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Whether you are a new entrepreneur or a business owner more experienced, taking control of your finances can feel like a part-time job. Some simple tips can help you streamline your time, organize your finances and reduce the stress of business money matters.
1. Keep your bills in one place
When the mail comes, make sure it happens in one place. Misplaced bills can be the cause of unwanted and late fees in May affect your credit rating. Whether it’sa drawer, a box or file, be consistent. The size is also important. If you receive a lot of mail, use an area that will not be filled too quickly.
2. Pay your bills on Schedule
Bill paying can be simplified if it is sometimes during the month. Depending on how many bills you receive, you can set times each month when none of your bills will be late. If you pay bills as you receive them, chances are that you spend too much time in front of the checkbook. Although the bill in May, “payable upon receipt”, there’s always a grace period. Call the creditor to know when they need to receive payment before the bill is considered.
3. Check your credit card statements
Most people take advantage of low interest credit card offers but never read their statements when paying the bill. Credit cards are known for use as bait to low interest rates for new customers then switching to higher rates after a few months. Make it a habit to look at your tax rate to see what you pay each month and if any transaction fees have been applied. If the rate increases or a transaction appears on your statement, a simple call to the credit card company can often be beneficial in resolving the issue. Otherwise, try putting your money to a more favorable rate.
4. Take advantage of automatic payments
Most banks offer a way to automatically deduct money from your account to pay creditors. In addition, creditors typically offer a lower interest rate when you sign up for this payment option because they get their money faster and on time. Consider it as a control at least write, envelope to lick and stamp to buy. Make sure you record the deduction when the automatic payment is scheduled or you run the risk of bounce other checks.
5. Computerize your checkbook
The use of software is a handy way to organize your finances. Whether it’s Quicken (r), Microsoft Money (r) or another package, these easy to use programs to pay bills and make banking a breeze. Computer checks can be ordered almost anywhere and fit right into most printers. Once the checks are printed, all of the information is automatically recorded in your electronic checkbook. In addition, many banks have direct downloads into these programs when money is deposited or withdrawn, the transaction is entered immediately onto your computer. And when it comes to taxes, it could not be easier.
6. Get Protection
Most banks have a service where if you run the risk of bouncing a check, the money will come from another source. For a nominal fee, the bank link to your account, savings, money market, or credit card so the embarrassment of bouncing a check will be avoided. Call or visit your bank to learn more about this feature.
7. Cancel unused accounts
Whether a credit card or bank account, write a letter requesting that the account is officially closed. Not only will this improve your credit score is a useful way to avoid the money scattered all over the place. Do not let department stores and credit card companies for you in opening new accounts by offering favorable interest rates and purchase discounts. It is easy to get credit for those taking advantage of every credit offer for you.
8. Consolidate your accounts
If you have several credit card accounts with outstanding balances, try to combine them into one. Be careful and check the balance transfer interest rates and a cooler. Also, make a list of all your open Money Markets, Savings, CDs, IRA, mutual funds and other accounts to see if any consolidation can be done. Keep your money in fewer places eliminates all of the time and reduces errors.
9. Establish Automatic Savings
Create a link from your account into a savings account that will not be affected. This can be done by banks and automatic amounts will be transferred over each month. Most people do not put money into a savings account on a regular basis. May they expect a large refund check arrives tax or other event is to deposit money into savings, retirement or other accounts. If you create an automatic savings every month, your accounts will begin accumulating money faster than you think.
10. Clean up Your Files
Make sure your paid bills are organized in a binder. Keep individual files for paid bills. Browse your files at the end of each year, and lay the bills and receipts no longer needed for auditing purposes. Contact your local IRS office to see how much time must be kept for audits. Usually federal tax return audits can be done in three years, but canceled checks in May should be kept for seven years. Check the Internet and records for auditing procedures for maintaining your state or region.
