Can You Buy Laws In America?

Can You Buy Laws In America?

I get asked at least once a day why our government does not do anything to regulate the payday loan industry in this country. It seems to have run wild with the amounts these companies charge and their general business practices. I answer this question with a question, Can you buy laws in America?

What is the meaning of that?

It is a simple question with a simple, but dangerous answer, and it is unfortunate that our government operates this way. Read more

Cool Ways To Supplement Your Income

Cool Ways To Supplement Your Income

The economic downturn has really turned American creativity into high gear. So many people have been fired, but many of them equally know it is difficult to find a job in the existing environment. Many of these people have therefore started to find creative ways to make money to support their families. Below we will help provide you with a few cool tricks so that you can make some money on the side. Read more

The Good And Bad Sides Of Debt Consolidation

The Good And Bad Sides Of Debt Consolidation

Many debtors are considering debt consolidation as the silver lining in the low financial state they are currently experiencing. It does seem like a quick fix in solving multiple debts, but a deeper understanding will aid those who are contemplating on consolidating their loans.

Advantages

Convenience of Making a Single Monthly Payment.

With multiple debts, you are faced with several payment dates every month. Read more

How a Company Fuel Card Program Can Help Control Driver Expenses

How a Company Fuel Card Program Can Help Control Driver Expenses

If your company does a large part of its business on the road, then you know how important it is to keep an eye on your drivers. Drivers out there need to be in the right places at the right times. There is no space in the sales world for lateness. Conversely, drivers who are scouting, or conducting any kind of speculative work, need to maximize their time and not take advantage of having free time. Read more

An a to M of UK Tax Jargon – Accounting Terms Explained

When it comes to understanding the strange language spoken by most accountants, and/or your average financial advisor, you would be forgiven for believing that it was something other than English that was being used; it is not uncommon for those professionals dealing with tax issues on a daily basis to forget that most of us do not speak ‘Tax Jargon’ and would find an interpretation pretty handy.

So here goes:

Abbreviated Accounts

Smaller businesses are allowed to file a condensed version of their annual accounts with Companies House, whilst filing a full set with their ‘Company Tax Return’; these ‘condensed accounts’ are known as ‘Abbreviated Accounts’.

Bad Debt Relief

If after charging a customer VAT on a product or service and then paying HMRC the VAT, you find that said customer has not paid you, it is possible to claim that VAT back from HMRC to aid your cash flow; once the debtor pays you, you will of course need to pay HMRC once more.

Chargeable Asset

Under ‘Capital Gains Tax’ rules, tax is due on all profit over the threshold set, made from the sale or disposal of assets. Read more

Compliance Software For the Financial Industry

Compliance Software For the Financial Industry

Forget the time wasted by constantly checking email- financial compliance tasks typically occupy hundreds if not thousands of a company’s man hours each year. The various papers and forms take up time that could be spend creating a better product, and the paper waste is enough to make any supposed green company hang its head with shame. Read more

General Information Regarding Accounting Software For a Business

General Information Regarding Accounting Software For a Business

Several businesses, especially new companies will use spreadsheets as the primary source for recording all financial information. The process of using a spreadsheet is usually to prevent having to spend the funds for an Accounting Software program which is highly recommended. Using spreadsheets will not allow for bank reconciliation processes, the items on a balance sheet are typically not recorded and there is a risk of having income or expenses missed.

There are several versions of software programs with different price ranges and a variety of programs. Read more

Significance of Calculating EBIT in Credit Risk Analysis

Significance of Calculating EBIT in Credit Risk Analysis

    Understanding the Formula for EBIT

    Calculating EBIT is as simple as determining the business profit by deducting all expenses directly incurred in generating the gross income earned during the year. Anyone who knows how to read the Income Statement report of the company can easily learn how to calculate EBIT, since the format of said report follows the same formula observed in calculating EBIT, i.e.:

    Gross Income – Cost of Goods Sold – Operating Expenses = Net Profit before Income Tax or Earnings Before Income Tax

    Since EBIT is merely an acronym for Earnings Before Income Tax, which is basically the same as Net Profit before Income Tax, what could be the significance or the rationale behind the use of the term EBIT?

    The Significance of EBIT

     

    As a rule, business loans are granted for expansions or investment purposes, and approvals are usually based on the premise that the intended expansion or venture will be self-liquidating. Read more