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Business Opportunities Created by Using Business Credit

admin — Wed, 01 Feb 2012 17:44:00 +0000

Entrepreneurs should not miss the opportunity to build and maintain credit both individually and as a business owner. It’s important if you want to grow your business and not rely on your personal credit to do it. The reality is very few business owners actually understand how to establish business credit.

Trade credit is the term used to refer to credit that one business extends to another. Information about trade credit transactions is gathered by the business credit bureaus to create your business credit report. These are some of the major credit bureaus that compile these reports:

Paydex from Dun & Bradstreet
Experian Business
Equifax Business
Business Credit USA

Information provided to the business credit bureaus is sent in voluntarily. Business credit scores range on a scale from 0 to 100. Anything above 80 is considered an excellent credit rating. Business credit bureaus look at one thing, whether a business makes payments on time and meets creditors’ payment terms.

How to establish a business credit profile

It’s important to note, you can only establish a separate business credit profile if you are doing business as a corporation or LLC. You will not be able to build a separate credit profile if you are doing business as a sole proprietor or partnership.

Register your company with the business credit bureaus and comply with their requirements e.g. have the necessary local, state and federal business licenses. Many credit bureaus will expect you to have a professional business plan as well as financial statements. Duns & Bradstreet issue a unique D-U-N-S number to each business registered with them. The D&B D-U-N-S number is the industry standard for keeping track of the world’s businesses. Many financial institutions, corporations, trade associations and more will require you to have one.

Apply for a credit line even if you actually don’t need it. Find companies that will establish credit for your business without using your personal credit information. Once you have done this, make sure that they report their payment experiences to the business credit bureaus. Office supply companies like Uline.com, NEBS.com and Viking.com will establish a small line of credit for your company and they automatically report your payment history to Dun & Bradstreet.

Don’t fall behind in your payments and ensure there is continuous activity. You may have a score of 80 now but if you stop using your business credit, your score will drop. The effort you put into establishing a good business credit score now will serve you well in the future. Also, remember to be vigilant and monitor your credit regularly. Don’t be afraid to challenge any errors.

Paydex Score	Payment Expectation
100	Expect payment may come early
90	Payments generally made within early payment discount period
80	Payment is prompt
70	Payment is made 15 days beyond terms
60	Payment is made 22 days beyond terms
50	Payment is made 30 days beyond terms
40	Payment is made 60 days beyond terms
30	Payment is made 90 days beyond terms
20	Payment is made 120 days beyond terms
UN	Unavailable

The Difference Between Personal and Business Expenses Part 2

admin — Mon, 28 Nov 2011 17:45:54 +0000

This article was published at Accounting Services of Charlotte, NC

“IRS Negotiator” Need Delinquent Business Taxes Assistance With IRS Negotiator?

admin — Sun, 27 Nov 2011 17:54:10 +0000

www.taxproblem.org Ask Joe Mastriano CPA at 713-774-4467 for tax help with IRS audit reduction,IRS Negotiator or get valuable free information on his website. END Tax Negotiator Guide – IRS Tax Resolution Techniques Resolve tax problems for your clients, professional How to book, learn from 30 IRS experience. the Internal Revenue Service more than by the time she sought out a tax negotiator. OFFER in COMPROMISE – Wage , IRS Problems Nationwide Tax Negotiators a IRS & State tax problem resolution firm Established in Our Process Includes: Determining your … Tax Repair Handbook – Do It Yourself IRS Tax Negotiation Do-it-yourself IRS Tax Negotiation – Solve tax problems, strategies & techniques for unfiled tax returns, payment plans, offers-in-compromise. IRS Tax Negotiation and Tax Representation … IRS tax services, representation and negotiation by a former IRS Officer. Serving IRS Tax Negotiator Do You Need A Tax Negotiator For The IRS … Attorneys Representatives IRS” Tax Negotiator With Attorneys … AttorneysRepresenta Swiss Negotiator for tax case said the Internal Revenue Service may request names of other … the UBS AG tax case said the . Internal Revenue Service may request names of from … CA Counties: Alameda, Alpine, Amador, Butte, Calaveras, Colusa, Contra Costa, Del Norte, El Dorado, Fresno, Glenn, Humboldt, Imperial, Inyo, Kern,Delaware: Wilmington, Dover, Newark, Pipe Creek, Bear, Brookside, Hockessin, Glasgow, Claymont, North Star, Elsmere, Georgetown …
This article was published at Accounting Services of Charlotte, NC

Tax Law, Business Taxes – Tax directory

admin — Sun, 27 Nov 2011 05:44:51 +0000

www.directorytaxes.com DirectoryTaxes.com is a tax website reffering to business taxes, tax deductions, tax preparation, tax reform, IRS – forms, tax law, tax software, tax guides, tax law & policy, international taxes, tax advice, tat news, tax services, small business taxes and more
This article was published at Accounting Services of Charlotte, NC

How A CPA In Reno Nevada Can Help Small Business Owners

admin — Sat, 26 Nov 2011 17:50:02 +0000

www.BestCPAReno.com (775-825-6008) Small business owners in Reno Nevada can really benefit from a CPA’s expertise! Reno CPA Tim Nelson shares some of the reasons why.
This article was published at Accounting Services of Charlotte, NC

DB2.0 | Business Taxes | The District Taxes

admin — Sat, 26 Nov 2011 05:52:02 +0000

Stephen Cordi Deputy Chief Financial Officer, DC Office of Tax and Revenue Dec 15, 2010
This article was published at Accounting Services of Charlotte, NC

DB2.0 | Business Taxes | DC Tax Incentives

admin — Sat, 26 Nov 2011 05:52:02 +0000

Gary Franklin, CPA, Reznick Group Dec 15, 2010
This article was published at Accounting Services of Charlotte, NC

DB2.0 | Business Taxes | DC Tax Requirements

admin — Fri, 25 Nov 2011 17:42:47 +0000

Brian Masterson, Partner, Venable, LLP Dec 15, 2010
This article was published at Accounting Services of Charlotte, NC

Tax Planning In Reno NV – Financial And Organization Tips

admin — Fri, 25 Nov 2011 05:40:10 +0000

www.bestcpareno.com (775-825-6008) Tim Nelson, an accountant in Reno, provides some great financial and tax organization tips to help with your business and personal tax planning.
This article was published at Accounting Services of Charlotte, NC

Quick Take: Ken Paxton On Business Taxes

admin — Thu, 24 Nov 2011 17:51:25 +0000

While some state senators are floating the idea of imposing a new business income tax, Taxpayer Champion Ken Paxton — currently a House member seeking an open senate seat in 2012 — says that’s the wrong direction for Texas’ economy.
This article was published at Accounting Services of Charlotte, NC