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Finance

All You Need to Know About Commercial Construction Loans

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A commercial construction loan is an amount of money sanctioned to an investor or a company that is planning to construct a new commercial building.

These constructions include malls, shopping centers, office complexes, residential apartments and multi-family commercial properties.

Since constructions take time, these loans are generally given for long-term; however, they can also be designed for short-term, depending on the needs of the project.

Who offers Commercial Construction Loans?

Commercial construction loans are offered by banks, financial institutions, insurance companies and commercial hard money lenders who specialize in real estate.

Lenders usually have extensive knowledge about real estate, and conduct a thorough assessment of the land before issuing a loan. Giving out a construction loan is risky, as it is being offered for a building that will exist somewhere in the future.

Therefore, small companies and investors may find it hard to obtain a commercial construction loan from a bank or a financial institution, which is why their best option is a commercial lender.

Types of Commercial Construction Loans

There are several types of commercial construction loans that are offered to investors. These include:

Acquisition and Development Loan

As the name suggests, this loan is obtained to acquire a land and make it construction-ready. The loan amount covers the purchase price of the land and the renovations cost associated withit.

Land Development Loan

In several cases, companies and investors already have a raw piece of land that they are willing to start construction on.For this, a land development loan can be obtained to develop the land and upgrade its infrastructure.

Factors like sewerage system, power lines and water lines can be installed with this type of loan.

Interim Construction Loan

Interim construction loans are obtained by investors who run out of funds midway into construction. The loan covers material and labor cost for the construction to continue.

Mini Perm Loan

This loan is offered to the investors in the final stages of the construction activity. This can only be obtained by investors working on a commercial project rather than a residential building.

Takeout Loan

A takeout loan is a permanent form of financing, which should ideally be applied forat the initial stages of the project, if the investor or company is depending on financing from the start. Some commercial lenders make this a pre-requisite for obtaining other loans.

If you are an investor looking for commercial construction loans with fast approval and flexible terms, get in touch with GCP Fund. They are one of the leading commercial lenders in the country and provide all types of commercial construction loans.

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Finance

Get Ready Before it is too late! Hire a Tax Specialist to Get Your Taxes Prepared

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Tax

More than a new beginning, a new year gesticulates another season of tax filing. Many business owners, in today’s day and age, prefer to hire or appoint a professional accountant to get their income tax returns prepared in the right way. Of course, we don’t all have the expertise to prepare our tax returns nor even we all have enough time to become an income tax expert. Furthermore, mistakes can cost really high. So, it is advisable to hire experts and get the task complete in the right way and cut down the anxiety.

Year-end is coming closer. It is the right time to get prepared for the tax season. Once your yearly tax forms begin to roll, you need to keep your documents ready for handing them over to the expert industrial tax preparation services. Expertly prepared paperwork can help you handle your taxes swiftly and avoid any late penalties and stress during the tax season. Let’s here refer a few essential tips for preparing tax returns.

Make out Updates/Changes

Obviously, your tax preparer will be eligible to make all necessary adjustments before submitting the tax charges. But, it is advisable to be prepared for the modifications since rules keep on changing.

Arrange Records in a Proper Way

Yes! We all keep our tax documents and receipts well organized. However, many times things slip out through the cracks. Track down those documents you might require for the tax filing and place them in a well-organized manner. Make sure that all the paperwork is placed carefully in file folders to avoid any unfortunate circumstances of repeating the organization process again and again.

Manage/Check Calculation

Do you really feel that you will be paying high tax amount this season? If yes, it’s time to run calculations; either on your own or if required by hiring a Personal Tax Preparer. Calculations, if managed by experts, can help identifying proficient ways to reduce the amount you owed with the right deductions and credits you can look for before the season comes to its end.

Settle Down Deductions

Many times people overlook scores of deductions while running tax calculation on their own. Deductions are to reduce our tax liability directly for the entire year. So, don’t forget to use the funds spend on unreimbursed employee expenses, educational requirements that include tuitions as well, job-related journeys, etc.

Capitalize Contributions

Y0ur contributions to appropriate retirement accounts or investments will significantly reduce the tax liability. This investment owns a yearly maximum that you should always try to meet. Moreover, seeing you below the limit, start diverting more amounts into the accounts so as to get huge benefits from the contributions.

Get Connected with the Tax Preparation Professional

As said before, all are not tax experts. Therefore, if you require assistance in filing your taxes, get connected with some Professional Tax Preparation services. Handing over the preparation well in advance to a professional organization will reduce your stress greatly. Developing a valid tax preparation system will help you apply for highly regarded methods right at the year beginning.

Moving towards the next phase, finding out the right tax specialist is not as simple as you could think. Tax preparation and filing is very personal and the most important affair. Lack or experience would most likely miss out sizable tax deductions. Whether you are a businessman, a traveling salesperson or even a road trucker, you should opt for someone who is knowledgeable and experienced in your specific tax niche.

Be Careful of False Promises

Take to the woods, if someone guarantees you a large refund without even having a look at your tax situation. Instead of a large refund this you get you to a huge trouble. Everyone doesn’t get a refund. Tax preparers promising refunds to everyone are most likely doing illicitly.

Find out a Person who is Well Trained

Tax preparation and filing is quite a complex task. Getting your data and tax situation in the hands of someone who is inadequately trained means your tax return would be terrible. Since tax laws and guidelines keep on changing every year, make sure the expert you are meeting has taken a recent training and is well updated with the latest changes.

Search for the Right Person through your References

As said before, tax filing and preparation is a complicated task. So, avoid messing around with your nearest strip-mall chains. It is vitally important to hire someone who is a specialist tax preparer since overlooked deductions and credits can cost you a huge amount. Get appropriate advice from your known ones in the business. Let them refer you some genuine name that prepares their taxes. This would be the best way to pick a professional tax specialist to manage your business and personal returns.

Don’t get Bent out of Shape by Various Questions

An expert tax preparer will check out many parts of your life that relate to your tax status. Most commonly the person will necessarily want to know your living arrangements; whether you are married or single, whether you live together or separately, also if you are a parent then the person will need your children’s age, their grade, etc. The tax preparer will also ask you questions regarding your personal property, like homes, cars, etc. Don’t hesitate or get bent out for having to answer too many questions. Those will be vitally required questions.

Last of all, income tax can be filed promptly and painlessly, in today’s day and age with an immediate proof of filing in your hand. ‘Work more to get more!’ It is a prime requirement of time. But, if you are not a smart tax prepare, it would be beneficial to hire Professional Tax Preparation Mississauga and gain the benefits you are entitled to.

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Business

7 Ways Business Owners Can Save Money

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Saving money as a small business or start-up can be tough. In the early days, your sales might not be as high as you like and you might find you have to bootstrap your way through the beginning of your business venture. This means it’s important to make your operations as cost-effective as possible. Here are seven ways business owners can save money and increase their bottom line.

1. Go green

Going green has been a bit of a buzz-phrase in recent times in relation to the threat of climate change. Aside from the environmental effects, you believe it does or doesn’t have, going green can save you money.

Whatever industry you’re in, it makes sense that the more energy efficient your business is, the lower your costs will be. Find ways to reduce the amount of power your business uses and look for things like energy efficient light globes.

2. Compare interest rates

Whether you fund your business with a loan or you use a credit card to pay business expenses, there’s always room to save on interest rates. You can use sites like RateCity to compare a range of providers and find the best rates for your business. You might be surprised that many banks will lower the interest rate or remove the annual fee if you negotiate with them.

3. Save space

New businesses often move into an office that gives them some room to grow into. This is a great way to streamline future processes, but what should you do with all that spare space? Having spare space, which you’re paying rent for, sit idle is simply a waste of money.

Instead, you can list your spare space on a community sharing site, like Spacer. This platform will connect you with other businesses or individuals looking for extra storage space. This way, your business can help locals in a secondary way, while you earn money from your spare space.

4. Buy used equipment

When starting a new business, it can be tempting to deck it out with the newest and latest equipment. However, this will be very expensive to do. As a small business, you should be looking to make savings every way you can.

Finding second-hand equipment can go a long way in keeping your pockets full. You can look for used equipment on sites like Gumtree, or you can ask other local, established businesses if there’s any equipment you can buy or lease off them. Whatever you do, ensure that the equipment is in normal working condition.

 

5. Barter with other businesses

When you hear the word bartering, your mind is likely to jump back to the distant past where people exchanged goods and services for other goods and services. While it was useful in the old markets, bartering can still be a helpful solution for businesses today.

If you need a certain service or product for your company, you can try to trade it for whatever your business provides. Granted, this will only work in certain situations, and you will have to be careful with how the transaction takes place but used in the right way, bartering can be extremely beneficial. Not only can you get what your business needs without spending capital, you can build relationships which lead to future work.

6. Look for free and open source software

In this digital age, nearly every business will use some type of software for at least part of their business. Certain software for bookkeeping, presentations and other processing duties can be expensive.

Look for free, open source software or cheaper cloud options. There’s a range of services out there that will be sufficient for small businesses and don’t carry a large price tag. You can also look for software that gives new users a 30-day trial. After that, they will start charging, but if you’re strategic, you can unsubscribe and repeat the process with a new software platform. Rinse and repeat until your business is stable enough to make a commitment. This way you will know which one you like the best and can be confident with your purchase.

7. Be smart with new hires

For a new business owner, hiring staff can be a tricky thing to master. Your first hire can make you feel like a legit business, but it can also be a massive waste of money. For a small business, a full-time employee can be particularly expensive, what with insurance, super and allowances, and they might not even be needed consistently.

In the early days of your business, it’s often best to use contractors for specific projects. Today, we can easily reach high-quality contractors all around the world thanks to the sites like Upwork.

If you’re looking for an in-house employee, consider getting interns or recent graduates. While they might lack experience, they will be significantly cheaper than someone with years of industry experience, and new graduates are often highly motivated, making them perfect hires for small businesses ready to grow.

Saving money as a small business can be incredibly difficult. Adopting a frugal way of doing business can help keep your expenses down and your cash in the business. Shop around, make use of your space, hire smart and tighten up your spending and you might find your cash flow is better than you budgeted.

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Accounting

Why Is Accounting Important for Business?

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Accounting is a study that allows you to have greater and better control over the operations of your business and helps to avoid tax events before tax inspections. It helps to maintain a good functioning in its accounts and financial trajectory to maintain any business.

It controlled a multitude of factors that guarantee its stability and continuity. It is one of the most important and necessary factors in any business model.


But before continuing to demonstrate the reasons that why accounting is necessary for any type of business, we must make clear what its meaning is:
From the moment in which the company is born, its board of directors or the individual owner, establish parameters that allow them to know what is the economic situation of the company at all times, its possibilities, benefits or expenses. 

This is done through studies and techniques provided by the science of accounting so we could say that without it we would not know practically any economic data related to our own business. For more business accountings follow https://www.vtacpayroll.ca/

Business Accounting

In a business, there are different types of accounting, but for you, to have a clearer idea about the business accounting, we have gathered the main definitions of two different types of business accounting

•    Financial Accounting

This has the function of providing all the information necessary to manage the economic life of the business and know the current status of their accounts. Generally, this function is of an external nature, that is, it offers the necessary reports to bring all the financial steps of the company in a historical manner.

•    Administrative Accounting

Its main function is to accumulate and interpret all costs generated by production, purchase or distribution in the internal use of the company. Its application is practically universal, that is, it is used in all the businesses that currently occur to us.

Importance of Accounting

The accounting is an important source of information for the company, and within the infinity of its importance that this application contributes in the business world, for knowing how much accounting is important for a business we have selected some of the most important points which will clearly help you to understand accounting importance:

  • Thanks to accounts that we can know at any time how many exact amounts we owe in business and which ones are owed to us.
  • Allow differentiating the expenses created by the owners over those generated by the business itself.
  • Its study and application alert us of the general expenses and the investments we made for business development.
  • It helps us to know what is the production cost of a particular service or product allow us to find out the price for which it should be sold.
  • At any time we can know the money we are earning, or losing.
  • Thanks to the balance sheet and the income statement, that we can easily find out what our current financial situation is and how much progress we want to make for business development.
In short, accounting records are important for businesses because they track the flow of capital, without which it would be impossible to carry out productive activities. So important is your production and sales area, such as the accounting department that monitors the inflows and outflows of money and compliance with the company’s labor and tax obligations. 


Without all the ordered records of accounts receivable and payable, you would never know whether your business is making profits or it is really profitable. Do not neglect the numbers in your company and give them continuous follow-up. In accounting, you have the best tool to diagnose the health of your organization and make the decisions that lead your business success. 

Remember that your accountant does more than add and subtract. Analyze your economic data and be the first to alert you when your income is not rising at a healthy pace or not enough to cover your costs. Pay attention to their reports and attend to their observations can be the difference between staying in business or to declare bankruptcy.

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