It’s no surprise that factoring businesses, new or old, rely on steady and abundant cash flow in order to be profitable. Being smart about how and where to efficiently manage funds can make or break the difference between flourishing and floundering in the world of factoring. Check out these ideas on how to cut costs so that you’re not overspending in areas that could be hurting your factoring company. Replace Print with Social Media It may not seem like a big deal, but the use of social media for marketing is no longer an option. Given that social media/networking is the top online activity in the US, small businesses can use it to capitalize on increased brand exposure, web traffic and even possible sales. Social media offers … [Read more...]
Tax Time! Five Tax Tips to Benefit Your Factoring Business
No time of year puts quite the same amount of panic into a factoring business owner as tax time. Properly filing and paying your business taxes is one of the most important things you will do all year, and can also be one of the most complicated. With that in mind, we have five tips to keep your tax season running smoothly. Tip #1: Get the right person to prepare your taxes. (Hint: it may not be you.) It can be tempting to save money by filing your business taxes yourself – after all, who knows your factoring business better than you? Before you break out the pens and calculators, though, think about whether you have the time and the tax knowledge necessary to accurately report all of your earnings and deductions. Mistakes can cost you … [Read more...]