MP Richard Burden says the owners of GKN Aerospace appear to have gone back on commitments to protect manufacturing in the UK
from Birmingham Post – Business https://www.birminghammail.co.uk/news/midlands-news/government-questioned-loss-170-birmingham-16170292
Birmingham-based Gambling Commission set to investigate astonishing case
from Birmingham Post – Business https://www.birminghammail.co.uk/news/midlands-news/desperate-accountant-lost-125k-after-16167726
Summit Bank is an Oregon-based independent community bank with locations in Eugene, Bend, and Portland. Founded in 2004, Summit Bank’s stated mission is “to be the best community bank for businesses and professionals,” a mission they pursue in part through their business lending and business banking products.
For qualified business owners, a Summit Bank business loan may well be the best and most affordable loan option available. Unfortunately, however, Summit Bank offers very little transparency about their business loans, so you’ll need to visit a branch to learn more about their loan programs—and with only three physical locations, that obviously disqualifies the vast majority of American business owners from securing a Summit Bank business loan.
Here, we’ll tell you what we do know about Summit Bank business loans, but we’ll also tell you about three more accessible loan options if you find that you’re not a fit for a loan from this Northwestern bank.
As we mentioned, other than listing the types of loans they offer, Summit Bank doesn’t provide any details about their loans, like their rates, terms, amounts, or eligibility requirements. This isn’t uncommon for banks—especially very small institutions, like Summit Bank—which often encourage interested parties to visit a branch to discuss the application process in person. Also, Summit Bank says they design custom banking solutions tailored to the needs and financial capacity of individual business owners (as is also the case with many bank lenders) so there’s really no one-size-fits-all Summit Bank business loan that they can advertise on their website.
With that disclaimer in mind, we can tell you a little more about how each type of Summit Bank business loan works, and which projects each is best suited for. That way, if you do decide to visit your local Summit Bank branch, you’ll better understand which of their loan products would work best for your needs.
Equipment financing programs lend business owners the cash they need to purchase the expensive tools of their trade, both big (like heavy machinery) and small (like office furniture).
Along with other application materials, you’ll submit a quote for your equipment to your lender. If they approve your loan application, your lender will front you up to 100% of the equipment’s cost, at a term that generally lasts as long as the expected life of the equipment.
Because the equipment itself acts as the loan collateral, lenders are mainly concerned about the equipment’s value and relatively less concerned about traditional qualification standards, like your credit score and time in business—which makes equipment loans among the most accessible types of small business loans.
Along with business credit cards, lines of credit are probably the most flexible form of business financing available.
Much like a credit card without the plastic and perks, a business line of credit is a revolving, renewable pool of funds from which you can draw whatever amount you need (up to your credit limit), at any time you need it. Unlike a term loan, you’ll only need to pay interest on the funds you actually pull from your line of credit. That makes lines of credit excellent reserve funds to keep in case of unforeseen emergencies or opportunities, or to smooth out gaps in your cash flow.
Lines of credit from banks typically range anywhere from $5,000 to $1 million or more. Generally, banks most heavily weigh an applicant’s credit score, revenue, collateral, and projected financials when considering an applicant’s qualification for a line of credit.
Summit Bank also offers business loans for financing commercial real estate-related projects, like constructing a new facility, purchasing a building or land, or developing a property for business purposes. Once again, Summit Bank doesn’t provide information about their commercial real estate or construction loans’ rates, terms, or eligibility requirements, so you’ll need to contact the bank directly to learn more. Typically, though, commercial real estate loans carry long repayment periods—think anywhere between five and 25 years, depending on the size of the loan—and interest rates may be fixed or variable.
Finally, Summit Bank can provide business owners with standby letters of credit, which are documents guaranteeing that the bank will deliver payment to the appropriate party in case their client fails to do so. SLOCs are typically used in international trade transactions, which present several potential risks and complications that may result in either the exporter or the importer failing to hold up their end of the bargain—which an SLOC protects against.
See Your Business Loan Options
Although Summit Bank doesn’t specify their eligibility requirements, as a brick-and-mortar institution it’s likely that they’ll only approve the applicants that pose the least-possible risk: Typically, that means businesses that have good credit, experience in their industry, sufficient collateral (if necessary for the particular loan they’re applying for), a demonstrated ability to repay additional debt, and that are cash-flow positive.
If your business can’t yet qualify for a Summit Bank business loan, consider working with an online lender, which typically requires much less stringent qualification standards than traditional lending institutions do. As these lenders leverage the power of technology, their application processes and time-to-funding windows tend to be streamlined, easy, and incredibly fast, too.
Here are just three of your best options:
If you’re seeking an even more accessible equipment loan, consider applying for the equipment leasing program through Balboa Capital.
Keep in mind that Balboa Capital offers an equipment lease, rather than a loan, which means that the lender will retain the title to your equipment. You’ll pay for the use of that equipment for as long as your remittance schedule lasts, and at the end of your lease, you’ll have the option to buy the equipment for a low price.
In order to be considered for a Balboa Capital equipment lease, this online lender doesn’t require additional collateral or hefty financial documentation. And although they will consider your credit score during the underwriting process, they don’t set a required minimum credit score for eligibility. Like most online platforms, Balboa Capital boasts an incredibly fast turnaround time—if you qualify, you may receive a credit decision and access to your loan funds in as little as a single day.
Balboa Capital can provide qualified business owners with up to $500,000, and you’ll repay your equipment lease in monthly installments at a term lasting between 24 and 72 months.
Business owners seeking lines of credit with quick turnaround times should look into Kabbage, one of the most trusted and transparent lenders in the online business lending marketplace. Kabbage can provide business owners with lines of credit between $1,000 and $250,000, with repayment terms lasting six, 12, or 18 months, and fees range between 1.25% and 10%. Kabbage’s fee schedules are somewhat unusual, but you can find a detailed explanation right on their website.
To qualify for a Kabbage line of credit of less than $100,000, at a minimum you’ll need $50,000 in annual revenue (or $4,200 per month), a 550 credit score, and a year in business. As you’d expect, qualifying for a larger line of credit requires more demanding minimum qualifications: $1 million in annual revenue (or $125,000 per month), a 680 personal credit score, and three years in business.
If you do qualify for a Kabbage loan, your loan may be funded in a single day. Drawing down on your loan is simple, too—you can either use the Kabbage dashboard, app, or Kabbage Card, which is essentially a credit card tied directly to your Kabbage line of credit funds.
If you need lump-sum financing to fund larger projects—but you’re not yet qualified for a commercial real estate or construction loan from Summit Bank, or another traditional lending institution—look into a medium-term loan from an online lender, like Fundation. This premium online lender can provide qualified business owners with loans between $20,000 and $300,000, at terms lasting between one and four years. Those are among the highest loan amounts and longest repayment periods you’ll find from a trustworthy online lender, which can give you the funds and time you need to finance expensive projects like expansion and capital improvements.
If you’re interested in a Fundation loan under $200,000, at a minimum you’ll need $100,000 in annual revenue, a 660 credit score, and a year in business. Those seeking Fundation loans greater than $200,000 will need at least $750,000 in annual revenue, a 720 credit score, and five years in business.
While Fundation may take as long as 30 days to review your application and deliver your loan funds, on average it takes this online lender three days to fund approved applicants—which is likely a much faster funding window than you’d experience with a brick-and-mortar bank.
See Your Business Loan Options
A Summit Bank business loan may be an excellent, low-cost financing option if your business is based near one of Summit Bank’s three locations, though you’ll need to visit your local branch to understand their business financing eligibility requirements.
If you don’t yet qualify for a Summit Bank business loan, or if you don’t live near one of their branches, then you’re certainly not out of options. Consider working with a loan specialist who can help you evaluate your needs and financials, pinpoint your financing options—both from online lenders and brick-and-mortar institutions—and then help you package and submit your loan application.
The post Summit Bank Business Loan Review, Plus Top Alternatives appeared first on Fundera Ledger.
from Fundera Ledger https://www.fundera.com/blog/summit-bank-business-loan
Summit Bank Business Loan Review, Plus Top Alternatives
first seen on http://barbarapjohnson.blogspot.com
If you’re starting an ecommerce business, you want a software application that will allow you to set up your store and manage day-to-day operations—at a reasonable price, of course. With a variety of ecommerce platforms on the market, all at different price points, you may be wondering if there are any free options. That’s where open source platforms, like PrestaShop, come in. Unlike many other ecommerce solutions, open source platforms are free to download and allow you to modify the code of the software to fit your specific needs.
The PrestaShop open source platform was created in 2005 and has grown substantially since. Now one of the most popular ecommerce platforms in Europe, PrestaShop is known for their free software, customizability, and international reach. Is PrestaShop the right fit for your small business? In this PrestaShop review, we’ll help you answer that question by taking a look at PrestaShop’s features, pricing, customer reviews, and comparing their platform to industry competitors.
PrestaShop is a European-based ecommerce software platform. Up until 2018, PrestaShop only offered their free open source ecommerce solution, which as we mentioned above, allows you to download and install the software and customize it for your particular business. In late 2018, however, PrestaShop launched a fully hosted, ready-to-use version of their platform called PrestaShop Ready.
Whereas PrestaShop’s original offering is open source and free to download, PrestaShop Ready runs on a subscription basis. Just as with other platforms like Shopify and BigCommerce, everything you need to run your store is part of PrestaShop Ready—essentially, PrestaShop Ready removes the development and technical resources that are needed for their open source platform.
Additionally, with PrestaShop Ready, web hosting is included as part of the platform and your store is hosted through Google Cloud. For the open source version of PrestaShop, you need to find your own web hosting or work with PrestaShop’s hosting partner, 1&1 IONOS.
Both of the PrestaShop ecommerce offerings, however, give you the fundamental ability to set up and launch your online store. You can customize your website, add products, manage your orders, process payments, market your store, and support your customers.
Although PrestaShop has two different ecommerce platform options, the features included with each are mostly the same. According to their website, PrestaShop has over 600 features, fulfilling your full range of ecommerce business needs—store management to shipping to marketing, and more.
PrestaShop allows you to create your store’s website and customize it to your business. If you’re using PrestaShop open source, you can either use and customize the default template or buy and download others from PrestaShop Addons, their official add-on marketplace. PrestaShop Ready, on the other hand, requires that you choose one of the handful of customizable templates included within the platform. With PrestaShop Ready, you also have access to a blog for your store.
For both options, however, you can organize your products, configure internal search, adjust the navigation, and dictate your checkout process, including one page checkout. In addition, you can optimize your store for international business. PrestaShop includes translation for over 25 different languages and allows you to use a multi-language product sheet to adapt to different markets. You can also set the currencies you accept and automate the exchange rate movements.
One of the biggest differences between PrestaShop open source and PrestaShop Ready are the payment processing options. PrestaShop Ready allows you to accept payments four ways: Stripe, PayPal, bank transfers, and checks. Using Stripe or PayPal as your processor, you can accept credit card payments.
For PrestaShop open source, on the other hand, you have significantly more options. You can work with one of the PrestaShop Partners (free or paid), which include payment processors like PayPal, Braintree, Amazon Pay, WorldPay, Authorize.Net, and more. You also have the option to pay for and download one of the other 250+ payment add-ons from the PrestaShop marketplace.
With the PrestaShop ecommerce platform, you can list an unlimited number of products on your site. You can give features and values to your products, create packs, sell customizable goods, as well as add and sell digital products. You can also create both product categories and subcategories, track your inventory, and get a dashboard overview of your manufacturers and suppliers.
For your customers, you can allow them to create an account and track their orders. Through your PrestaShop interface, you can create a customer information database, as well as run customer service activities.
You can create and edit orders from your PrestaShop admin, customize a workflow for orders and returns, print shipping slips, as well as automate email templates for different order status. PrestaShop also allows you to configure shipping with your chosen carrier, choose delivery zones, determine the pricing for different shipping methods, and calculate taxes based on location. Users of PrestaShop Ready receive a special offer, 100 euros free ($112.16 as of April 2019), from PrestaShop Partner Upela, which includes local and international shipping carriers.
PrestaShop includes integrated marketing and reporting capabilities. You can create special offers, highlight your products, and increase engagement through abandoned cart, recently viewed, and back-in-stock product emails. PrestaShop lets you manage your store’s SEO, connect to social media pages, and run digital advertising on your site. The reporting functionality allows you to track marketing, sales, customer, and product performance—as well as provides an overview of your main data.
Another one of the main differences between PrestaShop Ready and PrestaShop open source is the access to add-ons. You can only download and buy add-ons from the PrestaShop marketplace if you are using the open source version of PrestaShop. This marketplace offers over 6,000 modules, themes, and services—ranging from site navigation tools to social media integrations to shipping services. These add-ons are not currently available to PrestaShop Ready users.
The last real difference in terms of features for PrestaShop Ready vs. PrestaShop open source is the support for their users. A PrestaShop Ready subscription includes 7/7 support (seven hours a day, seven days a week) from PrestaShop customer support, as well as tips and tutorials within the platform. Dedicated support is not included with the open source option, however, PrestaShop does offer different support plans for open source at additional costs.
For both platforms, you also have access to useful resources like the PrestaShop forum, community, documentation, FAQs, as well as YouTube tutorials.
After going through the full range of features that PrestaShop offers, you may find yourself asking, “Is PrestaShop really free?” This is a valid question, and the answer, unfortunately, requires more than a simple “yes” or “no.”
To explain, PrestaShop’s traditional ecommerce platform offering is open source, so yes, it’s free to download (they also offer a free demo). However, although the actual open source software is free to download, this doesn’t mean that it will be totally free to run your ecommerce business through this platform.
If you use PrestaShop’s open source software, you’ll have to find your own web hosting, which comes at a cost. Using PrestaShop’s hosting partner, for example, will cost you anywhere from $8 per month to $14 per month, depending on which plan you choose. Other hosting providers may have different rates. Additionally, there will be the cost for payment processing, which will vary depending on the processor. Stripe, as an example, charges 2.9% + $0.30 per transaction. Some of the payment add-ons are free to download with PrestaShop, like PayPal, for example. But others, like Square, require you to pay ($169.99) to download the module itself.
Furthermore, if you want to extend the functionality of your store to more than what is included in PrestaShop, you’ll have to pay for themes and modules from the marketplace to allow you to do that. Plus, the more customization you want, the more you’ll need to work with a developer to help you build your site. This is an added cost (and potentially a big one) people often forget about when it comes to open source ecommerce platforms. Unless you have technical knowledge, platforms like PrestaShop open source typically require help from a developer to set up, and sometimes manage, your store.
Modules in the PrestaShop marketplace; photo: PrestaShop
Taking all of this into consideration then, PrestaShop open source is free to download; however, the cost to run your ecommerce business through it can vary depending on your business’ needs.
PrestaShop Ready, on the other hand, runs on a subscription basis. You can purchase a plan on a month-to-month basis, or annually. If you choose the annual plan, you will receive a 20% discount. As of April 2019, PrestaShop Ready only has one plan option, the Start plan—although according to the PrestaShop website, Pro and Premium are coming soon. The Start plan costs 24.90 euros per month ($27.93 as of April 2019), or 19.90 euros per month ($22.32 as of April 2019) if you do the annual plan.
PrestaShop Ready has a few additional costs besides the monthly fee as well. There is a 1.5% platform fee that kicks in after 3,000 euros ($3,364.51 as of April 2019) turnover. Furthermore, just like with PrestaShop open source there is a cost for payment processing. Unlike with the open source platform, however, you don’t have to pay for the actual module because Stripe and PayPal are included (these are your only two options though). As we mentioned above, Stripe charges 2.9% + $0.30 per transaction.
PayPal works with PrestaShop Ready at a special rate, 0.25 euros ($0.28 as of April 2019) per transaction and 1.40% of the amount cashed for six months, starting from the date of your choice. Two cost benefits, however, you receive with this platform are 100 euros ($112.16 as of April 2019) in free shipping with Upela and 75 euros ($84.12 as of April 2019) free for every 25 euros ($28.04 as of April 2019) spent with Google Adwords. PrestaShop Ready also offers a free 15-day trial of their platform, no commitment or credit card required.
Luckily, unlike with the open source platform, web hosting, themes, and user support are all included in the subscription price. Remember, however, that PrestaShop Ready does not give you the ability to download (free or paid) add-ons from the marketplace; you must work with the integrations already included in the platform.
Now that we’ve broken down the features and pricing of PrestaShop, let’s take a look at some of the most beneficial aspects of the platform. Here are a few:
There’s no doubt that with 600+ features, PrestaShop gives you a lot to work with when building and running your ecommerce store. From unlimited products to one page checkout to abandoned cart emails, you certainly can’t say you’re missing out if you use PrestaShop. For PrestaShop open source in particular, you have an impressive amount of capabilities, considering the software is free to download.
Additionally, if there is an ability you’re missing when you use PrestaShop open source, you can explore the 6,000 add-ons in their marketplace to increase your functionality. Also, if you choose to capitalize on the flexibility of open source, you can truly customize the software to your business, in ways you can’t with a typical ecommerce platform. If you use PrestaShop Ready, on the other hand, you still have full access to the platform’s features, plus the added bonus of web hosting, included themes, user support, and those cost deals we mentioned earlier.
Even though PrestaShop was first and foremost an open source platform, by all accounts it seems to be user-friendly and pretty simple to use (as you can see from the free demo). The platform has incredible functionality, and yet, the dashboard is still clean and intuitive. Although you may require some developer assistance if you’re using open source, PrestaShop certainly appeals to beginner and advanced users alike, especially when compared to some other open source software like Magento.
PrestaShop free demo dashboard; photo: PrestaShop
Probably one of the most unique qualities about PrestaShop is the international reach their platform offers. Based in Europe, PrestaShop has ensured that their users’ businesses can function across the continent—and beyond. In fact, out of their almost 250,000 live sites, over 30% of those sites are U.S. based. Since you can present your store in several different languages and currencies, as well as adjust your checkout for varying taxes and shipping, PrestaShop is equipped to facilitate businesses all over the world.
PrestaShop product reviews on the internet are generally positive, with users discussing much of what we mentioned above. Customers say that the platform is flexible, handles many different capabilities, and can be a good fit for users of varying experience. Users of the open source platform comment on the large PrestaShop developer base and community, saying that these resources are extremely helpful. Many users, in fact, compare PrestaShop to other open source offerings, like OpenCart and Magento, and say that PrestaShop is better for cost and functionality. It’s worth noting, however, that PrestaShop customer reviews as of April 2019 focus on the open source software and do not mention PrestaShop Ready.
Although PrestaShop has some strong benefits, there are drawbacks to consider, as well. Here are a few cons to keep in mind:
In terms of PrestaShop open source, if you don’t already have technical knowledge, it’s always going to be more difficult to run your ecommerce business through an open source platform. Although PrestaShop includes much of what you’ll need already, you still have the challenge of downloading, installing it, and figuring out the technical aspects of the software. More than likely, you’ll need development help, which can certainly be a hassle (and expense) for many business owners.
Additionally, due to the nature of open source, developments in the software are constantly being released, which means the possibility of bugs, version conflicts, and no professional support from PrestaShop to help you through them. Not to mention, although the marketplace can give you access to helpful add-ons, you have to incorporate them into your platform yourself, and risk the possibility that they don’t integrate quite right with the software and cause software issues.
The free aspect of platforms like PrestaShop open source is appealing to many owners looking for the most efficient way to run their ecommerce business. However, although open source is free to download, as we’ve explained, there are numerous additional costs to consider. These costs are unpredictable and can vary—you may end up spending more on this “free” platform than you would with a subscription-based, full-service option.
In terms of PrestaShop Ready, on the other hand, you have more upfront costs for one service option. Although this may seem beneficial, especially considering the number of included features, the platform fee in combination with the payment gateway fees, could end up making PrestaShop Ready more expensive than it appears.
Although most PrestaShop product reviews are positive, users do mention their problems with the platform as well. The biggest con that users seem to agree upon is the development issues of open source. These PrestaShop customer reviews say that the software can be buggy and there are glitches between versions and when adding modules from the marketplace. Another common complaint is the cost of some of the add-ons and the comment that PrestaShop is not really free. Again, it should be noted that these reviews all apply only to the open source version of PrestaShop and there aren’t currently reviews discussing PrestaShop Ready.
Before deciding PrestaShop is the ecommerce platform for you, it’s worth exploring all of your options and taking a closer look at some of PrestaShop’s competitors. Here are two alternatives:
Shopify is one of the biggest players in the ecommerce industry, and for good reason. Shopify is known for its ease of use (beginner and beyond), customizability, and integration capabilities. Shopify, like PrestaShop Ready, is a fully hosted platform. Although Shopify has many of the same features as PrestaShop Ready, it also offers different plans and pricing based on your needs, app integration possibility, and does not have a platform fee (unless you use an alternate payment processor). Shopify is a worthy alternative to PrestaShop Ready and even to PrestaShop open source if you’re concerned about development resources and cost. One customer review for PrestaShop even says if you don’t want to learn the technical aspects, choose Shopify.
If you’re looking specifically for an open source ecommerce platform, the only one that truly compares to PrestaShop is Magento. Magento is actually one of the most popular ecommerce platforms in the world and is well-known for their open source offering. Magento has an impressive feature list and gives you the ability to extend your functionality, like PrestaShop, with add-ons from their marketplace. Although much of what Magento offers is quite similar to PrestaShop, Magento focuses more on their customizability, offering a wider range of add-ons for users. Additionally, Magento appeals to businesses who are larger or growing quickly and have unique needs. Admittedly, however, Magento seems to be more costly because of the development resources required for set up and maintenance of the platform. If you’re looking to take your business to the next level in terms of customization and have the development capabilities to do so, Magento is worth considering.
Ultimately, the right ecommerce platform for you depends on your business and specific needs. If you’re particularly interested in an open source platform, PrestaShop is definitely one of the best out there. With over 600 features included in a free, downloadable software, you already have impressive functionality that you don’t get with many other platforms. Additionally, if you’re looking to run your store internationally, PrestaShop is a great choice to facilitate that business.
Like with all open source platforms, however, keep in mind that there are added costs beyond the software itself. If, on the other hand, you’re looking for a fully hosted platform, you might be better off going with a tried-and-true solution, like Shopify. Although PrestaShop Ready gives you access to a significant amount of features, other more established platforms give you similar functionalities at a similar price point, with the added bonus of plan options and integration capabilities. At the end of the day, if you’re considering either of PrestaShop’s offerings, you should take advantage of the free trial and free demo to help you reach a decision.
The post PrestaShop Review: Pricing, User Reviews, Alternatives appeared first on Fundera Ledger.
from Fundera Ledger https://www.fundera.com/blog/prestashop-review
PrestaShop Review: Pricing, User Reviews, Alternatives
first seen on http://barbarapjohnson.blogspot.com
Bank backs development of 42-storey apartment block in Broad Street
from Birmingham Post – Business https://www.birminghammail.co.uk/news/business/goldman-sachs-agrees-118m-funding-16168974
A small business tax advisor is a certified tax professional hired by businesses to help year-round with preparing and filing business taxes, offering tax and other financial advice, and representing the business in the event of an audit. A small business advisor should not only have the qualifications and experience to assist with taxes but also specific knowledge of the intricacies of business taxes.
Perhaps one of the most difficult parts of small business ownership is dealing with taxes. Of everything involved in business accounting, taxes are not only the most difficult but also probably the most complex—and costly to your business if mistakes are made. For these reasons, many business owners work with a tax advisor. A small business tax advisor can take the hassle out of preparing and filing taxes, while also offering you financial advice and representing you in the case of an audit. If you think this type of person would greatly benefit your business, you’re not alone—but how do you find the right tax advisor for your business? There are a few things you need to know in order to find and hire a good business tax advisor: understand the types of tax advisors, what exactly they do, and what makes a good one.
Before you can go about finding the right tax advisor for your business, you should know exactly what a tax advisor is. A business tax advisor is a certified professional who can help your business with your full range of tax-related needs. The role of a small business tax advisor, therefore, can include:
A business tax advisor is not someone you only work with during tax season, instead, it’s someone you consult with and utilize for your business tax purposes all year round.
Technically, anyone can be a small business tax consultant—all they need is an IRS preparer tax identification number (PTIN). However, in order to ensure that your business and taxes are in the most capable hands, there are a few types of IRS-certified tax advisors you should know about. These kinds of tax advisors meet the additional skill, education, and expertise requirements set out by the IRS and therefore are the most reputable and are recommended to handle your business taxes—and even more importantly, they’re all authorized to represent you before the IRS:
If you’re looking for a business tax advisor, you’ll want to find a professional that falls into one of these three categories. You’ll also want to look for a tax professional who has specific experience with business taxes, not just personal taxes. If possible, someone who has a familiarity with small businesses, startups, or your particular industry, will be even more beneficial.
So, you’re looking for a business tax advisor that falls into one of those three categories, but how do you start the process? If you haven’t worked with a tax professional before, where do you look?
A good place to start is with your business accountant or bookkeeper. If you already work with a CPA for your other accounting needs, they might have the experience to also serve as your business tax advisor. Even if you don’t work with a CPA, your accountant might have colleagues or references in their network that have the experience you need. Similarly, referrals, in general, are a great way to find a small business tax advisor. Consult other business professionals you use and trust—or talk to other small business owners for references.
If you don’t use a referral, another good route to explore is to consult professional tax organizations to find certified business tax advisors near you. You can go to the Association of International Certified Public Accountants (AICPA) website to access a CPA directory or the National Association of Enrolled Agents to find an EA. Local bar associations can help you find tax attorneys in your area. As you go through this process, you’ll want to meet with several different people to find the tax advisor that will work best for you and your business.
Now that you know the basics about small business tax advisors and where you can start your search for one, let’s dive deeper into how to find the right one for your business. Since this person is going to be working with you year-round and handling some of your business’ most important financial information, you want to be confident about the person you choose. These questions can not only help you assesses your business tax needs, but also the business tax advisor themselves to determine if they’re a good fit for your business:
Will your advisor interact with the other members of your team (attorney, financial planner etc.) to make sure everything in your financial plan is working smoothly? Will they have access to all of your business finance tools like your accounting or bookkeeping software?
Ask the tax advisor to share some success stories from other clients they have worked with. Most tax advisors will be able to share stories, testimonials, or even references with you. Make sure you check them out.
Don’t be afraid to ask about specific strategies the advisor has used. You want the advisor to respond with answers like “we educated the client on which costs were deductible” or “we restructured this client’s business to take advantage of lower tax rates,” etc.
What you don’t want to hear is evidence that the advisor has used aggressive strategies that would cause red flags with the IRS, or strategies that are just plain illegal. Listen for words like planned, restructured, educated, and documented in the advisor’s answers—these are legitimate.
Does the advisor have knowledge about your industry? Do they work with anyone inside your industry right now? Do they know about any trends or news that relate to your business? What can be done to either profit from or protect you against those trends?
You want to be working with an advisor who understands your business and specific issues concerning business taxes, like the small business tax rate. If you have to educate your tax professional about how your business routinely operates, they probably aren’t the right person for you. A tax professional should refer you to someone else if your business is not their specialty.
Business (and life) happens year-round, not just at tax time. You need to be able to have access to your tax advisor all year long so if a situation comes up and you need guidance, you can get advice before the transaction or event happens.
If your tax consultant only does taxes between January and April and takes the rest of the year off, that should be a red flag to you. You want somebody who lives and breathes the tax code and can apply it to your situation. You also want an advisor that will stay in contact with you during the year and alert you to any tax saving opportunities that may arise.
Finally, you want an advisor that will stand behind their work. If problems come up with your tax return, your advisor should be able to address them. If you face an IRS audit, your advisor should be able to help you through the audit process.
Asking questions like these will give you, as the business owner, the opportunity to finesse your tax advisor needs, as well as assess the individual tax advisor themselves. Like we previously mentioned, don’t be afraid to meet with multiple tax professionals to weigh their skills, experience, and even personality—at the end of the day, it’s of the utmost importance that this person is right for your business and will be able to fulfill your tax needs.
If you’re in the market for a small business tax advisor, don’t wait until the business tax deadline is around the corner—start your search now. Keep in mind the kinds of professionals you’re looking for as you go through the search process and don’t be afraid to ask tax professionals about their qualifications, experience, and specific services. Ultimately, only you can decide on the right business tax advisor, but once you’ve found them, you’ll have the tax consulting and expertise (not to mention save yourself time and stress) that your business needs and that will certainly benefit you in the long run.
The post How to Find the Right Small Business Tax Advisor for Your Business appeared first on Fundera Ledger.
from Fundera Ledger https://www.fundera.com/blog/right-tax-advisor
How to Find the Right Small Business Tax Advisor for Your Business
first seen on http://barbarapjohnson.blogspot.com
Developers hope to start work on second phase of Exchange Square by the end of the year
from Birmingham Post – Business https://www.birminghammail.co.uk/news/business/plans-34-story-residential-tower-16168104
PwC continues to pursue claims following collapse of car manufacturer in 2005
from Birmingham Post – Business https://www.birminghampost.co.uk/business/finance/mg-rover-liquidators-hand-out-16167975
Everyone should have retirement concerns early on in life even if it sounds ridiculous to think so far ahead. That’s part of the problem for lots of people especially those who live in the moment.
The future always seems so far away and not something that has to be tackled right away as there always seems to be time for that later.
As wonderful as retiring sounds the transition to retirement is not always cut and dry especially for people who love their job.
Last week we sat with our financial advisor to chat about going from term life insurance to a different product that would see our money invested differently.
I don’t even know if anyone can answer this question until they are actually living the retirement life but in speaking with retirees in my time I’ve learned there are things we can do ahead of the game.
In the midst of the conversation we changed subjects to retirement concerns that Mrs. CBB and I often pondered.
Sometimes you look at different people and think they will have no worries about money in the future.
We’ve all done it because it’s human nature but everyone has or should have retirement concerns based on;
If none of the above 3 even bother you in the least then your retirement concerns are nothing more than smooth sailing because you’ve got it all figured out financially.
You probably also have enough money to ensure the best health care outside of any type of government funding or assistance.
I wish that was us, but it’s not.
Learning to cope with retirement is one thing but if you don’t have a grip on the above it makes retirement even more stressful for someone who fears the unknown. It’s also a breeding ground for retirement depression which I will talk about a bit later on and can easily go unnoticed.
These are in no particular order.
Being bored in retirement is not uncommon as is post retirement depression because as humans we get used to routine. It’s not just people who retire from work because of age but also illness or other reasons beyond their control.
Staying at home day and night can be traumatizing for someone who has built their world around being on the go. If you’ve lost a spouse or are going through a divorce during retirement years that can cause further spiraling into the world of depression.
We see my mother-in-law who is all alone for her retirement and depends on everyone else for her happiness. She has no hobbies but loves to clean and talk to people but people know she is ill but she does not.
Solution: For Mrs. CBB and I we have started a retirement journal where we will be writing down things we want to do ahead of retiring. We have also talked about what would happen if one of us passes away.
Another thing that came up was to find things that make us happy so engaging new hobbies or learning something new that we can bring into retirement.
A few examples that we came up with for us;
Literally everyone should have this worry about retirement money because someone still has to pay the bills. Even if your house is paid in full and you have no mortgage you still have property taxes, utilities and maintenance fees.
If you still drive you have vehicle maintenance, insurance and pretty much everything you had to pay for before you retire. In the midst of our conversations Mrs. CBB and I both talked about travelling and the cost of travel insurance if one of us were ill.
What we did was create a retirement bucket list which I will talk more about another day but on it are all the things we would like to do when we retire. The plan is to think about what we’d like to see happen, what could happen and how to prepare for that now so we can still cross off destinations or desires on the bucket list.
Another thing we considered was the costs of retirement homes but trust me if you made some phone calls and visits to facilities in your area the prices would shock you.
If you want a private or semi-private room in a retirement villa or even long-term care you’ll be paying big bucks. Otherwise, you get what the government gives you and sometimes you don’t end up being placed in the city you live.
You pay for the level of care that you get whether it’s through your government pensions or your retirement savings.
Will my doctor still be around? Who will look after me? What if my spouse is gone? What if I become ill with a disease or dementia?
There are SO many what if’s in retirement that your head will spin but one of the biggest next to financial concerns is health concerns. When you are ill during your retirement years it really does cause set-backs with doctors appointments, life-style changes and financial changes.
All those dreams you had for retirement could be shot with one diagnose or one accident. Life is never predictable especially when it comes to what are supposed to be some of the best years of your life.
Many times we hear sad stories about people getting ill or dying just before or after retirement leaving one spouse alone.
If the remaining spouse is sick then there is the possibility of having to get in-home health care, selling a house, moving or possibly transitioning to a retirement or long-term care arrangement.
In our retirement journal we touched on this topic but plan to investigate what we need to do in the event any of the above happens to either of us. They say education is the key to life so it doesn’t hurt to find out about what might or will happen down the road and how it could affect our lives.
Just because you raised your family in the hometown that you retire in doesn’t mean that they will stay living there. In fact many kids move away from their parents for school, careers and to get married and start their own family.
Some people don’t have kids at all and move away.
Being left alone with or without a spouse can be tough for any senior especially if you no longer drive or have never driven before.
Not having bus service in your area to get from place to place or declining health that stops you from getting out to do things like grocery shopping all play a big role in retirement happiness.
These are BIG concerns for us.
We decided that although we want to move out to the country we need to retire somewhere that made life easier for us in the event;
The other thing we considered was do we really need a large property at our age and do we want to live in a small town or the outskirts of a larger city in the country-side.
Our choices today will affect our future when our retirement years come around so airing on the side of caution now with a plan B is always ideal.
As you know Mrs. CBB no longer works and she’s already seen a massive decline in friendships and she’s no-where near retirement. In fact, she hardly ever goes out with girlfriends at all.
It’s tough for her to get out and meet people and she can’t always do the things other can which makes things difficult. Not everyone wants to hang out with the sick person. That’s reality. Luckily she does have a couple of close friends but they don’t live in the same city as us but they chat often.
Friendships are important to us and is part of our retirement concerns because it’s nice to have people to meet up with that you know. Our goals moving forward are to continue meeting people, connecting and seeing where it will take us into the future.
You don’t know unless you try and building strong friendships that last a life-time whether they are close or near mean just as much when you need to make a phone call for support.
This one encompasses not only losing someone to death like a spouse, child or other family members but lose in ability to do the things we once were able to.
I have always said when you are a couple and working on your finances to make sure you both know what is going on at all times. It’s important to share passwords and to know where all of the important documents are located in the event one of you dies.
Then there is the simple fear that we will be left alone if one of us dies and our son has moved across the country like I did to be with my wife in Canada.
You don’t know but it can happen and then you are left on your own which is why our retirement journal is important to us so we can contribute ideas to the future.
What if you have no kids, no family, no spouse, no partner- just you?
You know what? That’s your choice. You can consider what retirement concerns the future may hold for you and plan, research and educate yourself today or wait until tomorrow.
Uncertainty is never a friend which is why estate planning is so important. Look after yourself in every way possible while you can.
Discussion: Do you have any retirement concerns? Share your comments below as I enjoy reading your feedback.
February and March 2019
What happened to our money in February and March?
Hi Everyone,
I’m not sure how I managed it but I forgot to post the Net Worth update for February and almost March now, oops. I do have a schedule but the last couple of months have been chaos with illness around here somehow I messed it up. I’m human, that’s ok.
Anyhow, as you can see in February we were still increasing our net worth as we saw the markets increase as we had a large tumble back in December into the new year.
As any good investor would do instead of rushing to pull or move investments we hung tight because we’re in this for the long-haul and know this will happen again. This is the way the investing goes.
After a meeting with our advisor we’re looking at investing in long-term insurance which I will explain a bit more once that is complete and why we chose that route.
Also, after doing my taxes I noticed I don’t have much RRSP room left to contribute after my defined benefits pension contributions so I’ll have to reduce my monthly contributions come our next advisor meeting in a week.
I didn’t think that was too bad overall since I had a tonne of contribution room back a few years but I’m all caught up now and my TFSA is maxed out and caught up.
Other than that things are pretty steady in terms of income for us which is good because there was a few years of me working two jobs but it’s nice to be down to one.
On a good note… a new house on our street which is the same as ours but finished is up for sale $750,000. I’ll let you know how much it sold for once it’s sold. I’m nosey only for our own financial knowledge.
Mr.CBB
What Does Individual Net Worth Mean?
Net Worth is a snap shot of your financial health sort of like a picture or debt to net assets. In simple terms it’s a total of the value of your assets minus your liabilities.
We credit the growth of our net worth due to patience, perseverance, using a monthly budget and not giving up. Your numbers may go up and down but don’t let the numbers scare you rather understand why and move on.
If you would like to use our budget I offer a FREE downloadable budget which I created and that you can use at home just like we do. I don’t charge for it because I want you to save money not spend more!
There are tonnes of other free printable lists offered at Canadian Budget Binder to help you achieve some of those financial goals and build your net worth.
February and March 2019
Do you know how to calculate your own Net Worth?
We like to calculate our net worth every month so we know if we are still on track.
Some people calculate it yearly or quarterly but it’s up to you and how informed you want to stay.
Net Worth is only an estimate and not everyone uses the same type of figures to tally it up.
Some of you may not include vehicles like we do or leave out assets inside the home like we have. You might be that person that believes that your house should be excluded.
It depends on what you want to calculate or what you can sell today and make money on for tomorrow.
Figuring out net worth is fairly easy as long as you know your personal numbers or monthly finances which means you need to do your homework.
Net Worth is simply adding up all your assets (what you own) then taking away your liabilities (what you owe) which will give you a net worth number.
Understanding your net worth will help you determine if you are on track to meeting or beating your personal financial goals. It doesn’t get any easier than that.
Net Worth = Assets – Liabilities
Why not go ahead and calculate your own using our Free Money saving Tool Net worth Calculator (Canadian Budget Binder 2012)
When budgeting anything is possible, we are proof of that although we still have a long way to go in our journey. These are our numbers and our goals, not a means of comparison towards your own goals to others target goals.
We don’t care how much money others make or if they have a high net worth or if it is lower than ours as it’s not a competition. I hope our experiences will help guide you along your financial path working towards debt freedom.
Not everyone has the same path in life.
Some of you may have had to start over like I did or go to school a second time and now have OSAP loans to pay back.
Others may have divorced, lost money in the stock market or other investments, suffered job loss, fell ill or injured on the job and so on but you can’t let that stop you from achieving your financial goals.
Some of you may have been given trust funds, paid-for homes, paid educations or perks in life that give you a financial kick-start and that’s OK too.
Remember what I said, “It’s not about how much money you make, it’s how you save it”.
The only reason people accumulate wealth is because they know how to save or invest it wisely even if they did inherit money or win the lottery.
The smallest improvements should mean big strides in working towards reaching your goals.
Sometimes we have to fail in order to learn and we’ve all been there. Money can be an evil force for some people especially those who have a negative attitude towards their own financial situation.
I urge you to be optimistic and little by little with determination you too should see improvements, if you want that to happen.
Click the links below to read 2017 net worth updates to see how we made out following our own budgeting and investing rules.
That’s all for this months net worth update but please check in at the beginning of March 2019 to see how we made out in February 2019 with our financial portfolio.
~Mr.CBB
The post 6 Retirement Concerns That We’re Thinking About Today : Net Worth Update Feb/Mar 2019 (+2.15%) appeared first on Canadian Budget Binder.
from Canadian Budget Binder https://canadianbudgetbinder.com/2019/04/23/6-retirement-concerns-to-plan-ahead-for/
Mat Sadler is targeting Birmingham’s growing residential market with new sales and letting operation
from Birmingham Post – Business https://www.birminghammail.co.uk/news/business/former-blues-defender-expands-city-16163866
mojafarma 