Category: Finance

Small business owners frequently try to do everything themselves in an effort to save money, but also to control everything that happens with their business. As the saying goes, ‘if you want something done right, do it yourself.’ However, there are some things that would be better left to the professionals and payroll would come under that heading. It can be so time consuming, especially if you have part-time employees and you really don’t want to be late with their salaries.

Getting a qualified accountant to take care of your payroll in Ashford is the smart thing to do and it gives you more time to concentrate on the business and generate more profits. The advantages to using an accountant for payroll are many.

1. A good payroll accountant will not only take care of wages, but also the taxes that are associated with them. You do want to be falling behind in your tax payments which may encourage a government audit.
2. Salaries can’t go out late because if this happens, you will have de-motivated your employees and your staff turnover may be high as a result. Your payroll accountant will make sure that everyone is paid on time.
3. Your accountant will also keep the necessary records of all salaries paid and all benefits due to your employees, if any.

Accountants are there to help you grow your business and they also are on hand to give you any advice regarding your business choices. They have extensive experience in the business world, so use them.

Years of popularity have made MCAs one of the favorite alternative sources of commercial funding for the micro-business owner when the time comes to seek additional finances.

But gone are the days when rushing for a merchant cash deal meant getting affordable financing. Some lenders have shifted focus to the money-making aspect of the business, forgetting to consider the microbusinesses they previously intended to assist. In other words, your MCA deal could be a minefield and not a gold mine as you would love it to be.

What’s an MCA Anyway?

A merchant cash advance, in the simplest terms, is a form of funding where a financer gives a lump sum of cash (up front) to a business-owning merchant in exchange for a portion of his/her businesses anticipated credit and debit card sales.

Repayment takes place in the form of daily deductions off a merchants card sales. The lender remits a previously agreed-on percentage from your day’s sales.

Instead of APRs, MCAs have a factor rate ranging from 1.2 to 1.5. To get the amount repayable, work out (Factor rate x Lump sum amount). Depending on your source, a cash advance may also come with other related costs- which you must ask your lender to specify.

It also helps to learn that the better your credit score, the lower your APR because the lender sees you as capable of settling the debt, and vise versa ( a high factor rate means you pay more for the funding). Also, because you must pay daily, the longer you take paying, the more you pay in fees.

3 Things That Could Make Your Merchant Cash Advance Expensive

As we said earlier, there are several reasons to approach MCAs with caution. You don’t want to dive into a deal when industry watchdogs are pushing for merchant cash advance regulation.

• Exorbitantly high APRs. Though they come with factor rates, converting this digit to an APR can give you a clearer picture of what your cash advance costs. If possible, use an online merchant cash advance calculator to do your math right.
• Large per-day payments. Though you should repay based on how you earn, if your credit card sales go on as predicted or even go up, you could end up paying more per day in settlements. High per day payments can ruin your cash flow because APR depends on how quick you repay the MCA.
• Risks of a Cycle of debt. Taking more and more of this expensive form of funding could lead to cash-flow problems putting you at the risk of defaulting debts.

MCA Regulation: Why The Industry is Unregulated and How to Stay Safe

Because of its nature, as a sale and not a loan, MCA firms have managed to dodge federal regulations controlling loans.

Only a few state laws tried to pass usury laws inhibiting merchants from charging exorbitant interest rates until a 2016 ruling by a New York State Judge concluded otherwise. The ruling stated that “as long as an MCA is not a loan, all companies offering the product are not subject to usury laws.

In other words, the fact that MCA providers aren’t classified as lenders means they are operating in a highly unregulated sector where every player can set rates as they wish.

However, of late different agencies like the Federal Trade Commission have been speaking up for small businesses and working to pass drafted laws intended to regulate the Industry. For now, merchants can take the following steps to stay safe when seeking MCAs.

• Scrutinize the cash advance provider.
• Convert the pricing model from the Factor rate to APR.
• Seek the advice of a trusted financial consultant.

Wrapping Up

Now that you know every potential danger of using this new method of getting commercial financing to take care not to be caught unaware. It is best to walk into a deal only after digging deep into its details.

Author Bio: As the FAM account executive, Michael Hollis has funded millions by using merchant cash advance ISO solutions. His experience and extensive knowledge of the industry has made him finance expert at First American Merchant.

Buying a house has never been this easy – and affordable. Before, you need to put down at least 20% cash to avail a home purchase. But now, you can become a proud homeowner even if your budget for the down payment is less than 20%.

By availing one of the different mortgages available, you can now afford to buy a house. Let’s take a peak on three of the common home loans out in the market.

FHA Mortgage Programs

FHA insures some of the most affordable home loans we have nowadays. By applying for FHA Loans Midland Texas, you get to make your American Dream of owning a house a reality. Such mortgage accommodates first-time homebuyers who have at least 500 FICO score.

For homebuyers with a credit score between 500-579, you’ll need 10% down payment. For example, you plan on buying a house worth $250,000. You’ll need $25,000 down payment. For those with a FICO score of 580 or higher, you can avail the mortgage with 3.5% down payment. This means you only need $8,750 down payment.

Another remarkable thing about FHA loans is that they allow down payments to be gifts. The funds that your mortgage lender will accept as down payment gifts may come from your relative, employer or friend – provided this is not a loan. The funds need to be in your bank account for at least three months before your FHA mortgage application, and proper documentation is required as your lender will verify the authenticity of the gift.

Good Read: The Rules for Documenting Mortgage Down Payment Gifts

USDA Loans

The US Department of Agriculture offers this type of mortgage for homebuyers in rural and suburban areas in the US who have low to moderate monthly income. This means if you plan on buying a house in metropolitan areas, then USDA mortgage is not what you need. While the home you’re buying needs to be in a USDA eligible location, almost 97% of the country is USDA-approved.

Such mortgage is less expensive than other home loans thanks to its zero percent down payment and cheaper Mortgage Insurance. This means you can apply for a USDA loan and the mortgage will finance up to 100% of the home value. This way, the excess funds will apply to the closings costs.

VA Loans

For active and retired vets, one can apply for VA loans made available by the Veterans Administration. They require no mortgage insurance and zero down payment. Such home loan has no prepayment penalties and has lower average interest fees compared to other home loans. This makes it an excellent mortgage program for first-time homebuyer eligible for VA Loans.

Recommended Read: VA home loans: Everything America’s military veterans need to know

The appraisal for a VA loan does not guarantee the state of the house you’re buying. This means it is not a home inspection that will tell you the condition of the property. You’ll need to arrange for the home inspection so you can find out the repairs in order and negotiate with the seller.

If you’re in search of some of the most affordable mortgage programs out there, consider FHA loans, VA loans, and USDA loans. Know their pros and cons, see which mortgage you are eligible of getting approved and find a good lender who can help finance your home purchase.

It is fair to say that few things impact the world today quite like finances. Whether you love to obsess over every last financial detail or simply want them sorted so you can go on your way, it is certainly true that for individuals and businesses alike, money makes the world go round. It can also be dizzyingly difficult to get right with the staggering amount of tax codes and requirements out there. That isn’t even counting the broader financial obligations and requirements businesses have.

To keep track of it all and help you keep your balance while navigating the world of finance, you’ll want to work with the best accountants in Orpington.

Business Accounting

The best accountants specialising in business accounting can help ensure that your company’s finances are kept in good order. Among the most important services they provide are:

• The ability to quickly and efficiently balance books and keep your finances straight
• Payroll services to ensure that everyone gets paid on time
• Auditing services to help assess your taxation
• Assisting with filing your company’s taxes
• Assistance in closing deals

Private Accounting

In addition to all of that, the best accountants in the Orpington area can also provide quality private accounting work. They can help you take on your taxes, taking out the hassle of having to do them yourself. They can also help with more specialised financial goals, such as setting up trust funds for your children.

Get financial assistance from the best accountants in the Orpington area.

You can anytime have a hurdle in your financial assets. Sometimes these financial loans seem so far away when you have an appealing job getting your hand with a hefty sum of money.

In case, you find a conflicting task that needs to be taken care of financially and you get yourself delivered with no enough cash in hand. That is how you will end up needing a loan to pay off for the occurring money based purposes. The most trouble-free of all is to go and make contact with Dade Car Title Loans. Having to apply for some Dade Car Equity Loans gets you free from the queue of credit examining and a wait that needs a lengthy span of time.

The process through which you can effectively get your hands on Dade Title Loans is an uncomplicated one as well as fast-paced.

Our impeccable expert hand:

We have a range of experts on banking and loan methods. They will be smiling a rather gleeful smile with helping you out. We are more than concerned to have you cleared up if you get any turmoil or confusion residing in your mind.

All you are expected is to pick your phone us, dial us, and staying in the bounds of your assurance get us connected. The process of making to get your loan is a fast-paced and comfortable load. Plus, we are always happening here for you in the provision of any aid or help you might be in need with.

Get yourself free from hardships with Title Loans Dade:

We understand the spontaneity of hardships, that is how we have arranged for you a loan process that has the best pursuit. If somehow you get yourself drenched into a financial calamity and headed to the legitimate bank. There you will be asked to express the status of your employment and they will definitely get an approach on your credit scrutiny. People having possession of no wealthy amount of credit in their hands are occasionally told off by the banks.

However, individuals residing in Dade can get both ends essentially meet with Car Title Loans Dade, you can be aided with the required amount summed as a loan. As a matter of fact, no such credit history will be catechized. The gazillion people are already being helped and aided with us enrolling car equity loans. They seemed to have loans they will not be efficaciously finding a place other than Car Equity Loans Dade.

Procedure and points:

-One of the most pristine companies that make the provision of auto title loans come into the possibility.

– The company offers in the lowest rate collaboration in the lands and premises of Florida. You can give an eye of the 1.5 percent monthly scenario.

– You are all comfy to keep your vehicle as well as your borrowed money to yourself. Concerning the fact that we have a legitimate understanding that our clients might be having a vehicle so that they can be cozier in traveling.

– Don’t you go worrying for money for coming bounds, we are all here at your service.

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There is a growing recognition that demo forex account should be given to traders because all traders do not want to lose their money at the beginning. In reality, it would be really helpful for traders to experience the best demo account before using live account. This helps them fully understand forex market, forex trading platforms, and other important features. Nonetheless, it is crucially important that traders should opt for the suitable demo accounts because it helps them clearly understand the mechanism of forex trading market and enables traders to test their trading strategies.

1. What is forex demo account?

Basically, forex demo account enables traders to experience trading currencies without using their real money. It’s because traders will use virtual money to trade instead of using real money. Forex demo account often refers to “sim” account( short or simulation). When you trade with forex demo account, it feels like you are using your real money.

It is the fact that brokers want to get profits when you use live account Therefore, they decided to offer forex demo account.

2. Advantages and disadvantages

Traders have a chance to test trading conditions, trading platforms, and their trading strategies when it comes to forex demo account. In fact, demo account has some advantages and disadvantages illustrated by following points.

• Advantages:
• Practice trading without losing money: you will be able to place orders and execute trades effectively when you use forex demo account. It’s because demo account allows you to experience forex trading platforms.
• Improve your skills and techniques: demo account allows traders to find new strategies and techniques in order to improve their trading performance.
• Make decision whether you like trading currencies: Midnight and early morning are the time that popular currency pairs have the most volatile moves.
• Test a specific platform: Traders can test a specific trading platforms thanks to demo account. In addition, they can know whether their trading strategies are effective or not and make them create charts as well as make trades easily.
• Disadvantages:
• Demo accounts may be restricted in funds and duration: the best forex brokers offer demo account because they want traders to experience forex market. In fact, the funds are totally free but it exists only a short period of time. It’s because brokers want their customers to transfer to live account after using demo account.
• Real trading conditions are different: it is the fact that you only use virtual money when it comes to forex demo account. There is no evidence that there was a bid or ask meets your standard, a real trade would happened.
• Data may be delayed or different: you might trade with procrastinated data because not many brokers offer live data streams.
• You don’t learn the emotional cost of trading: when you use your real money in live account, it seems to be different. For example, losing $100,000 in demo account is not a big problem because the money is virtual. But if you lose 100,000 in live account, it will be a big problem because the money is real.
• You have to reveal personal information: it is because you have to provide your personal information such as name, address when you register an account.

Here are top 4 forex brokers with best forex demo accounts.

1. Exness accounts
2. Hotforex accounts
3. XM accounts
4. FXTM accounts

3. Conclusion

In one word, experiencing demo account is considered to be an effective way to help traders experience forex market without risking their money. They have many chances to test their trading strategies and create some effective techniques while they’re trading with demo account. However, you should not think that you will be successful when you switch to live account. When you use live account, you should pay much attention to trade execution because you are using your real money.