Category Financial Services

Why Do You Need Proper Bookkeeping Services?

Financial services are part of any business and should get proper attention. However, it is often difficult to focus on finances and overlook other areas of business development. Besides, you may not be an expert in bookkeeping, which is why you need the services of a qualified Joondalup bookkeeper.

Experts say that without proper bookkeeping, you are in the dark as a business owner. It is impossible to determine whether you make profit or loss with your business. Any smart business should embrace proper bookkeeping services and if you are in Joondalup area, you should start by consulting a reliable Joondalup bookkeeper. The following are some of the benefits of professional bookkeeping:

 

It Leads to Better Cash Management

 

Cash management could be tricky if you lack the knowledge in bookkeeping and accounting. However, it comes with greater benefits, especially when you involve a professional to handle that area. For example, if you engage a reliable Joondalup bookkeeper, you could hand over the duties to a professional with a T-shirt for it. Major services performed here include:

 

  • Managing customer accounts
  • Managing supplier accounts
  • Creating budgets
  • Tracking payments and deposits

With proper bookkeeping, you can account every penny that you spend on your business.

 

It Leads to Making Strong Business Decisions

 

With proper records on expenses, income, suppliers, and others, you can make smart business decisions to take your business to the next level. A reliable Joondalup bookkeeper should help you discover new opportunities for business and new ways to reduce spending. For example, your bookkeeper might suggest that you stock more red socks instead of blue, as this may increase the sales by 50 per cent. Such ideas are meant to improve your business following the proper records kept by your bookkeeper. Besides, when you consider applying for a business loan, your records will come in handy for your lenders to use in approving or rejecting your loan applications.

 

It Leads to Compliance Benefits

 

Regardless of the type of your business, it has to comply with the tax laws. When you engage a qualified bookkeeper in Joondalup, you can pay your domestic taxes on time to avoid any penalty that might affect the operations of your business. If you need more information on reliable and best Joondalup bookkeeper, you can try visiting the website http://www.mybookkeeper-perth.com.au/.

 

Proper Bookkeeping Leads to Reduced Business Risks

 

Once you involve a qualified bookkeeper, you can have your records straight and be able to detect any fraud or misuse of funds. These two risks are common in businesses where employees and partners are involved. With an honest bookkeeper, you can be able to detect suspicious dealings and offer appropriate solutions before they get out of hand. Click here My Bookkeeper Perth

 

For example, if your company pays some ghost workers, the records in the bookkeeping department will have the evidence. Remember to work with an honest bookkeeper to provide a clear reflection of how your business works. Like other professionals in your business, the bookkeeper’s position is one that you cannot afford to miss.

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Considerations When Seeking Financial Advice Online

Getting free online financial advice sounds like a good idea. But like most of the things you find on the internet, not all of them are from reliable sources. It is therefore your responsibility to research where the advice is coming from before you adapt it into your current financial situation. You want to avoid the situation wherein you take a financial advice and turn a bad situation into something worse. Since you got the advice for free, the advisor won’t be held accountable for it.

If you are having second thoughts about getting free online financial advice, don’t let it dampen your spirit. Just because one apple is bad, that does not mean the whole bunch is. It is all about finding the best sources for financial advice. It is not easy but you have to put in the work if you want to get the information you need for free.

If you are trying to determine if an online financial advisor is the best route to improving your financial situation, here are a few things to consider.

Level of Advice Needed

When you get free online financial advice, don’t expect to get comprehensive information about how you can improve your current financial situation. Most financial advisors offering free advice online will only give you generic advice with minor consideration on your unique situation and needs.

On the other hand, if you have a massive investment portfolio with a seven-figure amount on the line, a robo-advisor is certainly not the best place to seek out financial advice. You want a more dedicated financial expert to look into your investments and help you make decisions based on the information at hand. Leave online financial advice and help to those who have a more modest portfolio or require help with basic financial planning.

Quality of Source

There are several online financial advisors but they are not the same. This is the same with traditional financial advisors too. For both of these types of financial advisors, there are several factors that can impact the quality of the financial advice you get such as the amount of compensation, types of clients they have worked with, and the area of expertise. The area of expertise is one thing that you should look more closely into. The world of finance is extensive and there are several aspects to finance that you should know about.

What’s Behind the Advice

When you pay a financial advisor, you can dictate what their intentions are. But when you get free advice from an online source, it becomes tricky. It is incumbent to do your homework about the online advisor before taking advice from them. Make sure you know their personal motives and their track record in the industry. You can ask questions or conduct your own research about the methods used. The more you know, the better you can utilize the information you get.

Seeking help from online financial advisors is neither a good or bad thing. It is up to you how you use the information, as with most other information you find online.

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Debt Agreements Will Stop the Stress

Are you being squeezed hard for your debts? With Australian debt agreement, you can get the needed reprieve from your creditors and stop them from calling or harassing you. They are generally a compromise for many Australians who are considering filing for bankruptcy and allow you to bring your debts to manageable levels. They remove a headache by allowing you to make a single payment for all of your debts.

Debt agreements are generally a great option for the low-income earners whose debts are spiraling out of control and are unable to pay up all the money that they owe while not wanting to go bankrupt. Debt agreements are not without consequences and sometimes, these consequences can be long term, limiting your ability to get credit in the future.

It is prudent to consider this option only after you have exhausted other debt resolution options. When you are planning to enter into these agreements as an option to break free from debt, make sure that you clearly understand the terms of the agreement as well as the effects that it will have on your financial security and eligibility for future credit.

What to Keep in Mind When Considering a Debt Agreement

A debt agreement is an excellent option for people of assistance to people in need. Before you get into these agreements, make sure that you have analyzed all your options and determined that this is last your resort before you file for bankruptcy.

Some of the options available for you include talking to your creditors so that they can give you additional time to pay your debt or renegotiate a suitable payment plan. There are certain creditors who might amenable to accepting smaller payments as settlement for a debt which will relieve the financial pressure off your back.

When exploring these options, you can decide to get in touch with your creditors directly. Alternative, you can contract a debt counselor to help you make sense of your debt and suggest some viable options that you could consider. There are financial services advisors who can even talk to your creditors directly and assist you with proper budgeting. They can also direct you to the proper channels for government assistance with your debts such as the Australian Financial Security.

It is important to keep in mind that the debt agreements will not help you with all kinds of debt. There are certain debts that are not covered by debt agreements.

How a Debt Agreement Works

The website for Australian Financial Security Authority contains information on the eligibility criteria for debt agreements.  You can contract a competent debt agreement administrator to assist you with the details of the application and to help you with the preparation of a proposal for a debt agreement.

Once you submit a proposal, it will be sent to all of your creditors and they will vote on whether to accept or reject the proposal. If the majority of them accept, the agreement will get into force and all your creditors must accept the terms of this agreement. For more details, just visit http://www.debthelpline.com.au/.

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4 Budget Cuts to Avoid When Paying Off Debt

If you are going through a credit repair process and managing payment for debts, your first step is to cut down on your living expenses and budget. This will enable you to allot more of your money to paying off your bills and debts. This is a smart way to go about your quest to becoming debt-free. However, there are instances wherein consumers go too far to reach that budget cut. There are some aspects of your life that you can do without (such as shopping and dining out) and there are others that you cannot afford to compromise.

To find out what areas of your life to impose a budget cut on and what you shouldn’t, a professional credit repair Australia advisor can help you out. To get started, here are budget cuts to avoid at all cost, regardless of how big your debt problem is:

Current Debt

This might seem like an obvious point but a lot of people overlook their debt when creating budget cuts. To be specific, some people are unable to keep track of their loans and debts that they are unable to manage their finances well enough. This could be disastrous since you could forget to pay some of your debts, resulting in higher interest rates and penalty charges that are adding to the problem. Write down your debts in a spreadsheet or piece of paper so you know exactly how much you owe, to whom and when they are due each month. Avoid cutting off your debt payment and make it your number one priority during payment schedule.

Fixed Expenses

This is where prior budgeting comes into play – you want to be able to know exactly what you need to spend on in order to survive day by day. The fixed expenses include food or meal allowance, utility bills, transportation and medicine, and so on. These are expenses that you cannot live without. Therefore, you should not cut them off your budget list.

Emergency Funds

When you are undergoing credit repair help, you tend to put all of your focus on your overwhelming debt. This can cause you to overlook your basic essentials such as emergency health care. Financial experts have always insisted that you should always maintain an emergency fund. The same is true (and even more so important) when you are going through credit repair. You want to be able to have enough money available for emergency situations.

Savings

The savings component of your monthly budget should be separated from your emergency fund. Your savings represent a portion of your money that you set aside, either for a project or things you want to treat yourself to. Meanwhile, emergency funds are created for a more specific purpose. Even though you want to put in as much on your debt payment as possible, you still have to set aside some money for savings.

Credit repair is a long and tedious process. But if you want to regain your status of financial freedom, you need to be highly patient about the entire process. In the end, you will reap the benefits of living life free from debt. For more details, just visit https://www.debtmediators.com.au/credit-history/credit-repair.

 

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Evoque: Your Trusted Hard Money Lender

There comes a time in life when one desires to invest in a certain business or a dream home. Your hopes and dreams aren’t valid until you do not have enough savings to make the investment. The first thing many do is go to their local bank to find out if they qualify for a loan. However, even though you qualify for the loan, it may take ages to be processed. In such a situation where you need cash immediately for an investment venture, the best thing would be to look for hard money Los Angeles Loans by Evoque Lending. They are an example of a service that would help you finance your investment with hard money loans which are normally approved really fast helping you realize your dreams fast enough.

What is a hard money loan?

This is a short term loan with real estate as security. They are normally funded by private investors for about twelve months with possible extensions from two to five years. This loan requires interest payments of interest only or interest and principal with a large payment at the end of the term. The hugest advantage of this type of loan is that the amount of money lent is primarily based on the value of subject property set as loan collateral.

Why consider a hard money loan?

Quick Loan Funding: Hard money loans are usually processed within a maximum of two days. This is great turnaround time which is great in the real estate business.

Interest Rates: In the hard cash loan business, interest rates normally vary from one area to another. While the rates may be higher than those of the banks a great thing to note would be that many bank loans are taken over a very long time. This could mean paying more money though the interest rates are lower. Another point to consider would be the area you take the loan at. If there are many hard cash lenders in your area, there is a perfect competition in the business. This in turn causes the lending companies to have relatively low interest rates which are always attractive to anyone seeking to borrow.

Less Stringent Rules: Hard cash lenders normally have less stringent rules since they are usually more concerned with the amount of equity the borrower has in the property being used as collateral. This means that no matter what credit score you have, you can get access to a loan when you need it.

How to Locate a Hard Money Lender

Google Places: The first way to start looking for a hard cash money lender is to search Google where reputable business owners are listed. List all the ones you get and start contacting them one by one. This way, you should be able to get at least three that you can visit and get to know more about.

Real Estate Investor Club Meetings: These are a great way to get to know about reputable hard money lenders. Los Angeles Loans by Evoque Lending experts advise that you attend some of these to make an informed choice in a lender.

A good investment should not be out of reach no matter your circumstance. Consider Los Angeles Loans by Evoque lending to make you successful.

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Why you might want to consider debt consolidation

Debt consolidation refers to the debt solution where all your outstanding debts are merged into one so that it is a single debt. This is usually helpful in saving money when you calculate debt owed versus the pay you will have to make. Also it makes the whole process of debt repayment much easier. Debt consolidation can take place in different ways. However, it may not suit every borrower that has a debt burden. This article takes a look at debt consolidation as a solution to the debt payment crisis affecting many people today.

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Benefits

There are benefits to consolidating loans. First is you eliminate multiple payments, and thus you improve as a person or as an organization. Then, you reduce the monthly costs. Calculate debt consolidation rates you will pay and compare with what you are currently paying on these loans, and you will realize the money-saving  aspect. Additionally, the headache of having to deal with many creditors is eliminated. Thus all you have to stomach is one creditor. Most important in loan consolidation is the risk of negatively impacting your credit score becomes significantly reduced.  Besides wouldn’t life be much easier when you make just one monthly payment as opposed to several?

The process

After determining that debt consolidation is the best solution for you, the next thing you should do is gather as much information as regards to your lender as well as the loans. After this, determine the debt that you would like to consolidate because sometimes a company may have four loans and would prefer consolidating three while paying the fourth in full amount. You should then compare your current situation to the benefits of consolidating so that you know if it’s worth it. You can do this using debt relief calculators. Finally, find a consolidation lender.

When to consolidate debt

People who have credit card debt that generally comes with very high interests are great candidates for this. They are also great for people who are capable of maintaining current repayments and are just looking for a better deal. Also they could be useful for people who have significant assets but cannot meet debt repayment because of low income, especially when the income situation is only temporary.

Avoid multiple credit accounts

 You will find many borrowers opening another line of credit to meet their obligations, which is a mistake as  having too many credit accounts can not only take so much of your precious time to manage but will also bring with it potential problems in the future. Therefore, even after you work out your debt and consolidate, reduce the number of open accounts that you have.

You can consolidate loans by yourself or use the services of a company but what remains a fact is the benefits are immeasurable. The low interests, dealing with a single lender among others are just some of them. Use a debt calculator to calculate debt and compare the benefits you stand to benefit from with debt consolidation and then take the step.

For more information, visit at https://www.debtmediators.com.au/calculators/

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