Financial Services Help Manage Money

Financial Services #1 Wealth Management

Frequently individuals who are wealthy need financial services in order to manage their money and stay wealthy. Many wealthy individuals who do not use financial services for wealth management see their money slipping out the window. However, those who use wealth management financial services not only maintain their wealth and enjoy it, but also see it increase.

Financial Services #2 Investment Banking

Investment banking is another offering of financial services that many individuals enjoy. This is because investment banking financial services focus on creating capital through client investments.

Financial Services #3 Asset Management

Financial services offer asset management for individuals who cannot or prefer not to manage their own assets in the form of cash, property, bonds, and stocks. Fortunately, financial services are able to handle asset management competently.

Financial Services #4 Business Banking Services

Business banking financial services are also an option for businesses that need help in managing accounts, income, payments, loans, and any other types of financial services needed. Business banking services are a very important part of the financial services sector.

If you are interested in financial services helping you manage your wealth, assets, make investments for you, or manage your business banking, and then you should contact several financial services providers in order to compare services and fees so you can find the one that is best for you.

Jay Moncliff is the founder of [http://www.financialadviseonline.com] a blog focusing on the Financial [http://www.financialadviseonline.com] resources and articles. This site provides detailed information on Finance. For more info visit his site: Financial [http://www.financialadviseonline.com]

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Medical Billing Services Save Heatlhcare Practices Money and Time

There are many reasons healthcare practices might outsource their billing to a professional medical billing service; confusing insurance requirements, staffing problems and just keeping up with industry changes are a few examples. In the end though, the reasons most medical billing companies hear about come down to the two driving principles of any business - Time and Money. This article discusses how medical billing services are able to create significant savings in time and money for healthcare providers.

Medical Billing Services Save Training and Research Time

- Some readers might take the short view and think medical billing companies just enter data into a computer and send it off to a clearinghouse. In reality medical billing is a detailed process requiring specialized skills and in-depth knowledge of medical practice management, insurance industry practices, and the regulatory framework around state and federal laws. Professional medical billing companies invest countless hours in training and research to keep abreast of current codes, submission requirements, industry trends and the needs of their clients.

Significant expenditures are also made to ensure medical billing companies are up to date on the latest software. In a constantly changing industry, software vendors are always finding new and better ways of supporting practice needs. It's not practicable for small or medium sized practices to dedicate the time necessary to stay on top of the latest innovations.

These investments of time by professional medical billing services are often not considered by providers, but they eliminate endless hours otherwise spent in seminars, meetings with vendors, or on the phone with clearinghouses and carriers. This time savings creates a valuable commodity for a practice seeking the edge necessary to keep up with a rigorous patient schedule.

Medical Billing Services Save Operational Time

-Medical billing services are able to save operational time by leveraging the economy of scale and the efficiency of task specialization.

Professional medical billing companies, by their very nature, create an economy of scale in maintaining a team of medical billing professionals to provide services across several practices. This structure creates a well trained pool of resources to manage each practice's needs rather than just one individual overseeing all billing functions. The team approach also removes interruptions to revenue flow that result from vacations, unexpected sick time and staff turnover.

Task specialization among teams further heightens the efficiency of medical billing companies. Through task specialization, a team of billers can accentuates individual skills and reduces distractions of other activities.

Consider a provider who sees an average of 30 patients per day, or a total of 150 encounters per week. The time required to generate and submit 150 patient claims and follow up with insurance carriers with a high lever of accuracy can take up most of the time of an in-house biller. But this is just the beginning. That same individual will also need to follow up on denied or partially paid claims, researching why and resubmitting for further review. Patient invoices require additional time- printing, stuffing and mailing- as well as posting payments, running reports and providing detailed analysis on the current state of the practice; all this just to meet the standard offering of professional medical billing companies.

Through task specialization, medical billing companies might offer each of its clients several billers submitting claims and reviewing insurance payments with the highest level of accuracy. At the same time, the service might have other individuals or groups dedicated to managing patient invoices and questions across several practices with increased efficiency. This approach maximizes the time available for each activity by specialists with a greater knowledge of their roles, and, again, guarantees minimal (if any) interruption during employee leave and staff changes.

Medical Billing Services Save Money

-Hiring and training new staff, employee benefits, vacation/sick leave, and staff turnover are just a few factors increasing the costs of managing an efficient in-house billing program. Added to the operational overhead of day to day billing, software/hardware maintenance, clearinghouse fees, postage, and so on, the list of expenditures for practices is endless.

Good medical billing companies will design their services around covering all of these costs and immediately do away with the problems they create. To clearly demonstrate how medical billing services can save practices money, let's compare the core costs associated with in-house medical billing against working with a professional medical billing service.

Cost of In-House Billing:

Our comparison begins with a typical practice with one or two providers. Let's assume this practice has a dedicated, in-house biller receiving an annual salary of $30,000, or about $14.50 per hour. The chart below outlines the additional costs of having a full time employee in the office to handle all aspects of medical billing.


Base Pay --------------------------$30,000
Medicare and Social Security ---------$2295
401K --------------------------------$1080
Disability -----------------------------$720
Healthcare --------------------------$5220
Time off -----------------------------$3270
Total labor for 1 in-house biller ------$42,585


Next, we'll need to consider materials and fees. An average practice will probably upgrade computers and software every 3 years at a cost of about $6,000. Spread out over those three years, we'll assume an average annual software/hardware expenditure of $2000. Since our practice will send out its own patient statements, we'll need about $150 per month for postage, paper and envelopes, an annual cost of $1800. Clearinghouse fees for electronic claims will come to about $60 a month, or around $720 annually. For the sake of simplicity, we'll forget for the moment that our biller will need a climate controlled workspace, lights, general office supplies and a desk.

Here's what our list of software/hardware, materials and fees looks like:


Software/Hardware -----------------$2000
Materials ---------------------------$1800
Clearinghouse Fees ------------------$720
Total ------------------------------$4520


Adding the two totals above (labor + materials & fees), the annual cost of medical billing services performed in-house by the practice comes to $47,105 per year. Of course this number might not mean much until we put it in perspective against teaming with a professional medical billing service. As we move forward, keep in mind this conservative estimate does not factor in those other costs mentioned above that are often hidden - ongoing training, unexpected leave and sudden staff changes.

Cost of Professional Medical Billing Services:

To evaluate the cost of working with medical billing services, we'll assume our practice has contracted with a medical billing company for full service billing. This includes all of those activities that would otherwise have been performed by the in-house staff above; claim generation/submission, insurance follow up, patient invoicing and support, detailed reporting, expert practice analysis, etc. We'll also assume the practice has negotiated a rate of 8% of collections with its professional medical billing service.

Note: Calculating costs for medical billing services will vary slightly depending on the fee structure but will usually be based on either a percentage of collections or a fixed fee per claim. For more information on fee structures, see Percentage vs. Flat Fee Pricing by Medical Billing Services.

Assuming our provider visits 30 patients per day, 50 weeks out of the year, we'll have 7500 patient encounters per year. If each encounter results in an average reimbursement of $60, our receivables come to a little over $450,000 per year. At a rate of 8%, the annual cost for the professional service to manage all aspects of medical billing services for the practice would be $31,500. In comparison with in-house services that's a savings of $15,600 per year!

Summary

In evaluating the benefits of outsourcing to a professional medical billing company practices should consider the overall savings in time and money, beyond just minimizing the hassles. Medical billing companies provide knowledge, training, continuity of operations and a network of support leveraging task specialization and the economy of scale. Medical billing companies are able to eliminate dependency on one or two costly staff members to maintain revenue flow for the entire practice.

For more information on the benefits of outsourcing, contact Diversity Medical Billing Services [http://www.diversitytech.com]. Leverage maximum efficiency and economy through a well designed support structure and industry leading rates. Diversity’s medical billing services ensure the stability of practice cash flow while attaining the highest reimbursements possible. You can also learn about other ways to improve your billing with in-depth Medical Billing Articles and Information [http://www.diversitytech.com/kc].

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How Can Lawyer Answering Services and Attorney Answering Services Save Law Firms Money?

Law Firms can save money by using a call center or lawyer answering service. Since you may frequently find yourself out of town or simply away from your office, you will most likely be unavailable to answer all incoming calls. Unanswered calls can result in missed opportunities and create poor impressions upon your client base. Attorney reply services help save you time and effectively recruit new and potential clients. Clients who have a positive experience with your firm throughout all phases of the legal process may refer friends or colleagues to your practice and generally help improve its credibility.

Attorney reply services save lawyers valuable time and money by providing specialized response services in many areas of legal practice including criminal, business, and family law. Lawyer answering services provide the specialized reply service programs to meet your law firm's needs. Attorney response services ensure that all incoming calls are answered day and night, that all your appointments are properly scheduled, and that other calls are appropriately routed to the requisite person or voicemail. With all calls, messages, and voicemail accounted for, your firm will have access to all information as needed.

How can attorney reply services save your legal practice money? Compared to hiring a traditional receptionist, attorney response services are far cheaper. Receptionists require you to pay a salary, employment taxes, benefits, recruitment and retention costs, as well as training fees-not to mention the expense of office equipment, computers and software, the ongoing maintenance of said equipment, office space, and additional costs associated with bringing on new personnel.

Specialized attorney reply services improve the first impression your practice makes on potential clientele and in time can deliver new positive referrals. If you're torn between hiring a general answering service and one that specializes in attorney response services, opt for one with experience and you'll find yourself handling fewer calls.

Personal Injury Practices: Let a lawyer answering service field your potential client calls and fill out intake forms in CSV format. They can then forward these forms to you to be imported into your case management software.

Criminal Defense Attorneys: Hire an attorney response service and retain clients on the first call. Virtual receptionists connect you with client callers and then remain on the line to transcribe the conversation. They'll then forward a transcription of the call to your email, complete with fees, credit card information, and all relevant case facts.

Immigration Attorneys: Specialized lawyer answering services offer multi-lingual and Spanish response services to provide your clients with answers and legal support on their first call.

Despite your best efforts to field all incoming calls, long phone ring cycles and those calls left unanswered can deliver the impression that your practice is unable to take on new clients. Attorney reply services effectively provide answers and transfer phone calls to individuals who deliver the answers callers are looking for. Take advantage of specialized and experienced lawyer reply service to provide service that'll improve client satisfaction and serve as a tool to help you grow your legal practice.

When searching for the best lawyer answering services, consider the following questions:

Can the attorney reply service provide 24/7 support?
Do they provide lawyer response services in both Spanish and English, i.e. multilingual or bilingual support?
Do they provide their virtual receptionists with specialized training?
Can the lawyer response service deliver customer referrals?

A lawyer reply service is one of the best investments you can make for your practice. Although more costly then a general response service, specialized lawyer answering services deliver professional call handling and the positive results your practice needs.

Erica Ronchetti is a freelance writer for Alert Communications, a call answer service provider in New York (NY) & CA providing Medical answering service, Lawyer Answering Service & Message Answering Service. Our attorney answering service solves both of these problems by reducing employment costs, and answering the phones for you with the utmost professionalism and courtesy.

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How to Get Good Customer Service & Save Money - 8 Keys For Success

I've had some amazing results using the techniques I am about to describe for getting good customer service. I had a power toothbrush manufacturer give me a new unit because it was losing its ability to hold a charge three times in a row just before the two-year warranty ended. I had a computer manufacturer replace a recently purchased computer because I was unhappy with its performance two times! The last computer they sent me had twice the capabilities in almost every category. And I had an automobile manufacture replace an air conditioner that stopped working in a vehicle that was out warranty by more than a year.

I've been using these techniques to get good customer service for years. The key to executing these strategies with customer service representatives is that you must do them with sincerity. You must find the motivation and good-heartedness within so that you can express yourself with authenticity.

These techniques work with all different types of customer service representatives, but those with the most authority and best training have the greatest ability to do you the most good. I categorize customer service representatives like this. Customer service representatives with the greatest to the least amount of authority and training are those at the manufacturer, followed by managers at retail stores, followed by clerks you'd find at a customer service desk of a department store.

Here are the 8 keys for getting good customer service.

1. Greet Them in a Friendly & Respectful Manner

If you consider what customer service representatives deal with on a daily basis it's easy to see how being friendly and respectful is a crucial first step in getting good customer service.

Many people who call customer service have the mistaken notion that the only way they are going to get something done is to be angry, forceful, and demanding. This is a big mistake. Imagine how the customer service representative feels at the other end of the phone. The customer service representative must be nice and many customers take advantage of this.

Consider how the customer service representative can respond and get back at you for making their job miserable. They can give you the bare minimum from the array of possible solutions that they are authorized to provide and the least amount of their time to identify them.

If you greet them in a friendly and respectful manner, amazing things can happen. Here's how you should greet them. Customer service representatives usually give their name when they answer the phone. Write it down so that you can use it in your conversation and record it in your notes at the end. Greet them by saying something like this in a pleasant, uplifting, and sincere tone, "Hi Robin! How are you doing today?" If you get a warm response from them, continue. Your chances of getting good customer service from this person are excellent. If their response is cold, come up with an excuse to end the call. You will not get good customer service from this person.

If the conversation starts poorly, the rest of it will continue the same way. This can happen for any number of reasons including the possibility that they are having a bad day, your personalities don't match, or they just have a bad attitude. I've never had a call that started poorly end on a positive note. If you get the same representative when you call back, wait a few hours or days before trying again.

The other half of the strategy for getting good customer service involves you. If you're having a bad day, you're in a rush, or you're angry or frustrated with the product you are calling about, call some other time.

You'll know it when you connect with a customer service representative that you gel with. The stronger the rapport that you establish at the beginning, the better the results you will get in the end. And often the outcome can be far beyond your expectations. I've been amazed countless times.

2. Talk Positively About Their Product

Here's another area where you must put yourself in the place of the customer service representative. The person that you are speaking with has chosen to work for the company that manufactures or sells the product that you are calling about. In many cases, this assignment is an entry-level position. Some companies place their management trainees into this job so that they can learn about the business from the frontlines. Everyone wants to be proud of where s/he works. You can imagine how a customer service representative will feel if they get a caller who angrily rips apart the company and product that they represent.

There was a positive reason why you chose to buy a particular product. Before you call, revisit those reasons and take your attention away from the frustration the problem has caused. Then express these reasons to the customer service representative. Whatever you come up with, you must communicate it with sincerity. Here's an example of what I mean. Tell the customer service representative, "I bought your LX model and I love it. In fact, this is the third time I've purchased one of your products and I've always been extremely happy with them. But this time I am having a problem that I am hoping you can solve."

Telling them how you appreciate their product and explaining your history provides a customer service representative with the information they need to classify you as a valued customer. The criteria for this classification may come from company and department policy, but the customer service representative interprets and applies it. Therefore, you need to convince and encourage your representative.

Being classified as a valued customer empowers, and possibly inspires, the customer service representative to provide you with options only available to this select group. In order words, companies and customer service representatives want to hold on to customers who are loyal and speak well of them. After all, isn't this the number one reason for providing good customer service?

A written policy for classifying valued customers may or may not exist, but I can assure you that it does in practice at every company.

3. Determine a Solution in Advance

If you have a solution on how the problem might be solved in advance, you can guide the conversation with the customer service representative toward that outcome. If you don't have a clue on how the problem might get fixed before you call, the result may not match your expectations. Figure out what you want to accomplish before the call even if you have to do some research. This is particularly important when you are calling about an expensive item.

Decide ahead of time what you want to accomplish. Don't leave it to the customer service representative to decide for you. If you are calling the manufacturer, you might need to call or visit a few of their local retail stores to determine their parameters. Retail store personal might also provide you with some insights on what is needed and what is possible when dealing with the manufacturer. This is valuable information that you can use to get what you want in the shortest amount of time and with the least amount of effort.

It's important that you clearly state the problem and then subtly and respectfully lead them toward the solution that you want without actually saying it. By not saying it right away, you avoid the possibility of them thinking that you are trying to take advantage of them.

The best strategy is to clearly present the problem and allow them to present possible solutions. If they don't offer the one that you want or the one that you know they sometimes provide based on your research, start asking questions. For example, say to them, "What other possibilities are there?" or "It is my understanding that you sometimes offer X or Y." or "This has nothing to do with your performance because you've been great, but are there any options beyond the range of your authority that I might consider?" The last one is tricky. Your objective is to get them on your side before you ask them to speak with their supervisor. You do this by being respectful and asking, in effect, for their permission to speak with a person with greater authority. You might say, "Would you mind if I spoke to the person (supervisor/boss) that you mentioned?" That way they won't feel slighted or become defensive. If you were to make them feel that they were performing poorly, they would not support your position when they present the matter to their supervisor before transferring the call.

Remember that a company's goal is to provide good customer service. Your objective is to help them do it in a way that fixes the problem to your satisfaction.

4. Ask What Can Be Done to Correct the Problem

Here's a slightly different approach. After you have established a rapport, explained the problem, and guided them toward your desired outcome, simply ask them, "What can be done to correct the problem." After you have asked them this question, do not talk. Wait for them to speak first! This is very important. There's an old saying about successful sales and negotiation techniques that goes something like this, "Who ever speaks first loses."

Your objective is to find out about all the possible options that exist for solving your problem. If they don't present any that satisfy you, ask them, "What other options are available" or "Are there any options beyond the range of your authority that I might consider?" and "What are they?"

When you are speaking about options beyond their authority, you are leading them toward a conversation with their supervisor. But before you let them transfer the call, learn as much as you can about all the options that are available. When you speak to their supervisor, use the same strategies I described for talking with representatives. If the representative you were speaking to provided good customer service, be sure to mention this to the supervisor. After all, the supervisor probably hired and trained them.

Keep probing them for the solution you want by repeatedly asking them, "What can be done to correct the problem?" Do this with patience and respect and you will get good customer service and be satisfied with the result.

5. Show Your Appreciation

With each attempt to find a solution to your problem, express your appreciation and praise them for their efforts. Everybody likes being appreciated; it makes them want to do more. This is probably more true of customer service representatives since they spend most of their time listening to people complain and criticize.

Since it may take several steps involving days or weeks to solve the problem, it's important to constantly show your appreciation and not assume that the issue will be fixed with just one or two calls. So don't burn your bridges.

If a customer service representative does an extraordinary job, take the time to tell them and even offer to send an email to their boss. Again, only do this if you sincerely feel this way and intend to follow through.

By expressing your appreciation to your representative, you have a much better chance of receiving good customer service.

6. Make Notes

After you've ended the call, make notes about your conversation that include this information: date(s) contacted, customer service representative's name, description of the problem, description of the solution, and agreed timetable.

This information gives you the ability to respond with authority and it lets them know that you are keeping records. These records also strengthen your position should you need to pursue the matter further or take it up the chain of command.

7. Follow Up

Mark your calendar on the date stated to you that the problem would be solved. If it's not solved by that date follow up with your customer service representative. I would recommend that you add a couple of extra days to allow for any clichés so that you don't waste your time or theirs when you call.

The strategy for follow up is the same as it was at the beginning -- be polite and respectful. You'll need to add one more crucial ingredient that can lead to success if you can hold on to it: Patience! If you can hold on to your patience, the customer service representative will likely recognize this and reward you by giving much more than you expected.

8. Consider Customer Satisfaction Surveys

Customer satisfaction surveys have become an important part of measuring business success for most companies. To encourage employees to provide good customer service, the scores they receive are sometimes tied directly to their salary. If they get an overall rating that's less than near perfect their paycheck is reduced.

Although this method of incentive has produced a higher level of customer service, I question the ethics of doing this when it can affect a large portion of a person's salary. This is especially true when certain measurements of the survey are outside the control of the employee.

With this in mind, I would encourage you to give the person you've been working with, or their supervisor, the opportunity to solve the problem rather than venting your anger in the survey.

This is particularly important for business establishments that you visit regularly like an automobile dealership. They have ways of figuring out which customer gave them a bad score. And if they determine it's you, they'll still treat you in a courteous manner but you'll never know how they may return the favor.

Give representatives and managers every opportunity to solve the problem before you complete a survey. If you're still unsuccessful after you've patiently tried every way possible to get the problem solved, then perhaps it's time to submitted a low scoring survey. The company may actually benefit by getting this feedback if they are that incompetent at providing good customer service and solving your problem.

I've been amazed at what I've been able to get done with customer service representatives over the years using the strategies I've presented. I think my rate of success is about 90 percent! No kidding.

The money you save in not having to replace or repair products is more than worth the time you spend. And in some cases, if you're really in the zone using the techniques I've described, you'll end up with more than what you originally paid for the product or service.

So as I have pointed out, good customer service isn't necessarily something that is given automatically, it's something that you create! Companies spend a great deal of money training their representatives to provide good customer service. I am surprised that some of them don't spend a portion of their budget on training their customers, through subtle methods, on how to "get" good customer service.

You are now one of the few who knows the secrets to getting good customer service. Give them try.

Brad Paul
http://www.guruhabits.com/

Copyright © Brad Paul

To see the original article with graphics and links, click: http://www.guruhabits.com/good-customer-service.html

Brad Paul is the founder of Guru Habits.com, which provides FREE self improvement and lifestyle enhancement resources.

Brad left home at 15, lived in a boy's home, graduated college with honors, headed a marketing group responsible for $400 million in annual sales, wrote 3 books, and now works on projects that improve people's lives.

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Save Money On Phone, TV and Internet Service

The general rule with phone, TV, and Internet service is

that more choice equates to less stress on your wallet. By

having a variety of service types, and providers, your

choices for it can be quite

dynamic. Before you throw your hands in the air, because you

think you have a limited choice of service, I suggest you

continue to read this article. You'll be surprised by the

options you don't know about.

Before we get started, please clear your mind of what you

think phone, TV, or Internet service is. The reason I say

this is because if I ask one person what phone service is,

they may reply with something about cellular phone service,

while another may mention land-line phone service. To get

the most bang for your buck, you're going to need to

explore new territories. This applies to TV, and Internet

service too.

The current trend in saving money one it is to get it all on one bill, or bundle

services. Bundled phone, TV, and Internet services can be

purchased through a traditional phone company, or cable

company. If you bundle with a phone company, services

available will likely be DSL Internet, satellite TV,

land-line, or broadband phone service, and cell phone

service. When you bundle through your cable company, you'll

likely have cable Internet, broadband phone, and of course,

cable TV.

Though getting everything on one bill can be less expensive,

not to mention convenient, you may be able to save an even

larger amount of money, and even get better services by

going through separate companies for each service, or by

getting the best deal for each individual service in your

area. You may even need one kind of service for another kind

of service to work, as is the case with broadband phone

service.

Broadband phone service needs a broadband Internet

connection like cable Internet, or DSL to work. The benefit

to broadband phone service is that it is much less expensive

than land-line phone service, and is a great replacement for

it. The savings can justify using a high speed broadband

Internet connection, instead of slow, annoying dial-up

Internet. A marriage of broadband Internet service, and

broadband phone service is one that will make your wallet

very happy.

If you're like me, you have to have your cell phone

service. If you use your cell phone quite often, you'll do

best with a regular monthly plan. If you only use cellular

service for convenience, or rarely, you'll save big bucks

by switching to prepaid. If you rarely use your cellular

service, try to get a prepaid plan that lets you add time to

your phone as you need it. This way you're not paying for

time you don't use. Monthly prepaid plans are best for

those who don't have the credit to get a regular monthly

cellular plan, but still like to gab. If you're a talker,

don't do pay-as-you-go.

TV service also comes in a variety of choices. Both cable,

and satellite TV service providers offer a basic service,

and you can add features like HD programming, or DVR

service, and equipment with digital television services from

there. Whether you want bare bones TV service, or the works,

you'll need to keep in mind that cable, or satellite TV

like Dish Network, and DirecTV all have some programming

that is exclusive to them, so don't be afraid to shop

around. If you're really frugal, you could always opt for

rabbit ears.

Daymon Hoag is the founder of Cheapest Service where you can shop for Bundled Phone TV Internet - Package Deals - Cable - Satellite - DSL - Broadband

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Popular Business Misconceptions Cost You Money!

Faulty information costs you money! Which of these

popular business misconceptions do you believe?

Popular Misconception #1:

"We Only Need Our Books Done Once A Year For Tax Purposes."

Are Your Accounting Records Adequate To Run Your Business?

Although it is important to keep records for tax purposes,

it is not the only reason (or even the primary reason) good

accounting records should be kept. Another frequent reason

clients request financial statement preparation is to obtain

bank financing. Although important, this also is not the

primary purpose of keeping good records for your business.

Good recordkeeping will enable you to extract meaningful

financial information for your business that will help you

to manage it properly. If you can`t access this information,

you will not be able to manage your business properly. Bad

management leads to business failure.

Yes, the primary reason good accounting records should be

kept is to produce periodic (at least on a monthly basis)

financial statements for management information purposes.

Only with this current financial information can you properly

manage your business. This information can alert you to

declining sales, excessive expenses, tax opportunities,

cashflow problems, and many other vital concerns for your

business.

To be of value, this accounting system should be set up

with meaningful account categories and departments. It may

be cost-effective to have an outside accounting service do

the monthly bookkeeping. However, with accounting software

that is readily available, you don`t have to be an expert

bookkeeper to do your own books and extract meaningful

financial information.

If you do your monthly statements yourself, it would still

be prudent to have your accountant or business advisor help

you set up your system and, as well review such information

with you to discuss problems and opportunities.

Popular Misconception #2:

"Writing My Hobby Off As A Business Loss

Saves Me A Lot Of Income Tax!"

Is Your Hobby A Tax Write-Off?

If your business has no reasonable expectation of profit, if it is a

hobby and not really a business, you will ultimately fail in your tax

objective. Since your losses are being incurred for a hobby and not a

true profit generating business, the tax authorities will take the

position that you aren`t entitled to any deductions. This is a double

blow. First, you`re losing money. Second, you`re denied tax deductions.

It is true, however, that if you enjoy what you`re doing, you`ll do

better at it. You`ll be willing to work longer hours and you`ll be

willing to put up with more hardships in order to make your business a

success.

Rather than attempting to have the tax system subsidize your hobby,

why not turn that favorite pasttime into a real, profit generating

business? This is a doubly rewarding. First, you make money at

something you love doing. Secondly, the tax authorities legally have to

allow your reasonable expenses to earn your now substantial business

income.

Prove that you`re running a business by running a business. Prepare and

follow a proper business plan. Keep good accounting records with at

least monthly financial statements to give you the information you need

to manage your business. Above all, make money from what you do.

Popular Misconception #3:

"I Don`t Make Enough Money to Incorporate!"

Will Incorporating Really Benefit You?

Some persons resist the idea of incorporating themselves because

the tax savings may not justify the added costs of incorporation,

annual minutes, and extra tax returns. However, incorporation gives

advantages that go far beyond tax savings.

Insurance may give you some protection against loss. However, you

may suffer business losses and lawsuits that may not be covered. For

extra protection, consider incorporating yourself. The limited

liability of your own corporation alone may justify the additional cost

and complexity.

Corporations may also be used for income-splitting with your family,

as well as estate planning and retirement planning objectives.

Additionally, corporations lend some credibility to smaller businesses

and may enhance your image and prestige in the eyes of clients or

suppliers.

Lower corporate tax rates will generally apply on small business income.

Even in loss years, wages can be paid by the corporation to you so that

you may utilize personal tax credits available. If unincorporated, these

credits might be lost forever. The now larger corporate losses can be

carried forward to future (hopefully more profitable) years.

A full analysis of the advantages and disadvantages of incorporation is

beyond the scope of this report. However, being incorporated may give

you more flexibility and advantages than you originally anticipated.

Certainly, it is not prudent to reject it as an option simply because it

is more complicated and costly. In fact, it may be one of the best

investments you ever made.

Popular Misconception #4:

"I really need an office out.

Being home-based makes me look amateur!"

Is A Home Office REALLY Professional?

Many times small business persons make the mistake of generating

unnecessary overhead in order to impress clients and prospects. Often

this attitude leads to escalating debt and business failure. One such

example is getting an impressive, but expensive, commercial office

space.

Customers aren`t stupid. They can see when such outside space is

necessary or advantageous for them. They can also see when it is a

waste of money and designed to fuel your ego. What matters most to

clients is whether they are getting cost-effective results or not. If

your product or service delivers such excellent value, your customers

will be impressed and come back. In contrast, if one allows his ego to

get in the way of satisfying the customers` needs, they will go

elsewhere.

With the move to telecommuting, downsizing, networked communications,

and home-based businesses, operating from your home office is actually

smart and trendy. Can you think of a more appropriate location for a

consulting firm specializing in home-based businesses? They of all

businesses should set the example in cutting unnecessary expenses and

operating efficiently.

This is not to say that there aren`t any disadvantages to being

home-based. One certainly must be well organized, disciplined, and

willing to follow good time management principles. This alone could

mark you as more professional than other businesses, home-based or not.

Expensive office space is not the answer to reflecting a professional

image. If you are truly concerned about your image, offer quality

service. Make sure that all your corporate communications (telephone,

websites, printed materials, et cetera) reflect the professional nature

of your business.

Popular Misconception #5:

"Since we`re not seeking financing,

we don`t need a business plan."

Do You REALLY Need a Business Plan?

To obtain financing, many persons will prepare a business plan.

Although entrepreneurs will go to great lengths to get their loan or

capital, these same business persons will not bother to plan ahead very

far or analyse their business. Even if you required no additional

money, preparing a business plan can help you to succeed in your

business.

Running a business without a plan is like going on a trip without a

map,sufficient gas, money, or even a destination. Just as you wouldn`t

go on a vacation without some planning, no business can be successful

without it. Putting that plan in writing helps you to think out a

strategy for successfully operating and growing your business.

Where is your business today? Where will it be tomorrow? What is your

mission statement? What product lines are profitable? Which ones

aren`t? What business do you think you are in? What business do your

clients think you are in? Should you be in a different business? Is

your product or service less attractive to your clients? How are

competition, global commerce, technological and social changes affecting

your company? What is your competitive strength? What are your

weaknesses? Who are your biggest competitors? What are their

weaknesses and strengths? What is your marketing strategy?

What are your projected income and expenses and cashflow for the next

year? How about the next five years? Do you have a capital budget?

What determines whether you buy an asset or not? Do you have an exit

strategy? How will you manage growth? Do you have a financial plan? Do

you have an operations plan? What definite sales and net profit targets

have you set for this year and the next five years? What factors could

interfere with the attaining of these goals? What contingency plans have

you made to deal with such problems?

The purpose of these questions is to get you thinking and planning.

If you fail to plan, you plan to fail. Although your accountant or

business advisor can help you prepare your business plan, only you can

set the appropriate goals and follow through on them. Yes, you

definitely need a business plan, not just for obtaining capital, but as

a roadmap for your business.

Popular Misconception #6:

"I like bartering with clients

because it saves paperwork and taxes."

Are You Reporting Barter Transactions?

Bartering is an excellent way of doing business. However, contrary to

popular belief, some barter transactions are taxable, both for income

and sales tax purposes.

Legally, you must maintain adequate financial records for your business.

Barter transactions made by your business must be reported to the

appropriate taxation authorities and taxes paid. However, transactions

between friends not engaging in business with each other may not be

taxable.

If you are an auto mechanic and I am an accountant and I swap accounting

services for your car repair services, the transaction in this case is

most likely taxable, even if we are friends. However, your accounting

fees should be deductible as a business expense and so should the

business portion of my car expenses. Note also that sales and similar

taxes may apply on this transaction.

On the other hand, if I trade accounting services for a vacation for my

family, I should really declare the value of such services as income.

The firm supplying the vacation would be able to deduct that value as

accounting fees. Any sales or similar taxes would have to be paid on

such transaction.

Many persons don`t record such transactions. For some, it may be a

matter of wanting to believe that you don`t need to be bothered with the

extra paperwork or taxes. Remember, though, that ignorance of the law

is no excuse. Legally, you must keep proper records and pay all taxes

due.

Popular Misconception #7:

"All My Workers Are Self-Employed, So I Don`t Need

To Bother With Payroll Or Workers` Compensation."

Do You Need To Pay Payroll Taxes?

To save on payroll taxes and workers` compensation premiums, many

employers arrange their affairs in such a way that those working for

them are self-employed, independent contractors. This is good tax

planning.

On the other hand, some employers take the position that all those

working for them are self-employed, whether they are or not. Although

it is tempting to eliminate payroll taxes and workers` compensation

premiums, care should be taken to do so legally.

Whether those working for you are employed or self-employed is a

question of fact (which can be determined by the Courts). Do you supply

the tools and vehicles? Do you determine the working hours? Do you

have the right to control how the job will be done? Do you pay a

flat-rate or by-the-hour or a salary? Does your worker have other

clients?

By asking several such questions, a pattern will emerge as to whether

your worker is employed or self-employed. If it turns out that your

worker fits all the criteria of an employee, don`t say he`s

self-employed. On audit, you would still be responsible for the payroll

taxes (and penalties and interest as well).

Even if your workers are considered independent contractors by the

Income Tax Department, it is still possible that they will be considered

to be "workers" for purposes of Workers` Compensation legislation.

Thus, it is the responsibility of the employer to determine whether such

coverage is necessary or not. Failure to obtain proper coverage could

subject you to substantial (and unnecessary) costs.

In review, calling someone self-employed, doesn`t necessarily make them

self-employed. If you have a dog, call it a dog. Your position that

your dog is really a cat will not be successful. Likewise, make sure

that your position regarding your workers is legally correct.

Popular Misconception #8:

"My Accountant Charges Too Much.

I Can`t Afford It Anymore."

Is Your Accountant Worth His Fee?

Many business persons view bookkeeping, accounting, and tax preparation

as necessary evils. In their view, accounting fees are an expense to be

reduced, deferred or even completely eliminated.

A good accountant, however, can give you benefits far in excess of the

fees charged. Well-designed accounting systems will enable you to

extract meaningful financial information for your business that will

help you to manage it properly, avoid business failure, and alert you to

declining sales, excessive expenses, tax opportunities, cashflow

problems, and many other vital concerns for your business.

Your accountant can save you lots of money with the advice you receive

on tax and other business matters. As well, a competent accountant can

be a valuable resource in discussing business problems and opportunities

with you.

Popular Misconception #9:

"Nobody Makes Money On The Internet."

Can You REALLY Profit From The Internet?

Many people feel that the Internet is all hype. Many others feel that

it is overrated. Still others are of the opinion that it may be good

for some types of business, but not theirs.

Typical comments heard include: "I`ve lost money on the Internet...Major

corporations have lost millions...Do you personally know anyone who has

made money from the Internet?"

However, if you check out the list of recent billionaires, a high

proportion of these are Internet-related, and many of them under

forty years of age. As well as the very rich, you can find many cases

of more modest financial prosperity resulting from Internet commerce.

It is true that many are losing money on the Internet. It is also true

that many don`t know what they`re doing. However, with the proper

assistance, you, too, could profit from the net.

J. Stephen Pope, President of Pope Consulting Inc., http://www.popeconsultinginc.com/ has been helping clients to earn maximum business profits for over twenty-five years.

For valuable Work at Home Small Business Ideas, visit http://www.yenommarketinginc.com/

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The Desire For Money, Do You Have Business Sense?

For those of us who grew up with parents who worked for businesses rather than owned them, the world of business can be quite a mystery. Even more so if we've dared to try to start one of our own. There is the factor of what type of business to start - a product or service business. There are the issues of doing a good market analysis, licensing the business, understanding the codes of law governing businesses, and determining just what type of business structure to choose - especially if the business will have employees. For example, should we start a sole proprietorship or a corporate business? It's a lot to work on, and it's not an overnight process to the road of success. But, the most crucial challenge to whether a business succeeds or fails lies deep within the realm of emotional versus financial intelligence.

Many start-up businesses fail within the first year of existence. This is especially so with businesses started from home, or exist without the traditional bricks and mortar structure we are so accustomed to. And, far too often the reason many start-up businesses fail has to do with the emotional challenge the new business owner faces. The challenge of seeing him or her self now as a business owner, rather than a paid worker for someone else's business. It means dressing differently, thinking differently, and talking differently. It means believing that you are already successfully established even if you have a long ways to go on the business's balance sheet. To put simply, if the business owner doesn't have a firm belief and commitment in the business and his or her role as the owner, then others simply won't be convinced that this business is the place to get what they need.

Then, there is the crucial issue of having the financial intelligence to keep the business going in the direction the new owner desires. To put it simply, if the new business is only taking money to operate and not making money, it won't be long before the doors of opportunity become closed. No matter how much motivational self-talk and emotional pump-me-up the new business owner does, it is the results shown on the bottom line that determines the future of the new business. And, if the bottom line is steady generating a negative, the business will eventually lose. Far too many new business owner simply don't understand this simple fact and it's incredible impact upon the future of his or her business. And, far too many system based business endeavors, such as network marketing, fail to properly focus the majority of their teaching on this.

To keep the vision, motivation, commitment and, ultimately, the business alive, a start-up business owner must simply know the ins and outs of basic business accounting. The more he or she comprehends the principles of good financial management, the greater the chance of achieving the desired goals for the business. It is, ultimately, the financial bottom line the determines whether a business owner maintains the belief and dreams associated to his or her business. The financial bottom line determines just how much commitment to marketing and advertising the principal staff of the business will willing give. It's very encourage able to develop a love for numbers, especially when working with the basic additions, subtractions, multiplications, and divisions of the financial budget. Here's a recommended source to spur this number love: http://www.jtsef.com/financial.htm .

Many schools of thought teach that marketing and advertising is the key to success in any business. To their credit, there is a certain truth to this, because the market is a numbers game. The greater the numbers of people that know about the owner's business, it's products or services, the greater the chances of getting the sale. Understanding the numbers allows us to measure where we are and where we want to go. But, regardless how successful the new business owner is with marketing and advertising his or her business, no amount of business exposure alone can guarantee the success of the business. There are big businesses that are testimonies to this fact with their sudden bankruptcies at the time they seem to be at their greatest.

Ultimately, the deciding factor on whether a business succeeds or fails lies in the level of knowledge and expertise that the principle players of a business have with the business balance sheet. This level of knowledge also determines just how much belief the business owner has in his or her business, and how willing he or she is to make the necessary efforts and adjustments that steadily drive a business up to the road of success. And, once reaching this point where the customers and clients are knocking at the door and the money is rolling in, it is the degree of financial intelligence that will ultimately determine whether the business stays in business or not. And, no amount of motivational self-talk or marketing is likely to change this simple reality.

What this means for those who are just starting a business or are struggling to keep a business idea alive, is that it is imperative to develop a deep appreciation - if not love - for numbers and how these numbers play out on the business balance sheet. If the business is progressing in a positive way financially, the rest of the aspects to running a business will fill itself in over time. Isn't it a lot easier to learn the ends and outs of operating a successful business venture and maintaining the commitment and motivation to the business vision when the business is steadily in a financial growth? Something to seriously think about. Especially, if owning a business is an appealing idea, but is equally as much a mystery to the aspiring entrepreneur. The key to success ultimately is determined by the plusses and negatives found in the business's balance sheet. And, a focus on this will dispel many of the mysteries and emotional challenges to owning a business.

Joseph T Farkasdi is the President of JtseF, Inc. and is a member of the Financial Freedom Society. He is an entrepreneur who is committed to helping others achieve the financial lifestyle they desire. For more information, visit [http://www.jtsef.com/financial.htm] .

TheDesireForMoney@jtsef.com

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5 Ideas For Making Money With Facebook

How to make money with Facebook? Is it really possible to make money with Facebook? It seems like making money with Facebook is on everybody's mind these days. If you are one of those people who want to know how to make money with Facebook, here are some ideas to help you get started in making money on Facebook.

These methods don't require you to buy anything or pay someone to tell you the "secrets". As a matter of fact you can start making money with your Facebook right now without having to spend any money at all. These are no "secrets" for making money on Facebook. Simply some very basic methods that people use to make money elsewhere, but with a little work and patience you can apply the same methods to make money on Facebook.

Of course, like any other method to make money, you need a market for it. In this case the market would be Facebook friends. The more Facebook friends you have, the more chance you have of making (more) money. What if you don't have much Facebook friends? Fortunately it's very easy to create a massive market (friends for Facebook) simply by searching and inviting others to be your friend. But, if you want to take it to the next level and automate the finding and adding friends process, there are some software that can do just that.

Ok, lets get to the point and see how you can make money on Facebook. Here are some proven ways you can use to make money on Facebook.

Showing ads on Facebook

With all the Facebook applications that make it easy and a snap to start showing ads on your Facebook, there is no excuse for not taking advantage of this method, specially if you are popular amongst your Facebook friends, and have a big audience to show your ads to. Using AdSense, chitika and other PPC advertising companies you can easily setup your ads and customize it to your liking. Make sure to set it somehow that it serves ads related to product and services that you know your Facebook audience is interested in.

Writing a Facebook book (How To...)

Facebook is attracting more and more members everyday. And lets face it, not all of these people are Facebook savvy. And even though getting started with Facebook for you and I might be simple and quick, many people have problem with the basic things. Write a small and to the point e-book about Facebook and how to use it. Maybe a simple step by step instruction for getting started with Facebook. Or an e-book about how to use different application to make Facebook experience a better one. There are many possibilities. With the huge amount of Facebook apps and all the new ones that are added daily, this can be quite big. You don't even have to pay to promote your e-book, simply use your own Facebook or better yet create one for your e-book and start promoting it.

Affiliate marketing on Facebook

It's the same idea as showing ads, but in a more direct way. Register for free with affiliate networking sites such as ClickBank, Maxbounty and etc, and pick a product relevant to your Facebook audience interest to promote. You will be provided a simple code which is a link with your affiliate id embedded in it. Whenever someone clicks on that link and buys the product or service, you make money by getting a commission.

You can create an entirely new Facebook for that product and start promoting it there. A friend of mine is actually doing it for 4/5 different weight loss product. He created a Facebook page for each product and started adding friends to his Facebook. He writes short posts about the product and posts it on his Facebook with his affiliate link in it. Hi is making a couple of hundred dollars a month doing this. I know it's not much, but for something that doesn't cost you a dime and takes about 30 minuets to setup, and takes about 20 minutes or so a day to run, I don't think it's a bad deal.

Blogging about Facebook

There are already some people doing it. But there is always room for new voices. Get a free blog over at blogger and use Google AdSense (which is already integrated in blogger, so even if you don't know how to show ads on your blog, you can set it up with couple clicks) to show ads on your blog and make money that way.

When you established yourself as an authority and a trusted person for anything related to Facebook, you can get some sponsor and maybe use affiliate networking sites to find and promote Facebook related product.

Create and sell a Facebook application

If you are savvy enough and know your way around, why not use your skills to make a Facebook app of your own and sell it to Facebook users? Again, once you made it, you can use the same strategies mentioned above (blog or a Facebook page for the app) to promote your app.

There you have it, 5 ideas you can use to make money not only on Facebook, but you can also apply the same ideas to MySpace, Twitter and other social networking platforms to make money.

Satrap is the founder and author of controversial blog, blogstash.com. A blog full of great how-tos and information about making money online. Visit blogstash today to get your share of this valuable information and learn how to make money online.

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Make Money on Facebook With These 12 Free Applications

Making money with Facebook! If you are a Facebook user or have been around social networking sites for a while, you probably have heard that. But, is it really possible to make money with Facebook? How would you go about making money on Facebook?

Well, thanks to some very useful and user friendly applications, today almost anyone who has a Facebook page, can make money in verity of ways. With one simple installation, you can be on your way to make money on Facebook. Of course like any other methods of making money, specifically making money online, it takes hard work and persistence to be able to make a decent amount of money on Facebook. Although these applications make it very easy to get on the path of making money with face book, its the strategy and a well thought out plan, combined with persistence and hard work, that ultimately factors in your success or failure in making money with Facebook. Here are 12 applications you can use to make money on Facebook.

1. RadicalBuy This is almost like a Facebook made eBay. You can sell anything on your Facebook page using this unique app. List an item and have it visible to all Facebook users instantly. Now, the cool think is that you can offer commission to others who will sell your items on their Facebook page, allowing you to reach more potential buyers. Of course that means, even if you don't have any item for sale, you can show other peoples item on your Facebook page and make money with the commission you get for selling there stuff.

2. MyMerchStore Zazzel allows you to create and design any product on their site(which is free), and sell them on your face book. Think about the potential buyer base for customized t-shirts and hats and etc, specially if you have a lot of Facebook friends. You can also sell product created by other artists and earn a commission on those. So, even if you don't want to deal with designing, you have a way to make money on face book using Zazzle.

3. CafePress It's the same idea as Zazzle, but with a much bigger and well known online store. Cafepress lets you easily sell any product from anti Obama Shirts to pro Obama Shirts, on your Facebook and make money, whether it was created by you or someone else.

4. Ether Ether is a website that you can make money on by giving advice to people over the phone or by chatting. But now, you can use their new application on Facebook to make money while giving advice to people over the phone. If you're good at giving advice, this may be the way for you to make some extra money on Facebook. Also if you know a second language, this app makes it easy to teach others and make money. You set the rates and Ether provides a number that individuals can call. The call will then be forwarded to your personal telephone number.

5. MusicBlaster With MusicBlaster you can put a simple little music store on your Facebook, and sell music from BlastMyMusic.com. You earn 5% for each song sold. The cool think about this app is the fact that you can help your favorite band or singer to sell their music while you make money, as well as helping them to gain more exposure.

6. GarageSale The name says it all, its the good old Garage Sale, but a "Facebooky" Garage Sale. Simply add Garage Sale to your profile page and list every thing you want to sell. When someone buys something, Garage Sale automatically bills the buyer's credit card and lets you when to ship the item. Your money is deposited directly into your Pay Pal account, or you can request payment by check. However they charge a 5% commission on the total sales price, but that's all. No other fee for setup or anything like that.

7. Shopit Shopit is a free Social Commerce Network that gives users the ability to buy, sell or trade any product or service. Simply add a free store to your Facebook and sell anything you like. Another easy way to make money on Facebook.

8. FlameTunes FT was founded in 2007 by an Iranian-American named Nima Khakpour. This app is more for the artists to sell their music. So, if you are an artist, FlameTunes enables you to sell your music on your Facebook. You can also use it to sell music on myspace.

9. Lemonade Remember when you setup your first lemonade stand in your community? Well, this app allows you to use the same concept, combining commerce and community, and have a lemonade stand in a digital (Facebook) neighborhood. Basically you add what you want to sell to a lemonade stand, and put it on your Facebook. It's free and easy.

10. eBay Who knew that was coming? Yep, you guessed it. Now you can have your ebay on Facebook. This application allows you to add eBay auction listings to your Profile. Sell things to your Facebook friends from crafts, jewelry to diary pages, undies and dinner dates or just whatever you're selling on eBay! You also have the option to add a charity auction that you support, on your Facebook profile. I think it's a very smart way to combine eBay and Facebook, and you don't even need an eBay Account!

11. Lending Club It's almost like prosper, where you land money to others and make money with the interest you make from the loan. Not to worry though, lending club has all the detail covered. So, it's completely safe, and the whole legal and trust issues are taking cared by lending club. If you can use it safley, it can be a good way to make money with your Facebook.

12. e3buy Auction Buy, sell or trade anything. Auction your used or new stuff. With e3buy you can open a customizes store, upload your logo and start selling things. Unlike ebay, there is no commission or fee to be paid. it's completely free to use. It is also fully integrated with paypal, so you can get paid fast.

These are just some of the great Facebook money making ideas. But, I am sure as the social networking sites become more popular, there will be more and more of such ideas and applications, not only for Facebook, but for many other social networking sites as well. There you have it, 12 Free applications that you can take advantage of to make money on Facebook.

Struggling to make money with this or any other method? Tired of wasting time and money and not making a dime? Want to learn the secrets of making money online? Visit my blog to learn this and many other ways to make money online in a matter of hours.

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