Have you recently started your own home business, but aren’t sure how to handle the finances? Are you nervous when it comes to business debt, budgeting for the future and balancing your gross/net figures? Below are some helpful tips to guide you through some of the most difficult tasks of business finance. You can accurately and consistently manage your business finances without a lot of stress if you’ll implement the simple principles below.

Finance Starting Point

In order to manage your home business finances, you need a definite starting point. This will be a summary of your entire financial assessment for your business. Note of Warning: Often, a home business finance plan mingles with personal finances. Try to keep these as separate as possible for tax purposes and to avoid confusion. Even if you buy something personal with business money, write it down so you’ll be sure not to include it as a business expense.

Your Starting Point Assessment Should Include the Following:

*Most Current Gross Profits/Loss of the Business

*Most Current Net Profits/Loss of the Business (your bottom line)

*Cash on Hand

*Checking Account Balance

*Debts/Loans for the Business (include payments due and balances)

*Assets

*Advertising Funds

*Miscellaneous Items having to do with your business finances

Once you have an assessment of where you stand financially with your home business, you can move forward. The assessment is not your budget, but it allows you to create a budget based on realistic figures. Budgeting on a dream is not wise with a business. You might reach your goals, but what if you don’t? Set your goals, but only budget for those amounts when you’ve actually reached them.

Creating a Home Business Budget

Most home businesses have a tremendous advantage over larger businesses because operating expenses are normally much lower. There’s no building rent to pay, additional utilities, etc. If you stay at your desk most of the day, you will save on gas, car maintenance, etc. For this reason, it’s usually easier to budget for a home business. Based on what your business has profited over recent months, or your start-up cash if your business is brand new, write down all of your business expenses that need to be paid for each month or year to get a monthly estimate. What about your salary? The salary must be determined only after your expenses are paid. If there’s any left, you’ll still want to keep extra cash in your business account for emergencies or unexpected slow times. You should determine your salary on the low end at first while building your business and stick with your salary amount to maintain a steady budget. For example, if you’re able to take a $350 per week salary in a brand new home business, that’s great! Many home business owners work a full time job while building their business and take very little (if any) salary. If you have a business checking account or some form of online account for finances, you should deposit all funds into this account and pay your salary out of the account as well as your expenses. Checking accounts make budgeting a simple process if you keep your checkbook well balanced at all times.

Create a Budget Based on the Following Categories (more if necessary):

Some of these items will be broken down into weekly figures, some monthly and some yearly. However, you should calculate a monthly average in order to create a general monthly budget.

*Business Expenses (include supplies, equipment, phone, etc.)

*Insurance (business and personal health insurance can be included)

*Taxes (estimated figure from your accountant based on profits)

*Debt Repayment for any business loans

*Advertising (amount will vary, but you can set a minimum or maximum amount)

*Your Salary

Once you have a list of expenses for each month, write down due dates for each, and pay bills as they come due. Pay on time, but not too early. Your money can sit in your bank account and draw interest in many cases while waiting on due dates.

Budget with Slow Times in Mind

Just because you have tremendous profits one month, this doesn’t indicate that you can raise your salary. Leave money in your account for those slow times. Also, budget in advance for payments which are due yearly. It’s much easier to save a little each month than to be surprised with a large bill later. Following the simple budgeting guide above will enable you to keep an even pace while managing your business finances. Handle your finances with care because this is the lifeline of your home business.

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Managing your business effectively in this emerging high-speed business world depends on how fast you gather, manage and utilise relevant information in your core business area. Even if you have not started your business, relevant information at your fingertips is what you would require to move your business. Do you want to raise capital for your business? What if I show you a way to go about it?

How fast you gather and use feedbacks from your customers in order to improve your product or services, the marketing strategies being employed to deliver your goods and services, inventory management and other business processes, differentiate your business from competition.

Information should continuously flow as fast as possible within your workplace, among your employees and also outside your business for efficiency and effectiveness.

In our financial sector for example, I watch with rapt attention the keen competition going on among the banks. The ones that will be on top will be ones that have fully integrated information technology into every area of their business. The speed at which they get information from the market, disseminate it among their knowledge staff, analyse it and provide an answer to the customers’ need will be the distinguishing factor amongst them. This can only be achieved with a robust digital system.

The different departments or sections of your business should have relevant information to aid decision making, on time. For example, the production department of a business should have the right information to act on the quality of goods being produced and how it suits the customers’ demand, if such information is not made available in good time, they will not deliver their job effectively and by extension get to the market before their competitors. This reduces efficiency and profitability in that business.

Relevant information about your business can be at your fingertips through the use of digital technology. It helps you get information quickly from many sources and to analyse that information from many perspectives too. This for big as well as small businesses simply means the use of the internet, an email system, a software application and a website.

Managers and owners of businesses should recognise the strategic importance of using these tools.

The internet for example, has made it possible for businesses to share information, have business collaborations and also embrace e-commerce on the world wide space. Indigenous software applications that will help organise your work and ensure that time and energy are not wasted on routine chores, should be employed.

With these tools in hand, businesses will become more effective in their service delivery. They will have the unlimited opportunity to partner with experts all over the world thereby making them much bigger and better. The multiplier effect of using these web tools will be a strong and viral economy for Nigeria.

Let me ask you, in your business, how well have you employed the use of the internet in getting information and marketing your product and services? How are you using technology to improve your business?

To fully incorporate a digital workplace in your business, majority of the paper works should be stored on the computer in retrievable formats; the use of emails and online tools encouraged. Your work place should be ‘paperless’.

A Paperless Workplace Makes Your Business Effective

Michael Hammer and James Champy, in the book: Reengineering Your Business said “It is sobering to reflect on the extent to which the structure of our business processes has been dictated by the limitations of the file and folders”. A paperless office can be regarded as a workplace where all the paper works are replaced by storing them on computers and on the web. The paper processes are replaced by digital processes with the use of computers, the internet, intranet, softwares and email facilities.

This doesn’t mean here that it is the computers that are going to do the thinking for your business, for example, you still need to find answers to what customers think about your product, the problems they want you to solve for them, where the new market is in your business and other vital questions. What the system does for you is that it provides relevant statistics in good time for you to work with and think out the solution to questions you have at hand within a short time.

The idea of a paperless office is necessary to remove the high heap of papers and files which characterises our establishments and businesses. Most times it becomes difficult to find relevant information when needed. Going through the heaps of reports to find marketing information, invoices or sales number to work with becomes cumbersome.

Some of the advantages of having a paperless workplace are that

-It removes delays caused by paperwork

– It reduces the incidence of lost documents either through fire or other means.

-It removes bureaucracy in our offices and business.

-It makes for efficiency in business, relevant data are kept in view for the knowledge workers to work with and thereby concentrating on customer needs, how to solve them, and value added services.

-It will reduce the paper consumption in our businesses.

-Routine processes of a business can be automated with software applications removing wasted time and energy for knowledge workers and this also encourages software development in Nigeria.

-This eliminates administrative bottlenecks in business.

-This helps business to perceive and react to its environment to sense competitive challenges and customer needs and how to provide timely responses to that.

To achieve this for small businesses is simple, have a website for your business, use the internet to access relevant information and opportunity in your area of business, use the email service to disseminate information within and outside your workplace over the intranet and the internet. The intranet is a network designed to organise and share information and also carry out digital business transactions within the company. It has features associated with the internet like the web pages, browsers, email, newsgroups and mailing lists but it is accessible only to those of the organisation.

Encourage your staff to use email services to communicate, reports should be sent to them through the email before a meeting. This will give them the opportunity to analyse data and information before hand and make their contributions during meetings. With this, time being wasted in meetings will also be reduced.

Find opportunities to market your goods and services online (e-commerce), store information in databases and use software to handle routine duties and integrate every data to suit your business.

You don’t have to be an expert before you get things right in this perspective, just know what the use of internet and technology generally will do for your business and hire an expert to put them in place for your business advantage.

It is not only businesses that need this; government establishments should also be digitalised so that vital information can be within the reach of businesses and individuals. To show you how important this is in a nation and its growth, Ghana was given an award recently for embracing e-government fully in Africa by the United Nations. We should get this right as soon as possible and improve on the way businesses are being done.
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i was boprn 1n the year 1975 in Nigeria. A BSc Holder in Accounting. A motivational speaker,marketer and human resources developer.

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We Buy Your Business

Getting out of business is a process. The length of time required to complete the process is directly related to the complexity of the business, and the circumstances underlying the decision to get out. Planning how you exit your business is just as important as how you started it.

The exit process, timing of events; and tasks associated need to be tailored to the type and complexity of the business. Each case is individual because reasons for dissolution differ, and problems that arise are unique to each circumstance. The following checklist contains key elements that should be evaluated as early in the exit process as possible to eliminate pitfalls later on.

The process for exiting a business should include evaluation of the following points:

1. Engage Professionals & Consultants as Team Members.

2. Prepare a List of Assets & Perform a Physical Inventory.

3. Perform a Valuation of the Business.

4. Prepare Detailed Plan & Assign Responsibilities.

5. Release Announcements & Notices.

6. Conclude or Transfer Contract Obligations.

7. Dispose of & Transfer Assets.

8. Settle Accounts Payable & Debt Obligations.

9. Prepare Final Financial Statements & Tax Returns

10. File Articles of Dissolution.

11. Prepare & Issue Special Filings, Notices, Informational Returns, & Taxes.

12. Receive Tax Clearance Notice.

13. Close Bank Account.

14. Store Business Records

The process for successfully exiting a business requires the same amount if not even more planning as starting the business. While the process may be easier, it is likely to be less enjoyable and more stressful. The best advice for business owners is to incorporate potential exit strategies in the early stages of setting up their business. Vigilance and diligent managerial oversight is needed to ensure that complications and problems which could affect dissolution, and net value, do not develop into roadblocks. When the time comes to divest or sell the business, be sure to engage the relevant expertise needed, and prepare an action plan.

We Buy Your Business enables clients an opportunity to sell businesses and business assets fast for cash. If your exit strategy requires a quick divesture option Contact WBYB for cash offer NOW. Website: www.WeBuyYourBusiness.com

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We Buy Your Business

In today’s dynamic business environment you’re either Growing or Goingout of business that is! If you’re part of the latter contingent and have made the decision to get out of a business but are unable to transition your business internally or sell it as an intact entity, full or partial liquidation of assets may be an appropriate exit strategy. Asset liquidation can provide quick cash and assist in diversifying equity. However, before you terminate your lease, sell a key piece of equipment, or disconnect your utilities, make sure you have a well-thought-out plan.

Getting out of business successfully requires careful planning from start to finish. If you are looking at asset liquidation as a part of your exit strategy, consider incorporating the following recommendations into your plan to increase your chances for success.

1. Talk to your lawyer and accountant.

2. Establish the liquidation value of your assets; remember liquidation vs. retail value can differ substantially.

3. Identify the best venue and timetable to sell your assets.

4. Arrange the sale at the most appropriate location with an expert.

5. Use a non-recourse bill of sale.

Understanding and incorporating these steps into your exit plan will not only help you recover as much money as possible, they may also help you achieve the freedom needed to pursue new endeavors.

It is important to note that the recommendations discussed above are intended to serve as a general overview to assist with the asset liquidation process. It is not a substitute for case-specific advice that only your lawyer and/or accountant can provide. Also, depending on the situation and necessity of business divesture, the cooperation of creditors may need to be considered. Cover your bases and talk to the experts before liquidating any assets that may be in question.

Initiate the process by preparing a current inventory of your business assets. Include photographs, serial numbers and a brief description of the condition of each item if possible. A thorough inventory will save considerable time and expense as you navigate the sale process and can be invaluable if you are asked to provide documentation for creditors or the Internal Revenue Service.

Next, start preparing your assets for sale. To elicit the best offers, take care that you do not diminish the appeal of your most marketable items by lumping them in with outdated or worn-out equipment, furniture or inventory. In most cases the most lucrative value of these lesser items may be in the form of a tax deduction, so why not donate them to an appropriate charity?

Finally, don’t overlook your intangible assets. For example, is your lease assignable? Are the business licenses, permits, patents or trademarks that you hold in demand? Can they be transferred? Is there a market for your customer list, contract rights or accounts? You may need to check with your attorney or accountant to determine what information and agreements are transferable but once cleared these types of assets can also provide a substantial return.

We Buy Your Business (WBYB) provides cash offers for all assets in order to assist in the liquidation process. Please contact your WBYB representative for more information at www.WeBuyYourBusiness.com

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The Federal Trade Commission has reported identity theft as the top consumer complaint, affecting millions of Americans each year. Seniors are particularly vulnerable, and identity theft affecting seniors rose 200% between 2000 and 2001. Seniors are appealing targets because they generally have higher credit lines, home equity, and more savings than young people. Seniors are also easy targets for e-mail fraud, and charity fraud. Internet scams will often instruct a senior to access their bank account online in order to correct an error. Most of the time, seniors will be asked to click on a link inside the e-mail, and they will be taken to a site that looks like their banks or credit cards own site. They will be asked for pin numbers, account numbers and personal information. After that, the identity thief gains access to their accounts, open new credit cards, and steal funds.

Never release this type of information over the internet, unless you are absolutely sure that you are on the correct website. The best way to be sure is to log into a website directly, or call your banks customer service department. Most banks and credit cards have a 24-hour toll-free number for customer service and identity theft victims. If you suspect identity theft, immediately contact your bank and credit cards companies. Cancel everythingif you are wrong, then you may experience a little inconvenience while you wait for your new credit cards to arrive. If you are right, and identity theft has occurred, you can save yourself thousands of dollars and lots of headaches if you act quickly.

Seniors are instructed to carry Medicare cards at all times. Their Medicare cards, in turn, have social security numbers printed plainly on the front. If possible, always leave social security cards and Medicare cards at home. If you are going to a new doctor, take it with you, and then return it to a safe place when you come home.

If a business requests your social security number without a legitimate reason, refuse to give it. Health care providers, the social security administration, and the IRS are a few of the organizations that have a legitimate reason for requesting your social security number. Small businesses, such as your veterinarian, handyman, or grocery store clerk should not ask for your social security number.

5 Easy Tips to Help Protect Your Identity

1. Print checks with as little information as possible. Use only your first initial, last name, and address. If you have a business address, use it in lieu of your home address. That way, if your checks are ever stolen, your home address is protected. This is especially important for female seniors, who may live alone. Do not print your phone number or social security number on your checks.

2. Get a copy of your credit report every year. Its free, and if you find errors on your report, you can continue to get free reports until the errors are corrected. All three credit reporting agencies are required to give you a free report if you have been denied credit, or you suspect fraud on your account. To get a free copy of your report, go to www.annualcreditreport.com. You can also request your credit report by phone. Call 1-877-322-8228 to request your credit reports by phone. Your reports will be mailed to you.

You can contact all three credit reporting agencies directly. The contact numbers for the three credit reporting agencies are:

Equifax (800) 525-6285

Experian (888) 397-3742

Trans Union (800) 680-7289)

3. Protect your mail. Do not leave mail in your box overnight. Get a locking mailbox from your local hardware store. They are relatively expensive, and well worth the investment. Deposit mail in US post offices, or US mailboxes. Do not leave mail out for your postman to pick up, especially if your mail contains personal checks!

4. Shred all important documents. Use a paper shredder to destroy all important financial documents. Identity thieves often use trash bins to troll for personal information. This technique is called dumpster diving, and is one of the most common methods that thieves use to steal financial information.

5. Never give personal information over the phone unless you initiated the phone call. A common scam is for a thief to call you, and claim to be calling from your doctors office. They ask to confirm your insurance information, and social security number, which most people supply without thinking. Dont become a victim of this scam! Call your doctors office directly, and ask them if they require the information. If the call was fraudulent, contact your insurer, and the police.

If you are still a victim of identity theft, dont panic. Go to your local police station, and file a police report. Your bank and credit cards cannot make you legally responsible for crimes committed in your name by an identity thief. Contact the credit reporting agencies, and place a fraud alert on your account. If creditors begin calling, tell them that you are the victim of identity theft, and that you request to be contacted in writing. That way, you can respond with a copy of the police report and a letter. DO NOT PAY CREDITORS FOR FRAUDULENT CHARGES! Many collection agencies purposely intimidate and bully identity theft victims. This is sad, but true. After consulting multiple identity theft victims, I am constantly shocked by how many are also victims of creditor abuse. If you become a victim of creditor harassment, report the credit card company or creditor to the Federal Trade Commission.

The address to report creditor abuse is

Federal Trade Commission

Bureau of Consumer Protection

55 East Monroe Street, #1437

Chicago, IL 60603

312-353-4423

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About Author

Christy Pinheiro, EA

Christy Pinheiro, EA is an Enrolled Agent and holds a Bachelors degree from San Jose State University. She has over 15 years of business and accounting experience. She was a staff accountant for a private CPA firm and also for the State of California before going into private practice. Her finance and tax articles have been published in numerous periodicals. She is the author of Pineapple Guides EA Exam Review book series.

Christy is currently working on her new book. She lives in California with her husband and two children.