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February 2012 Archives
Feb8

A Guide to Effective In-House Debt Collection

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Before handing over delinquent customer accounts to a collection agency, many small businesses make their own attempts to secure overdue payments. How successful they are largely depends on the debt collection system they have in place. Knowing how to effectively collect outstanding customer debt is an important tool that will improve your small business cash flow and help to maintain the general health of your small business.

The following is a brief guide to effective, internal debt collection:

  • Create a clear credit policy. Outline the terms and conditions for establishing credit with your company, as well as the actions that will be taken when accounts are overdue. You should make sure to make this policy available to your customers, especially when an account is overdue, so that they know clearly what to expect.
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Feb4

When to Get Payment Protection

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If you have a credit card, then it is likely that you were offered or took out payment protection on the card. Although many people take out this insurance, there are few people who can benefit from it, and often you are just wasting money by having it. However, there are people who can benefit from the insurance and should take it out. If you are unsure about whether or not you should get payment protection insurance, then here are some tips to help you decide.

What is Payment Protection Insurance? 

Payment Protection Insurance, or PPI, is an insurance offered on credit cards or loans to cover your repayments should you not be able to make them. You are usually covered for unemployment, sickness and injury that prevent you from working. Your payments can be paid for anything up to 1 year, by which time your balance might well have been fully paid off.
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Feb3

Learning Effective Money Management

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Increasing wealth and net worth is about more then just making good investments or even “getting lucky”. The key to lasting wealth comes from good money management. Do you realize just how many people are millionaires? The numbers may surprise you. The person sitting next to you could very well be a millionaire. Your neighbor that lives across the street could also be a millionaire.

The most common misconception that most people have about the wealthy is that they always drive around in fast and fancy cars, take lavish vacations, and live on large estates. While that may be true of some people, but the majority of the wealthy live normal lives and go to normal jobs. The reason? They realize that uncontrolled spending can lead to uncontrollable credit and unfortunately as has been the trend, bankruptcy. There are several points that one could use to compare their wealth plan with their actions to see if they are truly heading in the right financial direction.

Do You Save? Sure everyone tries to save a little here and there, but to truly become a financial success a regular savings plan that is part of a well-balance budget. Saving money isn’t always easy. The advice of a financial advisor or even the use of money management software can help you plot a financial route. Planning for emergencies, educations and even mundane expenses should be part of a budget.
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Feb2

How to Legally Save Thousands of Dollars a Year in Taxes

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However, unlike individuals who work as employees for an employer, business owners actually have the “luxury” of choosing how much in taxes they pay each year by picking one form of business entity (sole proprietorship, partnership, corporation, etc.) over another. Unfortunately, the majority of business owners choose a business entity once (usually when starting out) then keep the same entity for the life of the business. This isn’t necessarily the smart thing to do.

While some companies can get away with sticking with the same form of business throughout the life of the business, countless others are just simply throwing money out the window by overpaying their taxes. For some small business owners, this “financial nonchalance” can actually cost an extra several thousand dollars in unnecessary and avoidable taxes each year.

If you are a business owner concerned about reducing your tax liability, here’s a way you can dodge the tax bullet by utilizing what’s known as a Subchapter S corporation:

First some background: When starting a new business most business owners focus on simplicity: that is, the less paperwork and regulations to contend with the better. What this means is that most new businesses start out as “unincorporated” entities such as sole proprietorships (73%) and partnerships (6%). While management and administrative costs of running the business might be easier and less expensive initially, the tax burden, especially the self-employment tax, can be anything but.
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