeping Experts