Tag: business loan

Finance and Bookkeeping Apps Your Small Business Needs to Succeed

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Importance of financial mobile apps to Business:

Challenges related to finance and accounting are faced by every small business. Be it related to finance or book-keeping, these obstacles are encountered by all. Great care and utmost caution are required while dealing with these factors as even a small accounting error may cause a multiplied effect on the balance sheet as a whole. Now, the best way that one can employ to deal with these challenges is by preventing it in the first place. And the best way to combat these obstacles include developing a system and standards, using an integrated software system that needs less manual entries, using versatile cloud-based accounting software system, educating yourself on accounting, tax and accounting problems, and partnering with a certified public accountant.

One can keep a tab on finance, accounting and book-keeping using apps on their mobile phones or tabs. Let us take a look at some useful and handy finance and book-keeping apps for your small business:

1. Zoho Books

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Zoho Books organizes and manages all of your business transactions. You pay less time invoicing and chasing due payments. On-line payments offer the advantage and convenience to encourage faster payments. With Zoho Books, you’ll be able to simply keep a record of all of your estimates, invoices, credit notes, and continual invoices. Convert estimates to invoices in just a click, and with the filter you can also trace invoices which require your attention.

Zoho Books is stress-free and an easy-to-use accounting app that tracks the cash incoming and outgoing of your business. With Zoho Books, you’ll continually keep up-to-date on your business finance and create choices instantly. Some of features include-

  • Sales – Manage Money Coming In
  • Purchases – Manage Money Going Out
  • Purchase Order
  • Banking
  • Quick widgets
  • Tax Exclusive / Tax Inclusive rates
  • Invoice Templates
  • Track time accurately
  • Download and Print Reports
  • Accept Online Payment
  • Add Attachments and Receipts

 

2. QuickBooks Online

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QuickBooks makes accounting, billing, and payments as simple as a breeze. Run your entire business with this small business cloud accounting solution and enjoy the liberty of operating at any place from your smartphone or tablet. Some of the benefits of using this app are-

  • Create and send professional looking invoices and estimates
  • Get paid faster by sending invoices with a Pay Now link
  • Receive payments directly on an invoice via credit card
  • Do business in multiple currencies using the latest exchange rates
  • See overdue invoice notifications to make sure everyone’s paying you
  • Manage expenses, sales and customers on the go

 

3. Freshbooks

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FreshBooks enables you to create Professional Invoices in seconds. You can create professional-looking invoices complete with your own logo. When you’re ready, simply print off your invoice or email it to your client in a snap. It is exclusively designed for Small Business Owners

  • Create and send professional-looking invoices and estimates
  • Easily capture and manage expenses on the go
  • Turn on the timer while on the clock for your client and never lose another billable second again
  • Your FreshBooks account is accessible everywhere, on all your devices, to let you work from where ever you want and whenever you wish to
  • Your data is backed up and secure across multiple data centers, behind a firewall with 256-bit encryption – that means if you ever lose your phone, all your data remains intact.
  • The cloud accounting saves your time and helps you get paid faster.

 

4. Tally

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This app is a tool to keep up business or personal accounts on android device in “Tally Way”.

A person having no knowledge of accounting can also utilize this tool as it is very simple and user friendly. This app makes it very simple to manage day to day accounting transaction on a mobile or a tab. The screens and operations resembles known Indian accounting package “Tally”.  Even zooming is additionally provided, i.e. from final report one can reach till voucher entry.

Some of the features are –

  • Creation of Masters for all sort of Accounts like Capital, Assets, Debtors, Creditors etc. Entering and maintaining Daily Transactions like Payment, Receipt, Sales and Purchase. Contra entries to manage cash deposited or withdrawn from bank. Journal Vouchers for cross account entries and final settlement entries.
  • Generates Reports like Daybook, Ledger, Registers, Trial Balance and Final reports – Balance Sheet, Profit & Loss Account.
  • Data is always backed up and used from the device itself. But for safety, user can take a backup in a company wise manner and store it at a desired location or can directly mail on his own mail-id. So, in case the user has formatted his phone, there is no accidental loss of data.

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We @NeoGrowth Credit help online sellers & retailers grow their business by providing business loans.

 

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

What You Need to Know About a Small Business Loan Application

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What is Small Business Loan Application?

At some point of time in your business you wish to expand it with new product line, new employees, new location, new machinery, inventory management, warehousing etc. It is thrilling but also stressful because you may not have enough cash reserves to copeup the expansion. This situation demands for small business loan– a cash infusion that pays for itself inclusive of interest, with the new opportunities and extra income it allows you to create. Lender provides loan to small businesses for various purposes. The requirements vary business to business generally it is less restrictive which enables the small business to secure their funds. The borrower may get benefit of incentives provided by the small business loan, which could minimize expenses for the business.

Before applying for a small business loan it is important to be prepared for its application process. Though every bank has its own requirements and procedures but many documents are obligatory across lenders.Whether you are seeking a loan to commence a new business or already run a successful business, the requirement of documents doesn’t differ much. However, the supporting criteria might be different. Not all lenders ask for the same information. Some pieces of information they could request include a plan for how the money will be used, your credit history and a verification of your income and assets.

Common slip-ups the entrepreneurs make when submitting documentation are providing incomplete tax returns (often lacking the required schedules) and incomplete or wrong personal financial statements.

Both small and large Banks often have similar lending criteria.  Many big banks refuse the startup loans request because small business owner fail to provide 3 years’ worth of financial data.  In such circumstances, smaller, regional banks and credit unions may be more promising.  Even though it can be easier to obtain a loan from an alternative lender, you still have to provide them with an array of personal, business and financial information0.

Both the banks and the non-bank lenders have pros and cons but the question is how do you decide which is the right one for you? Let’s discuss them separately

 Benefits of opting for a Non-Bank lender?

  • Competitive rates- Non banking institution offer very competitive rates andcan also be a cheaper option comparatively
  • Flexibility- They often have flexible lending criteria,with which the credit rating is on the low side
  • They have low set up and ongoing costs.
  • They often understand your specific needs and requirements and offer the solution
  • Personalized customer service and variety of niche loan products to suit individual requirements like apparel, optician, pharmacies, groceries, salons etc.

Benefits of opting for a Bank lender?

  • Generally Banks are more recognizedand established financial institutions and hold the majority of the market when it comes to mortgages.
  • Ease of access- Many of us find it easier to manage all the finances under one roof, but you should always do market research as you may find better deal which save your time and cost in ling run

 

Neogrowth as an option for small business loan:

Neogrowth offers an innovative loan product highly suited for the Retail and SME businesses. NeoGrowth gives loans against future credit card and debit card sales to retailers. The repayment is based on the business cycles and there is no fixed EMI.

Neogrowth simplifies the small business loan application process-

  • Key Eligibility Criteria
    • Business operations of > 6 months
    • Average monthly sales over INR 2 lacs per month
  • Documentation requirements:
    • Last 6 months bank statement (showing card payment settlement/remittances from marketplaces)
    • PAN Card ( business)
    • Address proof ( Residential & business) – Passport, Voter’s id, rent agreement, Adhaar card
    • VAT certificate of the business

 

How Neogrowth is different from others:

Neogrowth understands your requirement and following points separates from others:

Flexible Repayment Tenure

  • Based on merchant’s average card sales/ online sales in the past, NeoGrowth forecasts a projected timeline for repayment of the lump sum amount.
  • No penal charges for any tenure extension

Partnership Model

  • No fixed EMI repayment schedule
  • Repayment dependent on the volume of business in a month
  • The repayment is automatic and flexible

Hassle Free loan disbursement

  • The merchant would never need to visit NeoGrowth office. NeoGrowth’s sales team comes to the merchant’s assistance at his doorstep
  • Easy and simple paper work
  • NeoGrowth believes in minimum documentation only to oversee the current state of business.

Pre-closure facility

  • Merchant has the option of pre-closure at any stage without any penal charges

 

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

 

Online Selling Tips – Simple Things That Can Help You Big Time in Making Profits Online

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The Ecommerce sector in India has seen a rapid growth. The growth has been driven by many factors like increasing use of devices such as smartphones, tablets, notepad and ofcourse the most important is the adoption of technology led by ease of access to internet through 3G, 4G, broadband, etc.

The success of your online business depends on your customer expectations. Understanding your customer need and preferences can either make or break your business.It also affects the repurchase decision and customer loyalty. Online customer expects the easiest experience possible, and if you aren’t providing that for them, probabilities are that they will switch to competitor for future purchases. Following are some Online selling tips you should keep in mind to boost your e-commerce business and keep your customers happy.

1. Build a quality Website:

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To create a valuable source of information “Website” it is very essential that the goals, content, structure, design, programming, and maintenance is defined clearly. What one needs is expertise—constantly. Make sure that website is simple to understand and reflects the objective of the business.A high quality website needs lots of effort and commitment.Simple navigation and easy shopping experience makes the customer happy, also assures the re-visit or repetitive purchase. Make sure that website is fast because every second it takes time to load your webpage – you lose one impatient customer, therefore a good server is also a part of high quality website. Tip – use wix.com for building websites which look awesome , are feature rich and load super fast.

2. Think Cross device:

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Today the customer is tech savvy; they use different smart devices like mobile, tablet, i-pad, notepad etc. so you should always aim at providing consistent shopping experience across all the different devices.  So don’t restrict only to desktop or laptop, think about cross device platforms. Tip – use the Google mobile speed optimization tool to test if your website is actually a cross device website.

3. Select the right Ecommerce software:

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It is very important that you choose the right ecommerce software for your business; it can differ from business to business. Now a days launching and running the online is much easier but choosing the right ecommerce platform is tricky. Therefore pick one of the most standard e-Commerce platforms available today, and begin experimenting with it – until you find something that clicks and you right away.

Tip – use shopify which has been built keeping non-technical e-commerce owners in mind.

4. Provide fine quality product images and detailed description of each product:

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Before reading your unique and appealing product descriptions, your customer is going to look at the images for your product. So, spend some serious time taking quality photos of your products before you list that product for sale. Make sure that you provide product details to tell the customer everything they need (or want) to know about this item. This is chance to close the deal! Tip – use free stock image sites to download the marketing related images you want for your ecommerce website.

5. Customer service:

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The common factor of all the prosperous businesses is that they are committed to providing their customers with a great service i.e. it’s about putting the needs of the customer in everything your business does – from the products, to the website, to the delivery. Tip – use zopim.com to help you with your web based customer service.

6. Focus on the delivery experience:

Online customer expects the hassle free and fast delivery for their products. The delivery strategy include many things like price you charge for delivery, service or benefits you offer, how will parcel look etc., It is worth investing in all these areas.

7. Think like paytm :

Repeat business always plays a crucial part in success of any online business. Give your customers a reason to return to your store by updating things regularly like adding new products, providing occasional sale, promotional sale etc. As a marketing tactics you can also offer an incentive to your clients to leave reviews of products on your website with a giveaway e.g. Win a Rs 500 voucher for the best review. Tip : Get inspiration from Paytm

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These are few Online selling tips which can help your online business to grow. Every business demand different and effective online marketing strategy. One needs constant optimisation for better results. You need to work hard to build the trust of your customers. Trust needs to be built into every interaction the customer has with your business which covers customer testimonials and reviews on your site, deliver on your etc. Furthermore if you deliver a service that exceeds customer expectations, you can bet they will come back to buy again, and tell all their friends about the experience.

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We @NeoGrowth Credit help online sellers & retailers grow their business by providing business loans.

 

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

 

 

 

 

Alternative Financing Options – for Your Small Business 2016

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In today’s time it is not very easy to secure funding for small businesses where either the ITR is of low amount , no credit history, low credit score or say it is -1 or 0  , no more collateral to offer to a bank/financial institution or leveraging basis the balance sheet size is already over.

Banks and traditional lending institutions have tightened their leash on lending as a precautionary measure to avoid the mistakes committed during recession. This has caused a credit deficit in the market but some new financial entities have entered the scene to fill the gap.

These entities offer excellent alternative financing options to businesses looking for quick and easy loan. And startups and small businesses often require quick loans because they do not have cash in reserve to rely on. Their credit needs are sudden as a business opportunity or crisis may knock at their door any time, new expansion, internal working capital requirement for working capital gap for a short term. So, this trend of “alternative lending” is like the much needed elixir that small businesses can utilize to fuel their growth and expansion strategies.

Types of Alternative Lending Options

I am just trying to give a snapshot of alternative lending options which comes in various forms and you can utilize any of them to fulfill your credit requirements.

1. Peer to Peer Lending

Simple, hassle-free and quick to the core, peer to peer lending is also known as online lending where lenders offer credit to borrowers through a facilitator i.e. a website. The owners of these websites create a marketplace for both the parties and let them choose. The procedure is very amicable and one can get loans at attractive rates. The repayment terms are flexible and no need for collateral or guarantor.

2. Crowd funding

Innovative, dynamic and popular; crowd funding allows you to use the social media platforms to generate funds for your business or project. Relatively new, it has caught the fancy of investors as well as common people who have an eye for business. With it, you can raise money from different lenders at zero interest rate. In return, you offer them equity or a specific share in profits.

3. EDC Swipe Loans

Easy and quick, EDC swipe loans are quick loans that are secured by swiping your credit card with cash swipe machine. It gives you access to a quick and all-purpose loan with easy EMI and attractive rates. Fast and simple, it does not require any collateral or paperwork either. 

4. Customer Lending

Customer lending refers to credit lent by the customers of the business entity. In exchange, the business/borrower promises to pay back their lender/customer in kind i.e. with products at discounted prices. It is very popular in the agriculture and food industry. It offers easy and fast loan with no collateral. 

5. Factoring

An old alternative finance method, factoring refers to the loan secured by a business against its account receivables (money owed by customers in exchange for goods/services that have been used but not paid for). It offers quick access to cash and is suited for a growing business with regular sales. 

6. Convertible Debt Instruments

This refers to the loans secured against the assets of the company. It may require the company to part with some of its equity if the lender desires so. It offers fast access to money and is also cost-effective to a great extent. The lender is also at less risk and gets more choices in terms of repayment.

The lending business

Lending, one of the primary functions of the business, is also changing. Various players like Neogrowth are now using technology to make loan payments hassle free. For example, in Neogrowth’s business model, the repayment is automatic and flexible so that the merchant doesn’t need to pay a fixed EMI. It is based on the merchant’s average card sales.

Conclusion

These alternative finance options are undoubtedly helpful but they too come with certain pointers like high interest rates but they are damn fast and available with not so deep dive on traditional paper work. In general, they are expensive than bank loans. So, in order to make their best usage, first pinpoint what needs to be funded in your business. Examine your situation meticulously. Also, thoroughly evaluate the timing. Compare the different lending rates and then select the one which will fulfill your requirement and pose no threat to your equity.

At the end these options comes with high degree of flexibility which sometimes overpowers their high rate of interest and of course they make sense if the loan required is for a shorter duration.

 

Post By

Jatinder Mohan Singh Shah
Sr.Vice President – Sales & Marketing

 NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

How will technology transform Indian banking in 2016

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Role of technology in indian banking

I believe in todays time the Indian Banking industry is in the middle of a digital revolution &  2016 is undoubtedly a year of digital transformation for financial sector,

I do not recall when last time I visited my bank for so called banking transactions . Today’s customer is interacting with the world through many digital platforms like social media, websites, digital wallet, Mobile Apps, e-commerce etc. Therefore, Banks have now bloomed into one-stop Supermarkets. Their focus is shifting from mass banking to Class banking to the introduction of value-added and customized products in order to survive the competition.

Technology enablement products like ATMS, internet banking, mobile banking (Apps), digital wallets and pre-paid cards have had favorable benefits on both banks and customers. For the customers, the important benefits are anywhere banking, ease of payment, use of secured debit and credit cards. For the banks, the major benefits are centralization of customer information, centralized transaction process, centralized accounting process, basic MIS reporting and real-time information availability.

So who is leading the charge here?

Last year ICICI bank launched many digital services which include Smart Vault which is India’s first automated locker facility with high-end robotic technology.

SBI introduced three digital banking facilities using TAB banking which enables the customer to open the saving account, apply for a housing loan and do e-KYC (Know your customer) at their doorstep.

HDFC Bank has introduced location-based mobile service for customers who will receive notification on their iWatch. ICICI Bank is also considering to add NFC tag which will introduce `tap and pay’ feature without the customer having to reach for his wallet.

NFC is a great digital initiative taken by banks. It is enabled contactless debit cards, with which the customers need to only tap their cards at the point of sales (PoS) terminals, instead of swiping them.

Mobile banking and digital wallets – front running technologies

Digital wallets and mobile banking are opening the door for telcos and software players. In an increasingly crowded and cashless financial system, traditional banks may no longer be key players.

The success of mobile payments would not have been possible without the massive growth in the number of smartphones and the falling cost of computing power, both of which are lowering the barriers to new entrants.

Researchers are sometimes tempted to ask – ‘Do we even need cash’?  Here’s a video which talks about the decreasing role of cash in the global economy.

https://www.youtube.com/watch?v=BZW3s9-9Hgg

 

The number of mobile banking users globally is forecasted to double to 1.8 billion, over 25 percent of the world’s population, in the next four years, according to research by KPMG

 

Banks tying up with e-commerce platforms

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Today many businesses are embracing e-commerce to expand their business and stay connected to their customers globally. With this emerging trend, banks are designing and deploying a range of new e-commerce products to interact with the customer, improve their reach and the quality of engagement.

Snapdeal and HDFC entering into a three-year partnership to launch a co-branded credit card which will drive more purchases as customers will now have a payment mechanism to use for snapdeal and will also open up customer acquisitions in smaller towns for HDFC Bank.

“Banks will have to take cognizance of e-commerce the way it is galloping,” said HR Khan, RBI deputy governor in a report in The Economic Times.

Banks will continue to invest in fin tech, with more banks having an increasing focus on ROI. A significant number of banks will also open up their APIs to the fin tech community in 2016.”–  said Danny Tang, Channel Transformation Leader, Global Banking at IBM

 

Breaking barriers of truly social banking

Last year, Facebook announced that in America its instant-messaging app will soon allow users to send each other money just as easily as texts and photos. All they need to do is link their debit cards to their Facebook account, tap on a dollar sign in the app, type in the amount and press send. In Asia, messaging apps, such as WeChat and Line, have offered P2P transfers for some time.

Were Facebook to expand its offering internationally and make it truly instant, the impact could be huge. Facebook has 1.4 billion members, its messaging service 500m users. When this comes to India, you can expect nothing short of a revolution.

The lending business

logo1Lending, one of the primary functions of the business, is also changing. Various players like Neogrowth are now using technology to make loan payments hassle free. For example, in Neogrowth’s business model, the repayment is automatic and flexible so that the merchant doesn’t need to pay a fixed EMI. It is based on the merchant’s average card sales.

 

Threats and challenges

There are many bridges to be overcome in the journey

Let’s take mobile banking for example The weak spot in any mobile-payment system is the point of enrolment when a customer’s existing credit card is linked to the system. This has to be made a fool proof system so that fraud levels do not increase in the mobile environment.

Taking due note of such challenges would ensure that 2016 is called the year of Indian banking transformation

Post By NeoGrowth Credit – Business Loans specially created for Retailers & Online Sellers

For more Information – email us on digital@neogrowth.in

Or Give Missed Call @ 08080861166

 

 

Business loan #NeoGrowth

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business loan
business loan

NeoGrowth offers loan upto Rs.75Lacs* for businesses accepting credit/debit cards

 NeoGrowth loan comes with unique features like :-

  • Door Step Service
  • Minimum Documentation
  • Quick Approval
  • Automatic Repayment

You can use this loan to add more stock, modernize your store, implement better technology, market your business and eventually grow your business manifolds.

***For applying for our business loan, please contact your executive by filling our application form:

https://www.neogrowth.in/applyNow/

 

#NeoGrowth #PDF #info
business-loan

#NeoGrowth business loans in india – Mumbai, Delhi, Pune, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Jaipur & Chandigarh

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business loan in india - Mumbai, Delhi, Pune, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Jaipur & Chandigarh
business loan in india – Mumbai, Delhi, Pune, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Jaipur & Chandigarh

NeoGrowth offers loan upto Rs.75Lacs* for businesses accepting credit/debit cards.

We service in following locations:

Mumbai, Delhi, Pune, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Jaipur & Chandigarh.

 NeoGrowth loan comes with unique features like :-

  • Door Step Service
  • Minimum Documentation
  • Quick Approval
  • Automatic Repayment

You can use this loan to add more stock, modernize your store, implement better technology, market your business and eventually grow your business manifolds.

***For applying for our business loan, please contact your executive by filling our application form:

https://www.neogrowth.in/applyNow/

#NeoGrowth #PDF #info

business-loan-in-india-Mumbai-Delhi-Pune-Ahmedabad-Bangalore-Chennai-Hyderabad-Kolkata-Jaipur-Chandigarh

#NeoGrowth Business loan interest rate

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business loan interest rate
business loan interest rate

NeoGrowth offers loan upto Rs.75Lacs* for businesses accepting credit/debit cards

 NeoGrowth loan comes with unique features like :-

  • Door Step Service
  • Minimum Documentation
  • Quick Approval
  • Automatic Repayment

You can use this loan to add more stock, modernize your store, implement better technology, market your business and eventually grow your business manifolds.

For interest rates, please contact your executive by filling our application form:

https://www.neogrowth.in/applyNow/

 

#NeoGrowth #PDF #info
business-loan-interest-rate