Eun Wegner, Author at Fong Finance

Dec 01

Tips to Effectively Manage Business Finances

As a business owner, managing your finances is essential to your success. But did you know that there are specific techniques that can help make the process easier? In this article, we will discuss some tips for effectively managing your business finances. By following these tips, you can keep your finances organized and under control.

Hire an Accountant

One tip to effectively manage your business finances is to hire an accountant. An accountant can help you set up a budget, track expenses and income, prepare financial statements, and more. They can also provide valuable advice on the best ways to maximize your profits. Hiring an accountant is a great option if you do not have the time or expertise to handle your finances. If you have a small business, consider checking the small business accountants sydney. If you are concerned about the cost, keep in mind that it can save you money by helping you make smart financial decisions.

Monitor Cash Flow

Another important tip is to monitor your cash flow. Make sure you have enough money coming in to cover expenses and that your spending stays within the limits of your budget. Keeping a close eye on cash flow will help ensure your finances remain healthy. Many people make the mistake of monitoring it only in a monthly basis, which can be too late to take corrective action. Try monitoring it weekly or even daily. This way, you can see where your money is going and make any necessary adjustments in a timely manner. Aside from that, you can also make use of small business accounting software, which can help you monitor your cash flow for a more convenient and accurate result.

Develop a System

The last tip to effectively manage your business finances is to develop a system. Having a system in place will help you keep track of expenses, income, and other financial records. It can also make it easier to create tax reports or provide information about the company’s financial health. Make sure that you also document all financial transactions so that you can easily access the data when needed. Some even set a budget and automate the payments of bills, invoices, and payroll, which makes it easier to track expenses. So make sure you have the right system in place to help manage your finances with ease. By following these tips, you can ensure that your business finances are managed efficiently and effectively.

Hiring an accountant, monitoring cash flow, and developing a system are all important steps in managing your finances successfully. With the right guidance, you can create a budget, track expenses, and maximize your profits. So don’t wait any longer and start taking steps to ensure your business finances are in order. Do you have any other tips for managing business finances? Let us know in the comments below. Thanks for reading.…

Nov 28

Why You Should Choose a Licensed Moneylender

At some point, there are instances when you will find yourself cash strapped. Well, some of these situations can be fixed with much ease, but there are times when applying for a loan becomes an absolute must. A loan application process, especially if you are dealing with a bank, is not an easy process. Aside from getting a loan from significant financial instructions, you also need to think about the possibility of working with a moneylender. mobile loan

As it stands, most borrowers find moneylenders appealing, especially when they need to raise money fast. In a country like Singapore, the number of moneylenders is vast. Thus, if you are seriously looking for a credible source, go for a licensed moneylender. This write-up outlines several benefits you can get by working with a licensed moneylender.

Attractive Interest Rates

Licensed moneylenders are known for low interest rates. This is especially true when you compare them to unlicensed moneylenders. One of the main reasons why licensed lenders offer attractive interest rates is because they have to compete among themselves to attract borrowers. Besides low interest rates, loans from licensed lenders tend to be easy to manage, considering that most of them offer flexible repayment options.

Safe

When applying for a loan, you need to ensure that your personal and financial details are safe. Working with a licensed moneylender is the only way you can ensure that these details are protected. Working with an unlicensed moneylender will put you at risk of malicious attacks, considering that their operations are not regulated.

Easy Loan Application

Getting a loan from a licensed moneylender can be particularly easy. Most lenders have an online platform where you submit your application, and after some time, the lender will let you know about your request. You will also be furnished with other details on the loan terms, and you might be sure that the agreement will stay as it is until you repay up your entire loan. bundled money

Peace of Mind

Some unlicensed lenders are known to harass borrowers. With clear rules governing the actions of lenders and borrowers, you do not have to worry about the incidences of harassment. If a lender is reported of harassment, the government has the right to impose fines or even revoke their licenses. In light of this fact, borrowing from a licensed moneylender will give you some peace of mind.…

Jul 15

How to Get the Best Currency Exchange Rate

Traveling outside the country is an excellent idea if you know all the expenses. How you spend money on business travel is slightly lower than holiday travels. The way you spend money in your country varies from your expected destination. Things are different from the currency to the prices. The charges might be lower or higher depending on the currency. You should know how to get the best foreign currency exchange rates for your money before boarding your flight. Use the six tips below.

Research

Learning has no end and research is the best way to discover unknown things. You have many sources to conduct your research. From your neighbor who is a frequent traveler to the internet. Nowadays everything is on the internet, Google anything and you will find an answer. When examining the foreign currency exchange rate for your destination explore all other aspects, you do not know. You might add knowledge to what you already know. Investigate the selling and buying rate thoroughly.

Evaluate Your Debit Card Charges

If you own a debit card, find out the charges per expense. The spending rate, withdrawal rate, and transaction cost when you do not have to withdraw the cash. The fees will help you decide on what to use in the foreign country. If you spend, more when using the money directly switch to the debit card without having to withdraw cash. Use the best means you can to avoid paying more when exchanging foreign currency.

Carry a Prepaid Card with You

You may wonder why to carry all these stuff and yet it is a holiday trip. Always have a plan B so that you do not fall on the wrong side. Your homework will give you the correct details of the foreign exchange rate. If the buying rate is high, opt for your prepaid card. Load money in the prepaid card and use it to shop, pay bills, and artistic graphics.

Avoid Exchanging from Crowded Areas

If you want to have a fair game, conduct all your exchanges from less visible areas. Identify the location of the local Forex bureaus. Areas like Post Offices and Banks will have a lower selling and buying rate than in Airports and tourist destinations. You will find a lot of stereotyping going on where foreigners are all over the place. The locals want to set a high buying rate and unrealistic price tags in the supermarkets. You will spend much money exchanging your dollar to the local currency in the Airport. Overspending might ruin your budget and fail to enjoy the entire holiday trip.

Ask Around when Shopping

When shopping in the alien country, carefully read the rates before buying any item. You can also ask the cashier for the data you need. Be friendly with the shopkeepers so that you get to know everything about the money.

You cannot become a GURU through simple reading without experience. Take chances and practice the new things in the world. Travel abroad when you have the tips on how to get the best foreign currency exchange rates for your money.…

Jan 19

Breaking Bad Spending Habits in the New Year

Mastering your money habits in the new year can leave with a substantial change in your bank account balance. There is no magic bullet of knowing your money habits and being their master. People are unique. Our cravings too vary like that. Therefore, you must understand a few things about yourself and the way you spend money for you to make changes and become a star at managing your money in the new year. Read on and understand ways of breaking bad spending habits in the new year.

Understand the psychology of money

The money you spend will pain you when you see it going away. Thus, spending cash will feel more painful than charging your card, or using mobile payment solutions. When you want a tight grip on your money, you go with cash spending. There is a reason why casinos give people chips to play. They know spending cash will feel painful, so they convert it to something that you do not associate with money.

Another psychological tip about money is that you can only work on what you track. You must know where your money is going. For some people, use of credit cards comes in handy because they have the accountability report. They will know where their money went. Unfortunately, that takes a while before you see the report.

Remove the automatic checkout options online

When you first check out online, most retailers will ask you to allow them to retain your card details. After that, you will check out almost automatically in future purchases. You will only confirm a charge on a particular card, and whoa, the transaction ends. Thus, you can make a major mess to your financing in a fraction of a second. You need to force yourself to input the details all the time so that you can at least think about the money that will be coming out of your bank account.

Use website blocking software

Make sure you have software to block shopping sites so that they remind you that you did not want to go shopping. You have to list everything you want to buy and then buy it at a later day. That is the best way to be in control of your money. You must always work on the things that matter now, with a planned approach. Money matters and you need a planned approach to tackling it.

Use wish lists

Have a list of things you want but do not buy them immediately. Set the cash aside for them. You can keep it aside physically or open a new bank account where you send expenditure money every time. When your expenditure account’s balance is zero, you stop spending and work towards adding money to the account. You must embrace the rule of only buying what is on your list, at least thirty days after you write it. The thirty days will be for you to evaluate your desire and see whether you need the item or you just had impulse instincts.…

Jan 14

Ways to Fund Your Small Business

While you will see advertisements and press releases all over putting the message forward that banks are committed towards lending money to business start-ups and boasting on the amount of loans that they have given to small business entities, the truth of the matter is that these same banks do not like giving credit facilities to small businesses and actually if you carry out further research you will realize that they do not give out this loans as much as they say.

Thus if you want some financing for your business, you will need to have a lot of collateral plus a good credit record, this will allow you to get a personal loan. But it is very hard to get a business loan if it is not tied to something like your mortgage. So what options are you left with to finance your business? Below we highlight some of the ways through which you can finance your small business.

Self-funding

You will realize that majority of entrepreneurs will fund their businesses by themselves. One will use his/her savings or undertake a personal debt so that they can fund their business. Alternatively, if you are really into funding your business and you see that it has a prospect of bringing returns you can sell off some of your assets and put the money generated into your business, with the hope that it will generate profits.

Family and friends

The other way that you can raise funds to finance your small business is engaging family and friends. They can give you funding by either providing debt funding or equity funding. Even though this is a good way that you can finance your business, it is important to be careful about such engagements. If the business does not go as projected, there is a risk of ruined friendship. Thus you should ensure that that the friends and family know the risk that is involved before they commit their funds.

Partners

Another way that you can fund your business is bringing on board a business partner. You can either incorporate them as employees or not. It is important that you get a strategic partner as they can easily align their resources with your business goals.

Crowdfunding

One of the most effective ways of financing your business which has gained popularity in the recent past is crowdfunding. This is where you will put your business idea on the web, and hope that quite a good number of people buy into the idea so that they can donate to you so that you fund your business. Look at the most popular crowdfunding portals, post your idea and formulate your funding campaign and it is likely that you will receive funds from potential investors to finance your business.

Venture capital

You can also source funding from such firms. These are the type of firms that are willing to invest in business during the early stages but are still looking for large investments that they can take a large and significant share of that particular company. They are often looking for a controlling interest.

Some of the other ways that you can finance your business include: seeking for angel investors, cloud funding, or even taking up a loan.…