It has become so much easier for people to just take more and more credit cards. But what they end up doing is ruin your spending habits. Before you know it, you are spending much more than what you can afford, and you start getting late on your credit card payments. This same thing can be true for any loans. Banks will always try to convince you to get more and more loans with attractive offers which only look good but in reality, will put you in a financial hole. On top of this even if you have the capability to pay off all of these loans and debt, there are so many bills that it gets very complicated and the whole process takes a lot of time. luckily there are some ways through which you can make this process easier.
WHAT IS DEBT CONSOLIDATION?
If you have a lot of loans or credit card debt, then going for a debt consolidation can be a pretty good idea. The concept is pretty simple, taking out a single loan to pay off all your other loans, debts etc. through this multiple consumer debts and loans are combined into one, with the new loan probably offering you better terms over a longer term like better interest rates and a better time period for paying it off.
But why would credit card companies and banks be okay with this? the answer is simple; it increases the chances of you actually paying your debt off. The first step to get this done is to talk to your bank or the credit card company. A lot of them already have this provision in place but other than them there are a lot of companies which specifically specialize in this. They will help you through the entire process.
Peopled often get confused between debt consolidation and debt settlement. There is a very important distinction between the two. With the former the original loans are not wiped off; they are just transferred to another loan or to another creditor.
Debt settlement aims to get your total obligation in terms of debt down. There are companies and organizations such as https://www.paydaylv.com which help you negotiate with creditors to offer you more favorable terms for repayment. This is a good option for those who don’t have a good credit history or for those who cannot qualify for a loan.
NEED FOR GOOD CREDIT
One thing to keep in mind here is that to avail this debt consolidation feature who will need to have a good payment history and a good relationship with the bank. They need to be confident in your ability to pay off the debt.
TYPES OF DEBT CONSOLIDATION LOANS
These types of loans can be divided into two categories, secured and unsecured. The former basically means that you are putting any of your asset as a collateral to the bank as a guarantee for payment. This asset can be anything ranging from your car to your house.
Unsecured loans are exactly opposite of that. the banks are more willing to give you a debt consolidation loan if you put down something as a collateral while an unsecured loan is pretty difficult to obtain.
Even if you do get one, the interest rates and the terms will not be suitable to you. But one advantage because of which you should still consider this is because of its comparison with credit card debt. Even unsecured debt consolidation interest rates are lower than that of your credit card bills. Another advantage is that the rates are usually fixed so you don’t have to worry about adjustable rates kicking in.
if you are still unsure about this then I would recommend talking to either your CA or your credit card company to see what your options are. Why a lot of people don’t go for these is because of poor financial education. They don’t even know this options exists and bank usually wont inform them of it as they are getting better interest rates over payday loans and credit card debt.
4 Common Reasons for Selling a Business
Did you know that approximately 78% of small business owners want to sell their small businesses to fund their retirement? However, selling a business is not an easy decision. There’s paperwork to complete, property to sell, and, sadly, employees to let go.
If you want to sell your business but aren’t sure it’s the right decision yet. Don’t worry; you’re not alone. From declining sales to burnout, we’ve investigated some of the biggest reasons that made a business owner sell their beloved business.
Now, are you ready to get started? Here’s a quick look at selling a business:
1. Declining Sales
A decline in sales is one of the most common reasons why owners decide to sell. Although, keep in mind that reduced revenue is not always your company’s fault. Sometimes it contributes to reasons outside your control like a bad economy, high jobless rates, or global health concerns.
If you’re experiencing a decline in sales, try and understand the root of the cause and see if it can be managed or even if you want it fixed. After all, sticking it out can lead to frustration, possible financial hurdles, and not to mention burnout. So, think about what you want and whether you want to sign away your business or fight to keep it.
2. Partner Disputes
Partners can push you to think big, but they can also push you the wrong way. If you and your partner are having recurring disputes about the future of the business, that’s a red flag.
Partners should always be on the same page when it comes to a business’s future. Furthermore, if you feel disrespected or not listened to, you should deinvest with that partner and part ways.
Now, you may be thinking, what’s next? Well, you really only have two options: you can find another partner or sell the business altogether.
Depending on your situation, it may be easier just to find another partner. However, if you already have a decline in sales and have lost interest in the business, it might be good to sell the business to someone who can make it profitable again.
3. Financial Reasons
Even a profitable business makes a few financial hiccups here and there; however, these mistakes can lead to serious difficulties. For example, if you over-invested in a project, you could be left with a large amount of credit card debt, or worse, you could face bankruptcy. If you’re experiencing these financial difficulties, your best bet might just be to sell.
If you’re on the fence, check out fusionadvantage.com; they can help you understand what your business is worth.
Okay, let’s be honest no one likes feeling burned out, certainly not a business owner. However, if you begin feeling overly exhausted or stop receiving enjoyment from your work, that’s a for sure sign you should sell. Coupled with declining sales and partner disagreements, it’s time you think about your future away from your business.
Reasons for Selling a Business: What’s Yours?
There are many reasons to sell a business; however, the question remains do you want to? Whether it be for financial reasons or partner disputes, there could be a thousand reasons why you should or shouldn’t sell, but the decision rests solely in what would make you happy.
So, are you ready to let go and start anew, or do you want to hang on to your business for a little longer? The best advice anyone could give is to find what will make you happy, so don’t wait; discover your happiness today!
Now, for more information about selling a business, visit our website. We look forward to helping you!
How to create a GST invoice
What is a GST invoice?
A GST invoice or a GST bill is basically a list of all the goods or services that you or your company delivered and the payment that you expect in return for it. A GST invoice is mandatory if your business is registered under the GST and you must issue it while providing services to your clients. Invoice related decisions of the GST are taken by the chairman of the GST council along with other members of the council under the GST act.
To create a GST invoice you must be aware of the fields that your GST invoice should mandatorily have:
- The name of the customer
- The invoice serial number
- The invoice date
- The shipping address
- The billing address
- If the customer is registered then the customer and taxpayer’s GST number (GSTIN)
- If the customer is not registered and the total value of the invoice is greater than Rs.50000 then your invoice needs to have the following information:
- Name of the recipient
- Address of the recipient
- Delivery Address
- Name of the destination state
- Name of the state code
- The place from which the supply is to be made
- HSN code or the SAC code
- Details of the item: should include things like description, quantity along with a unit of measurement of the good and the total value
- The taxable value
- The discounts
- The rate of taxes
- The amount of taxes (IGST, CGST SGST)
- Is the GST payable on a reverse charge basis
- Signature of the supplier
Note: Reverse charge basis means that the liability to pay the taxes lies on the recipient of the goods or services and not on the supplier
You can create a GST invoice in excel using these values and print them in pdf or you can just use one of the countless online tools for it.
For the supply of goods three invoices need to be issued:
- Original for the recipient of goods
- Duplicate for the transporter
- Triplicate for the supplier
For the supplier of services
- Original for the recipient
- Duplicate for supplier
When should the invoices be issued?
According to the GST act, there are different timelines for different kinds of invoices:
- Goods (if the supply of goods is one time): on or before the date of delivery
- Goods(If the supply of goods is recurrent): On or before the issue of account statement
- Services: within 30 days of the date of supply of services
- Services(Banks and NBFC): Within 45 days of supply of services
What is GST E-invoice?
E-invoicing an electronic validation process by the GST Network (GSTN) and has been approved by the GST council in its 37th council meeting. It helps ensure that the invoices that you have generated are valid and meet all the requirements to be used for processes like bill creation or GST return filing. Hence it is a way to verify different kinds of invoices from different accounting software based on common parameters.
Things To Follow While Conducting Virtual Business Meetings
Work from home has become the new normal after the covid-19 pandemic. With this, all the meetings, training, work sessions are all conducted virtually. But are you conducting the meetings perfectly?
Does this happen with you that in the middle of the meetings your family member starts talking to you or passes by? Or your kids are crying in the background while you are in the middle of the meeting?
All these cannot be completely avoided and some compromises need to be made, but many things can be improved. It’s called online meeting etiquette. By following primary meeting protocols, you help your colleagues and organization in completing the meeting agenda on time and become more focused during the meetings.
So here, we bring to you some important online meeting Dos & Donts to assure high productivity and professional remote work culture:
- Arrive Early
Arrive at the meeting early at least 15 mins before, as there may be a lot of things that can go wrong at the last moment. For example, your laptop hangs up or you may be unable to connect to the audio. Joining early will give you some buffer to fix all that up. Don’t wait for the last minute to join.
- Setup Everything Before The Meeting
If you are the presenter, be ready with all the setups beforehand. It is quite frustrating for the audience to wait for you to the setups, and open the documents while the meeting is on. It also creates a bad impression and shows that you were not ready.
- Mute By Default
If a large group of people is attending the meeting, select the mute by default option. A lot of people forget to put the call on mute and then you get to hear various background noises and interruptions that disturb the whole meeting and the presenter. You can unmute them all in the question and answer session and when the whole meeting is about to come to an end.
- Don’t Fidget
Make sure you don’t fidget or multitask when the meeting is in progress. You may unknowingly unmute yourself or press the screen share button to embarrass yourself in front of a large audience. And trust us, there is no undo or going back from this shame!
- Check Your Laptop/Desktop Background
If you are the presenter or asked to present anything and you have to share the screen, it will be quite humiliating if your Netflix is opened in the minimized tab or you have a wallpaper that is not ethical to keep as per the office norms. Hence make sure that you check your system background and minimized tabs before you share the screen.
- Stick To The Agenda
Don’t try beating around the bush. This will waste your time as well as the time of the audience. They will lose interest and you may miss the important point that you were supposed to make. Hence stick to the agenda and cover all the objectives that you have jotted down for the meeting.
- Be Attentive
It is very common that you may lose your concentration from an online meeting if it has been going on for a long time. But try to be as attentive as you can. If someone from the meeting asks you any question or your suggestion and you are completely lost, won’t that be embarrassing?
After the companies have started moving towards remote working culture due to the covid-19 pandemic, online meetings have increased tremendously. Just because you are not in the office, there are some professional etiquettes you should follow to maintain a good reputation. Following all the above-listed points and using LMS software like paycom will help you be a pro at conducting and attending online meetings like an expert. Don’t believe us? Check the paycom reviews yourself.
Also, let us know in the comments, what troubles do you go through while attending office meetings from home.
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