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The 6 Best Apps For Small Business Teams

 

 

The modern age has brought all sorts of amazing new pieces of technology to the table to help small businesses to prosper. In order for you, as the owner, to stay on top of current trends, it can be helpful to take a look at what is currently popping up on the internet. There are some solid apps out there that can help you to run your business more efficiently. A quick look at some of these popular downloadable apps can help you to see which ones are best for the needs of your small business.

Conferencing is a big part of the world of business. When you need to hold meetings with individuals located in other cities, states or even countries, you need to have the right tools. Skype has consistently remained one of the top video conferencing apps for many years. Though there are alternatives, few offer the same level of quality as Skype.

Do you struggle with staying organized? If so, then you can do yourself a big service by finding an app that allows you to better manage your time and the ever-growing list of tasks you must accomplish. One of the more popular apps in this regard is Clear. It allows you to manage multiple lists that have to be conquered, while simultaneously offering you the chance to receive reminders so you can be on top of your business.

Another helpful app for time management is Rescue Time. This is a handy tool for those who fear that they are wasting too much time on social media or other distractions on the internet. Learn where you spend the most time and make the proper adjustments for productivity.

Expenses are always a struggle with […]

What CRE Investors Should Know About Stated Income Loans

 

Commercial Real Estate, or CRE, Investors get pretty creative when it comes to finding money for their next acquisition. Conventional loans are one of the go-to methods, but stated income loans are yet another way to get the financing for property purchases or refurbishing.

Stated income loans work by allowing the borrower to ‘state’ the amount of their income to the lender. This is usually a combined total of the income of the borrower and their businesses. The lender will then figure up the dollar amount they will finance for the borrower, with interest, of course. Some lenders will require lots of documentation, but others won’t. You might have to supply records of leases, year-to-date financials, rent rolls and personal financial statements.

A stated income loan is an alternative to a traditional commercial loan where the lender is generally more concerned with the real estate in question rather than the credit history of the borrower. The property income value must be enough to service the insurance, taxes and mortgage in order for this type of loan to be approved.

Depending on your credit rating, you might be able to get a loan without written verification of your income. Today, a large portion of mortgages are created with stated income loans. Due to the reduced amount of paperwork required, the lending process doesn’t take as long. While this isn’t a huge advantage, it could mean grabbing that deal before it’s off the table.

Especially helpful for borrowers who are self employed, stated income loans can provide funds when it’s hard to produce a pay stub or a W-2. It’s not quite as easy as it sounds. Stated income loans will often require a solid down payment, equity and a […]

The Beginner’s Guide to Business Tax Preparation

 

Opening a business requires more than coming up with a product or service, creating a website and promoting your new company via social media. There is much to learn, and one aspect of owning a business that many entrepreneurs neglect is proper tax preparation. While filing your company’s taxes may seem daunting, there are steps you can take from the beginning to ensure no important deductions are overlooked and to help you avoid tax errors that may prove costly later on.

Proper business tax preparation begins with understanding the basics and staying organized from the start. Keep your business and personal accounts separated and if you work from home, set up an office that is separate from your living space so that you can claim it as a business deduction. As your business grows, use software that allows you to enter and track expenses, profits and deductions automatically. It is important that you keep your records up to date and review them periodically so that you are not faced with an outdated mess when the time comes to file.

As you sit down to prepare your business taxes, keep in mind that not every expense for your business is deductible. For example, if you work from home and have a legitimate business space that you already claim on your taxes, you can deduct driving expenses from that location to any vendor, customer or location connected to your industry. However, if you work from an office where you share space with other small business owners, driving from your home to that location cannot be deducted. Be conservative about your deductions and check state and federal tax laws if you are confused about what you can deduct to […]

The Top 4 Retail Financing Options

 

 

As a retail store owner, you know the frustration of finding the right financing for your business needs. With the staggering variety of business financing choices, it’s important to know which ones are the best fit by acquiring a basic understanding of the top four retail financing options available: retail store inventory financing, cash advances for retail businesses, equipment leasing and financing and franchise loans.
Retail Store Inventory Financing
Without inventory, you have no way of generating income, but without income, you have no way of purchasing inventory. It sounds like a catch-22 situation; however, it doesn’t have to be one. Many retail business owners turn to revolving lines of credit to ensure their inventory needs. Revolving credit lines consist of lenders or suppliers providing a set amount of continuously available credit for an indeterminate time period. The credit is repaid periodically and the credit line is renewable after each repayment. The amount of credit assigned depends on your credit, revenue and cash flow.
Cash Advances for Retail Businesses
Another of the top four retail financing options is the cash advance. For businesses that do not qualify for small business lines of credit, this type of short-term loan is a good option. They are particularly beneficial when larger amounts of inventory are needed during times of increased customer traffic. Business and merchant cash advances come in two forms: Merchant cash advances and daily ACH loans. Merchant cash advances are based on a percentage of monthly credit card sales, while daily ACH loans are based on total sales. Payback amounts vary based on borrower risk.
Equipment Leasing and Financing
For many small businesses, the cost of operating equipment can be overwhelming; however, equipment financing offers several advantages that will help keep […]

The Pros and Cons of Working Capital Loans

 

 

Even if you have an incredibly successful business, you may occasionally find that you have difficulty paying for small expenses that come with running your business. These may include payroll, repair costs or the cost of inventory. The money needed for these kinds of expenses is called your working capital. When a business does not have enough working capital, it will often struggle to function properly. It is worth considering working capital loans if you ever find your business in this situation. There are many advantages and disadvantages to these kinds of loans and it is important to know about both.

Loans that are specifically designed for working capital are great for keeping you prepared for any small hiccups you may have financially. With these kinds of loans, you can breathe a bit easier knowing you can handle any surprise expenses. Additionally, because these loans are designed for short-term concerns, it does not require long-term repayment and lenders do not have many restrictions on how the money is used so long as it is for small expenses for your business. Lenders also understand a working capital loans are for immediate expenses. They are aware that businesses need this loan as quickly as possible and often the money is accessible to you approximately a week after you are approved.

Even though there are many advantages to financing your working capital with a loan, there are several disadvantages as well. As with any loan, it must be repaid. This may seem obvious, but it is worth noting that even if your business fails all lenders will still expect you to make your payments.  Furthermore, repeatedly taking out small loans can negatively affect your credit rating. Especially if you […]

By |March 16th, 2016|Uncategorized|0 Comments

Unsecured Business Lines of Credit For Startups

Unsecured business lines of credit are similar to a cash advance from a credit card. Instead of a credit card company, though, you are getting the line of credit extended from a lender. The lender will give you an amount of credit, and you can use it when you need it. You maintain a balance owed plus interest on that balance and make payments as agreed upon. An important thing to note here is that since it is unsecured, it means you don’t have to put up any collateral to get it. (more…)

By |September 23rd, 2015|Uncategorized|0 Comments

What You Should Look For In a Franchise?

Owning a business is a great opportunity for a hardworking and hardy person, but it is imperative that you first do your homework to make sure that you set yourself up for success. Some tips for what to look for in a franchise are detailed below. (more…)

By |August 25th, 2015|Uncategorized|0 Comments

This Is Why You Should Choose Factoring Receivables

It is an exciting time to be in business. With more different options for financing and fundraising than ever before, your opportunities can be managed in a way that fits your business; instead of finding a way to make your business fit the strategies that work with the funding. This provides a new way for companies that would find traditional business loans with fixed payments and (usually) secured assets a real challenge. Loans that are based off future sales, outstanding invoices, and other mechanisms that are less dependent on history and more dependent on the future can really help a developing business grow. One of the best ways to take advantage of this is by factoring receivables to free up your cash flow.

Factoring Benefits

Factoring is a way of gaining a cash advance on your outstanding invoices, and it is one of the lowest-risk forms of financing available to small business owners. Some factoring agreements even include explicit protection from default for the borrower, and they can do this because the borrower is not technically the one who has to repay the loan. Instead, the factor collects payment through the invoices owed to the borrower at the time the loan is made.

This allows you to use factoring receivables as a way of getting your outstanding invoices now, minus a percentage and some fees, and that can allow you to put that money to work right away. As your customers pay to factor, they will deduct their fees from the payment and forward any leftover balance to you, so you still do collect a portion of the money that was not advanced, too.

Limitations and Considerations

As you might be able to imagine, factoring opens up a lot […]

Why Equipment Leasing & Financing Will Work for Your Business

The urge to maintain complete control of a business through outright ownership of all operational assets is a natural one, and, in a few rare instances, it may make sense to act on this instinct. For many businesses, however, the benefits of equipment financing or equipment leasing outweigh those of outright ownership. For these companies, leasing or financing equipment provides several ways to stay agile and viable in the marketplace by avoiding opportunity costs that are incurred when large chunks of capital are tied up in expensive equipment.

Keep Cash Flowing

A large outlay of capital for equipment purchases reduces a company’s ability to budget for other operational needs. This is especially troublesome for new businesses, which may be strapped for cash as they struggle to establish themselves in the marketplace. Equipment financing and leasing frees up cash flow, so that instead of allocating the majority of resources to the acquisition of necessary equipment, operators are able to fund other areas of the business including marketing, research and development, and expansion.

Stay Relevant in the Face of Changing Technology

Even the best companies will fail if they allow their services to be obsolesced by new technology that changes the rules of the game. A shipping company that purchases a fleet of trucks that run according to this year’s fuel efficiency capabilities will be at a competitive disadvantage in the marketplace if next year a rival begins using a newly introduced truck that allows them to save money by cutting fuel expenditures. By entering into leasing agreements, businesses can avoid being locked into long-term commitments to the equipment they use, allowing operators to stay nimble and ready to adapt to new technologies that advance quality and efficiency standards in […]