Accounting and Tax Guide Accounting and Tax Guide Copyright by en Mon, 16 May 2022 12:08:36 -0400 How to Plan Your Retirement Years Nowadays, people are increasingly aware of how important it is to carefully plan their retirement years. This does not only mean planning life from an economic point of view, but also asking yourself some important questions regarding the future. “Will I be able to retire at 55?”, “how much do I need to deposit every month to get a significant income in the future?”, “how much pension will I get?”: these are the most common questions people ask themselves frequently.

The first step to better planning your retirement is to understand what a pension is. A pension is nothing more than a long-term plan designed to provide you with an income that you can live on when you stop working. By starting to set aside money for your retirement years, you are simply investing in your future and in the future of your loved ones to try to ensure an economically stable life. You should also have a small fund to handle any emergencies that may happen in life. Depending on the pension plan you choose, your employer (if you are an employee) and the government will contribute to your future as well by applying tax relief. In fact, in the United Kingdom all employers are required to deposit a minimum amount every month to contribute to their employee’s future. But there’s also a pension scheme designed for independent workers that lets them decide how much and how often to deposit on the fund. Whichever retirement scheme you decide to open, you’ll always be able to enjoy many tax and contribution benefits. Let’s have a closer look on this matter.

Pensions in the UK: how do they work?

Let’s see how the most common pension schemes available in the United Kingdom work. Even though every single one of them has been specifically designed to meet the needs of certain categories of people, all pension schemes comply to some common rules. For instance, you will always be able to rely on the government’s contribution to your future, which, in any case, will apply tax relief. Another important thing you should keep in mind before opening a pension fund, is that you won’t be able to access your savings until you reach the retirement age. This rule has been set to delete the temptation to withdraw money before the time and to grant you a significant income when you stop working. Nowadays, the retirement age is set at 55 years old for personal pension and workplace pension. On the contrary, for the state pension, your retirement age will be set at 66. You should also never forget that, when putting money on a retirement fund, the pension provider will be investing it. This will give it of course money the chance to grow, but will also put it at constant risk. As a matter of fact, all investments are risky and subject to the market’s constant ups and downs, so the chance to get less than you expected is always around the corner.

How does retirement planning work?

Once you know how pensions work, it’s time to investigate your life and financial goals. This is a crucial part of the whole process, because it makes you aware of what your ambitions for the future are. Most people open a pension scheme without asking themselves where will they want to live when they stop working, if their children will need financial help, if they will want to buy a new house, or move to another country. These are all important questions to ask yourself before opening a pension fund: identifying your life goals is crucial to build a stable and peaceful life for when you stop working.

Financial Guide Editor Thu, 12 May 2022 04:00:09 -0400
Everything You Need to be Aware of About E-Commerce Accounting Trying to do your own accounting is a task that gets complicated very fast. If you've ever tried doing it, you'll be aware that e-commerce accounting has its challenges. Now it is important to hire an accounting firm that specializes in e-Commerce and will help you minimize your tax bill. Undoubtedly eCommerce has a long cash flow cycle when compared to other industries. It is because the flow of inventory and cash is indirect to both the customer and the seller.   

Running your venture is fun and exciting, but it can also be quite overwhelming. Financing is one of the important aspects of your business which is definitely not fun which is why you need eCommerce accountants to deal with it. Though doing finance is stressful and challenging at the same time, it is one of the 

More About E-Commerce Accounting and Bookkeeping

E-commerce accounting and bookkeeping are altogether new for businesses aiming to gain new customers and engage them to be long-term clients. Thus, there are a plethora of things that go into it to provide the assurance accountants, and bookkeepers know their way right into customer engagement. Well, this might seem to be a complicated task, but it is quite simple with all the right tips. And when you know about the issues, it becomes even easier. Let's learn more about E-Commerce accounting and bookkeeping services and how to do them correctly? Keep reading!

The Future Vision 

Accrual accounting (in contrast to cash-based accounting – extra on that here) is critical for getting a comprehensive image of your books. Because inventory and cash flow are external to both the buyer and the seller, e-commerce has a very extended cash flow loop relative to most sectors.

E-commerce data is challenging to create clean accrual-based accounts because of its complexity. There are numerous more areas that e-commerce demands you to consider in addition to the conventional statistics inventory-related, cash, and overhead.

Parting Payments 

Amazon payments arrive every two weeks on average, although each deposit includes several weeks of sales, returns, reimbursements, and fees owing to those mentioned above extremely lengthy cash cycles.

It is critical that these donations are divided in a manner that enables you to classify each trade into the period it happened – which is not always the month wherein you accepted the deposit – in order to appropriately reconcile your accounts month over month.

There are various software tools that handle this problem (see our evaluation of A2X), but parsing out these deposits correctly still requires a while and the sharp eye of a trained accountant.

Managing Inventory Right 

The accounting for inventory at brick-and-mortar businesses is usually quite straightforward: amazon seller accountant can glance around at what's in stock and add anything held in a backroom or maybe a secondary storehouse. Also, it combines the purchase cost with the cost of resources used to produce or obtain the things.

On top of these expenses, e-commerce vendors must account for shipping, storage, taxes, customs, and any other additional expenses connected with making sales. COGS, or Costs of Products Sold, are the costs that make e-commerce bookkeeping more difficult than it does for a traditional vendor.

Your e-commerce CPA will be able to maintain track of your stock holding account — a line item that compensates for merchandise that has been acquired but not yet delivered to a customer. In addition to determining which expenditures to include as Moving parts on your P&L statement.


Advertising is a part of any business, but e-commerce enterprises typically advertise across several media. Amazon advertising may consume a large percentage of a seller's budget. Many sellers also spend on PPC (pay-per-click) advertisements, SEO tools, email, social networks, and affiliate marketing to improve the effectiveness of their ads.

Advertising is usually part of an e-commerce P&L. Create a post-advertising gross (PAG) way of calculating your monthly earnings relative to your advertising costs. Furthermore, which offers you a clearer view of how much money you'll truly take home month after month.


Overhead refers to any aspects of your business that aren't directly linked to your products. Salaries, space leasing charges, office equipment, technology and utility subscriptions, and security expenditures are all included.

Website hosting, shipping charges, inventory management systems, storage costs, transactional service charges from payment systems, and computer security and VPN memberships are all part of an e-commerce company's overhead.

What Are Some Minimal E-Commerce Expenses? 

Aside from the aforementioned concerns, e-commerce companies must also cope with a few more areas that contribute to data complexity.

  • For both sellers and accountants, the e-commerce tax rate is a big source of uncertainty. E-commerce enterprises deal with an even more complicated tax issue that often changes based on the state in which the consumer lives, whereas brick-and-mortar retailers simply cope with sales tax in the area they're selling. More information regarding state taxes for e-commerce businesses may be found here.
  • Inventory finance loans, through both Amazon and other lenders, are a common occurrence for e-commerce entrepreneurs. These loans generate a continuous line of credit, which makes accounting even more difficult.
  • Accounts Payable is a difficult task. Payable keeps track of short-term financial commitments, and e-commerce vendors may have many loans due at the same time. This adds to the accountant's workload, as money going in and out of the account can have a significant impact on whether or not a firm seems profitable at any particular time.

How to Optimize Business For Outsourcing? 

Depending on your brand's strategy and demands, it may sound right to outsource the entire arm or just a piece of the management and operation. Any duties that overburden your in-house team or divert your attention away from your main mission may and should be delegated to someone with experience and understanding in that field. You can outsource the following e-commerce functions:

Order Processing and Fulfillment

The top two aspects of a successful online retail experience are fast shipment and a simple delivery process. Businesses must figure out how to handle rising order volume while retaining customer happiness.

Order fulfillment and processing, in practice, demand large investments in warehouses, shipping logistics, and other associated systems. The proper outsourcing partners do have the systems in place to manage all of these responsibilities for you, and they can help you avoid the financial strain of doing it alone.

Product Listing and Catalog Management

When potential customers go online to shop, the first thing they see is your collection page and product listings. Each element implicated in the title, picture, and description—must be carefully created to entice, inform, and encourage clients to make a purchase. With the rise of smart speakers, these postings must also be optimized for voice search.

Approximately 42% of e-commerce businesses provide insufficient information about the product in their item portfolios, making it hard for buyers to decide whether a price is good. You can guarantee that your web catalog is comprehensive, well-written, & search-engine-friendly by delegating product page optimization and catalog maintenance.

Customer Service

Excellent customer service is a strategic edge. It generates positive comments and testimonials, which helps to raise brand recognition and extend your customer base. Half of the struggle for your eCommerce business's success is providing high-quality items. The remainder is handled by the customer service staff. Angry clients may air their grievances in public, perhaps costing you money over the long term. Customer service outsourcing has been found to lower the number of unhappy customers and negative comments.

People read and trust reviews to find out how happy other consumers were with a service or product. According to statistics, if a consumer has a terrible experience, more than half of them would stop buying from that company. Client service outsourcing mitigates these risks while also enhancing customer loyalty.

Businesses that outsource customer service may respond to customer issues, fix problems, and gather feedback from consumers with exceptional care and consistency. To effectively serve an overseas client base, outsourced customer service personnel may work outside of usual business hours.

Accounting and Bookkeeping

Financial records & bookkeeping are necessary for any firm to operate. Regular monitoring of your income and costs is critical for discovering chances for development and avoiding possible problems. However, corporate financial management needs a high degree of knowledge.

Exporting your bookkeeping and accounting reduces the chance of human mistakes and guarantees that your business' funds are in order. You may also be confident that your business follows all financial and tax requirements.

Free Cash Flow: Aiding the Needs of Modern Business With Bookkeeping Services 

Ecommerce accountants do need to go through a lot of struggles for the businesses of their clients. Thus, one of those is the bookkeeping services. Well, you would also want to get help from the best one in the business. At Free Cash Flow, you can avail the finest accounting and bookkeeping services without any fuss. Our experienced professionals carry extensive knowledge in providing top-notch solutions to customers. For more, get along to our website now!

Accounting Basics Editor Thu, 28 Apr 2022 09:52:42 -0400
How Human Resources Departments Deal with Drug Taking Drug taking is a problem that companies have to deal with every day. Indiana employee drug testing laws are also something for firms to think about, especially if you are based in this area. Some companies choose to drug test all of their employees, while others take a more lenient approach.

There are pros and cons to both methods, and it ultimately comes down to the company's preference.


Drug testing is an effective way to deter employees from using drugs.

Testing is a deterrent to employees because it can lead to them being fired. Drug testing also helps to maintain a safe and drug-free workplace. Everyone ultimately wants that. Staff will want to feel safe and not fear those around them taking drugs that have the potential to injure them in some way.

There are a few different ways that human resources departments can drug test employees to ensure that they do not escape the net. The most common way is through urine drug tests, but hair drug tests and blood drug tests are also used. The important thing is to test randomly and regularly, or just test everyone if the budget allows. It can save money in the long run to do that.

Urine drug tests are considered by many to be the most reliable. This is because urine drug tests can detect drugs that have been used in the last few days. Hair drug tests can detect drug use that occurred up to 90 days ago, and blood drug tests can detect drug use from up to a week ago. All the tests have their different uses as deterrents and in terms of keeping the working environment safe.


An advantage of drug testing is that it is a cost-effective approach. Drug testing is cheaper than other methods of drug detection, such as polygraph tests.

It pays to identify any drug users and deal effectively with them, whether that means helping or dismissing them. Many companies will collaborate with employees to help them, but most will stay clear of employing those with a drug habit in the first place.

Certain types of businesses have no decision to make about eliminating drug users from their workforce. For instance, when a patient’s or customer’s health might be at stake or a dangerous piece of machinery is being operated.

Identifying Drug Users

Setting up a drug testing regime allows companies to identify drug users sooner rather than later and get them some help if they need it.

It makes sense to identify drug users before employing them but when they are identified among your existing staff, who you have already invested time and money in training, it makes sense to see if they can be helped first before simply letting them go.

You will, with this approach, want to identify staff who are becoming addicted to drugs before it is too late so that you can quickly deal with the problem. It is a useful thing to achieve and the morally right thing to do as a business if you are able. We cannot, however, ignore the cost implications to a business that may already be struggling to survive in a competitive world.

The Practicalities of Administering a Drug Testing System

However, drug testing can be expensive and time-consuming. Additionally, some employees may feel that drug testing is a violation of their privacy. Human resources, alongside finance departments, will have to juggle all this to decide on the best way forward. It might vary from one business type or size to the next. It is good to know that drug testing facilities are there to help protect employers and their employees.

Companies that choose not to drug test their staff run the risk of increased accidents, high staff turnover rates, and low productivity levels. It makes sense to have a system in place that tests potential employees as well as regularly testing existing ones for banned substances and drug misuse.

It is the responsible and safe thing to do as an employer, as well as being a tool to increase productivity.

Accounting Basics Editor Wed, 27 Apr 2022 05:38:12 -0400
4 Business Strategies You Probably Haven't Thought About In 2022 All know that when the covid-19 pandemic hit the world it affected everything very badly especially it rocked the business sector and the industries were also affected. So this means that the last two years were very disturbing but now as we have moved on to 2022 businesses are also preparing themselves for different growth opportunities.  This year is considered a strong year for businesses because we can expand our partnerships,  grow our customers and also make links with new clients.  To do all this we need to have an effective business strategy or a business plan.  If you have a new year's resolution that also includes business growth, this article contains some important business strategies that you can choose to apply to become the future experts in the related industry.

Strong E-Commerce Presence

There is no doubt in this that entrepreneurs are the beauty of the world and to improve your standard you should always focus on E-Commerce business growth and interact with new people.  The people who own small businesses can easily make a unique niche in today's market and that will benefit them if they establish a strong online presence. Since we know that nowadays many customers prefer to shop online, incorporating a good E-Commerce business strategy is a good way of starting your future brand.  if you work hard on developing your online present send it will make the people aware of your product,   and it will attract more customers to you

Focus On Your Team

It is an important thing to focus on your team and develop an environment that has creativity, empowerment, and collaboration which can help to improve your performance and this is how you will be able to achieve maximum profit.  you need to know that investing your time and resources in your team is very important and this thing is often neglected. By doing this you will analyze the level of interaction of your employees and in addition to this the workers will also feel very empowered and they will deal with their mistakes very easily.

Focus On Video Content

You might be unaware of this fact but you need to know that nowadays graphics and videos are very powerful marketing tools for a business and by using these tools you will continuously rise.  There are many platforms such as Facebook,  YouTube, and Instagram,  that are effective and efficient ways to connect with the consumers and audience in the best possible way.  By making videos and by connecting with them you are telling your brand story to them.  so this is why businesses should always prioritize making short videos that will help them to gain organic traffic

Focus On Digital Marketing

After dealing with the pandemic people came to know the importance of online presence and jobs.  You need to know that digital space is a major part of our lives now, It is everywhere no matter if you are shopping for interacting with your friends you are living in a digital space.  There are many businesses for which the shift to the digital system has not been very easy and there are many others who are still reluctant to adopt changes themselves. By building your website, for designing a good newsletter you can improve your social media campaigns and in this manner, you would increase your brand visibility to attract organic traffic

Accounting Basics Editor Sun, 17 Apr 2022 08:05:12 -0400
Landlord Guide to Property Tax Assessment

Running a rental business is not cheap, and there are several costs that property owners have to account for at the end of the year. Thankfully, the IRS knows, and many expenses are eligible for deduction according to their policy. Despite that leverage, many landlords still miss out on the opportunity to keep some money in their pocket or spend a lot of money on a professional to help them. If you read our article on 2021 rental property tax tips, you might have picked up on some helpful tricks real estate investors should know.

Well, in this article, we'll be revealing more tips and giving you a detailed landlord guide to property tax assessment. So if you'd like to start doing your taxes like a pro or save some extra cash on outsourcing to accountants, read till the end.

Section A: Eligible Rental Deductibles

●     Property Taxes

Since property taxes often cost a lot of money, eliminating them from your taxable income could be a huge relief. These are taxes payable to your municipality, and it varies depending on your rental type and location. In other words, having a single-family unit in neighborhood A could cost you $4,000 in property taxes, but only $2,000 in neighborhood B. Generally, these amounts are calculated using the average income. Thus, low-income areas pay less. The acquired funds are then funneled into schools, hospitals, and other communal needs[1]

●     Mortgage Interest

Considering that most property owners have to take out a loan to purchase their investment, many landlords can take advantage of the fact that mortgage interests are deductible. Thus, it's safe to say this expense is pretty much standard. However, if you're unsure how much interest you're paying on your loan because the payments are automated, there's a simple way to find out. Usually, when you borrow the money, you receive an annual tax form called 1098. This form is your mortgage interest statement and shows you the total interest you paid. Since you typically receive this document from your lender, you can go ahead and input the full amount as it would be accurate. The same applies to landlords with impounded property taxes. Besides that, Maine landlords can also count on getting some more cashback through the proposed increase in taxpayer rebate by 2023.

●     Travel

Landlords rarely live on the same properties as their tenants, which means they have to transport themselves when there's a need for them to be physically present. Sometimes the trip could be a short car ride away from one district to another, and other times it could mean traveling to another state. In either case, these necessary travel expenses are tax-deductible. You might want to look at publication 463 by the IRS, which specifies the latest requirements for travel, gift, and car expenses[2].

●     Advertising

Experts usually recommend that you make room for at least two months of vacancy in your budget. That tells you vacancies are tightly tethered to running a real estate business, and every landlord should anticipate it. However, filling up vacancies is no easy task, and it often costs money to advertise online and in traditional media. Then there might be other associated costs such as virtual staging or tours to reach a bigger market. Of course, we can't exclude the commission you might have to pay to your real estate agent and other professionals. They can get quite hefty when you sum up all these costs, so it's great to know that they're also tax-deductible.

●     Salaries

Many landlords can get by with managing their units themselves, but it takes a team for property owners with a vast portfolio. Thus, if you have everyday employees such as property managers, cleaners, and stand-by repair workers, you need to pay them weekly or monthly. So you can legally deduct their wages, compensation, and other gifts from your taxes.

●     Utilities

Gas, water, electricity, and other appliance or furniture-based property costs fall under utilities. If you are responsible for these payments, you may also deduct them from your taxable income.

●     Depreciation

Landlords also receive an allowance for depreciation. Although real estate is good at edging the effects of inflation and gaining value over time, one can still expect sufficient wear and tear. After all, you can't compare the integrity of a new building to one that's fifty years old. Thus, you can remove a certain amount annually from your taxable income to make up for that loss. Most landlords struggle with calculating depreciation accurately, but a tax calculator can take care of the rest if your property meets the criteria.

Section B: Filling your Schedule E Document

When you decide to become a landlord, you should prepare to pay taxes on your returns. Following the Department of Treasury and Internal Revenue Service, the proper way to account for supplemental income and loss is to fill out a Schedule E document. This paperwork is mandatory for both residential and commercial rental real estate. Here's some of the information you would have to provide:

You'll have to answer questions about your physical address, type of property, expenses, fair rental days, and more at the first stage. An optional section of this part that often confuses people is the question about 1099[3]. To clarify, a 1099 form is a document for the internal revenue code that collects information on miscellaneous rental income and nonemployee compensation. For example, if you contract someone to do your landscaping for a specific period, you have to report how much you pay them in the 1099 form.

Tip: Under the section that inquires about fair rental days and personal use days, you have to fill in how many days your property is up for lease in a year. For example, if the apartment is a vacation rental, you might use it as a second home or getaway during some parts of the year. Note that those days will not count towards fair rental days and thus will reduce your deductibility. As a rule of thumb, you're typically entitled to a maximum of fourteen personal use days before the IRS starts discounting your deductibles. You should also note that their tenancy period will not count towards fair rental days if you charge your tenants significantly below fair market value. So if you're putting up a family member or friend at half the rent, you could also be losing on your eligible deductibles.

To illustrate what we've highlighted, let's create a hypothetical scenario. If your annual rent on a property is $24,000, that will come down to $2000 per month. Some expenses you might incur include advertisement ($150), cleaning and maintenance ($400),  insurance ($950), legal fees ($350), mortgage repayment ($2200), utilities ($2000), and more. That boils down to a total of $6,050. Mind you, most properties incur a lot more expenses, and you can include other costs such as repairs, commissions, supplies, depreciation, etc. One of the reasons you should get help from professionals is that a good property manager can help with accounting. Since their job is to monitor your investment operations, they can create a detailed tracking sheet of all these costs you incur over the year. Once you have your total value, you can deduct it from your annual rental income, which in this scenario would give us $17,950. However, passive income loss is another relevant terminology for landlords filing their taxes. It refers to the income you might have lost from previous years and applies to landlords who aren't real estate professionals. In other words, if you still have a day job, then you can further deduct this expense after filling out form 8582.

For this example, we're going to assume that our passive loss income is $1000, so if we deduct that from $17,950, we'll arrive at $16,950. That would represent the final value of your annual income that is eligible for a tax deduction. As you can see, it's beneficial to keep organized records of your expenses. Not only will it make it easier for you to figure out your deductibles, but it'll also save you money auditors might charge to help you straighten out the problem. Of course, that value would be smaller if we included more expenses such as depreciation.

It's not uncommon for people to get hung up on depreciation and input the wrong amount. A good way out of that problem is to remember that you can only deduct depreciation related to the building itself. In other words, you can't include the fall in the value of your appliances, but your foundation is fair game. Many tax accountants often associate 75% to the structure and 25% to the land. You might not bother with the math as tax calculators can take care of it once you input the relevant information. But if you're curious about how the numbers work, you can refer to the publication 9486 on the IRS website.


We hope you found it easy to follow this detailed landlord guide to property tax assessment. Although filing your taxes can be a dull and mundane task, it's significantly easier to complete a self-assessment if you keep proper track of your rental expenses. If you don't have a property manager or accountant who can help you, feel free to look for a profit/loss summary template that works for you. You could easily download one online, create a spreadsheet document, or rely on a property management app including accounting features. It would be best to start and build this habit at the beginning of the year because it might feel overwhelming if you wait till the last quarter.

[1] San Antonio Independent School Dist. v. Rodriguez, 411 U.S. 1, 93 S. Ct. 1278, 36 L. Ed. 2d 16 (1973).

[2] Silverton v. Commissioner, 37 T.C.M. (CCH) 142, 1978 T.C. Memo 22 (T.C. 1978).

[3] IN RE FUSTOLO, No. 13-12692-JNF, Adv. P (Bankr. D. Mass. Feb. 4, 2019).

Tax Guide Editor Mon, 21 Mar 2022 11:05:47 -0400
Detecting & Preventing Accounts Payable Fraud – Explained Businesses run on finances that accumulate to a large number of transactions, and there comes the accounting department's responsibility to organize, reconcile, and manage complete records of each transaction. Narrowing down the duties, vendor and supplier payments are handled by the accounts payable department, which usually remains vulnerable to the risk of theft, to be precise – accounts payable fraud.

Since this type of fraud can be committed by anyone, for instance, external vendors or in-house employees, it is usually challenging to hold someone responsible, which can also be an outside party seeking access to the company's payment systems.

The Impact of AP Fraud

Each year, fraud causes a typical organization to lose 5% of its revenue – a median loss of $125,000 – Association of Certified Fraud Examiners (ACFE) - Source

On average, fraud can take around 14 months to be detected, accounting for an average loss of $8,300 per month.

The impact of fraud can be small or big. Still, a loss is a loss that must be prevented, and this is why many businesses outsource accounts payable services to a trusted and reliable AP service provider firm. Accounts payable fraud can be committed via a wide variety of schemes and tricks; getting further, let's discuss some of its broad types.

Common Types of AP frauds:

Billing Schemes

Billing schemes are the most common type of method fraudsters or financial scammers use to attack a firm's accounts payable department. While an employee can intentionally perpetrate these, it is not limited to them as other parties can be involved.

For example, an AP employee might create an invoice in the name of a fake corporation and process it using the company accounts for products or services that were never received. Similarly, with the help of an external party, an AP employee might pay for an invoice twice.

Check Fraud

According to the Association for Finance Professionals (AFP) report, 75% of organizations experienced check fraud in 2016. Let's read some of the examples of check fraud. Check fraud might include;

  • Adjusting the amount on a check
  • Changing the name of the payee
  • Writing checks (AP staff member) for personal expenses using the company's checking accounts

ACH Fraud

Automated clearing house fraud (in short – ACH fraud) is fast becoming one of the top AP frauds around the globe. This, in most cases, is committed by in-house AP employees. An AP person can set their name in the company systems as an automatic bill payee (where authentication is not required). Now they get the authority to process invoices that might have been created by them only for fraud purposes. No doubt why many companies outsource invoice processing services to firms that use stringent data confidentiality and security measures.

Fraud related to Expense Reimbursement

Expense reimbursement fraud involves using business-related reimbursable costs and can be committed by any employee. This typical fraud can take two years (averagely) to be detected, according to the ACFE.

Here are some factors that increase the risk of expense reimbursement fraud;

  • Incorrect or improper characterization of reimbursable expenses
  • Overstating expenses (claiming $50 instead of the actual expense of $40)
  • Fake expenses (claiming expenses via fake invoices)
  • Repeating claims (claiming an expense reimbursement twice or more)

Kickback Schemes

Kickback schemes are one of those frauds that can damage your business in multiple ways. With the involvement of an insider infringing company norms, this fraud can be dangerous. It happens when an external party offers money to an employee, and in return, they want them to sway certain decisions. For example, your vendor manager can close a deal with a firm that has paid the manager for choosing their firm.

Detecting and Preventing Accounts Payable Fraud

Detecting an AP fraud is challenging and time-consuming, but the bigger problem is that companies don't take adequate measures to prevent one. According to The Association of Certified Fraud Examiners (ACFE), a lack of controls can be attributed to around one-third of frauds. 71% of surveyed organizations cite AP frauds as a huge concern - Beanworks.

As a business owner, if you are looking for ways to enhance your firm's protection against AP frauds, here are a few solutions you can consider.

Track Stolen and Lost Checks

It is always a good habit to keep track of checks by maintaining a list of check numbers. It helps to detect mission checks so that when in need, you would know which ones are stolen or lost, and the best way to identify them is to perform reconciliation of AP records against bank statements. If there's a discrepancy, it must be sent for further investigation.

Closely Check Invoices & Detect Oddities

Have someone from your finance team dedicatedly work on invoice checking and look for the indications of a red flag, such as;

  • Invoices are not numbered in a sequence
  • Some invoices are skipped
  • One number on two or more invoices

Besides, paper invoices that have correction fluid on them, invoices that are photocopied, or those that have traces of being edited, these invoices should be investigated further.

Conduct Audit Regularly and at times, Surprisingly

Regular audits are paramount to check for inaccuracies, and the best thing is that they can also help detect and prevent fraud. While you might already audit accounts regularly, try conducting an unscheduled audit can be of great help. With this, if your employees are plotting a fraud, a surprise audit will ensure they don't get time to sweep it under the rug.

Use AP Tools or Software

Using AP software and integration plugins can help prevent most frauds. These applications allow you to put in fixed payments to be made automatically. Moreover, they have small tools you can use to reconcile statements against transactions and transactions against invoices. However, you may need someone experienced to operate the software effectively.


While tightening control over payments management can be a great way to detect and prevent fraud, outsourcing accounts payable services to a reliable provider can make a huge difference. This is because they are specialists and have years of experience handling invoices and payments for various businesses. They also have strict data protection policies and sign NDA forms before onboarding any accounting project. Now, if we compare the cost of establishing an in-house AP team with the cost of AP outsourcing, you would be surprised to see the difference.

Yes, you can save a lot by outsourcing AP services to companies in other parts of the world. All things considered, it would be fair to say that AP outsourcing can be the best way to prevent payments fraud.

Author Bio:

Stacey Howard has 6 years of experience in accounting & bookkeeping. She has been working as an accountant with reputable firm Cogneesol– accounting and bookkeeping service provider. Due to her passion, she has contributed significantly through her write-ups about multiple accounting industries.

Accounting Basics Editor Wed, 16 Mar 2022 09:58:42 -0400
5 Investment Ratios Everyone Should Know What comes to your mind when you hear the word ‘ratio,’ most probably your boring math classes in the school, which you hated the most and usually like to skip! Well, don’t worry, that’s not the case here. 

When it comes to investing your money, there are certain ratios that will help you in assessing the value of the company's stock and are used as a primary tool for fundamental analysis. 

It is always good to know about these different types of investment ratios while performing fundamental analysis. However, if you want to have an in-detail understanding, you can   click here for investment guides

Section of financial statement

Before starting to calculate any financial ratio, it is important to understand different financial statements first. These statements include various sections like:

  • Assets and liabilities
  • Sales revenue
  • Gross profits
  • Operating expenses
  • Operating profits
  • Net profits before taxes and after
  • And stock dividends

Types of financial ratios

First, let’s understand the types of ratios before jumping towards the investment ratio section.

  1. Price ratios

The relative value of a stock is basically called the price ratio. Such ratios are great for comparing within the same zone.

  1. Profitability ratios

 As the name describes, the profitability ratio is all about your individual or company's profit.

  1. Liquidity ratio

If a business is able to meet its short-term obligations, the liquidity ratio will display it.

  1. Debt ratios

This ratio controls the long-term health of a business and the effect of the capital and financing structure of the business.

  1. Efficiency ratios

This ratio shows how a business uses its resources that are invested in fixed assets like machines and equipment, property, etc.

Well-known financial ratios

Now, it is time to know the different types of financial ratios available in the market.

  1. Price-to-earnings or P/E ratio

According to Michael Fairbourn, education coach at TD Ameritrade, the price-to-earning or P/E ratio is the “most heavily used stock ratio in the world.” How much an investor is willing to pay for a stock above its per-share earnings is known as  the P/E ratio.

For instance, if a P/E ratio of a stock is 10, it simply means that investors are ready to pay up to 10 times their  earnings per share for owning it i. But is it an expensive or cheap option?

Whether the P/E ratio of 10 is cheap or expensive depends on the capability of the company if it is  ready to fulfill them in terms of future earnings. However, you can check a stock's P/E ratio by comparing it with that of the S&P 500 historical average.

Michael explains that “if a company with 35 P/E has a higher growth rate than a company with a 10 P/E,  the company on the higher end of the ratio might actually be ‘cheaper.’”

  1. Price/earnings-to-growth or PEG ratio

In terms of popularity, price/earnings-to-growth or PEG is not like the P/E ratio, but it may provide an even clearer picture of a stock’s future growth prospects. 

So, now you are able to know a stock’s P/E ratio. Now you are thinking, how does that number stand relative to its projected growth rate? So, if the company’s P/E is ‘cheap’ and it doesn’t grow, what is the point of holding that stock with a low P/E? 

Fairborn stated that “in this ratio, you are comparing the P/E to the analyst consensus estimate of projected earnings, which typically project as early as quarterly to as long as five years.” So, how will you know about that value? 

As per Fairbourn, investors will generally consider it undervalued if the PEG ratio is less than one.

So, why is it important to know the growth component? “You don’t want to buy something that will forever be a bargain,” Michael said. He further added that “investors will often want to see a history of growth combined with projected growth. This could help to validate an undervalued PEG ratio.”

  1. Price-to-sales ratio or P/S ratio

Let’s understand this P/S ratio. So there is a company with strong quarterly sales, but still, they aren’t getting enough earnings because you might be spending too much.

Then there are investors who are ready to give up their profits now for stronger returns. Companies share their quarterly sales or most of their profits to build a bigger and better company for the future because sales are the most important thing.

Here the P/S ratio shows how much investors are ready to pay above a company’s “revenues” (here, revenue is without liabilities means gross revenue).

  1. Price-to-book or P/B ratio

The price-to-book or P/B ratio is the worth of a company’s stock in relation to its net asset value, or book value. 

Talking about the P/B ratio, it’s an effective metric that can compare a stock’s market cap to “what it owns versus what it owes,” said Fairborn. 

  1. Debt-to-equity or D/B Ratio

The D/E ratio should be less than one, according to the investors. While  a reading of  two or more might translate as carrying more risk, at the same time, it also depends on the industry.

Michael Fairbourn says that “some companies like big industrial energy and mining companies, tend to carry more debt than businesses in other industries.”

So, if you know any companies that carry a higher debt, it might offer greater return, but that carries more risk.


Analysing stocks may look simple but are very complicated in nature. Sometimes, even calculations don’t give you a clear answer. In such situations, you can get answers from experts. So it is best to hire an expert to work for you.

Financial Guide Editor Mon, 14 Mar 2022 02:52:02 -0400
Mortgage Refinancing: Options Available

Mortgage refinancing means renegotiating the current mortgage loan agreement. This gives you the liberty to access the equity and reduce the cost of borrowing by leveraging at lower interest rates. When you refinance your mortgage it increases the mortgage loan for financing larger expenses. You can use the loan for renovation or purchasing a newer house. There are moments in life when you consider refinancing your mortgage. That is the moment when you wonder what are mortgage refinancing options in Toronto ? It can be a daunting question. We are here to make it easier for you. Following are some of the refinancing options you could consider.

Early Closing of the current mortgage

If you wish, you can pay off your current mortgage earlier than anticipated. Along with that, the other debts that you have against the property. Once that has been done, you can take a new mortgage at a more suitable rate and term.

Adding a home equity line of credit HELOC

HELOC lets you borrow about 65% against the equity of the house. This is done through a home-equity line of credit. When you choose this refinancing option, you can use what you need. As you are not making use of the whole amount, you only have to pay interest on the amount that you have borrowed. You can easily borrow and pay back from the HELOC. You could also get a HELOC along with the existing mortgage. This can be done without paying any prepayment penalties or breaking the mortgage.

Blend and extend

Some lenders will let you renegotiate the interest rates before the mortgage term ends. This is also referred to as an early renewal. It allows you to blend the current rate with the existing rates. This lowers the number because of which you can enjoy a lower interest rate when there is an extension of your existing mortgage term. This refinancing option also lets you save on prepayment fees.

Adjusting the amortization period

You can save thousands of dollars by shortening the amortization period. This option should only be used when your financial situation allows you to. You could also consider extending the amortization period in the favor of reducing the monthly payouts.

Reach out to the experts

Deciding which mortgage refinancing option would be the best for you can be quite a task. Each person has their own needs that they aim to reach through this refinancing. Hence, the option should always be chosen according to the requirement. It is best to reach out to a Certified Mortgage Broker. A consultation with them will help you gain more clarity. Based on your situation, they will educate you about the various refinancing options available for you and would be best suited. This will help you to make a more informed decision. Once you have decided, they will help you to get the best possible deal. It can be daunting considering mortgage refinancing. Having an expert by your side can make it easier.

Financial Guide Editor Fri, 04 Mar 2022 22:24:44 -0500
Orlando King’s Accounting Tips For Entrepreneurs According to statistics, about half of all companies will close in their first five years of operation and one of the most common reasons for closure is mismanagement of funds and running out of money.

After running several businesses in Atlanta, Orlando King learned that instead of malicious scams or extremely low sales, it is the minor accounting errors that come with the passage of time that usually leads to a financial crisis.

Most business owners are not good at accounting and most new businesses do not have the resources to have a dedicated accounting team, so mistakes can be made, but remembering these five accounting tips for entrepreneurs will help you to keep expenses minimal and keep your business growing for years to come.

Orlando King shares 5 accounting tips for entrepreneurs that will help them get started.

1) Open a Business Account

One of the first things you need to do when starting a new business is to open a special corporate bank account.

While it may seem more convenient to trade through a personal bank account when you are expanding your business for the first time, this can lead to serious tax return conflicts and can affect your assets. Leave your staff at risk if your business goes financially or legally. problem.

It is also important to ensure that companies and private finances are completely separate.

2) Prepare for Taxes Early

If you have experience automatically deducting taxes from your payroll and tax returns, the world of corporate and self-employment taxes can be extremely important.

One of the main differences between W2 (employee) and self-employed taxes is that instead of filing at the end of the year, self-employed people are subject to an estimated quarterly tax, based on their estimated net income for the year.

3) Save for Big Expenses and Emergencies

As your business grows, your business expenses will rise too. You can update your software to better manage users, upgrade your hardware, or expand your product portfolio.

You should also plan for the worst-case scenario, such as a natural disaster, an infectious disease, or even a family crisis that could cause your business to shut down for weeks or even months.

Most financial advisers recommend keeping a minimum of three to six months on savings. It should be easy to get liquid money in a security account for a company, so you can use it without any worries if your business goes into disaster.

4) Keep Every Receipt

Keeping track of every transaction you make or receive is one of the most important things you can do to protect your business finances. Having all your receipts can help you get the right withholding tax and save even more after the tax period ends.

They are also important to keep in mind when tracking your business, to prove that the deductions are valid.

5) Find the Right Software

If you're still using spreadsheets for accounting, you're missing out on the necessary tools that can promote your account and save time and money for your business.

Software packages are designed to make your business financially easier and even help newcomers to the financial world to make their business more profitable and get out of financial or legal trouble.


So these are 5 major accounting tips for entrepreneurs, it will definitely help you to grow your business if you implemented them correctly.

Accounting Basics Editor Thu, 03 Mar 2022 22:54:24 -0500
5 Questions To Ask Any Leadership Coach Before Hiring One Business coaching is getting more and more popular every day. It can be very confusing when you are looking for an authentic coach for business because lots of people are calling themselves a business cost nowadays. It is quite overwhelming to find the right person and that is why you need to ask the appropriate questions before you hire them for your business coaching. So that is why in this article we will discuss five questions to ask any leadership coach NZ before hiring them.

5 Questions To Ask Them

 1. How Will You Work With My Company And My Team?

The first thing you should ask business goals to check their level of professionalism is how they are going to work with you and your team. Their answer will give you a lot of knowledge about their professionalism and whether they are good with teamwork or not. You need to make sure that you are comfortable with the business coach so that you can move forward and work with them in the long run.

 2. What Is Your Background And How Does It Apply To My Business?

The next question you should ask the business coach is about their background and the knowledge they have about their field. You should ask them what kind of training and certificates they have gone through to become a coach and get an idea about it completely. After that, you should ask them how will implement the knowledge they have to your business to benefit you in the long run. This will make sure that you end up buying the right person for your business coaching.

 3. Do You Work From A Proven System?

The next thing you should ask them is about the guarantee whether they are working from a proven system or not. Ask them all the formulas and methodologies that they are implementing. After this, you will get to know whether it is the right business coach for your business or not. Getting to know the approach and process of the business coach is very important before hiring them so make sure you do that.

 4. What Kind Of Support Do You Have From Your Coaching Company?

This question is very important to ask from a business course that you are choosing for your business. Ask them the level of support they have from their coaching company so you can know the level of trust beforehand. This will also give you an idea about the standards that they are going to implement in your company when they are going to give you business advice.

 5. What Is Your Company's Track Record Of Business Experience And Results?

Success and failure keep happening but this is an important question that you need to ask your business coach. Not everything works for every business but it is still important to question tsk before hiring them. Ask the business course their record and experience of success in the past with other companies. If they have a high success rate then there is a chance that your company will also succeed after taking the business advice from a particular business coach and that is why you should go for it!

Financial Guide Editor Wed, 26 Jan 2022 07:37:33 -0500
What should you know before offering client accounting services?

If you are a bookkeeper or an accountant, serving your clients can be a little more complicated than just providing them with financial services. 

In fact, it is pretty common for small business owners to ask their accountants and bookkeepers about the possibility of outsourcing their accounting tasks to a virtual assistant. It is where things get a little tricky. Here's what you should know before offering client accounting services.

What are client accounting services and why should you offer accounting services to your clients?

Client accounting services refer to the services accountants provide clients on an ongoing basis. This service is for businesses established after their business plan gets formed. Accounting personnel looking to have a steady cash flow can consider this service niche, especially when they are just getting started. 

Accounting services also get offered to small businesses looking to get professional support with the day-to-day financial tasks associated with running a business. These tasks can include bookkeeping, invoicing, payroll management, and tax compliance. Client accounting services can help enterprises prepare and file their taxes correctly and on time.

What should you cover in your accounting service offering?

Client accounting services encompass all of the traditional CPA firm services. The list covers audits, reviews, tax, and consulting services, as well as essential data bookkeeping services, such as payroll, payroll compliance, bill pay, and account reconciliations.

A fully outsourced CFO service could include accounts analysis, cash flow reporting, and budget to actual deviation analysis, among other things. Forms 1099 can also be prepared for your existing clients, both in the client accounting services and tax departments. 

In addition, client accounting services assist clients in determining their accounting software requirements and the entailing system migrations.

How will you set your pricing structure for client accounting services?

When deciding on the pricing structure for client accounting services in your firm, there are always two main factors one should consider. The first one is what you set the price at in the first place, and the second factor is how you communicate your fees to the customer. 

There are many different methods of doing this, one of which is through hourly price, but another option could be bundling, where you charge a flat fee for a number of hours worked. 

Both approaches have pros and cons, thus it is essential to consider which works best for your business model. The first step to deciding the price is to decide on a maximum, minimum, and average for your professional accounting and tax services


What have been the most recent changes in accounting services to consider?

Technology has truly revolutionized accounting. It has also improved the quality of service that professionals offer their clients. This tech revolution has made things a lot easier for professionals to provide services to our clients, especially when accessing various platforms. 

As a young entrepreneur, you need to set up your business to survive and thrive even if you are not around. This fact means setting up systems and processes that will allow you to leave for vacation or pursue other personal interests without worrying about the survival of your business. 

Websites like Xero and Freshbooks track sales data automatically and can be integrated with your accounting system to provide real-time data access to clients' sales data. You can operate without the time-consuming data entry required by traditional accounting software.

Benefits Of Using Outsourced Client Accounting Service for small businesses

Accounting firms are on the rise, and there is a reason for that. More companies are shifting to the outsourcing approach for accounting services because it is simpler and cheaper. There are multiple reasons people decide to start outsourcing their accounting services to other countries. Just to name a few, they are looking for cost savings or tax savings, they are looking for more expertise, they are looking for more flexibility, or they need help with specific tasks. The most significant benefit would be cost savings, as the internal need for a full-time staff would be eliminated. 

Outsourced services can provide work and knowledge at a significantly cheaper cost. Hiring, training, monitoring, managing, and firing in-house staff come with high costs and time commitments. As a result, a change in a bookkeeper's or accounting personnel can impact all elements of a company.

Join hands with Unison Globus to transform your client accounting service offerings!

As accounting outsourcing services gain popularity, one company has been offering innovative and hassle-free solutions to many business owners. Unison Globus helps you meet all your accounting needs with ease. 

We are devoted to providing our clients with reliable finance management solutions at the most competitive prices in the industry. Our financing and accounting outsourcing services combine expertise in handling finance issues with extensive knowledge of global markets. Unison Globus brings you the easiest and the most hassle-free ways to get a grip on your various financial and accounting dilemmas! Contact now!

Accounting Basics Editor Mon, 10 Jan 2022 08:05:58 -0500
5 Secret Things to Improve Offshore Accounting

In today's business world, outsourcing has taken a prominent role, whether it be IT or accounting. These days' business organizations are relying on outsourcing for multiple services for reasons which we will be talking about further in this article. Now, if we talk about accounting firms in the last few years, they have included a new word in terms of outsourcing, which is offshoring. 

First of we will talk about the factors that offshoring firms or business owners should consider before offshoring:

  • Business size
  • Talent pool
  • Infrastructure
  • Legalities

After considering these factors, if one chooses offshoring as an option, then with outsourced accounting services, one can save the cost of hiring a full-time team and turn their business into a profitable venture by hiring someone only during the season for 14-15 weeks. People in the accounting business are completely aware of the benefits of outsourcing; despite its multiple advantages, some business owners are still hesitant to incorporate offshoring in their systems. So now we will discuss various benefits you will get from your outsourced accounting services, Here are some points that you need to consider before offshoring:

  1. Chalking out your priorities

Since accounting is a wide concept which involves various services, it's almost impossible to outsource all the services. That's why you need to chalk out the services which need to be outsourced on a priority basis. Keeping your budget in mind, make a list of the services that you are planning, which could be regular services, specialized services, or our highly skilled base services if you don't want to end up overspending on outsourcing.

  1. Data Security is a must

When we talk about offshoring, the first thought that comes to our mind is of data security. Worrying about their accounting data security, most business owners hesitate to hire outsourced accounting services. So, before hiring someone for your team, make sure your accounting data is secured; otherwise, it could turn into a huge mistake for your business. To avoid such security massacres, before hiring your offshoring team, check all the references and make sure that the outsourcing service providers meet all the basic security parameters. Considering the encryption method used by providers on their websites would be a smart move to secure your data.

  1. Quality over the price

Every company has its own vision and own experience. And we all know experience does matter; for instance, you chose an outsourcing accounting company with merely a couple of years of experience in this field for a comparatively lower price, whereas paying a little extra could get you an outsourcing accounting company with years of experience in this field who could have provided a better service than the one with less experience and less price. So we will advise you to go behind quality over price. As a result, if you have to pay a little more to hire competent and experienced offshore staff, don't be hesitant to do so and think of it as a long-term investment in your company.

  1. Having knowledge of requirements 

Since offshoring is a fresh concept, you need to be cautious about your offshoring requirements.Before hiring outsourcing services to manage your accounts, you have to have a clear idea about your offshoring requirements and scope from the services. A recent study says most outsourcing ventures fail because most of the accounting firm owners don't have a clear idea about their requirements and don't define their scope well. 

  1. Communication is the key

In every business, communication is the key; two-way communication is needed to run a business smoothly. But, sometimes, in offshoring, this important feature somehow gets lost. To make it work with your offshoring team, using well-trusted and healthy communication channels for both parties is very important. For the business owner, it's very important to convey their vision to the offshoring team, whereas for the offshoring team, it's very important to convey their outlook and vision for the company. To stay on the same page with your offshore team's regularly scheduled meetings and always stay in their contact.

With the support of your outsourcing accounting services, you can easily minimize the budget of your business, and with a team of experienced professionals, you can optimize your operations in a better way and turn your business into a profitable venture. 

Accounting Basics Editor Mon, 27 Dec 2021 02:06:54 -0500
Can You Do a Consumer Proposal Twice?

Debt is a scary thing, and overcoming debt once is tough enough. However, the scary thing about debt is that once you become debt-free after filing a consumer proposal, there's no guarantee that you'll be out of debt forever. It's actually fairly common for someone to become debt-free by filing a consumer proposal and then find themselves drowning in financial troubles again down the road. There's no shame in falling into debt again. What's important is finding a way out.

Fortunately, even if you have already achieved debt relief with a consumer proposal in the past, you can file a second consumer proposal for your current debt.

This post explains the details of filing a second consumer proposal.

More Than Two Consumer Proposals?

Luckily for troubled businesses in Canada, there is no legal limit to how many consumer proposals you can file in Canada, as long as you qualify. The good thing about consumer proposals is that they're more flexible than filing for bankruptcy. Unlike bankruptcy, there are no mandatory limitations in terms of time or cost. If you file bankruptcy a second time, you will be bankrupt for longer. If you file bankruptcy a third time, you'll be faced with the additional hassle of attending court to get your discharge. With a consumer proposal, the success of your second (or third, or fourth) proposal will depend on what your creditors are willing to accept for this specific situation.

Filing Multiple Consumer Proposals

The process of filing a second or third consumer proposal is no different than filing your first. To do so, you'll need to work with a Licensed Insolvency Trustee who will evaluate your finances to see how much you can afford to repay your creditors and help get the ball rolling on the consumer proposal process. They will present the proposal to your creditors, who will then vote on whether or not they accept it. If most of your creditors accept, the proposal will succeed.

Keep in mind that you can't file two consumer proposals at the same time. So you'll need to have completed and been discharged from your first consumer proposal filing before filing a second one.

Limitations of Second Consumer Proposals

If you are currently in a consumer proposal but have accumulated new debt during your filing, you won't be able to include this new debt in your current proposal. You also can't file a second consumer proposal on this new debt while in an active consumer proposal. Suppose this new debt is too much for you to repay on your own and keep going with your current proposal. In that case, you have options to collapse or amend the current proposal and file another insolvency, depending on your situation.

Another limitation to filing a second consumer proposal is that you can't file one if your previous consumer proposal has been annulled. If you have missed three payments, your consumer proposal will be deemed to be automatically annulled. If you defaulted on your first consumer proposal, you can't file a second proposal to pay off your old debts. In this case, you'll have to revive your annulled consumer proposal.

You can automatically revive your consumer proposal within 30 days of its annulment. But you'll have to go to court to revive your old proposal if it's been longer than 30 days.

Effect on Credit Report

Your second consumer proposal filing will have the exact same effect on your credit report as your first; a note will remain on your credit report for three years after completion or six years after that date of filing, whichever comes first.

Accounting Basics Editor Sat, 25 Dec 2021 03:15:02 -0500
World Class Customer Service Training

A company, business, or organization is made up of several arms or functional areas that work together to achieve an overarching goal. Without these arms, it would be difficult for these establishments to run smoothly and profitably. A few of these arms include finance, marketing, human resources, IT, research and development, sales, and customer service.

There are some of these functional areas that are often only found in larger corporations and multinational companies. However, a few of them can be found in companies and businesses of any size. One of these more common functional areas is customer service. Visit to learn more about functional areas of a business.

What is Customer Service?

Customer service consists of those policies, activities, and plans that govern or guide how businesses interact with their consumers. These policies aren’t the same across board as companies often have a unique approach to the way they interact with their customers. That said, it is believed that regardless of how these policies differ, they are meant to guide the company in providing the best possible experience to every customer.

You can say a business has good customer service when customers are valued, appreciated, and well treated by every employee of the business. As a business owner or company executive, it is important to know that good customer service goes beyond the department dedicated to this part of the business. Every employee, regardless of which functional area they belong to, must understand that they have a role to play in how consumers are treated.

Benefits of Customer Service Training

Unlike what many people think, customer service training shouldn’t be limited to the dedicated team or department for the purpose. At one point or another, every employee of the company interacts with consumers, directly or indirectly. Of what good is a great customer service team to a company if employees from other departments handle customers poorly?

To ensure a consistent representation of your company’s dedication to offering the best services, it is necessary that every employee receive some form of customer service training. Of course, more emphasis should be placed on the dedicated team members since they are in constant interaction with the consumers.

Below are some of the benefits that businesses will enjoy from engaging their employees in world class customer service training programs:

1. Brand Image

When your company offers the best customer service possible, it reflects positively on your brand. As more people experience this, the more your brand is perceived as professional, trustworthy, reliable, and customer-friendly. Such a positive reputation and brand image can be a powerful marketing tool for your business. People who have interacted with your business won’t be able to keep their mouths closed about how well they were treated.

2. Improvement Through Reviews and Feedback

The more you interact with consumers, the more reviews and feedback you get from them about your products and services. These responses are invaluable to businesses that are keen on improving their products and services. By incorporating feedback, what the company is offering to the consumers can be improved upon to better satisfy their wants.  

3. Competitive Advantage

A customer who is happy with the customer service of a company is less likely to patronize another. It really is that simple! As a matter of fact, a study showed that 75% of people will return to a company with excellent service. Another study also revealed that 69% of consumers would recommend a company to others if they had a positive experience with it.

This ties back to what we mentioned earlier about brand image and marketing tools. When it comes to marketing, nothing works as much as word-of-mouth marketing. This is because people are more likely to react to recommendations from friends and family than an ad on social media.

Improved Company Culture

When employees treat consumers with kindness and respect, it’s difficult for them not to replicate the same with teammates and colleagues. When employees treat one another with kindness and respect, the workplace becomes a better place. This increases employee productivity and ultimately makes the company more profitable. Click here to learn more about the benefits of good organizational culture. 


It is difficult for a company that attracts and keeps customers to go out of business. Of course, there are several factors that could lead to a business going under. However, according to Fundera, about 50% of businesses fail in their 5th year because of issues relating to poor customer service.

The buyers of your product are the life of the business. When they leave, which is usually because of how they are treated, you stop making sales, and revenue is what keeps a business going. By training employees, you’re taking steps to ensure you company remains relevant for a long time.

How to Provide Better Customer Service

Aside from training employees, the following can be helpful:

1. Surveys

Businesses should regularly conduct surveys to know what buyers are saying or think about their product or service. By regularly engaging them in surveys you get to know what they like and don’t like and act accordingly.

2. Meetups and Group Discussions

Only a few establishments do this. Meeting up with past, existing, and prospective clients or buyers humanizes an organization. Since these meetups are casual and laid back, everyone can air their complaints. By having these meetups, you not only learn about what you’re doing wrong and right but also build a stronger bond which is important in retaining your buyers.

Final Thoughts

The importance of this functional area cannot be overemphasized. Now, like never before, consumers have so much power thanks to review sites like Yelp. Sharing their opinions about a business has never been easier and as you probably know, negative reviews spread the fastest. Therefore, it is necessary that every client or buyer be treated well and offered the best care possible. Establishments that perform well in this area stay relevant because they are always improving on what they offer to consumers.

Accounting Basics Editor Thu, 09 Dec 2021 22:36:24 -0500
Seven Benefits of Taking Your CPE Courses Online

Continuing Professional Education (CPE) is part of a professional’s continuing learning that is self-motivated persistence in acquiring added skills and knowledge which in turn opens avenues for growth. For CPAs and professionals related to accounting, tax, audit, finance or similar areas, CPE is a requirement designed to maintain their competency and skill sets as professional service providers.

Following years of evolution, over the time the methods of acquiring new learning/skills has transformed too. And it should not be a surprise that the idea of taking courses online has become the most popular way for professionals to meet the demands of profession and staying up-to-date with the latest development in the industry.

The technology has made the lives much easier. Attending an online course is apparently as easy as turning on the computer. But the benefits are not limited to just that. Let’s read through to know some of the other benefits which probably you knew but didn’t think about so deeply.

Why should you choose to take CPE Courses ‘Online’

  • Flexibility

If you are attending a course online, then it barely matters where you are attending it from. All you need are a device to listen to the instructor and a stable internet connection. You can take a live lecture in a desired field of study, from your office, a Starbucks two blocks away or your home if you don't want to step out on a given day. You don’t always need to attend live webinars, there are several alternatives in the form of self-study (on-demand) videos, eBooks, virtual conferences, etc.

  • Saves Time

You are not required to travel to a conference or seminar that’s happening in a different city. They could last the whole day and probably not every session could be your field of study. Imagine having to wait between two such lectures that happen hours apart (or sometimes on different days) where sessions in between aren’t really going to contribute to your continuing education credits. If you take online CPE, you can sign up for sessions that suit your availability. There is more likeliness to take more credits on a day than you would do during a live conference.

  • Save cost

To begin with, not traveling already saves you money. In addition to the cost saved by not commuting, you can find other CPE courses or packages suitable to your titles. Usually, on a platform like myCPE, even the paid webinars cost as low as $10 for a one hour session. There is another alternative in the form of eBooks that are even cheaper.

  • Multiple Resources

Similar to flexible learning, online CPE courses give you access to multiple choice of resources. You can watch live webcasts from a conference, watch on-demand videos, or read an eBook. Also, a CPE enabled podcasting innovation is being developed. These podcasts will be conducted and presented by a panel of known educators and thought leaders in the profession. Hence, there are multiple resources online that can be helpful for you to take the necessary CPE.

  • Countless Course Options

Given the flexibility and multiple choices of CPE online courses, professionals can access a large course option. Some of these courses can come in the form of a package. And once you purchase a package, you can access the courses in that package. In many instances, a single package is enough to fulfill the professional's CPE credit requirement for a whole year. myCPE is also offering Unlimited Access plan that gives unrestricted access to all the content on the platform. These also include multiple Ethics courses as mandated by regulatory bodies.

  • Trainer Interaction and Assessment

In a seminar, it is very likely that the instructor could answer to a limited number of questions from an overwhelming number of attendees. Webinars are required to have some time spared for Q&A where one can ask questions and clarify their doubts. In case if that doesn’t happen, they can leave comments, drop messages or send an email.

  • Reviews

There will always be people who might have listened to the instructor before, or maybe also taken a self-study class you are about to view. Their reviews will help you choose the courses. You are also allowed to leave reviews for the courses that you attended. Such feedback is important for the course creators as well who can come up with better courses in the future.


The benefits of taking online CPE courses are numerous. They are simply meant to suit the requirement of professionals, save cost, give flexibility and match their lifestyle simultaneously.

myCPE is a platform that goes a step ahead as it is approved for 100+ qualifications, having 7000+ hours of course content created by 700+ experts that are compliant with all the State accounting boards and regulatory bodies including NASBA, IRS, AICPA, SHRM, HRCI and many more.

Accounting Basics Editor Thu, 09 Dec 2021 02:58:56 -0500
How to Write a Business Plan for Small Business A business plan is vital for any business, no matter small or large. A solid and detailed business plan is a roadmap for your business. It always pushes you to think through your business goals and the validity of your business idea. With a business plan, you can have a clear understanding of where your business stands now and where it is going to be in the future.

A proper business plan makes things ready for the next three to five years, incorporating all your business goals and the actions you have to take to reach those goals. Business plans become a significant part, especially when you are planning to get a business loan from investors or banks. Because you can show the bank how you can repay your loan only with a comprehensive business plan.

Now, let us take a closer look at the various components of a business for your small business.

1. Executive summary

The executive summary is the first element of your small business plan. In the executive summary, you are going to include your mission statement - explain the main focus of your small business, description of the product or service you offer, your ownership structure and a summary of your plans.

2. Company description

Here is where you give a clear picture of your small business. You should include your business information such as registered name, address, names of prominent people in your business, a brief history of your company, nature of your business, and elaborate on the products and services you offer now and in the future.

3. Objective statement or business goals

In this part, you will clearly explain your small business goals. Also, you also include your business strategy and your plans in the pipeline to achieve them. It should describe what you want to accomplish in your small business, your short and long term business goals.

If you are writing a business plan to get loans or other outside funding, you can use this section to explain why you are in need of outside funding, what you are going to do with the finances, and how you are going to hit your target. The purpose of this section is simple - to build trust and confidence in your investors. For example, if you are about to start a second product line, you must explain how the funds are going to help your product launch and improve your sales and margin by 50%, in the next two years.

  1. Business and management structure

In this section, you will roll out the legal structure of your small business. This comprises elements such as sole proprietorship, partnership or corporation. Also, you must make a note of your key employees, managers, as well as your business partners and shareholders. You must be elaborate here and mention the percentage of ownership each owner has and the involvement of each owner in the business.

5. Products and services

This section is dedicated to your products or services. This includes the products and services you currently offer and planning to offer. You should explain how your product or service works, your pricing model for the products or services, the type of people your services cater to, your marketing and distribution strategies, how your products and services are different from your competitors. You can also talk a bit about your trademarks and patents associated with your products and services.

6. Marketing and sales plan

Here, you are going to discuss your sales and distribution strategy in elaboration. You will also explain how you are going to execute your marketing plans. Also, you will talk about your plans to persuade potential customers into buying your product, how you build customer loyalty, and how you are going to make your customers keep coming back. In this section, you can include your business strengths, and how it is not just another small business.

7. Business financial analysis

When you are just starting out, you will not have much financial information on your small business. However, when you are planning for business loans, you must include your profit loss statement, balance sheet, cash flow statements and details on assets and debts. Overall, you will need to elaborate on the financial stand of your small business in detail.

You can also include other financial information like your net margin, the percentage of revenue you get as net income. Moreover, you can talk about the measurement of liquidity and your ability to repay your loans. And, you can also include how much money you will collect from your receivables and how it contributes to your turn over.

8. Financial projections

This is the most important section of your business plan if you are drawing one for getting external funding. You have to strongly convey how you will generate profit to pay back for the loan you are proposing to get. Conveying your plans strongly builds confidence upon you in your investors. You should include how you will earn a decent return from investors.

And, you will discuss your small business’ quarterly or monthly expenses, sales, profit estimates for a span of at least three years. With these future numbers predicted prior, you can stand confident and show your investor that you can earn profits and pay back their loans without any hassle. But make sure to be honest with your numbers, analyze your older financial statements before you prepare your future financial projections.

You can use automated bookkeeping tools to record your financial movements precisely, and forecasting tools to help you predict your financial projections.

Your plans can seem too high, but they should be realistic and achievable. You can be confident and optimistic and confident about your plans, but make sure you justify them appropriately.

You have to show your investors that your business can generate enough cash flow to repay your regular debts and other loans, if you have any. But it is suggested that you should also include a line about the risk factors in your small business. Your loan officer wants to know that you are aware of your risk factors, and you know how to manage them.

9. Appendix

There shall be some supporting documents and additional information that you could not include in the other sections. You can append them in the appendix. You can include the resume of your prominent employees, licences, permits, product patents, bank statements, contracts, business credit history and other things to support your records. If there is a long list of contents to add in your appendix, you can put up a table of contents to get things clear to your investors.

Business plan tips and resources

Now you know how to draw a business plan, here are some extra tips to help your business plan a great one.

Avoid over-optimism: If you are using this business plan for getting loans from a local bank, your loan officer will know your market very well. So, giving unreasonable sales predictions have chances of turning down your loan proposal.

For example, if your report says that you can improve your sales by 50%, the loan officer will know that you are not being realistic and the business plan itself can work against you.

Keep it concise: The ideal business plan is 15 to 25 pages long. You have to keep it clear, short, concise and with all relevant information as well. Make sure to include all the key elements of your business plan and don’t get too much into the technical details of your business. Never use too many industry-related technical terms.

Proofread: Always proofread your documents in terms of spellings, grammar and punctuations. If you are too strong in writing, you can lend a hand from a professional business plan writer or a proofreader. But make sure you don’t miss out on any details.

Financial Guide Editor Wed, 01 Dec 2021 22:49:26 -0500
5 Questions to Ask before Hiring a Chicago SEO Expert

These days, you need to employ search engine optimization (SEO) strategies for your business if you want to see growth. Businesses that fail to utilize this strategy tend to fall behind the pack when compared to their competitors.

Apart from growth, your business needs SEO for the following reasons:

  1. It builds customer trust
  2. It builds a great user experience

iii. It leads to higher conversions

  1. It is a great return on investment
  2. Customers rarely go to the second page of Google search results (source: Chicago SEO Scholar); hence, you need to take advantage of this amazing strategy that many are also making use of.

The fact that many are also implementing these strategies in their businesses means that there is a lot of competition already as everyone seeks to appear as the number one search result or the featured snippet. The least most folks aim for is an appearance on the first page instead of the second page.

With this sort of competition, carrying out these tasks yourself might not produce any of the goals mentioned above. Hence, the best option is to appoint an SEO expert to help you deal with all these. But how do you know which one is perfect for your business?

You don’t have to worry about that as we will guide you on how to hire one that will be the best match for your business.

Services Provided by Local SEO Agencies in Chicago

The world of search engine optimization is very wide; hence, the services provided by these experts vary a great deal. However, in most cases, an average SEO expert should be able to provide the following services:

  • Review and maintenance of site structure and content
  • Providing technical web development advice
  • Outlining content strategy as well as the project timeline
  • Management of online business growth campaigns
  • Keyword research. Visit to learn how to do keyword research for SEO
  • Results tracking, goal setting, and progress reporting
  • Educating and training staff on best practices in SEO

Before you bring anyone on board, find out if they provide these services. If they don’t, you should take your business elsewhere. While there are other services, these are the basic, and any expert worth their salt should be able to offer these.

When selecting a professional, ensure that you confirm that they have a very good understanding of the workings of search engines. Sit with them and have this discussion with them: Find out how Google search works and how they intend to get your site and pages to rank in the number 1 spot or at least on the first page.

You should also read up on search engine optimization a bit. The reason for this is so that you will have an idea of the whole process. Some so-called experts might trick you into engaging in Pay-Per-Click or any other paid advertising. Doing that defeats the whole purpose of hiring such individuals in the first place.

Apart from the fact that paid advertising costs money, this strategy is short-term. Hence, as soon as you don’t have the money to pay, you lose the results. This isn’t the case with SEO as you enjoy the benefits for a long time. The money you will have to pay might just be all the expert charges you. Click here to read about the difference between SEO and PPC.

Questions you should ask your Potential SEO Expert

In the same manner you prepare to interview a potential employee, you should also prepare to interview the expert you want to hire. But since you aren’t very familiar with the whole SEO thing, what questions are you to ask? Well, we have you covered in that department. 

Below are some of the questions you should ask. Ensure you keep the questions open-ended to allow them express themselves.

1. Are there case studies or live examples of clients you have worked for in the past?

You don’t have to take their word for it, let their results speak for them. Hence, asking for case studies of past clients will be a good chance for them to prove their worth. A reliable agency should have this available as a way of winning new clients.

When such case studies or live examples are provided, you should confirm that they are not forged. We recommend you ask for these samples before you sit with the expert. This will allow you to determine if you even need to meet with them or not.

2. What approach do you take when increasing SEO and improving rankings?

This is the point where you will discover if the professional has researched your business as well as your industry. This is important because every business has different needs; hence, the approach is not a one-for-all type.

The expert should be capable of providing a detailed approach with key performance indicators (KPI) that will serve as measurements for the campaign when it begins.

3. What recommendations do you have for our current website?

As we mentioned earlier, upon your first contact with an expert, they should have looked at your website since they will end up working on it. With such information at hand, when asked this question, a good professional should be able to provide you with recommendations that are specific to your business needs.

4. How do you stay well-informed of the latest tools and trends in SEO?

SEO trends and tools are constantly changing. As a result, SEO professionals have to keep updated about the trends and tools in the field. Hence, you need to ask this question to avoid hiring someone who is still utilizing tools and techniques that have become obsolete.

5. How do you research keywords?

Keywords are important when it comes to SEO ranking; therefore, you should not fail to ask this question. Visit to learn how to rank on Google’s first page. The answer they provide will reveal the priorities, skills, and diligence of the consultant.

You could go further and ask them about the tools they make use of in compiling the keywords, organizing the list, and reviewing the process.


With all that we have shared with you, you should be able to hire an SEO expert in Chicago or anywhere in the world that will be perfect for your business needs.

Financial Guide Editor Mon, 01 Nov 2021 23:44:49 -0400
What items can you claim a tax time when you work from home The way we work is evolving, and working from home is becoming the new normal for many individuals. This gives you a lot of freedom, and you may deduct home office expenses from your taxes in a variety of ways. Many people are unaware that they may deduct expenses for working from home, and as a result, they frequently miss out on legitimate deductions. However, it's critical to follow the guidelines to prevent getting penalized for making a mistake. The most common mistakes are claiming too high a work-related proportion for a certain type of cost, claiming something that shouldn't be claimed at all, or simply failing to keep enough records to support the expense. If you work remotely (part-time or full-time), you may be able to claim a tax deduction for some of your home office expenditures. If you set up your home office in a communal or dual-purpose room (such as a living or dining room), however, you may only claim expenditures for the hours you have exclusive use of the space.

You may be eligible to claim both occupancy and operating expenditures if your house is your place of business and you have an area set aside solely for work operations. Even if you have a home office room set aside, you cannot claim occupancy expenditures if you carry on your work or company elsewhere (such as an office) but conduct some work at home on occasion. You may be entitled to tax compliance if you claim the following home office expenses.

Expenses associated with occupancy

Rent, mortgage interest, rates, land taxes, and homeowner's insurance payments are only a few examples (but only in limited circumstances).

Heating, cooling, and lighting are all factors to consider.

In the winter, you must heat your home office, and in the summer, you must keep it cool. You'll also want the light to see what you're doing. This implies you can deduct a percentage of your residential utility expenses relating to the time you spend working in your home office. You can't claim for periods when your home office is being used for something else, and you can't claim for the portion of your costs that is related to the entire house.

Computers, printers, and telephones are examples of home office equipment.

You can claim either the whole cost or the loss in value. If you're self-employed, you might be able to write off equipment right away, regardless of its cost.

Phone calls for work (including mobile phones) and phone rental

If you can establish that you are on call or have to call your employees, employer, customers, or clients frequently when you are away from your office, you can claim a part representing the proportion of work-related use of the line.

Furniture and fixtures for the home office depreciate.

If you furnish your home office with desks, storage, and cabinets, you can deduct the fall in the value of such furniture to the degree that it is related to your job activities. This will very certainly result in a cost write-off over several years (the "effective life" of the asset).


Each cost you plan to claim must be able to be justified. This entails keeping track of all receipts and invoices. From the conclusion of the tax year to which the claim pertains, you should maintain any documents relevant to your claim for 6 years. And when working from home, make sure you’ve read aforesaid points.

Tax Guide Editor Mon, 25 Oct 2021 03:21:59 -0400
How Can Tax, Accounting and Financial Professionals Help and When Should You Hire Our finances can be a constant concern. We might worry about selling our stocks or we are waiting for our dividend yield. Since the late nineteenth century, tax, accounting, and financial professions have been involved in helping individuals with their financial needs. A tax accountant is qualified to provide advice on taxes. An accounting professional can help you meet your bookkeeping needs. Whether you are starting a business or simply looking for ways to manage your personal life better, these professionals offer guidance that can be invaluable to the success of any endeavor.

How can tax, accounting, and financial professionals help in important matters?

Financial planning is an integral part of any successful undertaking. For example, if you're planning to purchase property, the advice of a tax accountant will be invaluable. However, so will the services of a good accountant and a good financial planner. They can help handle state and federal taxes.

Tax consultants/accountants help individuals handle state and federal taxes efficiently while saving money by making sure they are not overpaying their income taxes. They are experts in determining the best tax strategy for their clients. Companies hire them to provide an increased understanding of the law and ensure that taxes are paid properly.

Determine if you qualify for tax credits

Tax consultants/accountants can help you adjust your withholding levels, file itemized deductions, determine whether you qualify for any tax credits or should be using certain types of deduction strategies. An accountant can choose which kind of homeownership is right for you (e.g., single-family versus multifamily), find alternate investments with better capital gain possibilities, and many other similar activities. They can also help ease the financial pain associated with your taxes by offering valuable tax planning advice.

Can help in increasing profitability

A good accountant will provide insights on improving profitability by identifying problem areas or developing more efficient procedures for handling routine tasks such as billing customers, accounts receivable/payable management, inventory control, purchasing activities, etc. Accountants can also offer guidance on potential tax savings from establishing purchase incentives to use environmentally-friendly products and waste reduction efforts.

Handling tax refunds

Tax refunds represent an essential source of revenue for many individuals and families. They are often used to pay off debts, purchase necessities, or fund investments. However, trying to obtain this money can be a complex process without the assistance of an accountant.

Help in business decision making

Accountants help individuals make important business decisions by providing critical information on potential risks and returns in engaging in certain activities. For example, should I buy property at present?

Filling tax returns

Taxes are due on April 15th every year for individual tax filers and must be paid by that date. An accounting professional's services can extend past taxes into the realm of bookkeeping. A good bookkeeper can maintain accounts receivable/payable logistic records that include variable bills such as utilities, rent payments, taxes, etc., prepare monthly statements for customers, handle electronic banking transactions, etc. They can manage financial records from start to finish without the help of another person and avoid costly mistakes in these areas.

Monitor your spending budget

Accountants and tax consultants work with individuals and companies to properly monitor their spending and maintain high frugal expenditures for the best results. They offer guidance on creating budgets, using credit wisely, spending correctly, conserving resources, and taking advantage of all possible opportunities accordingly.

Provide state laws

A good accountant will be able to provide information about your state's laws regarding forming an LLC or any other corporation. Also, he can help sell property using installment sales and file bankruptcy petitions when necessary (you must hire a lawyer before doing this). However, understand different types of business structures such as sole proprietors and C corporations and help you understand the differences, and offer guidance regarding cases like death and disability.

Help in reducing taxable income

Tax consultants can offer information about ways an individual may reduce their taxable income by investing money into various options such as education savings plans (like 529 plans), real estate investment trusts (REITs), and mutual funds. They can provide insight on how much you should spend per month to retire comfortably or how much you should put into your savings account every month.

Help in developing standard operating procedures

Accountants offer companies advice about profit planning, expense control, tax management, business valuation, and legal compliance. For example, they can help develop standard operating procedures for employees within particular districts, reducing the possibility of fraud (i.e., cooking the books).

They can also devise spending goals based on revenue projections, recommend ways to lower expenditures (i.e., telecommuting/teleconferencing), and determine what factors need to be considered before making a significant purchase such as equipment or land.

In conclusion, tax, accounting, and financial professionals help in essential matters. It is a good idea to hire a tax, accounting, or financial professional for assistance, whether to help you with your taxes or help you with your business.

Accounting Basics Editor Fri, 22 Oct 2021 05:47:43 -0400
Tips on How to Afford Your Mortgage Payments

Owning a house is one of the expectations that society dictates a person to become an adult completely. However, buying a house is a pretty expensive and time-consuming procedure as there are tons of paperwork involved as well as meetings with different financial advisers. While these are part of the process, potential homeowners need not fret as mortgage adviser Kent firms can help them iron out the kinks in their plans. It makes sense to deal with local firms as they understand the market. Thy can help homebuyers, especially  create a plan that will help them choose the best property suited for their needs, and in the process pay off the mortgage.

Here are a few tips that potential homebuyers need to know to help them assess if they can afford to make the mortgage without compromising their way of life.

Determine your income after all taxes

Understanding your financial situation is key to buying property. You need first to determine how much money you have upon receiving your pay check. This will help you with the budgeting process as it will give you an idea of how much you can spend.

List down all household expenses and create a budget

Once you know how much money you’ve got, list down all pertinent expenses. These include what you pay for utilities, credit card bills, tuition fees, groceries, and any extra money. You can use an online budgeting tool to help you get a bigger picture of your financial capacity.

Identify which expenses you need to cut back

If you’re serious about acquiring your house, you’ll have to make some sacrifices. For example, if you need to raise funds for regular mortgage payments, you’ll have to cut back on a few items, such as entertainment or leisure activities. Remember, you want something for the long run.

Work to pay off debt faster

The faster you pay outstanding debt, the better your financial situation will appear. If you’re going to save for a house, you need to have some breathing room, so to speak, for mortgage payments. With less debt, it will give you more financial flexibility.

Raise the deposit

Square away from the budget you cut back as savings. You're going to use the savings as equity when you deal with the realtor. So, try to put away as much as you can to build a sizable fund for the house purchase—the bigger the deposit, the lower the mortgage payments.

Check the housing market and buy realistically

It’s okay to dream of a bigger house, but you have to be practical regarding the amount you can afford. Always check the listings to pinpoint which housing unit will suit your needs and will fit your budget. Remember, you can always make a fair offer, and it pays to have a little background when you have to face your realtor.

Strike a good deal

Once you’re set, negotiate a deal that you’re comfortable with paying. Don’t stretch yourself too thin financially. Always allow for contingencies.


Acquiring a housing property is a milestone. Making the mortgage payments is an even more significant accomplishment as it will allow you to continue enjoying the property you’ve invested your hard-earned cash into. Listen to what your mortgage adviser tells you if you decide to avail of their services.  Be ready to make some sacrifices, but in the end, it will be worth it.

Financial Guide Editor Wed, 29 Sep 2021 08:12:50 -0400