Consider Other Sources of Funding

Even if you do secure a monetary loan from a friend or family member, or persuade someone to partner up with you on the venture, you may also be able to get help from an angel investor. Angel investors typically offer capital for business startups in exchange for convertible debt or equity in the business. Many angel investors now belong to networks where they share investment capital.

Microloans – which usually range from $5,000 to $20,000 – are also worth exploring.

“Minority business owners, in particular, can qualify [for microloans] if they don’t need a lot of money,” said Ty Crandall, CEO and founder of Credit Suite. “These are often good loans in terms of interest rates.” The U.S. Small Business Administration offers the SBA Microloan Program. Loans available under the program carry interest rates of 8% to 13% and have a maximum repayment term of six years.

While competition for them can be fierce, you can also look into government grants and grants from local agencies. Crowdfunding, where you obtain smaller amounts of money from multiple people through an online platform, is another option. Drew Page of business lending platform EquityNet said it is important to disclose your existing debts when you’re raising money. You shouldn’t try to cover them up.

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“Transparency builds trust, and if investors conduct their diligence and discover you tried to cover up your debt obligations in order to raise funding, they’ll almost certainly revoke [any offer],” Page said. Key takeaway: Angel investors, microloans, crowdfunding and grants are alternative funding sources worth exploring.

Make a plan for your borrowed funds. No matter how you intend to finance your business, it’s critical to make a plan for how you will use the money, especially if you are looking for a loan, Senturia said. This plan should be detailed, but flexible enough to adjust as your financial situation changes.

“Don’t borrow more than you need, and don’t borrow without a specific use of funds,” Senturia said. “Taking that money when you don’t know specifically how it will make a profit for you isn’t a prudent decision, and it may actually hurt your business more than it helps. Borrowing with a clear sense of purpose will give you the best chance to productively and successfully deploy your new capital.”

Knowing exactly how you’re going to use borrowed funds may even help you obtain a loan despite your debt. Josh Eberly, owner of 717 Home Buyers, said creating and sharing a five-year plan for how he was going to use borrowed funds was an invaluable strategy in procuring funds to start his business.


Kinds of Content To Consider In Your Technique Part II

There are a few sorts of content you can join into your substance system. One isn’t really better compared to another. Regardless of whether it works for you will rely upon execution, your crowd, the point and that’s just the beginning. Here are a couple of you ought to think about utilizing:

Client produced content. By utilizing your clients’ photographs, recordings or words (tributes) to discuss their relationship with your business, you put the focus on them and support your image’s believability. White papers. White papers separate muddled data, examination, or information, giving master level data to help crowds settle on a choice, comprehend a theme, or tackle an issue.

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digital books. Longer than a blog entry however more limited than a novel, digital books permit you to investigate a subject finally, all while giving your clients the data they need. A few organizations use digital books as a motivating force when they pursue a pamphlet or administration. They can likewise be included on your site for anybody to see.

Digital recordings. While composed substance is extremely powerful, a few shoppers won’t have the opportunity to understand it. A webcast is a decent alternative for those whom you need to reach however who may not draw in with your composed substance.

Online media. Online media channels make it simple to interface with your crowd. It likewise gives you an approach to disseminate or repurpose the substance that you have made. Regardless of whether you use LinkedIn, Instagram, Twitter or Facebook, you can intensify your message.


Accounting Information Systems

An accounting information system (AIS), a computer-based method, tracks accounting activity that has been combined with information technology resources game judi slot. AIS is a structure businesses use to collect, store, manage, process, retrieve, and report their financial data so it can be used by accountants, consultants, business analysts, chief financial officers, auditors, and tax agencies.

There are five basic components of accounting information systems, which include:

Computer hardware: This is the physical technology that is involved with processing and/or storing the data. It can be a smartphone or a supercomputer harrysbarvenezia. It also includes equipment such as keyboards, external drives and routers.
Computer software: Software provides the information that tells the hardware what to do. The primary piece of system software is the operating system. Windows is an example of an operating system. Another type of software is application software. This is designed to handle specific tasks, such as creating a document or managing a spreadsheet.

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Telecommunications: Telecommunications is what transmits the information from your computer hardware and software to others. Connections can be made through wires or wireless through a Wi-Fi network. Tying computers together in a specific area, such as an office or school, uses a local area network (LAN). Connecting computers that are more widely dispersed use a network called a wide area network (WAN).
Databases and data warehouses: A database is where your accounting data is stored and where it can be retrieved. A data warehouse contains all the data in whatever form the organization needs.
Human resources and procedures: The final component is possibly the most important, the human element. These are the people who run the system: They compile the data and interpret the knowledge contained in the databases and data warehouse.

Managerial accounting analyzes financial information and provides performance reporting, which assists business owners in comparing actual profits with projections.


What is SIMPLE IRA, SEP IRA, Traditional IRAs, and Roth IRA

A Savings Incentive Match Plan for Employees (SIMPLE IRA) is a small business retirement plan that is easy to set up, and has low contribution and matching

requirements for employers. It allows employees to contribute more than they could with traditional or Roth IRAs.

Cost per employee. There are usually no setup fees for this type of plan. Participating employees pay fund trades and expense ratios. Depending on the plan provider,

there may be account service or maintenance fees.

Contribution structure. Employees have the option of contributing to their accounts through elective deferrals. There is no Roth option for this plan. Employers must

contribute either 2% to all employee accounts or match 3% of employee contributions. Contributions are 100% vested. Self-employed people who choose this plan can

contribute to it both as employee and employer.

2021 contribution limit is $13,500 for employees, or $16,500 for employees age 50 and over. Employers aren’t allowed to exceed the 2% contribution or 3% match.

Type of filing. Doesn’t require employers to file IRS form 5500 or submit to nondiscrimination testing.

Ideal for small businesses with 100 or fewer employees that want to keep their costs low and allow employees contributions.
Key takeaway: A SIMPLE IRA I a way for employees to contribute more money than they can with a 401(k) plan. It has low employer contribution and matching requirements.

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A Simplified Employee Pension, or SEP IRA, is a retirement savings plan that’s inexpensive for employers to establish and easy to maintain. Employer contributions

aren’t required annually, making it a good option for business owners who only want to contribute during high-profit years.

Cost per employee. There are usually no setup fees for this type of plan. Plan participants pay trading commissions and fund expense ratios. Depending on the plan

provider, there may be account service or maintenance fees.

Contribution structure. Only employers may contribute to employee accounts. Contributions must be the same percentage of compensation for every participant. Employers

aren’t required to contribute to accounts every year. Contributions are immediately 100% vested.

2021 contribution limit is the lesser of $58,000 or 25% of the employee’s compensation. There are no catch-up contributions allowed for this plan type.

Type of filing. Doesn’t require employers to file IRS form 5500 or submit to nondiscrimination testing.

Ideal for businesses of all sizes that want a plan that’s easy to set up and maintain, and allows employers the flexibility of choosing which years they make

contributions to employee accounts.
Key takeaway: A SEP IRA is designed for employers who want to choose when they make contributions to the plan. For example, it allows them to only make contributions

during high-profit years.

Traditional IRAs
Individual retirement accounts (IRAs) are the simplest types of retirement accounts to set up. Furthermore, nearly everyone is eligible – freelancers, business owners,

and even people who already have employer-sponsored retirement plans. This type of plan is a popular option for people who have 401(k) assets from previous jobs that

they need to roll over into a new retirement account. There’s usually no cost to set up an IRA, but you will pay trading fees and fund expense ratios.

This type of retirement account allows you to make annual tax-deductible contributions, depending on your modified adjusted gross income and whether or not you have a

workplace-sponsored account. Earnings on principal and interest accumulate on a tax-deferred basis.

2021 contribution limit is $6,000. If you’re age 50 or older, you can make a $1,000 catch-up contribution.

Contribution rules. You can contribute to your account until age 70 and a half at which time, required minimum distributions (RMDs) are mandatory. You can withdraw

funds penalty-free at age 59 and a half.

Ideal for individuals who anticipate that their tax rates will be lower during retirement years, as this account allows you to defer taxes until you withdraw your

Key takeaway: A traditional IRA is the easiest retirement plan to set up. Anyone is eligible to participate. There are usually no set up costs.

Roth IRA
This type of retirement account differs from traditional IRAs in that contributions aren’t deductible; rather, you’ve already paid income taxes on the money you

invest, allowing interest to grow tax-free. It also has no age limits on contributions and has different withdrawal rules.

Contribution limits. The 2021 contribution limit is $6,000. If you’re age 50 or older, you can make a $1,000 catch-up contribution.

Contribution rules. There’s no age limit on contributions, so unlike traditional IRAs, you can continue contributing to your account past age 70 and a half. In

addition to waiting until you’re age 59 and a half to withdraw your funds, the account must have been established at least five years before you make withdrawals.

There are, however, no RMDs during your lifetime.

Defer taxes. Ideal for individuals who expect tax rates to be higher during retirement years. Because Roth contributions have already been taxed, your money grows

tax-free, and there are no additional taxes to pay when you withdraw it.
Key takeaway: The contributions made to a Roth IRA are not tax deductible. Employees can continue contributing to the account regardless of how old they are.


Step by step instructions to Invest in Your Workforce and the Benefits

Business opportunities – Regardless of whether you are an entrepreneur or a fortune 500 establishment, your representatives are your most noteworthy resource, and consequently, you should sustain their development to build their monetary worth. Since your labor force takes up 70% of your working costs, you ought to expand the potential worth every worker welcomes on board through their insight, capacities, commitment and abilities.

Have an obvious vision of how you need to shape your labor force. What sort of ability and abilities might you want to draw in and keep? How would you bring down representative turnover?

As a business, you ought to put resources into your labor force by giving vocation arranging and improvement openings. Despite the fact that it tends to be an expensive speculation, eventually, the organization receives the rewards. How would you put resources into your labor force?

Put together Workshops and Training Camps

With time, representatives feel like they are deteriorating when they don’t update their abilities. To stay away from this, enlist them into projects or courses that improve their insight and abilities, which will straightforwardly profit the organization. One such program is the medication testing laws course that can be taken by HR experts, directors and every one of the representatives.

Offer a Healthy Workstation

Make your representatives anticipate investing energy at their workstations. Backing your staff in their different jobs, offer agreeable workstations and furnish them with the essential apparatuses. Inspire them to be more gainful by drawing in them in cooperation, having a prize framework, and building solid work connections. Tell the representatives you appreciate and esteem their time and exertion.

Offer Competitive Salaries

Albeit the compensation isn’t the solitary motivation to make laborers stay in an organization, compensating them well and offering serious bundles will continue to pull in the correct ability. Paying your labor force well shows that you esteem their information and abilities.

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Know More About Tax Advantages for Small Businesses

Regardless of their size, there are many types of employee retirement plans small businesses can offer as part of their benefits package. Offering retirement plans to

employees is a good way to attract and retain top-level talent in your industry. The IRS provides tax incentives to small businesses that offer retirement plans. There

are several different plan types for small businesses, from simple plans that anyone can open to employer-sponsored plans for businesses that employ between 2 and 100


This article is for small business owners looking to learn more about retirement plan options for their employees. Choosing the right retirement plan for your small

business starts with researching all the options available to you and your employees. Analyze who your employees are and what retirement plan options make the most

sense for them, then choose one that aligns with your small business’s needs and values.

Several different types of small business retirement plans are available, and plan providers have affordable, accessible options designed for even very small

businesses. There are also some tax advantages that can help offset the expense of sponsoring a small business retirement plan.

You can choose from simple plans that anyone can open, plans designed for self-employed people with no employees, or employer-sponsored retirement plans for small

businesses that employ anywhere from two to 100 workers. Read on to learn more about the small business retirement plan options that are available to you and some tips

to help you decide which ones you want to discuss with your CPA or financial advisor.

The government offers a Retirement Plans Startup Costs Tax Credit to help small businesses offer retirement plans to their employees. It allows you to deduct up to 50%

or $500 off plan startup and administration costs for the first three years of your plan. If you match or make contributions to employee accounts, that money is also


It allows you to contribute to your own retirement savings plan, and like your employees, you have the option of elective deferrals that may allow you to lower your

income tax bracket. Also, depending on your income, you may qualify for the Saver’s Credit.

Additional tax credits may soon be available, as federal lawmakers seek to make retirement plans more accessible and affordable for small business owners. For example,

one bill under consideration would provide a tax credit to small businesses that auto-enroll their workers in their retirement plans.

Do Small Businesses Have to Offer Retirement Plans? The short answer is no. In fact, no private businesses in the U.S. are required to offer retirement plans to their

employees. Many companies offer retirement plans as part of benefits packages to help attract and retain talent. For smaller companies, offering retirement plans may

help bring in new workers, but it also may be the right thing to do for your existing employees.

Depending on your situation, it’s important to consider how retirement plans will impact your business and its employees. Oftentimes, providing benefits like

retirement plan options or health care can be a major tipping point for employees who are waffling between staying loyal to your company and taking their talents


Key takeaway: There are no laws requiring small businesses to offer employee retirement plans. However, doing so can help you attract and retain top talent. The

government incentivizes small businesses to provide employee retirement plans with tax credits. You can deduct up to 50% or $500 off plan startup and administration

costs for the first three years of your plan.


More Information About Retirement Plan Types

Here are some points to consider that may help you decide which type of retirement plan you want to explore. Scroll down or click on the links below to learn more

about each type of plan. Because sponsoring a retirement plan for your small business is a big step, you should consult with your financial advisor and CPA for advice

about which type is the best option for you and your business. Once you choose a plan type, you should call multiple companies to get pricing quotes specific to your


If you have employees and want…

To set a vesting schedule that encourages employee retainment, check out a traditional 401(k).
To avoid nondiscrimination testing, so you and your highly compensated employees can aggressively save for retirement, think about a safe harbor 401(k).
A simple plan that allows your employees to make contributions, look into a SIMPLE IRA.
To choose which years you contribute to employee retirement accounts, for example, if your business profits fluctuate from year to year, consider a SEP IRA.
If you’re a sole proprietor and want…

To save as much money for retirement as allowed and contribute as both an employee and the employer, look into a solo 401(k).
To save as much money for retirement as allowed, but only want to make employer contributions, check out a SEP IRA.
For a simple retirement plan that’s easy to set up, consider a traditional IRA.
For a simple after-tax plan that allows your money to grow tax-free, look into a Roth IRA.
Key takeaway: Small businesses of all types have a wide range of employee retirement plans to choose from, including traditional 401(k)s, SIMPLE IRAs and solo 401(k)s.

Traditional 401(k)
This is perhaps the most well-known type of retirement plan. The difference between IRA and 401(k) plans is that 401(k)s allow employees to contribute a higher dollar

amount to their accounts, allow employees to take out loans from their retirement savings, and most offer employees a choice of pretax and Roth contributions.

Cost per employee. Varies by plan provider. Look for all-inclusive providers that work with small businesses. Most charge a setup fee, monthly (or annual)

administrative and per-participant fees, and an investment or advisory fee. Plan participants pay ETF and mutual fund expense ratios, as well as fund trades.

Contribution structure. Employee participation is optional and often allows them to choose to make pretax contributions through salary deferrals or after-tax Roth

contributions. Employer contributions are optional, but you can set a vesting schedule that allows you to reclaim a percentage of the business’s contributions if an

employee leaves the company before a set time.

Roth 401(k) vs. traditional 401(k). A Roth 401(k) is a variation of the traditional 401(k) that allows plan participants to make after-tax contributions rather than

pretax salary deferrals. After-tax contributions aren’t deductible, since you’ve already paid income tax on them. But the advantage is that your money grows tax free

so when you withdraw it, it isn’t taxed.

2021 contribution limits are $19,500 for employees, or $26,000 for employees age 50 and older. Employers can contribute up to 25% of the employee’s compensation, but

the contribution totals (employee and employer contributions) must not exceed $58,000, or $64,500 for employees age 50 and older who make catch-up contributions. This

plan, however, is subject to nondiscrimination testing, which ensures it doesn’t favor highly compensated employees. As such, the business owner and high-earning

employees may need to reduce their contributions to pass this test.

Type of filing. You’re required to submit an “Annual Return/Report of Employee Benefit Plan” – also known as IRS Form 5500 – with this plan. As mentioned in the point

above, this plan requires nondiscrimination testing.

Ideal for established small businesses who wish to use a vesting schedule to encourage talent retention or who prefer not to match or contribute to employee retirement

Key takeaway: This is the most popular type of employee retirement plan. It allows employees to set aside pretax money to be invested in an account of their choosing.

Employer matching contributions are optional.

Safe Harbor 401(k)
A safe harbor 401(k) is a variation of the traditional 401(k) plan that isn’t subject to an annual IRS nondiscrimination test. This allows the business owner and

highly compensated employees to make maximum contributions to their retirement accounts. However, employers are required to match or contribute to employee retirement

accounts, and these funds are immediately 100% vested.

Cost per employee. Varies by plan provider, but those offering all-inclusive plans for small businesses tend to be less expensive. Most charge a setup fee, monthly (or

annual) administrative and per-participant fees, and an investment or advisory fee. Plan participants pay ETF and mutual fund expense ratios, as well as fund trades.

Contribution structure. Employee contributions are optional and, in most cases, they can choose between salary deferrals and Roth contributions. Employers are required

to either match 4% for participating employees or contribute 3% to all eligible employees. Employer contributions are 100% vested.

2021 contribution limits are $19,500 for employees, or $26,000 for employees age 50 and older. Employers can contribute up to 25% of the employee’s compensation, but

the total contribution (including employee and employer contributions) must not exceed $58,000, or $64,500 for employees age 50 and older.

Type of filing. Like the traditional 401(k), you’re required to submit IRS Form 5500 with this plan. Nondiscrimination testing isn’t required.

Ideal for small businesses whose owners and high-earning employees want to invest aggressively in their retirement accounts.
Key takeaway: This plan is similar to a traditional 401(k), however employer matching programs are required. Additionally, this plan is not subject to an annual IRS

nondiscrimination test.

Solo 401(k)
A solo 401(k) is a retirement savings plan designed for self-employed individuals who want to maximize their retirement contributions. It’s also referred to as an

individual 401(k) or i401(k). Only the business owner and his or her spouse may participate in this type of plan; business owners with employees do not qualify for it.

Fees vary, depending on the plan provider. Some charge a setup fee and have monthly or annual administrative and advisory fees. Others don’t charge these fees but

instead have ETF and mutual fund expense ratios and trading commissions. Some retirement plan providers require a minimum opening investment and charge service fees if

your account balance doesn’t meet a certain threshold.

Contribution structure. You can contribute to this account as both the employee and employer. A Roth option for the employee contribution may be available, depending

on the plan provider.

2021 contribution limits are $19,500 for the employee contribution, plus an additional $6,500 catch-up contribution for if you’re age 50 or over. The employer

contribution limit is up to 25% of your compensation. However, the total defined contribution limit, which includes both employee and employer contributions, is

$58,000 for 2021, or $62,000 with the catch-up contribution if you’re age 50 or older.

Type of filing. If your plan has $250,000 or more in assets, you must submit IRS Form 5500-SF or 5500-EZ. Because you don’t have employees, nondiscrimination tests are

not required.

Ideal for sole proprietors who wish to take full advantage of retirement savings opportunities.


Tech Will Continue to Change the Retail Industry

The widespread shutdowns of public spaces across the country – including retail locations – left owners of nonessential retail establishments wondering how they could

keep the lights on. Though many were able to secure government funding, adapt to new safety guidelines, and take their stores online, many others closed. As a result,

the way people shop may never be the same again.

Online shopping is more important than ever
Shopping for goods and services online is nothing new, but the pandemic accelerated the rate at which business owners opened e-commerce shops and consumers shopped

online. According to a survey conducted earlier this year by the United Nations Conference on Trade and Development (UNCTAD) and the NetComm Suisse e-Commerce

Association, online sales have “increased by 6 to 10 percentage points across most product categories.”

“The COVID-19 pandemic has accelerated the shift towards a more digital world,” said UNCTAD Secretary-General Mukhisa Kituyi. “The changes we make now will have

lasting effects as the world economy begins to recover.”

While there was growth in many sectors, the researchers warned that spending per shopper “dropped markedly,” as shoppers were “focusing more on essential products.”

The study suggests that companies that can operate online, regardless of sector, will be able to thrive in 2021.

“Companies that put e-commerce at the heart of their business strategies are prepared for the post-COVID-19 era,” said Yomi Kastro, founder and CEO of Inveon. “There

is an enormous opportunity for industries that are still more used to physical shopping, such as fast-moving consumer goods and pharmaceuticals.”

As e-commerce grows, brick-and-mortar stores will be restructured
Since online shopping will continue to be a driving factor, businesses of all sizes could be forced to reconsider how they set up their brick-and-mortar locations. In

previous years, the idea for most successful businesses was to start with a single location before branching out to surrounding areas.

Melissa Gonzalez, a retail strategist and the CEO of The Lionesque Group, believes brands and retailers will “take a more holistic look” at their physical stores this

year. That focus, she says, will create a “more diversified approach to how they show up nationally and globally.”

“Capital allocation will have a tiered process where flagship destinations will exist in locales where there is evidence that a physical presence is justified or

critical 12 months a year,” Gonzalez said. “Flagship locations will be complemented with smaller-format, specialty locations anchored around a specific purpose or

localized effort. Partnering with department stores will also continue to be reimagined as they restructure and reposition as collaborative marketplaces, and there

will be a deeper dedication to pop-in-shop retail.”

Small businesses will need to consider tech upgrades
Though some Americans were able to work from home in 2020, that wasn’t an option for retailers that rely on foot traffic. As the vaccine distribution begins, Mike

Morini, CEO of WorkForce Software, thinks companies will need to consider emerging technologies to help them manage onsite staff.

“An hourly workforce has unique pay rules, labor regulations, compliance obligations, and scheduling needs, [while] the pandemic has added new safety requirements,

unpredictable staff availability, and changing regulations, which are driving businesses to upgrade their antiquated tools,” he said. “Companies need technology that

can support their growing requirements and evolve with their business. The pandemic has increased the adoption of new digital technologies, which can save

organizations money by increasing efficiencies and improve the experience of their employees.”


In-Person Shopping is Still on Hold

Given the highly contagious nature of COVID-19, public health experts around the world discouraged in-person shopping in 2020. As the vaccine rolls out, people will

begin returning to public retail spaces. Until then, in-person shopping will remain largely on hold, as consumers favor buying items online and picking them up at the

store, often curbside.

Personal shopping services will increase
One way that retail locations have dealt with the decline in foot traffic has been through the practice of personal shopping, which has store employees shopping for

the customer. Whether that means sending the business a list of items the customer needs or shopping with the employee using basic mobile video technology, this method

of shopping has been embraced by many big-name brands.

Deb Gabor, CEO of Sol Marketing and author of Irrational Loyalty: Building a Brand That Thrives in Turbulent Times, expects that small businesses will continue to

offer this sort of service after the pandemic is taken care of.

“This was a trend we were starting to see pre-COVID, and the pandemic has accelerated the process of adoption,” she said. “Local and small retailers are especially

well suited to these kinds of personalized experiences and are leading the charge in the category.”

Automation in pricing will continue to rise
An item’s price is usually determined by a number of factors, but in recent years, more and more companies have relied on automated technology to ensure their prices

are properly set.

Omri Traub, CEO and founder of Popcart, expects automation to play an even bigger part in this arena going forward, pointing to “a new wave of companies” that provide

such automation solutions as a service. Once implemented, he said, the tech will provide “low implementation costs and [reductions to] operating costs.”

“With continued shortages of workers within select domains, automation investments will continue to increase,” Traub said. “Examples for small business include online

pricing automation to balance profitability and revenue growth, as well as inventory management systems to ensure the perfect amount of inventory is on hand.”

Key takeaway: More retail technologies are being automated, and they will be offered in the cloud, making them affordable to more businesses. Retailers should consider

offering personal shopping services to consumers who aren’t yet ready to shop in person or appreciate the convenience of shopping remotely.