Your Virtual Credit Manager

SEPTEMBER 12, 2023

To make matters worse, invoice errors also tend to generate payment deductions (partial payments). Correcting invoices and reconciling payment deductions are essentially rework: work that is not necessary if you got it right the first time. To make matters worse, most payment posting errors will involve deductions.

Credit and Collections 130

Credit and Collections Bad Debt Accounts Receivable (AR) Deductions 130

CreditStrong for Business

OCTOBER 18, 2024

For example, if your tax deductions are too different from other businesses with your NAICS code, the IRS may audit you. While it’s not guaranteed, you may be able to determine whether someone has assigned you a NAICS code by checking your business credit reports. Can You Have More Than One Primary NAICS Code?

Electronic Funds Transfer 52

Electronic Funds Transfer Credit Scoring Credit and Collections Credit Unions 52

BitX Funding

FEBRUARY 24, 2023

These may include: Credit score: Your credit score is one of the primary factors that lenders consider when assessing your eligibility for a short-term loan. A higher credit score means you’re less of a risk to the lender, so you’re more likely to be approved.

Credit Scoring 52

Credit Scoring Credit Unions Deductions Small Businesses 52

Lendio

JANUARY 11, 2023

Historically, merchant cash advances have been used by newer and smaller small businesses that may have a more difficult time qualifying due to a short time in business or low credit score. Rather than the mountains of documents needed for traditional term loans, merchant cash advances have a fairly streamlined application process.

Credit Scoring 97

Credit Scoring Transactions Deductions Small Businesses 97

Lendio

DECEMBER 7, 2023

Lenders will look at a combination of your credit score, annual revenue, time in business, and the value of the equipment you are leasing. In general, you will need a minimum credit score of 520 and an annual revenue of $50,000. Lease payments are considered a tax-deductible expense. What is depreciation?

Small Businesses 52

Small Businesses Credit Scoring Deductions 52

Your Virtual Credit Manager

MARCH 19, 2024

Collection activity: Document the instances of broken promises or payment agreements before speaking to the customer's management. This is done by getting updated credit reports, updating credit references, sharing information with a credit industry group, and monitoring various information sources both internal and external.

Bulk Transfer 100

Bulk Transfer Credit and Collections Bankruptcy Third Party Collections 100

Due

JANUARY 5, 2023

Did your credit score drop since you first financed your house? That means you’ll have to pay closing costs and your lender will look at your credit score. Often, mortgage interest is tax-deductible on income-producing properties. Don’t ignore your credit score. Not shopping around.

Credit Scoring 80

Credit Scoring Deductions Default Transactions 80

Lendio

NOVEMBER 1, 2023

If you’ve been in business for more than half a year, are bringing in $50,000 or more in annual revenue, and have a credit score of 600 or higher, consider yourself a prime candidate. Before you apply for an SBA loan, you’ll need to gather all the necessary documentation. Minimum credit score requirements start at 500.

Small Businesses 98

Small Businesses Credit Scoring Credit and Collections Default 98

NorthOne

JUNE 9, 2023

Compare Premiums, Deductibles, and Coverage Limits When comparing insurance policies, it’s important to consider the cost of the policy. Compare the premiums, deductibles, and coverage limits of each policy to determine which one offers the best value for your business. You should also consider the deductible amount.

Deductions 52

Deductions Credit Scoring Insurance Companies Small Businesses 52

Due

MARCH 29, 2024

Streamline refinance A streamlined refinance enables you to refinance your current mortgage with minimal documentation and paperwork. This option waives some refinance requirements, such as appraisals and credit checks. But be careful about multiple credit inquiries, affecting your credit score.

Credit Scoring 52

Credit Scoring Brokerages Default Deductions 52

Fundera

OCTOBER 20, 2019

Get a handle on your personal and business credit scores. We’ll break down need-to-know accounting terms, how to handle your credit scores, how to apply for a business loan, and more—so that you’ll have all the information you need to manage your small business finances. Gross Revenue. Net Profit.

Small Businesses 101

Small Businesses Credit Scoring Credit and Collections Default 101

Fundera

JANUARY 18, 2019

Plus, you might be asked to sign documents and make decisions based on information you don’t totally understand. The daily deductions from your business sales can significantly eat into your cash flow. Answering that question to the satisfaction of your lender can require a lot of documentation. How to Apply for Debt Financing.

Small Businesses 72

Small Businesses AR Aging Credit Scoring Deductions 72

Fundera

OCTOBER 16, 2015

Compared to business bank loans, both Kabbage and OnDeck have far easier application processes with little documentation required. Personal credit scores. Both Kabbage and OnDeck focus more on your business’s cash flow and revenues than on documentation, history or credit scores. Minimal time in business.

Small Businesses 102

Small Businesses Credit Scoring Deductions Default 102

Eagle Business Credit

AUGUST 2, 2023

This is particularly true for smaller loan amounts or lines of credit. The lender may need additional time to review the application, verify documentation, and conduct underwriting or credit checks. AR Financiers evaluate different documents than banks or online lenders, so this could take less time.

Invoice Amount 52

Invoice Amount Credit Scoring Deductions Small Businesses 52

Fundera

NOVEMBER 17, 2018

Get ready to learn about need-to-know accounting terms, managing your credit scores, applying for a business loan , and more so you can feel prepared for managing finances for a small business. Your 4 Most Important Business Accounting Documents. Part 1: Business Accounting 101: How to Organize Your Business Finances .

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections Default 75

Fundera

NOVEMBER 17, 2018

Get ready to learn about need-to-know accounting terms, managing your credit scores, applying for a business loan , and more so you can feel prepared for managing finances for a small business. Your 4 Most Important Business Accounting Documents. Part 1: Business Accounting 101: How to Organize Your Business Finances .

Small Businesses 75

Small Businesses Credit Scoring Credit and Collections Default 75

Fundera

AUGUST 30, 2017

To qualify, you’ll need 6+ months in business, a 500+ credit score, and $100,000+ in annual revenue. Bad credit is accepted. A merchant cash advance (MCA) is a lump sum of capital you repay using a portion of your daily credit card transactions. Bad credit is accepted. Excellent way to build your credit score.

Credit Scoring 81

Credit Scoring Deductions Small Businesses Invoice Amount 81

Fundera

SEPTEMBER 15, 2020

Plus, for certain types of tax deductions, such as home office deductions for business, your chances of an IRS audit decrease if you have an EIN. “If Personal office deductions have a tendency to bring on IRS audits. Along with your EIN, you’ll need to provide a few other documents to open a business checking or savings account.

Deductions 130

Deductions Small Businesses Bankruptcy Credit Scoring 130

Due

APRIL 16, 2024

You should include any emails, phone recordings, texts, and documents you received from the advisor. Document your transactions. This document outlines the terms and procedures of your relationship. Be sure to request copies of all your account statements, investment reports, and tax documents. Collect all communication.

Credit and Collections 52

Credit and Collections Credit Card Companies Debt Collections Transactions 52

Fundera

OCTOBER 29, 2015

There are terms you don’t know, concepts you’ve never heard of, and you’re being asked to provide documents and make decisions based on information you don’t totally understand. Documents You’ll Need. Researching options to finance your business can feel like entering a foreign country. How do you know which way to turn?

AR Aging 99

AR Aging Credit Scoring Small Businesses Credit Card Payments 99

Fundera

NOVEMBER 4, 2015

How will my credit impact my small business lending options? When you go to apply for a business loan, you may be surprised to learn that your personal credit score is one of the most important factors in determining your loan eligibility! If your credit score is 700 or above—congratulations! Yes, right now!

Small Businesses 97

Small Businesses Credit Scoring Credit and Collections Default 97

MNS Credit Management Group

DECEMBER 2, 2022

Debtors frequently make plans to repay their debts in order to prevent damage to their credit, as a collection account negatively impacts a debtor’s credit score for many years. Documentation. You also need to have this proof for your tax records if you plan to deduct the bad debt from your income.

Debt Collections 52

Debt Collections Collector Credit and Collections Bad Debt 52

Fundera

AUGUST 15, 2018

You know where your personal credit score stands month-to-month and how personal credit impacts your ability to qualify for financial products. That definitely will help, but you also need to establish a positive business credit history. Fortunately, building business credit is more of a science than an art.

Credit Reporting Agencies 76

Credit Reporting Agencies Credit Scoring Credit and Collections Small Businesses 76

Due

MAY 5, 2023

In addition to increasing account balances, late fees can negatively affect consumers’ credit scores as well. It’s easier to review your policies with one insurer and see at a glance if your limits and deductibles are appropriate for your needs,” Penny Gusner, consumer analyst at Insurance.com, told Kiplinger.

Insurance Companies 119

Insurance Companies Credit Scoring Medical Billing Deductions 119

Due

JUNE 22, 2023

If you want to get a refund using your credit card’s price protection feature , it’s mandatory to file a claim with your credit card provider. In addition, you need to present a document or evidence that shows the new and decreased price. Besides, you must provide proof of the damages and pay a deductible.

Credit and Collections 59

Credit and Collections Credit Card Companies Credit Scoring Deductions 59

Fundera

AUGUST 8, 2018

A higher credit limit on a business credit card comes with a two-fold benefit: it allows you to spend more money as needed, while also giving your credit score a boost. That’s because the FICO credit score formula takes into account the amount of credit you’ve been granted and how much you use.

Credit Card Companies 52

Credit Card Companies Credit Scoring Deductions Small Businesses 52

Fundera

SEPTEMBER 11, 2018

Plus, for certain types of tax deductions, such as home office deductions for business, your chances of an IRS audit decrease if you have an EIN. “If Personal office deductions have a tendency to bring on IRS audits. Along with your EIN, you’ll need to provide a few other documents to open a business checking or savings account.

Deductions 100

Deductions Bankruptcy Credit Scoring Small Businesses 100

Fundera

JANUARY 29, 2019

As a major plus, you may be able to deduct your lease payments from your taxes as a business expense. Tax lease: Payments are tax deductible, and at the end of your term you have the option of purchasing the equipment at its fair market value. 660 personal credit score. Kabbage Line of Credit .

Small Businesses 40

Small Businesses Credit Scoring Credit and Collections Deductions 40

Fundera

FEBRUARY 10, 2018

Best fit for: Businesses with strong borrowing histories and high credit scores. The requirements: Two or more years in business, $100,000 or more in annual revenue, and a credit score of 620 or higher. The requirements: One year or more in business, a credit score over 600, and more than $90,000 in annual revenue.

Credit Scoring 58

Credit Scoring Small Businesses Invoice Amount Deductions 58

Fundera

JUNE 1, 2016

“We do not make a judgement on your application based solely on your credit score,” says Walpert. Approval Time: Typically you’ll have your loan decision within 48 hours of receiving all documentation. Payment Frequency: Loan payments get deducted from your business checking account on the 1st and 16th of each month.

Credit Scoring 74

Credit Scoring Bankruptcy Deductions Small Businesses 74

Fundera

FEBRUARY 28, 2017

You need to be prepared to pay off what you spend on a credit card each month without being reminded to do so—otherwise, you’ll incur interest payments, late fees, and take hits to your credit score. And along those lines, do you fully understand how your credit card and credit score relate?

Credit Scoring 75

Credit Scoring Credit Card Payments Credit Card Companies Deductions 75

Fundera

NOVEMBER 8, 2018

So, if your credit score is challenged, or if you’re a new or as-yet-unprofitable business, you might still have a shot at approval for an equipment loan. Of course, you’ll need to double check with your equipment leasing company and your business accountant to be sure those expenses are legitimately tax deductible.

Credit Scoring 40

Credit Scoring Deductions Default Small Businesses 40

Fundera

MAY 3, 2019

For instance, the lender needs to check the borrower’s credit score, review tax returns, and verify the borrower’s income. Borrowers who receive short-term loans also tend to have lower credit scores. The origination fee offsets the time that the lender takes to evaluate a loan application.

Credit Scoring 40

Credit Scoring Deductions Small Businesses 40

Fundera

OCTOBER 24, 2019

Unlike typical small business loans, however, the repayment is out of your hands—Amazon will automatically deduct the payment from your Amazon Seller Account. If your credit score and bank statements aren’t where they need to be, you might have trouble finding financing. . Fixed Deductions From Your Amazon Seller Account.

Credit and Collections 73

Credit and Collections Deductions Small Businesses Credit Scoring 73

Fundera

MARCH 13, 2018

Other advantages include deducting the loan interest on your income taxes and establishing or boosting your credit score by making payments on time. Depending on how much credit history your business has to show, you might be asked to provide collateral or sign a personal guarantee. Business Line of Credit.

Credit Scoring 49

Credit Scoring Credit Reporting Agencies Small Businesses Credit Risk 49

Fundera

DECEMBER 18, 2017

500+ personal credit score. Credit score. Credit card processing statements. Seriously reduces cash flow with daily deductions of credit card receipts. Most business line of credit applications will require the following documents: Driver’s license. Credit score.

Credit Scoring 63

Credit Scoring Small Businesses Invoice Amount Deductions 63

Fundera

FEBRUARY 28, 2019

Scan documents and receipts. Review bank and credit card statements and reconciliation reports. Doing so might help you earn early payment discounts and boost your business credit score. Scan your documents and receipts. Reconcile payments and receipts. Update inventory records. Back up your data.

Transactions 75

Transactions Small Businesses Credit Scoring Deductions 75