Thursday, May 29, 2014

→ New Case Study Indicates That Receivables Financing Dramatically Improves A Company’s Survival Rate

Posted on May 29, 2014

Recently, Universal Funding, one of the country’s leading receivables factoring companies, announced a recent case study reviewing clients who used factoring services over 5 years ago.

It’s a common misconception that 9 out of 10 businesses fail in the first 5 years. Numbers provided by the Small Business Administration (SBA) and the U.S. Bureau of Labor Statistics show that in reality, only 50% of new businesses survive the first five years. Interestingly enough, these numbers haven’t changed much over the last fifty years.

Recently, Universal Funding, one of the country’s leading invoice factoring companies, announced a new case study where they could confirm 13 out of 20 of factoring customers were still in business five years after using their factoring services. This means a success rate of 65%; 15% above the national average. Only one business could be confirmed as going out of business. There were inconclusive results in determining whether six other companies were still in business, which could mean that the success rate is actually higher than what is reported.

Additionally, Universal Funding found that five plus years later, 41% of these businesses were still active factoring clients, which is rare in the factoring industry, as most factoring agreements run their course in 12-18 months. Most companies who use factoring use it as a short-term finance solution. However there are certain industries that require factoring as a long-term solution as their payment cycles are extremely extended.

According to Forbes Magazine, “The primary reason businesses fail is that they simply run out of cash.”

Some companies turn to a bank or credit cards and incur more debt in the process. Or they sell part of the business to a partner or venture capital group, but end up having to share the profits. The 15% increase in company survival is why invoice factoring is a growing alternative for businesses requiring financing.

Statistically speaking, invoice factoring can be a cash flow survival tool for both new and established businesses.

About Universal Funding:

Universal Funding Corporation is an independent receivables factoring company, providing businesses with working capital to stabilize cash flow and foster growth. Since 1998, Universal has been developing personalized invoice factoring finance programs for a variety of industries including the staffing, transportation, printing, and oilfield industries. Based in Spokane, Washington, Universal Funding provides accounts receivable financing for companies throughout the United States.

Media Contact
Company Name: Universal Funding Corporation
Contact Person: Heather Burford, Marketing Manager
Email: Send Email
Phone: 800-405-6035
Address:16201 East Indiana Avenue, Suite 2600
City: Spokane
State: WA
Country: United States
Website: http://UniversalFunding.com

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Member of the American Institute of Professional Bookkeepers, National Association of Certified Public Bookkeepers, Intuit QuickBooks Advisor Program, Association of Certified Fraud Examiners, Voorhees Business Association, and Chamber of Commerce.

Tuesday, May 27, 2014

Thursday, May 22, 2014

Cartwheel Register Now Connects to QuickBooks, Makes Switching and Setting Up Stores Even More Convenient for Merchants

DALLAS, May 22, 2014 (BUSINESS WIRE) -- Tantrum Street has updated its Cartwheel Register mobile checkout app to include item-level syncing capabilities with Intuit’s QuickBooks Online, the nation’s top-rated small business accounting software.

The new feature makes Cartwheel Register the industry’s only mobile point-of-sale app that offers native, two-way item-level syncing with QuickBooks Online. It also makes switching to Cartwheel Register a simple three-click process for QuickBooks Online users.

Merchants use their intuitive Cartwheel Register web dashboard to follow a quick, one-time process to import their items from their existing QuickBooks Online account. Then, all transactions and items are kept in sync, further simplifying the ongoing use of Cartwheel Register.

“Our integration with QuickBooks Online adds convenience and simplicity for small business owners,” said Kit Carson, co-founder of Tantrum Street. “We can now tack this capability on to a growing list of features that merchants receive with our free Cartwheel Register app. That list also includes the unique ability to conduct swiper-less credit and debit card transactions, as well as a single transaction rate for all card types.”

Cartwheel Register is the world’s first software-only complete store system connecting businesses with their customers. With the free mobile app, small business owners just need their smartphone or tablet to fully and securely run their businesses, complete transactions, access reports, and more. The app is currently available on the Apple App Store at http://bit.ly/1jFoWHj .

About Tantrum Street

Dallas-based Tantrum Street combines the convenient freedom of mobile with insights and social enterprise to improve daily relationships between businesses and consumers. With this mission, Tantrum Street has built a modern, cloud-based data and payments platform that powers its three products: Cartwheel Register, a free app that accepts payments and runs small businesses; Handshake, enterprise middleware enabling mobile interactions and payments for governments and existing POS infrastructure; and Skip Wallet, a free digital wallet and app for consumers. By combining camera capture technologies with an accessible cloud backend, their developer-friendly platform provides complete freedom from traditional payment hardware, software, and accessories. Tantrum Street is also an integral member of Good Returns, a social enterprise network which facilitates impactful microloans to small businesses in the U.S. and abroad. For more information, visit www.tantrumstreet.com and www.goodreturns.org .

SOURCE: Tantrum Street

Tuesday, May 20, 2014

Expert Bookkeeping Services For Small Businesses (NJ, PA, DE)

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I have extensive experience in helping business get back in shape with bookkeeping services, including accounts payable and accounts receivable, generating reports, generating invoices, and much more.

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Kathryn C. Tiffany, LLC (Licensed, Insured and Bonded)
Certified QuickBooks ProAdvisor
856.803.4651
Located in Voorhees, New Jersey
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany show contact info
Web: http://www.TiffanyAccounting.com

Member of the American Institute of Professional Bookkeepers, National Association of Certified Public Bookkeepers, Intuit QuickBooks Advisor Program, Association of Certified Fraud Examiners, Voorhees Business Association, and Chamber of Commerce.

Monday, May 19, 2014

Fraud funded breast enhancement and shopping sprees

A PPI claim company admin manager illegally pocketed more than £90,000 of compensation and used it to fund a breast enhancement a car and shopping sprees, a court has heard.

The actions of Louise Hitchen, 27, had wider implications for her company and colleagues, some of whom lost their jobs because of the cost to the firm.

At Liverpool Crown Court today, she was sentenced to 12 months in prison after admitting two counts of fraud by abuse of position of trust.

Hitchen, of School Street, Newton-Le-Willows, was employed by Hardwick Financial Solutions LTD - a company that deal with Payment Protection Insurance (PPI) claims and settlements to clients - in 2011 as an admin manager.

The company is based in Goose Green, Wigan.

Following poor performance, Hitchen left the office on October 19, 2012, and did not return for her next shift. She later resigned.

In December 2012, Hitchen's former line manager was contacted by a customer who was querying where her compensation was.

An investigation was launched and it was established that the client's money had been paid into Hitchen's account, rather than the account of Hardwick Financial Solutions LTD.

Some funds were returned by Hitchen, including a Vauxhall Astra convertible that she had bought.

The firm also discovered electronic and paper records of transactions had been deleted so they had no way of establishing whether any other funds had been stolen.

A further client then contacted the firm in March 2013, who was claimed to be owed cash.

Police were called and an investigation was launched.

Hitchen's bank accounts were checked and 15 transfers were identified that had come from two companies who settle claims with Hardwick Financial Solutions LTD.

The total payments into Louise Hitchen's bank account was £93,250.56, £23,849.98 of which has been repaid by her.

The money was used to pay for a breast enhancement, a car and numerous transactions were made at food and retail outlets.

Detective Constable Mark Edwards, from Greater Manchester Police’s Volume Fraud Team, said: “In the space of about four months Louise Hitchen stole close to £100,000.

“With the exception of the cosmetic surgery and car - which has since been returned - Hitchen frittered away much of the cash on shopping sprees and trips out.

“The cost to Hardwick Financial Solutions LTD has been significant and has included staff losing their jobs but the only person Louise thought about while she had her 'hand in the till' was herself."  


http://www.sthelensstar.co.uk

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    Member of the American Institute of Professional Bookkeepers, National Association of Certified Public Bookkeepers, Association of Certified Fraud Examiners, Intuit QuickBooks Advisor Program, Voorhees Business Association, and Chamber of Commerce.

Saturday, May 17, 2014

On Your Side Alert: Debit card fraud protection

NBC12.com - Richmond, VA News RICHMOND, VA (WWBT) - Your smart phone is probably the most popular thing you carry every day. But there is a 12 On Your Side Alert about your debit card. Unlike a credit card, thieves can debit away "hundreds" of dollars of your money -- that you could end up responsible for. But a bill on Capitol Hill could change all that. 

If you are the victim of credit card fraud the most you would be responsible for is $50. The same is not true for your debit card. If crooks go an illegal shopping spree with it, that $50 liability expires if you don't notify the bank within two business days. If you wait longer, you could be on the hook for $500 or more.  

Senator Mark Warner wants to change that through the Consumer Debit Card Protection Act.

"More and more of our kids and people who have less credit history, are using debit cards rather than credit  cards," Warner said. 

No matter what card you use, consumer advocates say the key is to report fraud as quickly as possible. While Senator Warner says there is a disparity in consumer protection regulations between debit and credit cards, the banking community doesn't agree. Some experts say because most debit cards carry the MasterCard or Visa logo, the rules of protection are similar and no change is needed. 

Bruce Whitehurst with the VA Bankers Association weighed in on the proposal.

"I think the main message here is that consumers already really have the same kind of protections in place. There are some differences in the actual regulations but ultimately with so much rolling up to Via and MasterCard, you really have a similar situation with credit and debit cards," he said. 

Whitehurst, says instead of new regulations, there needs to a bigger push to go after criminals.

"We really want to see attention given to making sure there is a system of accountability in place, where those who perpetrate the fraud are held accountable for the cost," he said. 

Senator Warner agrees the banks can't do it all. He says consumers  also have to empower themselves.

"That means regularly changing your PIN number, not giving out your PIN numbers to folks who shouldn't have it and understanding in this new and involved cyber security world, we all have to help guard our own credit," Warner explained. 

Make sure you check your statement on a regular basis, never carry your PIN on you -- and the moment you notice anything suspicious, contact your card provider. Also, keep in mind, some banks may voluntarily waive all liability for fraud if it's determined you took reasonable steps to protect yourself.  

Something else to remember, the change may sound good, but if banks are forced to revise regulations, your bank fees may increase. 

Links:


Friday, May 16, 2014

New York woman accused of stealing thousands of dollars from a former employer; 36-year-old Lisa Taber accused of embezzling more than $48,000

SHAFTSBURGH, Vt. —A New York woman is accused of stealing thousands of dollars from a former employer, almost ruining the business, police said.

Police say Lisa Taber, 36, of Hooski Falls embezzled $48,155.27 from Latif Plumbing and Heating in Shaftsbury, to pay her property taxes and personal bills between January and April.

The missing money forced the small-business to layoff employees.

Taber's husband, Jeremy Taber, was also arrested for allegedly threatening the boss, Donald Latif for going to police.

Sunday, May 11, 2014

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Kathryn C. Tiffany, LLC
Licensed, Bonded and Insured
Certified QuickBooks ProAdvisor
Located in Voorhees, New Jersey
Phone show contact info
show contact info
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany

Member of:
American Institute for Professional Bookkeepers
National Bookkeepers Association
Intuit QuickBooks program - Certified QuickBooks ProAdvisor
Voorhees Business Association
Chamber of Commerce
Journal of Accountancy and Accounting Today
Association of Certified Fraud Examiners

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Still more Crundwell assets to seize, return: Loans to fire chief, former city engineer unresolved

DIXON – The U.S. Marshals Service isn’t done trying to seize the remaining assets of former Dixon Comptroller Rita Crundwell.

In December, the city received a $9.2 million check from the sale of many of Crundwell’s assets – mainly 400 horses, her homes, and other large items.

Crundwell was arrested at City Hall in April 2012 for stealing nearly $54 million over 2 decades. In February 2013, she was sentenced to 19 years, 7 months in prison.

The Marshals Service and Jason Wojdylo, chief inspector of its asset forfeiture division, are working to seize 13 remaining assets and turn them over to the city.

Among those assets are personal loans Crundwell made to Fire Chief Tim Shipman and then-City Engineer Shawn Ortgiesen.

The amounts of those loans haven’t been released, and in April, Mayor Jim Burke told Sauk Valley Media’s editorial board that he wasn’t aware of the terms of the loans.

Wojdylo, who said he doesn’t know the terms of the loans, is working to obtain loan documents and take them under his control.

The other known remaining assets, already in cash form, according to Wojdylo, include Illinois Municipal Retirement Fund contributions, a retirement fund with Nationwide, $1,000 in inheritance, and scholarships and royalties of the American Quarter Horse Association.

Other assets, which would have to be appraised before being sold, according to Wojdylo, include a trophy collection; show clothing; personal effects such as household items; an old pickup truck currently in possession of a Crundwell family member; offspring of the horses she owned; and a stake in a family partnership.

Monetizing some of those assets, like offspring from Crundwell’s former horses and the personal effects, can be complicated and not yield a large return, but Wojdylo said he’ll explore every option and any new leads.

“I don’t want to spend a lot of money and make this worthless for me and the city,” he said. “And I also don’t want to leave assets on the table.”

The family trust is split five ways and controls 347 acres of farmland near Dixon. The Marshals Service has a 20 percent voting stake, equal to other family members, so it doesn’t have complete control over what happens.

There are options, Wojdylo said, which include selling the share in the partnership or selling 20 percent of the land.


http://www.saukvalley.com

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if i write 12 checks in 2013 to Verizon, i can get a report showing twelve separate checks in chronological order

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Tuesday, May 6, 2014

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A successful business requires time, organizational skills and a keen eye to detail when it comes to bookkeeping. Even for those who perform their own bookkeeping, a QuickBooks set-up service and training tutorial by Kathryn C. Tiffany, LLC Bookkeeping Services is both affordable and practical for any business.

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Here are some of the bookkeeping services we provide:
 
QuickBooks Training, QuickBooks Set-up & Clean-Up
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Kathryn C. Tiffany, LLC
Licensed, Insured and Bonded
Voorhees, New Jersey
Email:Kathryn@TiffanyAccounting.com
Web: http://www.TiffanyAccounting.com
Intuit QuickBooks Profile: http://proadvisor.intuit.com/quickbooks-help/kathryn-tiffany Phone: 856-803-4651

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A trained bookkeeper is capable of bookkeeping functions like recording transactions and reconciling accounts. 

You may consider giving your prospective candidate a bookkeeping test. Check out this free bookkeepers hiring test from the American Institute of Professional Bookkeepers.