How to Effectively Manage Essential Business Expenditures

Keeping track of essential business expenditures ensures that you do not overdraft your account. Good management also ensures that you do not pay too much. These four tips will help you to manage your business expenses and keep your accounts up-to-date.

Get on the Budget Plan for Utilities

Find out if your utility service offers a budget plan. This plan estimates your average monthly usage of natural gas and electricity. 

You pay the same amount each month rather than a big winter heating bill and a low autumn bill. 

underestimate. You get a refund if your budget was an overestimate. 

Roofing for Your Business

Putting a new roof on your business is a considerable but necessary expense. Professionals, like those at Acoma Roofing, Inc., know that an asphalt shingle roof lasts for about 20 years. 

If your business is in a large building, consider a metal roof. Today's metal roofs are attractive, energy-efficient and last for about 50 years. It is worth the price of paying for quality materials and experienced roofers. 

You may be able to get a discount by having your roof replaced during the off-season or paying cash instead of credit.

Establish a Repairs Fund

If you do not want to deal with having to suddenly come up with the cash to pay for a huge repair bill for your business, establish a dedicated repairs fund. 

In general, you should put 1 to 2 percent of the building's value into the repair fund each year. If the building is worth $1,000,000, then a $15,000 annual repair fund would be average. 

Split into 12 months of payments into this account, this could be a more manageable situation for you.

Use an Electronic Budgeting System

Consider implementing an electronic budgeting system for your business. This allows you to accurately keep track of your quarterly estimated income taxes, payroll taxes, invoicing and operational costs. 

You could link this with your banking accounts so that you can have up-to-date information about your account balances. You may also wish to set up alerts when your business checking account falls below a certain level.

Having a repairs fund, doing research and getting recommendations will help you to manage repair and replacement bills. 

You can also look to electronic solutions for keeping track of your business expenditures. Keeping accurate logs of your income and expenses are keys to succeeding in your business.

6 Easy Ways to Get Small Business Expansion Loan Online

Innovation and technology have led to a radical change in India’s financial services segment. Many SMEs still head to traditional banking institutions for a loan. This is mainly due to the lack of awareness of available options.

Why Choose Online Loans for Small Businesses

Raising a loan for a small business from traditional financing institutions can prove be a highly tedious and stressful task. 

It typically involves making multiple visits to the bank, submitting endless amount of paperwork and waiting for months for a response regarding the approval or rejection of the loan application. 

Traditional financing institutions are apprehensive about approving loans for a new business or for the SME segment. Thus, they have stringent eligibility criteria and the requirement of collateral, making it very difficult for small businesses to secure loans.

Against this backdrop, SMEs and new businesses had no choice but to approach unorganized moneylenders to overcome their cash flow issues or to fund their growth. These moneylenders charged exorbitant interest rates, severely hitting the bottom line of the borrowing enterprises.

With advancements in technology, FinTech lenders entered the financial services segment, offering a plethora of options for business loans in India. 

The country recorded a whopping $1.77 billion in FinTech investments between 2014 and 2015, according to figures released by Inc42’s FinTech Market Report. 

Although these figures highlight the growth of India’s FinTech segment, there is room for phenomenal growth in the near future, says an article published by FICCI on February 9, 2017.

These FinTech firms are not only making collateral free loans available for small businesses, they are ensuring that the entire process of loan application, screening, approval and repayment is easy and fast. 

Small and new businesses can now apply for a loan online, by filling up a simple form and uploading relevant documents. While the loan application process takes a few minutes, the approval comes through in a matter of days. 

FinTech lenders have introduced new and innovative loans for small businesses that are more aligned with their requirements and have set repayment terms that these businesses can meet conveniently. 

Ways to Secure the Best Online Loan

1) Get Your Business Finances in Order: It is important for new and small businesses to be organized about their finances. Having a good business plan in place and maintaining proper accounts would help you determine your loan requirements more accurately. 

Securing excessive loan amounts would result in unnecessarily higher interest payments. On the other hand, securing too small a loan amount would not solve the liquidity problems that businesses often face. 

Thus, a business owner should be clear about the financial position of the business, the working capital gap, the amount of funds required to be raised and for what duration. 

Having the finances in order also helps when making a loan application. A potential lender can check whether a business has viable operations and has the potential to grow if the accounts and business plan are clear. 

Therefore, being organized with the finances helps to get an online loan faster and at more appropriate terms.

2) Get All the Documents Ready: The application for an online loan can be highly convenient and quick, provided the applicant has digital copies of all relevant documents ready. 

The loan application should be accompanied by copies of documents that prove the identity of a business, its financial statements and proof of taxes paid. These documents not only make the application process smoother, but also help avoid any kind of delay or rejection.

3) Maintain a Good Credit Score: Your business may be too small or too new to have a formal credit score. 

In such situations, the credit score of the business owner or the main people managing the business comes in handy. A bad reputation or a poor credit score may hinder the chances of securing a loan for your new business. 

You can improve your personal credit score by repaying personal loans on time, not delaying on making bill payments, including credit card payments and utility bills.

4) Choose the Right Lender: It’s important to research online before making a decision regarding the lender. 

A good lender would have associations with credit card companies, point-of-sale service providers and online shopping sites. You can research about the credibility of the management team, as this would give you a good idea about the company.

5) Choose the Right Product: Research online to know all the features of the various products offered by the FinTech lender you have chosen. 

Different financial products are suited for different business needs and models. For instance, if your business has a presence on online marketplaces, you can choose a product specifically for this. 

In case most of the payments to your business are done via credit cards or point-of-sales machines, you can opt for a product that relates loan repayments to the receivables. Alternatively, a business can choose a product that offers a rolling credit facility.

6) Look for Hidden Charges and Fees: A good lender would provide absolute transparency into all fees and charges. You can search for relevant information on their website to ensure this.

Online loans have bridged the liquidity gap for small businesses. FinTech lenders have simplified the complete process by using alternate data, like tax information, Aadhar card details, bank statements, social profiles of businesses and their owners to determine creditworthiness. 

While lenders are speeding up the process on their end, small businesses can also take the necessary steps to ensure a smooth loan application process.

Saving Money At Home: How To Cut Living Costs In Half

People can live on far less than they think. Clever tricks and tips can help reduce home monthly costs by at least half. 

You could be spending significantly more in your own home per month than you really need to. 

Luckily there are tons of great resources out there to help you save money and still get everything you need for your home and family. Consider these options, and think of other ways you can reduce your living costs. 

Used Clothing Sites

Jeans and other types of clothing can be expensive. Certain websites have gently used clothing items, and they sometimes have items that were donated and were never worn. 

It’s possible to get a pair of jeans for as little as $6. This is extremely useful for parents of small children who outgrow their clothes quickly or for pregnant women needing maternity clothes. This is an excellent way to save money on designer clothing as well. 

Reduce Energy Costs

Air conditioners seem like they’re more expensive than they are. This is mostly because owners do not get regular maintenance for their units. 

Regular maintenance from a company, such as Edge Guys HVAC, can help to drastically reduce energy costs. Another way to lessen energy costs is to raise the thermostat during the warmer months and use ceiling fans. 

Ceiling fans can help the temperature of a room feel eight degrees Fahrenheit cooler than it is.

Ditch Natural Gas

Opt for a pellet stove or a simple wood stove. Making modifications for either in the home is not troublesome. 

A used pellet or wood stove can be bought for a couple hundred dollars, which could easily be spent for one month of heating using natural gas. Large bags of pellets range from $5 to $10. 

Wood can be purchased a variety of ways. One of the best ways to get wood is to invest in a chainsaw and obtain wood permits. It’s possible to heat the entire home during the colder months between $200 and $300.

Groceries

Use weekly ads to shop for groceries. This leads to many deals. Use manufacturer coupons and store coupons where possible. 

Sometimes, it’s possible to use these coupons together. Focus on getting “buy one, get one free” items. Sign up to become a member of several stores to get points and other rewards. This helps to save money on gas and other purchases.

Saving money is not difficult, but people have to remain informed to keep up with the times. 

The internet is great resource to find out which options are available; however, so is word of mouth. Ask how others save money to develop a similar lifestyle. The same dollar cannot be earned twice, but it can be stretched and pulled in numerous ways.

4 Easy Ways to Save on Things You Need to Buy Anyway

When trying to save money, you probably frequently go without things that most people perceive as luxury items, such as gourmet coffee, dinners at nice restaurants, and tickets to plays or cinema showings. 

However, how can you continue to save money when it comes to things you must buy?

Use Apps That Help You Find the Lowest Prices

If you’re buying things like gas for your car or groceries for your household, don’t just get those products anywhere. 

Take a better approach by downloading a few apps that give you insight about the cheapest places to buy the things you need. There are some that even pay you to buy groceries.

Stock Up During Limited-Time-Only Sales

Many stores advertise low prices for products and specifically mention that they’re not associated with a special offer, meaning the items will cost that much even a few months from now. 

However, limited-time-only sales are very popular too. Merchants like them because they stimulate the desire to buy, and shoppers gravitate towards them because they love being able to get the things they need for less.

Keep an eye out for the sales that occur during a short span of time. In many cases, they’ll give you opportunities to take advantage of buy-one-get-one-free offers. 

- A Millennials Guide to Saving Up To Move Out -

If a promotion like that applies to a kind of dish soap you always use, but you’re not quite out of it, it’s still smart to buy the soap while the special offer is in effect. After all, extra dish soap is easy to store under the sink or in your pantry.

Join a Membership-Based Warehouse Club

You may also find excellent savings on things you need to buy anyway by deciding to join a warehouse club that’s only open to members. Costco is one of the most well- known stores that requires membership. 

Warehouse clubs like Costco often sell items in bulk for less than they’d be if you bought smaller quantities of the products.

Furthermore, they tend to have their own brands of some products, and those versions have especially attractive prices. 

Joining a warehouse club could help you save money, plus introduce you to new varieties of things you wouldn’t have known about if you weren’t a member.

Buy Your Insurance From a Local Representative

The internet makes it easier than ever for people to do things independently. From booking hotel rooms to purchasing insurance, those are just two of the many things that can be done online rather than relying on professionals.

When it comes to insurance, though, it’s a good idea to get your coverage from a local insurance agency instead of taking a do-it-yourself approach. 

Your insurance specialist can match you with an affordable plan that’s right for your needs, whether you need coverage for a car, your home, or your health.

The insurance representative can also explain all the benefits that are included within the scope of the coverage. The more informed you are, the more you should feel like your insurance is money well spent.As you can see, spending less on essentials isn’t impossible. In fact, you can start doing it today.