Accounting/Banking/Credit (87)

Business Lending: What is a personal guarantee?

 In business lending, a personal guarantee is a very crucial element. It is a legal promise by the owner or owners of a business that in case a business fails to repay a loan, they will personally repay the outstanding debt. Although a loan can help to fund your business, in most cases, personal finances can end up being dragged into the picture in the form of personal guarantee. The banking institutions or other parties that lend money often demand a personal guarantee from the borrower to ascertain that the loan will be repaid even if the company does not have assets that assure repayment on its own.  


What Should you Include in Your Corporate Credit Card Agreement?

Well-established companies generally provide their Sales and Executive team with corporate credit cards to use for travel expenses and networking activities such as dinners and Happy Hours. Company-issued credit cards allow employees to expense work-related expenditures without having to rely on their personal credit card alleviating the stress of incurring late fees. If you are looking into the benefits of a corporate credit card, there are a few things you should know before making a decision.


Creating a Promissory Note

A promissory note is a crucial document for large transactions. It is used by businesses in consumer lending and other businesses. Some other examples of transactions where the promissory note can be used include home purchases and student loans. Owing to the importance of promissory note, it must be created correctly so that it serves the purpose for which it was intended. It must specify the method of payment and at the same time be simple but reflect the terms of the agreement. These components make the note legally enforceable. Below are some tips t you should consider when writing a promissory note:


Best Mileage Cards for Small Business

Small business credit cards are becoming an increasingly popular option for business financing. This is particularly useful for small businesses which do not qualify for traditional loans and lack access to funding organizations.


Ask Yourself 3 Questions To Help Find A Financial Advisor You Can Trust

When it comes to financial planning, most Americans take a do-it-yourself approach. In fact, various surveys and studies over the years have shown that anywhere from 60 to 70 percent or more don’t have a financial advisor. But does that mean the remaining minority who do hire someone are more confident about what the future holds for them financially?


Financial Statement Refresher: How to Read the Reports

Every small business owner gets bogged down and behind at some point. However, the one business practice that you must consistently perform is reading financial statements. To really understand the position of your business, you need consistent reviews of your balance sheet, income statement, and cash flow.


Understanding Depreciation

Depreciation is perhaps one of the most complex terms for small business owners to grasp. With many rules associated with it, it becomes even more complicated for anyone except for the professionals in the finance sector. The most important way you can ensure you understand this concept is to avoid being intimidated by big words employed.  You can achieve this by focusing on how depreciation affects us in our daily lives.


5 Accounting Challenges Startups Face

fiveAs a start-up, you are pulled in many directions, and all seem equally important. From developing your customer base to fulfilling promises of goods / services, you must jump in fast and keep the momentum going. So, at first, you focus on generating business, but very soon, you must devote time to your finances. Read more...

Why You Should Practice Corporate Philanthropy

giving at work‘Tis the season as we are all recovering from the excesses of the Holidays. After weeks of giving and receiving and with the start of a new year, now is a good time to engage your organization in philanthropic goals if you haven’t done so already. Read more...

AICPA Recommends Changes to IRS Form 990 and Related Instructions

The American Institute of CPAs (AICPA) has recommended more than 30 changes to the Internal Revenue Service (IRS) for the 2018 Form 990, Return of Organization Exempt from Income Tax, and its related instructions.


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