You may think money is money but that’s really up for debate. Global businesses often work with other organizations using various currencies because they are working with suppliers and customers all over the world. Beginners usually make the mistake of thinking it’s just matter of converting currencies. But the truth is that there are several [...]
Ever notice that your online purchases from Amazon and eBay are tax free? Well that may no longer be the case. According to USA Today, the US senate could potentially pass a bill called the Marketplace Fairness Act, that requires online retailers to charge sales tax on all online purchases. Currently, big box retailers such [...]
In simple terms, any business which is on its way to wind up its activity is known as company liquidation. Significance of Company Liquidation Now the question arises that why do companies liquidate and what is the outcome? – So again in simple terms, Liquidating helps organizations to deal with their commercial debts which cannot [...]
Before the Internet, entrepreneurs in need of start-up funds would generally have to seek out individual investors who were willing to front large amounts of money. These days, however, the rise of microfunding is revolutionizing the way businesses, artistic endeavors, and pretty much any project that requires funding are getting the cash they need to get going.
There is nothing more convenient for a consumer than being able to browse, choose and pay online for items and almost every business can benefit from being equipped to accept payments through their website. However, in order to protect both yourself and your customers from any potential security risks it is essential that you use a reputable card payment service provider that offers an ecommerce or payment gateway solution.
In order for a business to grow, or even for it to just stay afloat, it may be necessary to borrow money. One option is to approach the banks for this financial assistance, but even a convincing business plan might not be enough to secure this type of loan. There are other alternatives. Those business owners who do not wish to borrow from a bank, or who have already been turned down by them, can look to non-bank sources for finance such as:
Whenever you conduct business with an offshore company, you typically do so because you’re able to use their legal requirements to your advantage. This can make business management much easier and also allow you to more efficiently access your capital. On top of that, you’ll also be able to greatly reduce the tax requirements on many different aspects of your business.
Just because an audit is scheduled, it doesn’t mean something is wrong. An audit is a measure of how effectively the organisation is run, how its assets are being used, the degree of risk being taken to achieve objectives, and what programs complete them.
The greatest problem an organisation faces when an auditor is scheduled is getting ready. There is the added burden of preparing for an audit. Can the work be absorbed? Must additional effort be expended? It also depends on whether it’s a financial or operational audit. The former requires examination of the books. The latter may examine records but will be more interested in processes.
Many commercial establishments struggle to stay out of the red in the current economic crunch and at times it might be necessary to borrow. For example, some seasonal enterprises have to take out loans to tide them over during slow periods. Other businesses in the growth stages need a fresh injection of capital to diversify, renovate the site, or upgrade their facilities and equipment. Many start-up ventures and micro businesses may only manage to break even during the first couple of years.
One of the most common questions asked by those who are new to business or self-employment is “do I need a business bank account?”
While nobody will force you to open a business bank account, it makes a lot of sense to open a second account of some sort. Your account should tell the story of the business; both to give you a greater understanding of your finances and to help you out if the taxman comes to have a look. There is nothing in the rules of setting up a business in the UK that says you need to have more than one account by law, but there are some compelling reasons why you should do it anyway.