Showing posts with label Finance. Show all posts
Showing posts with label Finance. Show all posts

What Financial Steps to Take Before Starting Your Own Business

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Everyone has a dream which they want to fulfill one day in the life. Some want to buy a home. For others, it’s driving the car which they always wanted and for some, it’s starting own business. Well, what the dream, all require proper efforts and ideology in order to turn it into reality, especially when you are planning to become an entrepreneur.


In reality, no one wants to work for 9-5 for the rest of their life, but very few only have the guts to quit their job in order to start their own career. So, if you too have thought this, then that’s a good thing as you have already crossed the first step required to become an entrepreneur. However, the decision will not help alone as in order to give it a successful start, you will have to take other effective steps as well. Here, in this blog, we have mentioned those important steps briefly.

Step 1 Identify yourself 
Yes, you are all set to start your own business, but it is really important that you know about yourself a bit more. What is the main reason that you want to become an entrepreneur? Is it about the financial success or personal goals that you have set for yourself?  You have to understand yourself and how much efforts you will have to put from your side in reaching this goal. Other than that, remember that risk is the synonym of business, especially when it’s a start-up. So, make sure that you are ready to take that much risk in the business.

Step 2  See your financial status 
The next important thing that you have to do is understand your financial status. Well, starting a business will need funding no matter how small or big it is, so if you have been saving for it, then that’s a brilliant move. It will help a lot more than you can imagine as you won’t have to take a loan or at least a large amount. Other than that, if you have any past debts or bills to be still paid, make sure that you pay them as early as possible. You can do one thing; you can knock the doors of the direct lender who offer loans for bad credit with no guarantor. This will not only help you clear your past debts, but it will also give an opportunity to increase your credit score as well.

Step 3  know the industry
 Lastly, if you are planning to run your own business, then it’s very important that you know about the industry very well. There will be various things that you will have to understand and skills that you need to enhance. Spend your time with the experts who are in the same industry that you are planning to go.  Getting useful tips from them will help you immensely so that you can put your best foot forward.

Wrapping up, these were the important steps that you need to take before starting your own business. In order to give a good start to your entrepreneurship career, you need to take things seriously from the very start.

Importance of Accounting firms Ontario in Management Decision Making

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To run business you require data, statistics, analysis, reports, documents and accurate assessment of assets. You more importantly need liabilities, debts and profits to prepare an accounting balance sheet. These are facts and figures required to make business decisions and activities. A decision making body or management heavily relies on this information to make decisions and conclude business deals. You cannot make crucial decisions without these figures so it is crucial that you have them on your desk before you proceed to start a business meeting. To provide accurate financial statistics you will require the assistance the accounting firms Ontario.   


What accounting firms provide to an organization?
Accounting provides information on the financial status of a business such as costs and earnings, profits and losses, liabilities and assets etc. these are vital inputs that will make a huge impact when it comes to making vital decisions like taking new projects and expansions or procuring stocks. Right decisions are made with the information supplied by the in-house account department or outsourced accounting firm whichever is the choice.

What is the main objective of accounting?
Recording financial transactions methodically and accurate is the main objective of an accounting section. They record these figures in books of accounts and workout the profit and loos figures and also the current financial status of a business. Here are some of the crucial financial exercises taken by accounting in an organization
  • Accurate assessment of profit and loss and latest financial status of the organization
  • Preparing financial statements by interpreting and analyzing accounts
  • Developing an appropriate accounting system for the organization
  • Collecting and inputting statistics and economic data
  • Devising financial principles and making financial planning
  • Control outcome according to financial planning
These are the primary functions of Accounting firms Ontario and contemporary financial management is directly related to accounting.

Importance of Accounting in Planning
For the successful conclusion of any management activity proper planning is an much needed necessity. There are several kinds of plannings that take place in a business organization and they would include
  • Cash planning
  • Procurement planning
  • Sales planning
  • Development planning
  • Stock planning
  • Target-profit planning etc.
All these plannings are based on the accurate data provided by the accounting department.

Importance of accounting in the organization
Accounts help the management to execute vital functions relevant to productivity, sales and marketing. Without the accounting data these cannot be done flawlessly. Some of the figures supplied by accounting will include percentage of profit against capital investment, position of capital investment, management control over finance etc. in an organization accounting prevents improper use of assets, control costs, increase production and profits, and overall increase the efficiency of the management body.

Accounting crucial for motivation
Employees of an organization are motivated by financial rewards. To give these awards management must be aware of the latest financial postion of the company. Accounting firms Ontario will provide this information to the management which in turn will decide on the increments/perks to be given to the employees.

To meet your accounts outsourcing needs visit maroofhs.com.

6 Things you should know before taking a home loan

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Can you think of buying a house without taking a home loan? Many Indian families have to depend on home loans to buy their dream house. While taking a home loan is may seem like an easier process, however, it is not as easy as it looks. With all the paperwork and run around, it often becomes quite challenging. However, if you have planned to take the loan, you need to get acquainted with the process and all the nitty gritties to avoid any surprises later. So, go through these tips to brush up your knowledge about home loans.

  1. Deciding on the bank - Almost every bank or financial institution offers home loan facility today. To make the opportunity more tempting, these banks provide various offers to lure customers. However, as a customer, you need to be very careful before you take a step forward. Do a thorough research to decide on the bank. Consider at least 4 – 5 banks, read their terms and conditions carefully and do all the background check before settling for one bank.
  2. Interest Rates – One of the biggest factors while deciding on a home loan is the interest rates. Make sure you have a full understanding of the EMI calculations. Whether you should go for a floating or fixed rate of interest? Obviously, fixed sounds more manageable, however, it is also expensive than the floating rate of interest. So, study about the market trends and how the interest rates have been trending in the last six months. The more you study, the better decision you will be able to make.
  3. Cost-effectiveness – While home loans may seem like a good option, however, you need to understand the long-term financial effects of it as well. Humans get quite emotional when it comes to buying their dream homes. But, every aspect of taking the home loan should be thought carefully through your mind and not by your heart. Think about down-payment, EMI’s and other financial commitments properly before taking a home loan.
  4. Eligibility – Every bank or financial institution check your eligibility before approving your loan. Credit score plays an important role in the approval or denial of a home loan. Banks are highly concerned about their money and hence, they want to ensure that the borrower has a good repayment history before they approve a loan. A bad credit score can result in denial of the loan and good credit score can earn you a lot of benefits along with the loan sanction.
  5. Loan tenure – This is also a very important point to consider when taking a home loan. Many people take loans for longer tenure because then they are easily affordable. However, what borrowers don’t realize is that longer tenures mean higher interest payments. Your home loans become automatically expensive if you go for longer tenures. So, you might want to consider paying lump sum amounts when possible to reduce the loan amount and tenure.
  6. Refinancing – This option basically comes after you receive the loan. if you feel that your bank is taking a higher rate of interest and jeopardizing your monthly expenditures, you can look for other banks who are charging a low rate of interest and get your loans refinanced with the other bank. Though there may be charges that you would have to pay in order to avail the facility, in the longer run, it is actually a good option.
Final Word
Home loans are indeed a good option for people who don’t have enough money to buy their dream house. It also provides greater benefits, but as a consumer, it is your right to know and understand every aspect of a product or service before you take it. So, before taking a home loan, make sure that you have a full understanding of all the terms and conditions in order to enjoy the benefits and even save money. Since home loans are for longer tenures, you would be entailing a long-term relationship with your lender. Therefore, it becomes all the more important to consider these points before signing up for this relationship.

Tips To Manage Your Home Loan EMI In India

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I won’t be wrong in saying that a home loan is probably one of the major financial commitments most of the people make. Well, home loan EMIs can stay with you at least for a decade and it easily consumes most of the monthly expenditure. Therefore, borrowers are always on a lookout for some or the other way to bring down the burden of home loan interest. If you are one of those borrowers, then you can make the most of the following tips to manage your home EMIs.


Compare Different Loan Options
If a 20-year fixed-rate loan scheme worked for one of your friends, this doesn’t mean that it will work the same way for you as well. May be a flexible loan term will prove more suitable for you. While some people prefer to have those same fixed-rate loan offers, others favour an adjustable-rate loan having lower initial payments. Every home buyer has a different financial condition, so it is important you have made a choice as per your needs and requirements.

Know Your Credit Score
Remember, your credit score plays a pivotal role in acquiring the best home loan deal, so make sure you have a respectable credit score. While you are in the process of home buying, it really helps to carry your credit report. You can check how your potential lenders will see your credit profile and take steps to make improvements in your credit score accordingly. Are you wondering from where you can get both your credit report and credit score? Well, you can have both of them from CIBIL (Credit Information Bureau India Ltd) by paying a nominal fee. 

Pay Higher EMIs
While paying higher EMIs will mean that you will be spending a considerable amount from your salary, however, this is one of the best methods to pay off your home loan much earlier. You can do this in different ways without facing any financial burden.

In case your bank offers you a home loan having a blend of regular term loan or credit line facility, you can reduce a considerable number of months and even years from your loan term. You just need to pay a slightly higher interest rate. Generally, the banks allow Rs. 10,000 as prepayment amount and they don’t levy a charge for it. 

Go For Home Loan Balance Transfer
As per this option, you have the facility to transfer your pending home loan balance to another lender at a reduced interest rate. Make sure you have opted for this facility only if your lender is against reducing your interest rate. Current borrowers from non-banking finance companies (NBFCs) and housing finance companies (HFCs) can make the most of this option to transfer their home loan balance and take advantage of MCLR-based interest rates.

Manage Your Funds Wisely
If you really want to manage your Home Loan EMIs, it is important you have increased your cash flow. In case you have taken more than one loan, then make sure you take some time out and compare them with your savings and investments.

Making cash down payments is one of the effective ways of managing your loan payment. Entirely depending on your lender and the type of loan, the down payment can vary from 2.25% - 20% of the purchase cost of the home. In order to bring down the burden, it is important to ascertain a monthly budget that will help you to keep a major chunk to make the down payment.

Content Written By - Deepali Sharma

Deepali is a freelance writer. She is an expert in inbound marketing, content marketing, and lead generation.

Unbelievably Easy Tips on How to Improve Your Financial Health

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If you want to make sure that you are financially healthy not just throughout the year but beyond, the right time to start is now. For sure, the year with a great mindset and motivation to set certain goals in any aspect of your life, and paying close attention to your finances is one of those things that would help you grow as a person. By taking a look at these important tips you are well on your way to save more, budget and spend wisely, and put your money in a safe place for the future.


One of the indicators of a good financial health is having an emergency fund. If you don’t have one yet, then you can start one right now, even if you start out on a small amount. As the year moves on, you can increase the amount you save for the fund. Make sure, though, that you allot a savings account that is separate from the account that you use for your daily expenditures; that way, you prevent yourself from getting something out of your funds. Be aware that your emergency fund is untouchable, unless you encounter an unforeseen situation like a medical emergency.

Always check your credit standing. You can always go the Internet to browse for commercial websites that provide information about your credit score. That way, you know when it is fine time to deal with debts—if you have any—or plan to make an investment on something. Also, make sure that you have settled all your loans on time, ensuring you of a healthy financial standing. Moreover, it is important to learn new things about finance. Not all people today are adept with even the basic concepts of understanding their own finances, from technical methods such as calculating interest to practical ones such as the need to earn more than what you spend. If you don’t know anything about tax breaks and depreciation schedule, now is the best time to learn about it. Improving the way how you approach your money by educating yourself would definitely pay off in the near future. Indeed, you can learn how mutual funds work or how to invest on stocks.


Splurge less. There is nothing wrong in splurging just keep it at bay. If you think a luxury or expensive item is something that is not worth buying just yet, hold off doing so for a while. Otherwise, you may feel what is called buyer’s remorse, or the uneasy feeling of regret after making the purchase on that highly-priced item. Focus on your long-term goal more than your short-term ones. Research has found that impatience when it comes to dealing with finance is unhealthy; not only is it expensive, but it is known to further lower credit scores, which makes it difficult for any individual to apply for loans. Think for the future of yourself and of your loved ones. Additionally, if you own properties, it is a great idea to have it surveyed by a quantity surveyor to know how much you can claim for depreciation schedule. This will help you a lot in saving money from tax breaks.

As much as possible, be thrifty. There is nothing wrong in being frugal; anyway, you promised yourself to improve your financial health, so it would be worth trying to have that mindset. If you have to apply for loans, go for it, just be mindful of how you plan to repay it. You can reduce your weekly or monthly expenses by toning down on your use of electricity, targeting sales and discount dates at your nearest department stores, and cooking your own food instead of going out 2 to 3 times a week. Budgeting should become your habit.

Best Low Interest Credit Cards 2017

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In this day and age, a credit card could easily be considered an essential. Why? Well, with the many expenses floating around, we need to make some purchases through credit. More importantly, in times of emergency, a credit card will prove to be very useful.

However, the problem with having a credit card is the fact that it can be misused any time. With that said, you have to make sure to track your purchases made with the card. In addition to that, do not make the mistake of paying late as paying the interest is exactly what will trouble you.


This should not stop you from getting a credit card, however, as it comes in handy in unexpected situations. In addition to that, most credit cards now come with offers and promotions as a form of reward for using the card - if you can save more by just keeping the cash and swiping the card, then we are all for it.

The golden rule is to always choose a card with a 0% or low interest rate. As mentioned above, a high interest rate could cause a lot of trouble; ultimately, de-motivate you from even using the card in the first place. In addition to that, you must to know what is being offered by the card - the key here is to pick a card that provides the best offers with what you mostly spend on. In this way, you are being rewarded as you are spending.

With the many options available out there, however, how do you know which card is best? Once again, start with picking one that has a low interest rate, and then take it from there. In this article, we will provide you with three (3) of the Best low interest credit card deals for 2017. If you are currently on the hunt for one, you are most definitely reading the right article.

Citi Simplicity Card

This is the best card for you if you are a forgetful one. This card boasts of a "no late fees ever" slogan as it is a card that has no late fees for the longest time - it has a 0% interest on purchases as well as a 0% interest on balance transfers for up to 21 months.

Also, with its long 0% annual percentage rate (APR), it gives you time to offset the balance-transfer fee in interest savings. With this much to offer, though, you must know that this card has no rewards or a sign-up bonus.

Chase Slate Credit Card

This credit card provides you with a little bit of everything as it has quite a sign-up bonus - you receive a 5% cash back when you spend $1,500 per quarter in different lifestyle categories such as supermarkets, restaurants, gas stations, etc. With other spending, you get a 1% cash back.

Also, this card offers a $0 annual fee and a long 0% APR period on purchases and balance transfers for 15 months. With all the deals that this card has to offer, it is just too good to pass up.

Barclaycard Ring Mastercard

To qualify for this card, you will need to have an excellent credit rating as it has an ongoing APR of 13.49%, one of the lowest in comparison to other cards being offered in the industry. In addition to that, there are no balance transfer fees and no foreign transaction fees.

Also, as with the other credit cards mentioned above, this card offers 0% APR on purchases for 15 months as well as a 0% APR on balance transfers made within 45 days of account opening for 15 months.

The best low interest credit card deals are those that offer you a lengthy period of no-interest purchases, as well as a lengthy period of no-interest included balance transfers. More importantly, these cards should boast of a good annual percentage rate (APR). If all are present and can be checked off the box, then you know you have a good credit card in your hands. Find the Best low interest credit card deals that fit your needs. Check out our tips, guides, reviews and more at www.lowestinterestcredit.cards.

Insurance is a Must Thing for Vehicles since They Carry More Risk of Damage and Theft

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Insurance is a form of contract which is entered into between two parties. The first is the insurance company while the second party is known as insured. The insured makes a premium payment on an annual basis to the insurer who in turn caters for all the risks associated with the car and in the event where a damage or loss of any kind is incurred in respect of the vehicle, the insurance company pays the losses. This way the insurance company compensates for the loss incurred by the insured.


Where an insurance policy is taken in respect of a brand new vehicle, the sum insured is taken as the purchase price. The term sum insured refers to the amount assigned to the asset that is the subject matter of the insurance contract.

The premium is then calculated by applying a certain percentage of this amount. In the event of loss, the insurance company makes good such loss to the extent of the sum insured. This means that the liability on the part of the insurance company is restricted to the sum insured and this amount would be the maximum amount payable to the insured.

Motor insurance facilities are provided by almost every insurance company. The insurance business usually differentiates between two types namely life and non life insurance. In the first category, the insurance is for the purpose of securing a good amount for later payment. The person who obtains life insurance pays premium on monthly or annual basis and ideally this sum is paid to the next of kin in the event of the policy holder’s death.


Car insurance providers work under the principle of trust. The insurance claim is arisen when some event takes place that damages the property which was insured. The policy provider reaches to the customer on a call and takes notice of the event that resulted in the damage to the property.

For example if someone obtains car insurance and then the car is met with an accident, the insurance company reaches out to the car owner with a team of evaluators in order to determine the amount of insurance claim. This amount determined is then processed as per the system of claim processing implemented by the company.

This process starts when an amount is provided by the evaluator. This amount is provided by an evaluation report that contains short particulars of the car, how the event took place, the damage done to the car and an amount of estimate that would be required to spend in order to revamp the car. This evaluation report is submitted to the company.


The company then sees whether all premium amounts have been paid before paying the claim. The payment of claims makes the remainder of the policy period null and void and in order to get a new insurance arrangement, premium is again required to be paid. Usually the company which has paid the claim will be hesitant and reluctant to get the insurance done for the same vehicle in case of an individual.

However, in cases where a company is involved who has done insurance for the whole fleet of vehicles, the insurance period is extended for a further time period. The simple logic is that insurance company gets a huge amount of premium payment from companies and they prefer working with corporate clients than individual clients.

Financial Investment Planning Process to Get Started

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Investing your money is probably the best use of the funds owned. However, if you invest in financial products without proper research, you can lose everything you owe. Therefore, the financial investment process begins with effective planning and research.

But you can start planning for investments in case of not having a specific goal in mind. Therefore, one of the most important requirements is to determine a target. Can be any of the two objectives listed below:

  • Preservation of existing funds
  • Growth of existing funds
  • Or both

What you do with the money held or increased depends on your personal preferences. Unfortunately, many people have no goals in your mind before you invest your money. Therefore, the money to create or preserve often abused. Financial planning investment will have to go through a step-by-step process. Let's have a look at it.

  • Setting goals
  • Analyze the risk bearing capacity
  • Asset allocation and portfolio design
  • Select the investment products that suit your needs
  • Regular monitoring of your investment
  • The redesign of your portfolio when necessary

This is one of the processes of money to go to invest their funds. You can alter this process according to their needs. This is, however, very wide and can be applicable to all people.

Knowing the process is not important. You must know all the investment options available and know what to invest in.

If you will not have much risk, you can invest your money in commercial products or cash equivalent products as currency, bank balances, money orders, currency, GIC, commercial papers, treasury bills, money market accounts, accounts savings, certificate of deposits, and so on. These products are relatively safe investment.

If your risk appetite is a little higher, you can invest in products such as mutual funds, stocks and real estate. It should be noted that there are several ways to invest in each of these products. For example, you can invest in real estate by investing in REIT (Real Estate Investment Trust), Real Estate Funds, Property, Rental Property, and so on.

For people who want to seek high returns and are willing to take greater risks, such as equities and derivatives are probably the best options. Specialized knowledge, however, is bound to gain from these products. File can be divided into aggressive growth stocks, common stocks and American Depository Receipts. Derivatives can also be divided in futures and options.

Financial Investment Planning does not happen just by itself. It requires a lot of planning, correct implementation and effective monitoring and redesign essential. There are, however, a popular myth that investing is for rich people. Rich or poor, everyone wants a secure future. Everyone is vulnerable to financial emergencies, and one must always be prepared to cope. And there is no right age to start planning investments. Even if you're nearing retirement, you should start investing. However, early start, the better for you.