Acquire Financial Expertise for Your Bootstrapped Business

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Acquire Financial Expertise for Your Bootstrapped Business

Qualified financial advisors, such as bookkeepers, accountants, and tax preparers, are priceless for any business. Their budget-busting fees are often unaffordable for a bootstrapped business. Consequently, you must master the fundamentals, such as cash management, recordkeeping, and getting paid, in order for your business to survive and thrive. It is equally important to recognize the circumstances that require the assistance of a qualified financial advisor. There are free or inexpensive ways to acquire financial expertise for your business. The section below provides a few of them:

1. Hire a college student, who is majoring in accounting or finance, to perform bookkeeping or other accounting tasks on a part-time basis. He or she should have an understanding of the accounting process. You will create a win-win situation for both the student and your company. The student will gain relevant work experience at a reasonable hourly rate, while your company practices sound financial management. Contact local business colleges in your area to learn about their internship programs or job posting requirements.

2. Locate a business coach to assist you with learning financial management of your small business. Notice that I did not suggest that you find an expert who will perform services without proper consideration. Such a relationship will not last. Start your search for a coach by contacting the Small Business Administration (SBA) or Service Corps of Retired Executives (SCORE) in your area. Additionally, there are online business coaches available to assist.

3. Attend seminars and training classes to learn financial nuts and bolts. There are plenty of nonprofit and governmental organizations, such as the Internal Revenue Service (IRS), that offer relevant financial information to business owners. The IRS offers onsite and online training courses. Additionally, consider enrolling in a tax school sponsored by one of the national tax chains. Many of these schools are free to attend or require a small fee for books and materials. Make it your business to learn basic tax laws and tax preparation skills.

4. Participate in relevant Blogs and online forums in order to learn from your peers. Do not minimize the benefit of sharing experiences and knowledge with other bootstrappers or coaches. You just have to get involved.

5. Increase your financial literacy by reading relevant information about starting and operating a small business. Make an effort to locate information that targets bootstrapping, since this form of entrepreneurship has its own challenges and rewards.

There are additional options that can be pursued to acquire financial expertise for your bootstrapped business. The list above is just a smart start. Before you decide to take advantage of them or other alternatives, understand their limitations. In general, the alternatives should not be used to replace the real contributions of a compensated financial advisor (when applicable). As a matter of fact, there are circumstances that should not be handed off just to save a few dollars. Examples include setting up a computerized accounting system, systematizing the accounting functions, appraising a business, bringing in a partner or investor, planning the purchase of capital assets, and answering queries from the IRS and other authorities. Of course, a bartered transaction between your business and a financial advisor to save money is okay. You just have to make sure the exchange is equitable.

Before you bootstrap your next big idea or continue with your current enterprise, take care of the fundamentals first. Learn to become an expert in small business financial management. There are free or inexpensive opportunities to assist you. Where you lack in experience or access, be willing to hire a qualified financial advisor. Ultimately, you are increasing the chances of your business succeeding.

Accounting and Finance as a way to start a new career, not just a job

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Accounting and Finance as a way to start a new career, not just a job

Do you love what you do?
One of the biggest problem in todays world is that people dont like their jobs. They moan about getting up early, going to work and being stuck in the traffic for hours. Is your work not rewarding enough and you get more and more upset every morning about your life? Would you like to change your job, but are worried that youll never find anything better, or anything at all? But what if I told you that you dont need to be worried too much? Whether youre a graduate and just entering the professional world or youd like to change your life and career, there is a solution.

An ancient philosopher, Confucius, said: Choose a job you love and you will never have to work a day in your life.

If you know your hobby and want to make it your career, go for it. But if you need to start from scratch, Ill tell you the quickest way.

Learn something new without wasting your time.
Of course, to be good at something, we need to learn it, study it and put all our heart into it. Learning a new skill is a long commitment. Thats why I recommend learning something that gives you widely recognised qualifications from the start, with an option to follow on to develop your career even further. Vocational courses are the best choice, as theyve been designed to offer learners the training for a particular job or a career. They are suitable for people who wish to improve their skills. Vocational courses can be studied full time, part time or even sometimes by distance learning.

Get a career that will allow you to grow.
Contrary to popular belief, one of the most expanding careers are in accounting and finance. This would require obtaining accounting qualifications, and possibly going on AAT courses, bookkeeping courses, or financial analysis training. Its no secret that most appreciated and well-paid jobs are within the financial structures of companies.

After completion of the basic AAT course, youll be able to start a job within an accounting company as a junior or trainee. Then you can develop your skills and further advance your knowledge be doing additional Foundation courses. Eventually you can become a fully certified accountant and a bookkeeper.

Whether its to boost the confidence when applying for a new job, or just to add something to your CV, AAT courses are an excellent choice. Every business, big or small requires financial management, so demand for financial and accounting skills is always high.

Expert trainers from Souters College, who specialise in business and office skills training, are saying that from their experience, more and more people want to gain financial and accounting knowledge and skills. When their college started in 1988 in London with a small number of students, now theyre training different range of people, from individuals to large corporations.

As AAT vocational courses cover a comprehensive knowledge of accounting and bookkeeping techniques, they are a good value for money. You wont waste your time learning un-practical skills, but in contrast, youll become a specialist in a particular subject.

Am I too old to learn new skills?
Another great news is that with AAT courses, and with most other vocational courses, your age doesnt matter. Whether youre a school leaver, or looking to change your career you can take an opportunity and start a course regardless of your age. Financial and bookkeeping courses are available for school leavers and they can learn practical skills through apprenticeship program, together with studying a course in the same time. Youre able to learn between other commitments due to flexibility of the courses.

Choose the best providers only.
Trainers from the Souters College are warning that it is important to look for the best course providers who are fully AAT certified and accredited. Do your research about which providers can fulfil your criteria and provide you with the best possible options. There are many accounting and finance training centres, but not all are equal.

A Proven Way to Analyze Your Real Estate Investment from Top to Bottom

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A Proven Way to Analyze Your Real Estate Investment from Top to Bottom

If you're a prudent real estate investor, and we'll assume that you are, then once you locate your prospective real estate investment, you must analyze it carefully and thoroughly. You must verify all the details about the property, especially the income and expenses the seller shows. You must never rely on just what you hear.

Develop a property analysis that includes an APOD, Proforma Income Statement, Rent Roll, and so on. In addition to helping you make a wise investment decision, these types of real estate analysis reports also serve as a reminder for items you want to know, such as type of units, age of the property, rent breakdown per unit, expense items, lot size, property and location features, and so on. You can use a real estate investment software solution to assist you.

Analyze the potential real estate investment using the following list of the various phases. If the rental property doesn't seem to make financial sense after your initial analysis has been made, perhaps altering one or more of these will improve the financial picture and make the property a good real estate investment.

1) Income: Can rents be increased, and can they be increased soon after you purchase the property? Would a change in the type of tenant in the building allow for higher rents, maybe income is suffering because of poor or non-existent management? Can the building be used in some other way to increase income, such as a motel, or small offices? Be certain local zoning allows for any proposed changes. Does the property have a reasonable potential to provide other income such as a coin-operated laundry facility, garages, or storage rooms?

2) Expenses: Take a close look at operating expenses to see whether any of them are excessive. If they are, will you be able to lower them? You may not have control over all of them, but you may save some money if you intend doing your own lawn maintenance and repairs.

3) Financing: You can adjust the return on an investment merely by applying various financing techniques. Whereas one type of financing package might make your prospective real estate investment look unprofitable, another financing package might as easily turn your prospective property into a sound, profitable investment. Try various alternatives in financing to see how the mortgage impacts cash flow, rate of return, and profitability.

4) Cash flow: Don't just consider the before-tax cash flow produced by the investment real estate to determine your overall benefits. Look at the after-tax cash flow and determine what your property will give you in the way of a return after taxes. It's always best to consider the elements of tax shelter such as the paper loss the IRS permits for depreciation (cost recovery). Again, a good real estate investment software solution will make this computation for you, so it doesn't have to be difficult or should it be ignored.

5) Price: Regardless of all other factors, some rental properties simply will not make sense unless you can get the seller to accept a lower price. To increase your chances for success, however, don't simply throw out a number. Sellers who get the impression that you're merely trying to low-ball them will be reluctant to discuss the price with you. Beforehand, tweak the price to see its affect on the cash flow and rates of return, and then select a price based on the reasonableness of the returns. Prepare those figures and discuss them with the seller. You might be surprised to discover a seller willing to listen to reason.

The point is that the numbers must make sense. Never make a decision to purchase investment real estate based on the aesthetic beauty of the building or by using a simple rule of thumb to determine its value. Remember, only women are beautiful, real estate investing is all about the numbers.

Take the time to prepare a property analysis. This is the only reasonably certain way of making the right investment decision on any prospective real estate investment. If your property analysis shows that the property doesn't make financial sense, forget how pretty it may be and don't buy it!

10 Ways to Live Richer by Paying Less

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10 Ways to Live Richer by Paying Less

You get what you pay for or so common wisdom tells us. Yet numerous examples prove that sometimes paying more actually decreases the richness of our lives. The following examples are 10 of the simplest ways to live a richer life by paying less!

1. Stop the Pop! One of the most destructive health (and money) habits in the US is our addiction to sweets, soda being chief among them. As refreshing as carbonated sweetness poured over ice may seem on a hot summer day, water is the real deal. While soda is linked to diabetes, cancer and all kinds of health nastiness, water is free, healthful and equally refreshing.

2. DIY Snacks The chip/cracker/cookie aisle in your local grocery is a mind boggling assortment of costly treats. While no single package is likely to break the bank, a fully stocked cupboard is an unnecessary expenditure. Make popcorn instead. Spread peanut butter on saltines, or better yet a celery stalk. Munch on a vegetable. Cheaper and more healthful alternatives abound!

3. The Inconvenient Truth of Convenience Foods From prepackaged dinners to mini-marts to the ever-present fast food restaurant, for some convenience food is an 'every meal' experience. For others its the work lunch. But its nearly always more expensive and less healthful than home prepared meals. And cooking can be a wonderful experience! Even the simplest recipes can provide a sense of accomplishment. (My favorite feel-good recipe is banana bread. Try it!)

4. Keep Special Nights Special I like to go out for a nice dinner and movie as much as the next person. But entertainment can be a huge monetary drain. Schedule some in-home alternatives (a first run dvd and popcorn with NO cell phones or laptops can be a refreshing experience) or perhaps an evening stroll. Check your local paper for free entertainment. It doesnt always have to cost a bundle. And by simplifying your regular entertainment the occasional splurge will feel that much more special!

5. Put One Foot After the Other If you are fortunate to live within a half-mile of a grocery store or other services, leave the car and go by foot. As our nation continues to struggle with the byproducts of sedentary lifestyles (obesity, heart disease, diabetes, etc), walking, running or biking can go a long way toward improved health. Not only will you save gas money and the wear and tear of short trips on your car, the long term effects on your health may yield even greater benefits!

6. Explore Your Own Backyard The term staycation may be cliche, but its still a valid concept that can mean thousands in saved cash. Why travel hundreds of miles to discover something new and exciting when something equally interesting is hiding in the next town over? Become an expert in your regional offerings and you might find yourself getting out even more!

7. The REAL Rewards Card (Library Card) Your local library is a wealth of opportunity! Whether you want to study philosophy, learn a language, watch a movie or figure out e-books, your library can probably help. Libraries are like a school, an entertainment center, a technology resource and more all rolled into one. And better yet... theyre FREE! ...if you get your materials back on time. :-)

8. Well Loved Goods Buying something shiny and new is a wonderful experience. But dont think that everything needs to come that way. Buying something used can be equally rewarding, especially as you grow to cherish the unbelievable deals available to the bargain hunter.

9. Dont Buy That Yet! Impulse buying leads to many a financial crisis. Very often simply delaying your purchase for an established period of time will lead to a clearer head and fewer bouts of buyers remorse. Whether you create a waiting period of a one week or 30 days, determine what works for you and stick with it!

10. Garden! Though some may argue the premise that gardening reduces expenses, if you are careful, grow foods you like to eat, and make use of everyday items when possible it can be an extremely efficient undertaking. Additionally, the spiritual benefit of working in the soil and taking quiet time for yourself is priceless!

A rich life does not need to be expensive. And if it contributes to financial hardship, whats the point? Get closer to core, spend time with those you cherish, make and grow food, improve yourself: these are aspects of a life richly lived. Dont let the ads (or even common wisdom) convince you otherwise!

7 Must-Have Apps for College Students

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7 Must-Have Apps for College Students

Your college years may be filled with exciting new experiences, and you can grow a lot as an individual during these years. However, college is also a stressful time in many ways. From learning how to manage your finances properly and adjusting to life on your own to managing a busy school schedule and more, you need all of the help that you can get.

With the right combination of useful apps, you may be able to reduce your stress level, save time and focus more attention on your school work. These are some of the most useful apps that you can benefit from in your college years.

myHomework Student Planner

Most college students take multiple classes at one time with due dates on various assignments and papers flying by at all times. Staying on top of all the tasks might be challenging for some students.

If you have trouble keeping up with all of your assignments and projects for each class that you are enrolled in, myHomework Student Planner is an excellent resource to use. It is available in a free or paid version for most devices. Both versions give you notifications and alerts when projects or assignments are due soon. The paid version lets you attach files and enjoy other benefits.

GoConqr

GoConqr is a huge network of educational resources that students can benefit from during all aspects of their college career. It can help you become a better student and save you a substantial amount of time by giving you easy access to quality educational tools.

You can access more than eight million resources on a wide range of topics. These resources include mind maps, notes, flashcards and more, enabling you to take your learning experience to a new level. You can even post your own content to share with others in a public or private platform.

Wunderlist

Making lists is an excellent way to help you stay organized and on task, and Wunderlist is an excellent list-making app. You can do everything from making a grocery list to making a project list for your study group. Lists can be sent to other devices and even shared with others with ease.

This is a free app that is only available with Apple products. When you use Wunderlist, you can eliminate the issue of losing or misplacing lists, and you will have access to a list from any location.

Goodbudget

For college students who struggle with budgeting, the Goodbudget app gives you a high-tech version of the envelope system to manage your finances.

Goodbudget has financial management applications, goal-making tools, graphs and more. You can link all of your financial accounts to the app so you can simplify managing your finances. This is a free app that is available for Android and Apple products, and it can work across multiple devices.

RefMe

If you struggle with your works cited or references page in reports and projects, RefMe is an excellent resource for you to use.  You simply scan barcodes of books you used for your assignment, and your works cited page will be automatically created for you.

The app gives you the ability to choose between a full range of citation methods for maximum functionality. It can eliminate your stress in this area while also helping you to avoid losing points related to citation and reference errors.

SoundNote

Many college students struggle to listen to what is being said in class while also writing notes. If you are challenged by the note-taking process, SoundNote is a wonderful app that can help you to improve your educational experience.

You simply turn the app on at the beginning of class. It records audio while you take notes, and you can replay the audio while reviewing your notes. This can dramatically improve your overall ability to study and understand concepts covered in class.

Circle of 6

The Circle of 6 app is well-suited for groups of friends who may lose contact with each other while out at clubs or parties. You can connect your phones together through the app, and a GPS function lets you track your friends while they track your location. There is also an emergency one-button alert feature. This app will help keep you safe while you are out and about with your friends.

Final Thoughts

While you could walk through your college years trying to manage all aspects of your life manually, you can see that this is not necessary. Through a combination of each of these apps, you can improve your life in many areas. Each has the ability to reduce your stress, save you time or benefit you in other ways. Analyze your student life today to see which areas you need to improve in most substantially before you start trying out different apps.

6 Options for Funding Your Small Business

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6 Options for Funding Your Small Business

One of the most burning questions entrepreneurs ask is how to go about funding their new businesses. Fortunately, there are as many answers to the question as there are businesses. This is a two-edged sword, however. While there are plenty of ways to fund a new business, the options can be overwhelming. As you ponder how you might go about funding your business, consider these 6 options:

1. Investments and Savings. This is the most logical place to start when finding business funding. If youre serious about starting your own business, then you should be willing to put your money where your dreams are. The advantage of financing your own endeavors is that youre not beholden to anyone if your business goes under. The disadvantage, of course, is that you can completely wipe out your savings if your business fails. So consider what percentage of your assets youre willing to liquidate for the sake of the business.

2. Family and Friends. This is a good option for many business owners, but consider it seriously before you start asking your own friends and family for money. Borrowing money from people with whom you are close can be risky business as it can cause lots of tension. Even if they tell you that they dont expect you to pay them back, the issue will always be the elephant in the room.

3. Second Mortgage. One option for raising money is to use the equity in your
own home. This carries a lot of risk, however. The disadvantage is that the money will have to be paid back whether or not your business is a success. But the advantage is that the interest might be tax deductible on this low-interest source of funds.

4. Credit Cards. This is a very risky option, but one that many business owners opt for anyway. Its easy to get a line of credit, and many credit card companies will be willing to let you charge great amounts. The interest rates are high, though, and you could end up with hundreds of thousands of dollars of debt if your business fails.

5. Angels. These are individuals who invest in start-up businesses in exchange for part ownership. Angels usually provide the seed money and are typically a businesss first formal investors. Be aware up front that some investors will simply give you the money and leave well enough alone. Others, however, will expect you to gladly accept whatever help or guidance theyd like to give you, so be clear from the very beginning what the role of the angel investor will be in your business.

6. Venture Capital. Venture capitalists are essentially more aggressive angel investors with much higher expectations. While angel investors will often write you a check and hand it to you with a smile, venture capitalists will write you a check and hand it to you along with an enormous pile of legal documents. They will expect to give a great deal of input, and they will probably be quite unhappy if your business isnt run the way they feel it should be run. Instead of giving help and guidance, they will often give ultimatums and demands.

If youre seriously considering using a venture capitalist, choose wisely. Dont jump at the first offer you receive. If your business idea is good enough for one capitalist to be interested, it will interest others as well.
Regardless of how to choose to finance your business, spend your money wisely and follow a specific plan of spending and paying back. Consider your options carefully and choose the one that will allow you to get the job down while retaining the amount of control youre most comfortable with. In the end, the less you have to borrow, the more you will own.

6 Essential Steps in Setting up a Small Business

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6 Essential Steps in Setting up a Small Business

There are countless options when it comes to starting a business, and they are increasing with the emergence of new technology. Starting a new business is a huge responsibility, and it is essential that an entrepreneur understands the extent of responsibility before starting one.

There are certain steps that every entrepreneur should follow if they want to set up a successful and efficient business.

Identifying Business Opportunities:

The most important decision that a person needs to make is what kind of business they should start. There are countless possibilities and making a choice can be overwhelming. Choose the industry that suits your personality and also your knowledge criteria. You should know the skills you would be bringing to the table.

Creating a Business Plan:

Once you have identified the best opportunity, you need to formulate a plan. The business plan should include the understanding of the structure, capital requirements and competition. The successful business plan required thorough research of the industry. The plan should specify the finance plan along with business structure, name and branding. The plan should always be in written form so that it is easy to follow.

Selecting the Location:

The location of the business is also critical for the success of the business. Setting up the office is an essential step for the business. You need to select the location and then the building. The building should be equipped with the best equipment such as jic stainless steel fittings so that it is perfect for the business and the employees can work easily. Getting the supplies and designing the workplace plays a major role in running a business.

Getting Permits and License:

The paperwork and regulations are an important part of setting up the business. The paperwork no matter how mundane should never be ignored because it can cause legal problems and damage a starting business. The permits and paperwork you need depend on the business structure, and it also needs to be registered with local authorities.

The Business Insurance:

Starting a new business is a risky step. No matter how much planning you do, there is always a chance of failure. Managing the risk associated with the business is a huge responsibility of business owners. You can keep your investment safe by getting business insurance. The insurance will help in protecting the investment in case of a disaster or litigation.

Establishing an Accounting System:

Financial management is one of the most important aspects of starting a business. If you want the business to succeed, then you need to have an efficient accounting system. The flow of cash determines the scale of success so you should never ignore the bookkeeping and accounting aspect of the business. You can hire accountants to make sure that you know how much money is coming in and how much is being spent. If you do not have the budget to hire the number of people you need, then you can always use accounting software. The accounting software will help in automating the accounting which will save you time and money.

After you have you have gone through these steps; you need to hire people and start working.