Keeping Track of Business Expenses

Some businesses are learning the hard way that they’re spending more than what they can afford. By getting organized and keeping track of all the expenses can really help keep the company on the right path to staying afloat in this tough economy.

Keeping track of your business expenses is going to come in handy when tax season comes around. Financial expert Armando Montelongo offers advice on how businesses can keep track of their business expenses.

Get an Expense Log

Your local office supply store will carry an expense log book where you are able to keep complete track of the money that’s coming in and going out. Some logs will include sections where you can put your receipts and information on mileage if you’re traveling for business related things.

Write Down Expenses

It’s better to keep track of everything as you go along or at the end of each month. Getting organized and writing down expenses will make tax season go smoother. As you’re spending money to make business related purchases keep track of it in the log. If you’re unable to do this each day, put all your receipts in an accordion file and fill out your log book at the end of the month.  Waiting until the last minute isn’t always the best idea.

Use Software

Using software helps make the process go smoother. The software could make the process even easier for you since all you need to do is type in the information and it’ll do the calculations for you.

Get IRS Information

When it comes to expenses like your mileage and purchases it’s important to check with the IRS to find out how much you’re able to deduct on your taxes. If any information ends up being incorrect you could get audited.

Etiquette Tips When Doing Business in Kazakhstan

Business Ambassadors

Image by The Prime Minister’s Office via Flickr

The Kazakhstani culture in everyday life gives great honor and respect to elders in the community. The culture is predominantly patriarchical, so men are viewed as the leaders in society.

Hierarchy is also equally important in Kazakhstan democracy and culture. People with prestigious titles, or who play a vital role in society, are given the greatest honor.

These cultural attributes are also depicted in business relationships. To make lasting business relationships in Kazakhstan means knowing how to demonstrate expected behaviors. Here are tips to show proper Kazakhstani business etiquette.

  • Handshakes

Handshakes are usually done using both hands and are more gentle compared to the firm American handshake. Handshakes are also customary at the end of meetings, much like what’s done in the U.S. It’s expected that if you encounter the same person several times throughout the day, to shake hands each time. Since a large majority of the Kazakhstani population is Muslim, men do not typically shake hands with women.

  • Greetings

It is advisable to wait to be introduced by the senior member of the group rather than introducing yourself. When addressing people, formal academic and professional titles and surnames are used. Before calling someone by their first name, you should wait for them to give you permission to do so.

  • Business Cards

Exchanging business cards is a standard practice, so you don’t have to feel you’re being pushy if you give someone your card. Exchanging business cards is very important to affirm your title and gain access to high-ranking members of society. Including your title on your business card is vital, as this is a part of establishing your authority. Kazakhstanis like for your business card to be printed in Russian on one side and in English on the other.

 

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Developing Good Business Relationships

Developing good business relationships is one of the keys to having a successful business. Businesses are not solitary; businesses need one another to either buy from or sell to, therefore, having a good relationship with other businesses is very important. The following are ways to help you develop good business relationships.

Pay Promptly – Even if you need to apply for one of the Plain Green Loans to pay your suppliers on time, do so. If you fall into arrears with your suppliers they’re going to be less likely to provide you with product the next time you need it.

Polite Banking Manners – At some time or another every business is going to have an issue with their bank. By remaining polite you’ll maintain a good business relationship with them that will allow you to not only resolve your problem more quickly but make the bank more likely to be helpful next time you need it.

Don’t Gossip – Word gets around. Make a habit of never saying anything ill about anybody or passing gossip. Not only do you never know who might be overhearing but if you do get caught spreading harmful news then you’ll destroy a good business relationship that might be in place.

These are just a few things you can do to help develop good business relationships. Having solid business relationships will not only make the job easier but it will improve your reputation and credibility and getting new clients will be that much easier.

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Developing Good Business Relationships

Developing good business relationships is one of the keys to having a successful business. Businesses are not solitary; businesses need one another to either buy from or sell to, therefore, having a good relationship with other businesses is very important. The following are ways to help you develop good business relationships.

Pay Promptly – Even if you need to apply for one of the Plain Green Loans to pay your suppliers on time, do so. If you fall into arrears with your suppliers they’re going to be less likely to provide you with product the next time you need it.

Polite Banking Manners – At some time or another every business is going to have an issue with their bank. By remaining polite you’ll maintain a good business relationship with them that will allow you to not only resolve your problem more quickly but make the bank more likely to be helpful next time you need it.

Don’t Gossip – Word gets around. Make a habit of never saying anything ill about anybody or passing gossip. Not only do you never know who might be overhearing but if you do get caught spreading harmful news then you’ll destroy a good business relationship that might be in place.

These are just a few things you can do to help develop good business relationships. Having solid business relationships will not only make the job easier but it will improve your reputation and credibility and getting new clients will be that much easier.

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Spending vs. Saving: the Delicate Balance

Saving has never been an easy task for most American families, and in light of the recent financial hardships, it’s even more difficult. However, our economy desperately needs us to spend, to keep the cycle of business flowing. If we don’t purchase goods and services, businesses won’t be able to continue to pay employees, and the economy will just get worse.

This doesn’t mean that we should disregard caution and spend ourselves into debt. On the contrary, buying on credit if you are already struggling to pay your existing bills could be the tipping point for your personal budget. The best solution is to find the delicate balance between saving and spending where the economy is still be stimulated, but your personal reserves can also continue to grow.

If you have not yet cut up your credit cards, this is an excellent time to do so. Keep only one credit card intact for when you need to rent a car or book a hotel room, but leave it at home. This will keep you from being tempted with impulse shopping. You do not want to actually cancel the other credit card accounts, in order to preserve your credit rating, but you should definitely shred them.

The credit cards that you do want to cancel are those for specific stores. These types of credit card accounts nearly always charge the maximum percentage rate, regardless of your credit history. The one exception to the rule would be those store cards that offer 90 days or 12 months financing, ”same as cash.” If you participate in one of these promotions, always make sure you have paid the balance off in full before the deadline to avoid the accrued interest.

 

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Effective Business Brochures

Sales Brochure for The Marlow Housetype

Image via Wikipedia

An effective brochure can attract new customers to your company, but what exactly makes a brochure effective?

The best-designed brochure will lose customers if it doesn’t include basic information. This means clearly stating the company’s name, address and phone number, website address, a recognizable logo, and a headline that outlines the company’s services. Don’t be tempted to list too much information as this will only confuse the potential customer.

Include an image relevant to your company. This could be the company’s building, a picture of products, or even a photograph of staff members. Images create a welcoming, more inviting feel.

A brochure should be as firm as a handshake. If a brochure is created in a basic office program and printed on regular printer paper, it isn’t high quality and won’t be noticed. People notice the texture and weight of a high-quality brochure. This is one instance where you would do better to splurge on brochure printing services.

Avoid difficult words that would leave most readers requiring a dictionary. Simply state what makes your business better than the rest and, if possible, print the cost of services or individual products. Customers like to know what they can expect to pay before contacting a company.

 

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4 Steps to Leveraging Your Trades

In terms of trading, leveraging means the ratio of the size of the trading transaction to the actual investment used. In layman’s terms, it is a loan provided to the trader. This means that a trader can conduct a transaction without having to put up the full amount required. This can ultimately increase the returns made on investments.

If this sounds appealing to you, here are four steps to leveraging your trades.

  1. Firstly, if you want to utilize leverage when trading, you will need to open a margin account with a broker. The broker will then be able to provide you with leverage. A broker can help you in other areas too, for example if you want to Trade CFD.
  2. Use leveraging sparingly, and only when you need it. Even the most seasoned trading professionals do this. Because leverage is a loan, it entails a lot more risk than if you were to use money alone. If you trade with a large leverage and make a mistake you could end up owing a heck of a lot more than you can afford.
  3. If you are using leverage, don’t use it alone. It should be one of many tools that you use to profit from trades. This diversification of methods will help to prevent from any unsavory situations (like the one above).
  4. Don’t get a higher leverage than 10:1. You will probably find that most brokers won’t go higher than this anyway.

The above being said, trading using leverage is no more risky than trading using cash. Risk is just the nature of the game.

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Work for Yourself or Someone Else?

When it comes to making money, there are two options: create the income with your own hard work and ingenuity or get hired by someone else who pays you for the work. There are definitely advantages and disadvantages to both. Here are some reasons to consider both.

Working for Someone Else

Having a job working for a company offers some security. You know how much you’re going to get paid and when. With that you can plan a budget and save up for things like retirement. You also get a lot of benefits including health and dental insurance, retirement accounts, and paid time off. If you work hard, there’s the potential for advancement and yearly raises. Some companies have other benefits including parties, prizes, bonuses, company swag, and family activities.

There are downsides as well. Your earning potential is limited and at any time, the company may decide to downsize, which will suddenly put you out of a job and forced to look for a new one. Also, promotions may come with more work but not an increase in pay.

Working for Yourself

There’s a lot of stress that comes from working for yourself, but there are a lot of benefits as well. For one, if you’re good at what you do and enjoy then work won’t feel like such a drag. You’re in control of your own life. You can take time off when you want without having to answer to anyone. You also have the ability to increase your hourly wage just by working harder and faster. You work as long as you need to instead of staying 8 hours to “look good.”

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Creating a Savings Plan

Front left of car

Image via Wikipedia

When it comes to buying big items, such as a house, cars, and furniture, too many people are purchasing on credit. The next time you’re about to put something on a credit card or with the assistance of financing or loans, first work out how much it will cost once you’ve paid the item off. If you understand how much you’re really paying for an item, you may realize that it’s not worth buying on credit.

Instead, consider creating a savings plan for things like a new car. To do so, the first thing you’ll want to do is create a budget. Enter in items that are the same every month, such as rent or mortgage, car insurance, and cell phone bill, and then set a realistic amount for other items such as groceries and entertainment. You may find that you need to decrease how much you spend on these items in order to spend less than you make.

If it’s not easy for you to track how much you’re spending, consider getting the budgeted amounts in cash. Separate it out into envelopes with each one labeled; once the money is gone, you can’t spend any more on that item that month. With the money that’s left over in your budget, that will go into savings. You should decide on what you’re saving for. The first thing you should save for is a nest egg: a lump sum that you can use for emergencies. Once that amount is saved, the next thing could be a newer car, a vacation or a down payment on a house. It’ll feel so good paying in cash!

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Working for a Company of One

Home Office to Organize

Image by Casey Serin via Flickr

With the economy the way it is, many people are losing their jobs and the jobs that are available often aren’t paying what they used to — if you’re one chosen out of possibly hundreds of applicants. So what can you do while you’re searching?

The best thing you can do while you’re on the hunt for your next job is to find contract work with companies. First, identify what skills you have that would lend well to contract work. This could be writing, editing, transcribing, data entry, construction work, handy man, etc.

If it’s something that you could do online, such as writing or data entry, then the best place to look for jobs is online as well. Places like Craig’s List are great ways of finding these jobs. Many of the jobs are done online, but because of restrictions, it’s best if you look at listings in big cities. They’ll say whether they’re available for those who are telecommuting.

For jobs that are location-based, such as handyman repairs or at-home daycare, you’ll want to advertise your services. This could be something as simple as posting fliers on telephone poles and listing ads on Craig’s List. Also make sure to use your network to get the word out. Tell all of your friends that you’re looking for work and what kind of jobs you’re qualified to perform. If they have work or hear of anyone needing that type of work, they’ll let you know.

Although it may start out as temporary, you may find that you like working for yourself better than working for someone else!

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