Month: November 2015

Cash Management Solutions What Are They, And How Do They Work?

    Finance Tips

Currency sorting machine

When running a business ? especially a small business ? the issue that stands above all others is money. But you know as a business owner that money doesn?t simply concern what you make and the bottom line. There?s also the matter of physical currency, and how cash is managed on the most basic level. In fact, many people who shop at stores on a daily basis don?t know what happens to their cash once they spend it, or how their personal cheques are cashed. Cash management solutions are incredibly important, not only to business owners but to those trusting them with their money. They not only lead to more responsibility overall, but more efficiency.

What Does ?Cash Management Solutions? Mean?

When discussing cash management solutions, you?ll usually find yourself talking about things like cin sorters, coin and note recyclers, and cheque scanners, among many other things. These systems make organizing money and scanning cheques much simpler. Furthermore, these solutions take human error, for the most part, out of the equation. This ensures that your business is less at risk of employee mistakes that you could be held accountable for ? not to mention the fact that it minimizes the risk of a poor employee getting away with theft.

What Are The Advantages Of Using Retail Management Systems?

First thing?s first: what do these machines do? Well, there are plenty, and they all have different functions and purposes. A currency counter machine, for example, can count everything from stacks of banknotes to loose collections of coins. While counting coins by hand is time consuming, often requiring two or three counting sessions, you?re still susceptible to mistakes. Only a cash counting machine can allow for 100% accuracy. There are also high quality cheque scanners available, which can scan and electronically deposit cheques throughout the day. Another thing that a cash management system can accomplish is simpler deposits for bank tellers. As they can identify which bills were inserted ? rather than simply how many ? currency counters in modern automated teller systems can allow for deposits without envelopes.

What Issues Can Cash Management Systems Prevent, Besides Theft And Miscounting?

A major issue faced today by bankers and business owners alike is counterfeit cash. Counterfeit cash isn?t simply useless; it actually can get those who take it, even unknowingly, in legal trouble. One of the oldest crimes in history ? becoming a serious problem in the 19th century, when banks issues their own currency ? counterfeiting is still very common, and relatively simple for criminals to accomplish. By using currency counters, you can not only keep track of money but in some cases identify counterfeit money on the spot. The bill will be identified and then, hopefully, traced to the source. In using cash management systems that can spot counterfeit money, you?re not only saving yourself a headache, but helping the government catch criminals.

Thinking of Moving Your Businesss into Canadia? Do You Know the Diffferences in Payroll Regulations?

    Finance Tips

Payroll solutions for small business

A potential issue facing all small business owners is employee payroll processing, as it can be risky, complex, and expensive if mistakes happen. Business owners who manage employee payroll themselves have to total hours, perform gross-to-net calculations for each employee, calculate and deposit payroll taxes, and prepare and file tax returns accurately and on time, but when you use outsourced payroll solutions, you only have one report to approve and one bill to pay.

As a small businesses owner, you?ll benefit greatly by using an employee payroll service, HR services, and leaving employee benefits to a specialized company, so you can focus on your core business. Accounting and how to figure payroll taxes can be especially difficult for small business owners, who often have little experience bookkeeping, that?s why more than 85% of CPAs recommend that you employ the acumen of professional employee payroll services providers.

You?ll find that using an outsourced payroll service can save you time and money, particularly around tax season.

In addition to employee payroll service, a payroll provider can offer ESA and OHSA compliance, government remittances, and HR Management. HR management and employee payroll in Canada are different than in the U.S., because we have very different laws and regulations. When it comes to payroll processing in Canada, there are more than190 regulatory legislative requirements, that?s why it can be challenging for U.S. based companies to ascertain that they?re in compliance with Canadia when paying their Canadian staff.

There are many U.S. firms that are reticent to expand into Canada because of the jurisdictional differences between the two countries. Firms based in America can potentially make costly mistakes mismanaging their Canadian employee payroll by relying on spurious practices and misinformation. Hiring a PEO service in Canada will help you to avoid this. Plus, they?re aware that the Canadian Revenue Agency is focusing its efforts on enforcing employee payroll tax policies for small businesses in Canada, because small businesses have been classified as the greatest source of uncollected taxes.

Obviously, there?s a lot more to employee payroll management than just cutting cheques. So if you?re ready to expand into the Canadian market, consider hiring a company specializing in Canadian employer of record services. You?ll be glad you did.

Here’s How Selling a Structured Settlement Can Help You Take Care of Your Most Dire Cash Needs

    Finance Tips

Access your settlement cash

Everybody has random and unexpected cash needs that pop up from time to time, and not having the financial resources to meet these needs can lead to some serious consequences. If you’re the recipient of a structured settlement, you have the right to sell your fixed payments for a huge lump sum and face these urgent cash needs head-on.

There is a wide array of things that can happen on a daily basis that will cost you money, but the most common sources of urgent cash needs are medical problems and overdue rent. Selling your settlement will allow you to avoid hassling creditors and possible repossession of your most valuable assets. Here are just three of the ways that selling your structured settlement can get you out of a financial jam:

    Medical debt. Health issues know no schedule, and you need to be prepared if anything were to ever happen. About one in four people say they now owe more in medical debt than they have in their emergency fund, and this is a common problem that can set you back years. To avoid this harrowing fate, you have the option to sell your structured settlement and eliminate debt in one fell swoop. This will give you more freedom to live your life comfortably without a giant debt looming over your head.

    Rent/mortgage payments. Everybody needs extra cash, but some people truly need extra cash when threatened with eviction or foreclosure of their home. Over 40% of U.S. families spend more than they earn, and 27% have no savings at all, which makes this a disturbingly-common issue. When you access your settlement cash now, you can acquire the funds to pay for overdue rent and mortgage payments, as well as taking care of future payments depending on the size of your lump sum.

    Fast pre-settlement advances. If your settlement is still pending litigation, you have the option to receive a pre-settlement cash advance and take care of urgent cash needs until your case is resolved. Often times, settlement recipients are forced to miss work during their trial, which can leave you in debt upon resolving your case. To avoid this, you can sell all or a portion of your future settlement to take care of these cash needs.

Selling a structured settlement is is a fast and easy solution to a complicated problem. Don’t fall victim to financial distress; talk to a settlement expert and receive a huge lump sum to take care of these unforeseen expenses.

Five True Facts About Lottery Annuities

    Finance Tips

some of the moneyEveryone has dreamed of winning the lottery at some point in their lives, and why not? Winning the lottery can either solve all of your problems or spawn some entirely unforeseen problems of its own. Here are the top five reasons why the lottery system might not be all it is cracked up to be.

1. Taxes on Your Annuity 
Right off the bat, you lose 25% of your lottery annuity to federal taxes. As if this is not enough, state taxes can cost you an additional 10%. Some annuities may even have yearly tax fees, costing you even more money.

2. Annual Upkeep Fees 
The threat of annual tax fees is only increased when one has to consider annual upkeep fees. Annual fees for your annuity can reach as much as 3% of your total investment. Some annuities charge penalties reach 6 or 7% within the first seven years; meaning that money is lost every year you wait.

3. Subject to Early Withdrawal Fees 
Waiting might just be the only thing you can do, as many annuities are specially set up to hit you with early withdrawal fees. If you withdraw the money before a certain length of time, or in some cases before the age of 59½, you will be subject to taxes plus an additional 10% early withdrawal penalty fee.

4. Lottery Annuity Payment Schedule 
The most important part of an annuity is the money of course. The Mega Millions starts out with an initial payment followed by 29 annual lottery payments that increase every year by 5%. This means that a typical Mega Millions jackpot of $50 million would start with an initial payment of over $750,000 and future annual payments that would nearly reach $3.1 million dollars.

5. Love and Loss 
Despite being entitled to more money than most people see in their entire lives, nearly half of lotto workers continue to work at their old job. Whether they will $500 million or just $1 million, nearly 70% of lotto winners will lose or spend all of their money in five years or less.

Still encouraged to go for the lottery? Many people have bypassed the unnecessary fees associated with annuity settlements by selling lottery payments to trusted companies who will continue to collect the cash after giving you a lump sum. Although you’ll never beat the lottery, at least you can find a way to still come out ahead.

How to Receive Cash for Annuity Payments

    Finance Tips

dollar paper money in bag over concreteWinning a lottery annuity is often the subject of a great story, but rarely happens in real life, right? The truth is, lottery winners are living and working along side of us; chances are you know one. So why are these hidden millionaires not driving yachts or sipping champagne? Here are three hidden truths that the lotto business doesn’t want you to find out.

Taxes 
To put it mildly, lottery taxes are brutal. The government will instantaneously withhold around 25% of jackpot winnings for federal taxes, plus an additional amount for state taxes too. These heavy taxes significantly cut down on your winnings, which may be why nearly half of lottery winners continue to work even after receiving annuity lottery payments.

Hidden Fees 
Unfortunately the taxes are only the beginning of what can be a lengthy process of fees and restrictions. Many annuities have hidden fees that are enacted once you try to make a withdrawal; if you make a withdrawal within the first five to seven years you may surrender charges of up to 7% of your investment or more. In some cases, withdrawing from particular annuities before the age of 59½ can result in additional taxes plus a 10% early-withdrawal penalty. Just maintaining a variable annuity can cost $20 or $30 per year in maintenance fees — those millions don’t look as attractive as they used to.

Payouts 
Getting money is the only reason people really play the lottery anyways, right? Unfortunately a lump sum lottery payout is not going to happen, so you’ll have to receive yearly payments. Some annuities come with options for payments, including payments over a specified number of years ore payments that continue for as long as you or a spouse are still alive. A lottery annuity, such as the Mega Millions is paid out in one immediate payment followed by 29 annual payments that each increase by 5% every year. While some are happy to sit back and collect, some people want to get cash for annuity payments as quickly as they can to pay bills and come out ahead. In order to get cash for annuity payments, you’ll have to find a specialized buyer who will continue to collect on your annuity while giving you a certain amount of money in a lump sum. Selling your annuity may just be the best way to get the most out of your lottery payout.