10 Tips For Small Businesses Using QuickBooks

QuickBooks is absolutely essential accounting software. Nearly every small business owner uses it because it simplifies bookkeeping. This doesn’t mean QuickBooks is easy to use. It requires some practice and can be challenging for even the most experienced among us. However, QuickBooks is worth the effort and we have put together 10 tips to help you make the most of the software.

1. Leverage The Training
   Like anything else, understanding the basic principles makes the job much easier. Make use of all the training QuickBooks provides and spend some time playing around with the software before using it. Being familiar with the interface will make you a knowledgeable and confident user.
2. Back Up Your Data
   This is just as crucial as learning the basics! Use the QuickBooks Online Option to store your data in the cloud and rest easy knowing that a power outage or accidentally closing the program will not result in data loss. You spend time and effort compiling important data so make sure you don’t lose it unintentionally.
3. Use Strong Passwords
   Make sure you do your best to protect your data by choosing a strong password. You can change your current password in the Account tab.
4. Customise User Access
   When working with sensitive data it is important that access is restricted to only those who need to have it. You can easily change the settings to define what kind of access each user has for any given account.
5. Customise The Icon Bar
   Having useless icons on your Icon Bar limits efficiency. Eliminate the clutter and customise your Icon Bar to reflect only your most used icons. This way you have your favourite icons close at hand and avoid distractions. Use View>Customise to customise your workspace! Original Source...

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Things you should know about Merchant Cash Advances

A merchant cash advance (also known as a business cash advance) is one of many alternatives available to small business owners in need of capital quickly. But what exactly is a merchant cash advance – and is it right for your business? Read on as we break down and weigh the pros and cons of merchant cash advances for small businesses.

What is a Merchant Cash Advance?

In simple terms, a merchant cash advance (MCA) is a lump sum of cash paid upfront in exchange for a percentage of future credit card or debit card sales. Business owners may turn to a MCA when they need access to funds quickly and are not aware of other alternatives, or if they believe their credit isn’t strong enough for them to be eligible for a loan. While in some situations a merchant cash advance may be a good option, it is important to keep in mind the risks and fees associated with this unregulated segment of the lending industry.


Are Merchant Cash Advances Considered Loans?

There is a common misconception that a merchant advance is a type of loan, when in fact it is actually a form of a sale. The confusion is understandable since there are similarities. Like a small business loan, a merchant cash advance is a financing option that small business owners can put towards costs such as rent, payroll, equipment or marketing efforts. However, merchant cash advances are not repaid in the same way as a loan. Instead of making regular payments, the business makes payments every time they receive card payments from customers. Since MCA repayments are based on credit card sales, the payments ebb and flow with your business. Some businesses find this method more manageable, while others find the constant payments difficult to manage. Read more click here for original source...

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330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail:  troy.wright@lendified.com

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Why You Need a Business Loan (Not a Personal Loan) for your Business

We’ve all heard the sayings about “mixing business with pleasure,” warning that business and personal matters could be a risky combination. This is especially true when it comes to finances.

It’s not uncommon for Canadian small business owners to look to personal loans for capital, especially newer businesses that have yet to establish the credit history required by many traditional lenders to be considered eligible for a small business loan.While the temptation to use readily available personal credit for business may be strong, there are some key considerations to take into account first.

Protect Your Personal Credit

The stakes are high when it comes to your business, and often there is more than your reputation on the line. But the reality is that while businesses can come and go, your personal credit history will always stay with you, and will always need to be monitored, managed and maintained. Personal loans in Canada are intended for life goals and major milestones, so making these funds available to your business can be a gamble. Remember, lenders are not the only ones looking at your personal credit – landlords and employers often look at your personal credit score too.

One of the major factors that impact your personal credit score in Canada is utilization ratio – in other words, how much of your total available credit you are using. Obviously, if you are using personal loans and credit cards for both personal and business needs, you may appear maxed out and stretched to credit bureaus. Other credit behaviours such as seeking out multiple loans may raise red flags as well.

Building Your Business Credit Profile

As your business matures and grows, it will become increasingly important to establish and grow a healthy business credit profile. Without a good credit history, your business will struggle to access credit in the future. Obtaining even small loans or low-limit credit cards as early as possible can help you demonstrate good behavior as a small business owner early on. Alternatively, using personal loans for capital does nothing to help your business credit. Original Source...

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330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail:  troy.wright@lendified.com

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How Restaurant Loans can be the Secret Ingredient to your Restaurant's Success

The restaurant industry has a reputation for being a tough but exciting one to work in – this is especially true for the small business owners behind it. In addition to a passion for food and considerable knowledge of the hospitality business, another key ingredient is needed for a restaurant business to be successful. Capital is essential throughout the lifespan of your restaurant business. Below are 8 ways that restaurant loans can help your business thrive.


1 - Upgrade your Equipment or Furniture

A restaurant loan can give your business a game-changing boost if you use the capital to purchase or replace equipment. Some types of equipment, such as cooking and refrigeration are essential to the business and can be very costly. Fortunately, with a restaurant loan you can get the equipment you need without compromising on quality.

Other areas to invest in include furniture and décor. Small changes such as new chairs can go a long way. To truly switch things up – and generate some buzz – put your restaurant loan towards remodeling the dining room or bar.

2 - Prepare for your Busy Season

The restaurant business is often seasonal, and preparing for high-season can require additional capital. You’ll likely have to extend your hours, hire and train seasonal staff, stock up on inventory for special events and seasonal updates, get new outdoor furniture, and provide a holiday menu. A short-term restaurant loan is ideal for investments like these because you are able to get a good return on your capital, pay off your loan quickly, and get ready for the next season.

3 - Access Funds Quickly in a Crisis

When restaurant equipment breaks down it needs to be replaced or repaired immediately. Even a few days of downtime could be a recipe for disaster. Sometimes the restaurant space itself may need an emergency repair or cleaning. If a fire broke out in the kitchen or flooding ruined your dining room floor, you might find yourself in a bit of a pickle. Online restaurant loans are ideal for such emergencies, giving you access to funds as early as the next business day.Content Source...

Contact Us:

330 Bay Street, Suite 306
Toronto, Ontario
Zip Code: M5H 2S8
Business Phone: +1 647 381 9218
Business E-mail:  troy.wright@lendified.com

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