Tag: business

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

Essential Business Tips to Secure Funding for Small Businesses

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Starting a business is a very special experience for any entrepreneur. Exciting and challenging in equal measure, it provides you with invaluable lessons on life and people. The journey is enthralling to say the least and keeps you engaged every second. But the first challenge that you encounter on your way to becoming an entrepreneur comes in the form of funding.

Securing funding is a difficult task for any business. The market is afloat with startups and banks are quite strict about lending, given the recessionary after-effects that are still visible. So, how do you set up your dream?

 Ongoing funding needs for small businesses

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First thing first, you should evaluate the funding needs for your business. It will help you create a strong business plan and you can pitch your idea to the investors very convincingly. Initially, funds are mainly needed to serve as paid up capital, authorized capital and to spend on registration and legal formalities. The ongoing funding needs mainly revolves around office space, equipment and hiring employees. When you get off the ground, you need more funds to expand your wings. Also, you require enough funding to meet contingencies and keep your business going during the tough times.

 Typical lending requirements

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Small businesses are lucky to have multiple lending options in the form of banks, venture capital (VC) firms, angel investors, credit unions, companies specializing in lending to small businesses, crowd funding, sponsorship, grants and incubators. Your own savings and loans from friends or family can also provide you with the seed funding.

The former are business-oriented organizations and people and hence, they follow certain procedures. You would be required to complete legal formalities and comply with certain terms and conditions before getting the money. Some typical lending requirements are:

  • Good credit score and clean credit history – This is most important in case of banks as they give credit scores and credit history major importance while processing your application. Same applies for credit unions and lending companies. All of them want a guarantor and rigorously scan your credit history for defaults.
  • Collateral – Your property or security is also taken into account by banks, credit unions and lending firms. Since it is a strong indicator of your ability to repay the loan, these lenders evaluate it meticulously.
  • Detailed business plan – Important to all, business plan holds more significance for angel investors and VCs. They have a rigorous screening method and they study the details minutely. So, your business plan has the ability to make or break your chances of securing the funding.
  • Personal resume – Again, more significant for VCs, angel investors and sponsors than banks or credit unions, your resume helps create the right impression and win the trust of the lenders. It is a reflection of your business ability and managerial skills to run your enterprise successfully.

Tips for securing funding

No matter which lender you go to, you should be confident and mindful of certain things. The following tips are highly helpful in making a strong case for getting the funds.

  • Research all the funding options – With so many lending options out there, you have a vantage point. Now, you should aim at finding that lender who will give you the requisite funding at conditions, interest rates and restrictions that are favorable for you and your business. Also, you should look at the lender as a prospective guide who can help you in your journey.
  • Keep it lean in the beginning – Always keep a strict eye on your expenses at the start. Tread cautiously and always think in terms of return on investment while making any purchase. Don’t go overboard with spending on fancy office or extravagant business trips. Always try affordable and economic options.
  • Ask for the right amount of money – Both over capitalization and under capitalization are dangerous. So, evaluate what stage your business is at and how much does it need within the stipulated timeline to reach the goals. Be realistic and think long term before finalizing the figure. Lenders are wary of small investments as they offer less returns while big ones put you at risk.
  • Work on creating a great business plan – Your plan is the deciding factor while securing funding. So, incorporate exact figures, up-to-date research, realistic projections and engaging sales pitch in your plan. Present it confidently and communicate your vision with conviction.

@NeoGrowth Credit we provide no collateral, quick & simple documentation which is the easiest way for getting a business loan!

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

 

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

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 better than business bank loans!

Published on by wp_blogLeave a comment
business bank loan
NeoGrowth loans better than business bank loans!

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-bank-loans