Bookkeeping Is Not A Once A Year Activity

Jul 25, 2014

Your business relies on you to keep the accounts up to date. Only then, will you have complete control of your business and be able to plan for the future and possible expansion.

Even small businesses can benefit from a bookkeeping merchant account, keeping you in control of your finances. What all businesses should aim for is to complete the basic accounting on a daily or weekly basis, this allows for the closure of the end-of-month accounts to be a smoother process than if you are trying to add information to the system before closing the monthly accounts.

This reduces the pressure at the end of the financial year when you are preparing accounts for the tax requirements. It can give you the time required to take advantage of any tax benefits that you need to apply for, before the end of the year and make any adjustments needed.

It is important that you are not running your business wearing a blindfold; this is in essence what you are doing if you are failing to prepare your accounts properly. There are tasks that if broken down during the course of the year can then make bookkeeping a simple daily process.

A business that is not up to date with its accounts is a business that isn’t focused on growing and developing. The information that you can obtain from an accurate accounts system, in terms of financial forecasting, is going to give your business more than you could ever imagine in terms of forecasting your future business plans and the potential to grow your company. It gives you access to the information that can pin-points the difficult months of the year, allowing you to accurately generate the business when you need it most.

Therefore, if you are able to attend to your bookkeeping on a daily or weekly basis you could take your business to a new level, reducing the stress at tax time, because you have already completed the hard work. Businesses both large and small need to ensure they embrace the accounts department, without which a business could quickly find themselves in difficulty and not know which way to turn.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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