10 Easy Ways To Organize Your Business Finances

Whether you are a new entrepreneur or a more experienced business owner, taking control of your finances can feel like a part-time job. Some simple tips can help you streamline your time, organize your finances and reduce the stress of business money matters.

1. Keep Your Bills in One Place

When the mail comes, make sure it goes in one place. Misplaced bills can be the cause of unwanted late fees and can damage your credit rating. Whether it's a drawer, a box, or a file, be consistent. Size is also important. If you get a lot of mail, use an area that won't get filled up too quickly.

2. Pay Your Bills on Schedule

Bill paying can be simplified if it's done at scheduled times during the month. Depending on how many bills you receive, you can establish set times each month when none of your bills will be late. If you're paying bills as you receive them, chances are you're spending too much time in front of the checkbook. Although bills may state "Payable Upon Receipt", there's always a grace period. Call the creditor to find out when they need to receive payment before the bill is considered late.

3. Read Your Credit Card Statements

Most people take advantage of low interest credit card offers but never read their statements when paying the bill. Credit cards are notorious for using low interest as bait for new customers then switching to higher rates after a few months. Make a habit of looking at your statement carefully to see what interest rate you are paying each month and if any transaction fees have been applied. If the rate increases or a transaction fee appears on your statement, a simple call to the credit card company can oftentimes be beneficial in resolving the matter. If not, try to switch your money to a more favorable rate.

4. Take Advantage of Automatic Payments

Most banks offer a way to automatically deduct money from your account to pay creditors. In addition, the creditors usually offer a lower interest rate when you sign up for this payment option because they get their money faster and on-time. Consider it as one fewer check to write, envelope to lick and stamp to buy. Just make sure you record the deduction when the automatic payment is scheduled or you run the risk of bouncing other checks.

5. Computerize Your Checkbook

Using a software program is a handy way to organize your finances. Whether it's Quicken(r), Microsoft Money(r) or another package, these easy-to-use programs make bill paying and bank reconciliation a cinch. Computer checks can be ordered almost anywhere and fit right into most printers. Once the checks are printed, all of the information is automatically recorded in your electronic checkbook. Furthermore, many banks have direct downloads into these software packages so when money is deposited or withdrawn, the transaction is entered immediately onto your computer. And, when it comes time to do taxes, it couldn't be easier.

6. Get Overdraft Protection

Most banks have a service where, if you run the risk of bouncing a check, the money will come from another source. For a nominal fee, the bank will link your checking account to either a savings, money market, or credit card so the embarrassment of bouncing a check will be avoided. Call or visit your bank to learn about this convenient feature.

7. Cancel Unused Accounts

Whether it's a credit card or bank account, write a letter requesting that the account is formally closed. Not only will this improve your credit score, it is a useful way to avoid money from being scattered all over the place. Don't let department stores and credit card companies lure you into opening new accounts by offering favorable interest rates and purchase discounts. It's easy for credit to get out of hand by taking advantage of every credit offer that comes your way.

8. Consolidate Your Accounts

If you have several credit card accounts with outstanding balances, try to consolidate them into one. Be careful and check the balance transfer interest rates and one-time fees. Also, make a list of all your open Money Markets, Savings, CDs, IRAs, Mutual Funds, and other accounts to see if any consolidation can be done. Keeping your money in fewer places eliminates all of the guesswork involved and reduces errors.

9. Establish Automatic Savings

Create a link from your checking account into a savings account that will not be touched. This can usually be done through the banks and automatic amounts will be transferred over each month. Most people will not put money into a savings account on a regular basis. They may wait until a large tax refund check arrives or some other event to actually deposit money into savings, retirement or other accounts. If you establish an automatic savings deposit every month, your accounts will begin accumulating money faster than you think.

10. Clean up Your Files

Make sure your paid bills are organized in a filing cabinet. Keep individual files for paid bills. Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing purposes. Contact your local IRS office to see how long records need to be kept for audits. Usually federal tax return audits can be done three years back but cancelled checks may need to be kept for seven. Consult the Internet for auditing and records-keeping procedures for your state or region.

Michael G. Peterson is the Vice President of American Credit Foundation, an IRS 501 (c)(3) non-profit consumer credit counseling organization that has assisted thousands of individuals and families with their financial situations through seminars, education, counseling services, and, debt management plans. For more information, and free consumer resources visit http://www.debtguru.com.

Affiliate Tracking Software

In the United States, there are millions of webmasters who participate in an affiliate program. Affiliate programs are designed to not only make the webmaster money, but also the business who is offering the program. While there are millions of Americans that currently participate in an affiliate program, there are many more who are unsure whether or not they should. This uncertainty often comes from a lack of understanding. If you are one of those individuals, you should not let that prevent you from participating in this amazing monkey making opportunity. Instead, you are urged to learn more about affiliate programs and how they work.

As previously mentioned, an affiliate program creates a partnership between participating businesses and participating webmasters. Most of those businesses have a service or product that they would like to sell. To help increase their sales, they work with webmasters to generate more traffic to their online website or store. This is done by allowing webmasters to display business banners or links on their website. If an internet users clicks on one of those links or banners and then makes a purchase, the webmaster, as well as the business, with be able to make a profit.

When it comes to making a profit with affiliate programs, there are many webmasters who are unsure how their affiliate business will know that the sale came from them. This is a legitimate question that many have. The answer is with affiliate tracking software. Affiliate tracking software programs are designed to outline for businesses when a sale was made and who helped to generate that sale. For instance, if you were the one who led the customer to their website, you will appropriately be compensated.

In addition to letting a business know when you helped to generate a sale right away, it will also help to let them know when a sale is generated later on. For example, many consumers do not make a purchase right away. While they may click on your website ads, many will not purchase anything right then and there. Instead, many consumers will think about that purchase and later return. When that customer finally returns to make the purchase, they may not go back through your affiliate link; however, that does not mean that you will not get credit for the sale. A large number of affiliate tracking software programs monitor this type of internet movement; however, not all do. That is why it is important to know how each affiliate program works before joining one.

To learn how an affiliate program works, you will have to examine each program individually. In many cases, no two programs are the same. That is why it is important that you fully examine each affiliate program and how it is operated. One of the many features that you will want to be on the look out for is, the above mentioned, customer tracking. To make money through an affiliate program, you will want to join a program that will keep tabs on the customers that use your affiliate links to make a sale, especially those who do at a later date.

By keeping the above mentioned points in mind, you should be able to easily make money with affiliate programs. If you are looking for additional information or assistance, you are encouraged to ask for it. Most of the businesses that participate in affiliate programs will be more than willing to assist you with all of your questions.

How To Avoid Affiliate Marketing Scam

You have finally decided that the 9-5 day job isn’t for you. Your tired of your work being undervalues and under appreciated. You would like to work when you feel you are most productive, not when some boss or manager feels it is so. You are also tired of working hard with no incentive or reward scheme in place.

Affiliate marketing is a great opportunity for those who want to venture out on their own. The minimal risk and zero start up costs make it an attractive option to many. Affiliate marketing programs are perfect for those people who are motivated and self starters. They are also great for those who want to set their own working hours.

The internet has helped up change so many aspects of our lives. We can study and work from home with the help of a computer and high speed internet access. However, there are unfortunately lots of scammers out there ready to take either your money or your work to use for their benefit. Many of these email scam programs and work at home schemes have little hope of amounting to any kind of living.

Unfortunately, these scammers have made their way into the world of affiliate marketing as well. There are some excellent affiliate marketing programs to get involved with; the trick is how to spot the scammers.

The face and manner of the internet and affiliate marketing is constantly changing. This makes it very difficult to produce a definitive list of do’s and don’ts. However, there are some signs that one can look for. If your company displays any of these signs it does not mean for sure that they are con artists. However, it should warrant further investigation.

An affiliate marketing program should always provide you with some support. This can include an agent that you can contact with questions or problems. A legitimate company should want you to do well. The better you do the better they do. It should at very least contain a toll free phone number, email address and fixed street address. If your company is an online affiliate marketing program, the lack of an email or web page should definitely raise some red flags. Other things such as no phone or address do not mean necessarily that they are trying to scam you. However, you need to investigate them with a fine tooth comb.

A good test is to send the company an email with some basic questions. If it takes them weeks to get back to you then you need to give this venture careful consideration. Again, they may not be out to con you but if they are poor at communication, this could be a sign of other internal problems.

If the company has no website then you should consider something else. Legitimate affiliate marketing programs generally have a detailed website with all the information you need. One should be suspicious of companies that operate only by email. A website is fairly easy to create so why hasn’t this company invested the time to do so? Also, a website leaves a bit more of a trail to a company. If they do end up scamming you, the chances of tracing the people via a website are much better then tracing them through masses of email addresses.

Many of us would love the opportunity to work for ourselves. We would love to chuck in the day job and start our own businesses. However, the costs of starting a business combined with the risk involved stop most of us before we even get started. Affiliate marketing is a great way to make some money by working for yourself. The costs are none and the risk minimal. One needs to use some caution when signing onto a program. Make sure there is adequate support available to you. Make sure the company is contactable and that they answer queries in a timely fashion. Be incredibly cautious of companies that have no website. These factors do not always mean that the company is out to scam you; however they should be looked at carefully.

Where to Look for the Right Product Online?

When you are just starting your online business finding the right products to sell online is the number one problem. Knowing where to look can help.

1. Drop Shipper Directories: Drop shippers are wholesalers that will ship direct to your customers so that you don't have to invest in or store inventory. Directories of drop shippers are for sale online, but make sure you're buying a reputable one.

2. Local Businesses: You may find businesses in your backyard that offer just the right products, but are not yet into e-commerce. Offer to sell their product online in exchange for a percentage of any profits you make.

3. Crafters: Local crafters are a good source of unique products, and may be willing to reduce their prices for you if you purchase in quantity. Either buy the item outright, or set up a consignment arrangement with them.

4. Garage sales and flea markets: G garage sales are a good place to look for items to sell online. Do some research into categories that interest you, and then start scouring sales for good prices.

5. eBay: eBay itself can be a source for products. Look for wholesale lots that can be broken down for individual sale.

6. Wholesaler Directories: Your local library will probably have directories of manufacturers, wholesalers, and/or distributors. Most directories are organized by SIC code so that you can zero in on the product categories that interested you.

7. Trade Shows: Trade shows are a great way to source products. Lots of merchants gather in one place to look for resellers. To find trade shows in a particular industry, contact trade associations and industry publications.

8. Importers/Exporters: You might want to consider contacting companies that import goods from overseas. It's possible to source directly from overseas. This requires a lot of expertise, but many companies do it successfully.