SIC codes significantly influence business credit scores. Companies with high-risk SIC codes might experience difficulty securing loans, face higher interest rates, or have limited funding options. Conversely, businesses with low-risk SIC codes often benefit from improved credit scores, better financing terms, and enhanced business opportunities.
For example, a company operating in SIC code 5044 (Office Equipment) will likely receive more
The Costco Anywhere Visa Business Card by Citi is a rewards-based credit card exclusively available to Costco members. This card is designed to help business owners maximize their spending by earning cash back on essential purchases like gas, travel, and dining. With no foreign transaction fees and an attractive rewards structure, this business credit card can be an excellent choice
A slush fund in the world of small business would be a misnomer. In practice, the term has a very negative connotation, implying secret slush funds or other devious uses of money. If done right, a slush fund can be an intentional financial strategy for your business.
A slush fund refers to a reserve of money set aside for discretionary
Commercial auto insurance is a specialized form of business insurance designed to protect vehicles used for business purposes. Unlike a personal auto insurance policy, which is intended for personal use such as commuting, commercial auto insurance provides higher liability limits and broader coverage tailored to the risks associated with business operations. This type of insurance safeguards businesses from financial losses
Sending someone to collections occurs when a creditor has exhausted all efforts to recover a debt, often involving a collection agency. This process typically begins with a demand letter requesting payment.
Debt collection is vital for creditors to recoup unpaid debts like credit cards, medical bills, and student loans. However, if unresolved, it can harm the debtor’s credit score
The concept of business bankruptcy was invented to help businesses deal with hazardous levels of debt. Depending on your debt’s severity, filing for bankruptcy could be the most logical solution for keeping your business alive. In some cases, filing for bankruptcy is more of a strategic move than a last resort. It might allow the company to recover without the
The biggest misconception many small business owners have about business credit is that they have a business credit profile. What’s more, of those business owners aware and mindful of their business credit, many of them have likely never heard of the FICO SBSS Score or FICO Small Business Scoring Service.
The net working capital formula allows you to see exactly how much cash you can spend at this time, along with whether or not your business has enough assets to cover short-term expenses. This equation requires just two numbers: your business’s current assets and your business’s current liabilities.
This simple formula will reveal your accounts receivable ratio, which denotes your accounts receivable policies’ effectiveness. For businesses like wholesalers, auto shops, land surveyors, and even doctor’s offices, improving their accounts receivable ratio directly impacts their cash flow and profitability.
Are you making the most of your business invoicing system? If you’re like many small business owners, you might struggle with establishing a regular business invoicing routine as part of your cash flow management.
Fraud Disclosure:
Please be aware that individuals have been fraudulently misrepresenting to business owners (and others) that United Capital Source, Inc. (“UCS”) can assist small businesses in receiving government grants and other forgivable business loans, when in fact those grants or loans do not exist or are not available. These individuals have ulterior motives and are engaging in the unauthorized use of the names, trademarks, domain names, and logos of UCS in an attempt to commit fraud upon unsuspecting small business owners.
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