10 Easy Ways To Organize Your Business Finances

Whether you are a new entrepreneur or a more experienced business owner, taking control of your finances can feel like a part-time job. Some simple tips can help you streamline your time, organize your finances and reduce the stress of business money matters. 1. Keep Your Bills in One Place When the mail comes, make sure it goes in one place. Misplaced bills can be the cause of unwanted late fees and can damage your credit rating. Whether it's a drawer, a box, or a file, be consistent. Size is also important. If you get a lot of mail, use an area that won't get filled up too quickly. 2. Pay Your Bills on Schedule Bill paying can be simplified if it's done at scheduled times during the month. Depending on how many bills you receive, you can establish set times each month when none of your bills will be late. If you're paying bills as you receive them, chances are you're spending too much time in front of the checkbook. Although bills may state "Payable Upon Receipt", there's always a grace period. Call the creditor to find out when they need to receive payment before the bill is considered late. 3. Read Your Credit Card Statements Most people take advantage of low interest credit card offers but never read their statements when paying the bill. Credit cards are notorious for using low interest as bait for new customers then switching to higher rates after a few months. Make a habit of looking at your statement carefully to see what interest rate you are paying each month and if any transaction fees have been applied. If the rate increases or a transaction fee appears on your statement, a simple call to the credit card company can oftentimes be beneficial in resolving the matter. If not, try to switch your money to a more favorable rate. 4. Take Advantage of Automatic Payments Most banks offer a way to automatically deduct money from your account to pay creditors. In addition, the creditors usually offer a lower interest rate when you sign up for this payment option because they get their money faster and on-time. Consider it as one fewer check to write, envelope to lick and stamp to buy. Just make sure you record the deduction when the automatic payment is scheduled or you run the risk of bouncing other checks. 5. Computerize Your Checkbook Using a software program is a handy way to organize your finances. Whether it's Quicken(r), Microsoft Money(r) or another package, these easy-to-use programs make bill paying and bank reconciliation a cinch. Computer checks can be ordered almost anywhere and fit right into most printers. Once the checks are printed, all of the information is automatically recorded in your electronic checkbook. Furthermore, many banks have direct downloads into these software packages so when money is deposited or withdrawn, the transaction is entered immediately onto your computer. And, when it comes time to do taxes, it couldn't be easier. 6. Get Overdraft Protection Most banks have a service where, if you run the risk of bouncing a check, the money will come from another source. For a nominal fee, the bank will link your checking account to either a savings, money market, or credit card so the embarrassment of bouncing a check will be avoided. Call or visit your bank to learn about this convenient feature. 7. Cancel Unused Accounts Whether it's a credit card or bank account, write a letter requesting that the account is formally closed. Not only will this improve your credit score, it is a useful way to avoid money from being scattered all over the place. Don't let department stores and credit card companies lure you into opening new accounts by offering favorable interest rates and purchase discounts. It's easy for credit to get out of hand by taking advantage of every credit offer that comes your way. 8. Consolidate Your Accounts If you have several credit card accounts with outstanding balances, try to consolidate them into one. Be careful and check the balance transfer interest rates and one-time fees. Also, make a list of all your open Money Markets, Savings, CDs, IRAs, Mutual Funds, and other accounts to see if any consolidation can be done. Keeping your money in fewer places eliminates all of the guesswork involved and reduces errors. 9. Establish Automatic Savings Create a link from your checking account into a savings account that will not be touched. This can usually be done through the banks and automatic amounts will be transferred over each month. Most people will not put money into a savings account on a regular basis. They may wait until a large tax refund check arrives or some other event to actually deposit money into savings, retirement or other accounts. If you establish an automatic savings deposit every month, your accounts will begin accumulating money faster than you think. 10. Clean up Your Files Make sure your paid bills are organized in a filing cabinet. Keep individual files for paid bills. Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing purposes. Contact your local IRS office to see how long records need to be kept for audits. Usually federal tax return audits can be done three years back but cancelled checks may need to be kept for seven. Consult the Internet for auditing and records-keeping procedures for your state or region. (c) 2005 DebtGuru.com(r). This article may be freely distributed as long as the signature file and active link are included. About the author:Michael G. Peterson is the Vice President of American Credit Foundation, an IRS 501 (c)(3) non-profit consumer credit counseling organization that has assisted thousands of individuals and families with their financial situations through seminars, education, counseling services, and, debt management plans. For more information, and free consumer resources visit http://www.debtguru.com. Written by: Michael G. Peterson

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Credit Card Hazards That Can Cripple Your Finances

You are pre-approved! Every time I check my mail there is at least one or two pre-approved credit card applications. You get them too, I'm sure. You can even have terrible credit and they still continue to flood your mailbox. And if you just filed bankruptcy you will get more of them than you know what to do with! Credit card debt is so easy to get into--over and over again. Most people don't feel like they are spending real money until the bill comes, and then it's too late. The credit card companies know how to make it very tempting to fall back on any good habits we've created and just spend away. It's hard to get away from, but we have to resist temptation. When establishing good credit, one of the things we're told to do is to get a credit card and then use it to spend wisely. Experts advise us to pay our bills on time and not to exceed the credit limit. However, no one really talks to us when we get that first card about how easily and quickly we hit that limit, or how easy it is to miss that first monthly payment. Once you get behind, it can be really hard to catch up. Oftentimes, credit cards come with introductory interest rates that are nothing or very low. But many times, those rates soon change and you can find yourself with a full balance on your card with an 18 or 20 percent interest rate! That interest rate can then put you over your limit, if your not paying at least the minimum payment, now making you susceptible to over-the-limit fees. Before you know it, you are getting bad reports on your credit reports for credit card debt on a card that you haven't even had very long. Unfortunately, when times are hard, abusing credit cards is all too easy. When the economy is bad and cash is tight, it is all too easy to put your daily living expenses on your credit cards. If there is any kind of pattern like this in your credit card spending, it can build huge credit card debt pretty quickly. If you are not making your credit card payments, the credit card companies do inquiries to verify your address or other information. Every time they make an inquiry on your credit report, it makes you look like even more of a high risk, further worsening your credit history. All the credit card debt on your report, even if some of it is good, can make you look high risk for car loans or mortgages - especially if any of those cards hold high balances. Even worse, that bad credit report can keep you from renting an apartment or getting a job that requires a background check. So keep in mind, as tempting as it may be to pay with a credit card, choose the "debit" option next time. It's normal to risk it all when times are tough, but doing so creates more problems later that can take you years to fix. Credit card debt has long term risks, but if you use credit cards wisely, you can build credit that brings rewards instead. About the author:If you would like to get more credit information you can visit our website which contains many credit resources. http://www.my-credit-report.info This article is copyright 2005, but can be freely reprinted, as long as no changes are made, including hyperlinks.
Written by: Dave Robinson

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A Guide to Bad Credit Finance Options

Have you been trying to find out what bad credit finance options were available? Perhaps you're in the market for a new car or truck, but aren't sure if you can find a dealer or lender who'll offer you a bad credit finance?You shouldn't worry too much about bad credit finance options, because there are several financing options available regardless of your credit history… some of them charge higher interest rates or require some additional security, but in the end may be just what you're looking for. Vehicle financing If you're looking for a bad credit finance for a new or used vehicle, your best option is most likely going to be to visit a finance company as opposed to a traditional bank. Some finance companies are more likely to offer bad credit finance options for vehicles than others, and the financing will usually depend upon the type of vehicle being financed, where the vehicle is being purchased from, and what sort of insurance and driving record you have.Other factors that will be taken into consideration include your annual and monthly income, any cosigners that you might have for the loan, and any recommendations or referrals that you might have. Home financing Finding someone to offer you a bad credit finance for a house or other real estate can sometimes be tricky, but generally real estate shouldn't be too difficult to finance.Major factors in getting a mortgage lender to approve you for bad credit finance options include your income, any insurance that you will purchase for the house or real estate, the amount of a down payment that you're willing to offer, and any references of former landlords that you can offer.Mortgage lenders for bad credit finance loans can be found online, at finance companies, and at some real estate and property management services. Other financing Should you be seeking bad credit finance options for other items (such as collectibles or electronics), you might find your search to be a little more difficult. Smaller and less valuable items are often harder to repossess and find buyers for than vehicles and real estate, so many finance companies are hesitant to lend money to people with bad credit in order to purchase these items. Instead of financing, you might want to consider other venues for bad credit loans (such as auto title loans and the like) to get you the money that you need for your purchases. Some lenders will offer financing for these items, though, but the only way to find out is to see for yourself. Should you be rejected, asking for a reference as to where to find financing might point you in the right direction. You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website. Written by: John Mussi

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