How To Set Up Business Banking Requirements For Your Beauty Salon Or Day Spa

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Banking is a significant component within the varied mix of business-related topics you’ll need to address in your beauty salon or day spa business. If you’ve decided to operate under your own name as a sole trader, you can use your regular savings account to run your business. However, you’ll require a number of banking products to help you do so in the most practical and efficient manner.

Salon banking is relatively an easy component of your business responsibilities within your salon systems and thanks to online banking these days, you don’t even need a salon software to manage the task.

So, what other kinds of accounts might you need? I advise anyone intending to go into the salon or spa business to consider setting up the following, which are examined in more detail below.

o A personal account.
o A business account.
o Personal and business credit cards.
o A taxation account.
o A merchant facility, (credit card processing).
o A superannuation account.

1. Business account

Unless you’ve chosen to trade under a name other than your own, this will be opened using your business name. You will need your Business Registration details from the Department of Fair Trade to open the account, along with other proof of identification. Request monthly bank statements so you can track your business success and manage your money on a regular basis. You should also have a chequebook, an internet banking facility, a merchant facility (more on this later) and direct debit capability.

NB: if you are not the most disciplined person DO NOT have a key card attached to this account. Pay yourself a weekly salary from it and don’t touch it for any purpose other than paying business-related expenses. That way, you’ll always know where you stand financially.

2. Personal account (savings)

This can be an account you already have, and will be used for all non-business-related bills and purchases.

3. Personal and business credit cards

You may want to take advantage of Frequent Flyer miles and other loyalty bonuses by using a credit card for all your business purchases. If you do, you may not require a traditional business bank account. Watch out, though, that the flexibility of the credit card doesn’t encourage you to spend on things that won’t help your business! If you do choose to use a credit card only, do as you would with the traditional accounts and have two: one for your personal and one for your business expenses.

4. Taxation account

Hopefully, your taxation bank account will be the most rewarding. Sadly, we all have to pay tax, and if you’ve got a tax bill you’ve made money. If you don’t have the money saved to pay the Tax Department, then the lifestyle you have is outside the financial parameters of your business. To ensure you always have the readies for your tax, open a bank account especially for that. Set it up so that 15 to 18 per cent of you total turnover is withdrawn direct from your business account and transferred into your tax account WEEKLY. If you’re registered for GST, add another 10%. This will prepare you for your taxation commitments and enable you to concentrate solely on making money, rather than worrying about not having enough at the end of the year. Most banks have special accounts for precisely this purpose.

If you’re a lousy saver or don’t trust yourself with money in the bank, set your tax account up in the following way.

o As a fixed-term account that must contain a designated amount before withdrawals can be made.
o Have a co-signatory on the account – your partner, a parent, a best friend or someone you trust implicitly.
o No key card.
o Not linked to any other account.
o Not linked to the internet.

You can set up the direct debiting facility from your online banking facility. That way, you can have a set amount credited to your tax account or pay precisely the right percentage each week by making a ritual payment at the end of the week as part of your business housekeeping.

Tip bit:
o Keep your business and personal expenses separate, using clear and defined account and record-keeping procedures. It’s a must for a business of any size, from micro to macho. It’s the simplest way to see how your business is travelling (at a glance). If you have any questions about separating your business and personal finances, consult your accountant/ CPA or business coach.

o If you can get to the money in the account for any purpose other than paying tax you’ll rip yourself off. Don’t go into business if you want to spend your life avoiding tax. You’ll fail, if not sooner then later! Be consumed with making money, not hiding it! You won’t enjoy being self-employed if you don’t have enough funds to cover your income and GST tax obligations as they arise. Save for your tax!

o Bank as and when you collect the money, especially cheques. Make going to the bank a daily discipline.

o Whatever bank and accounts you decide to use, consult your accountant/ CPA to ensure this aspect of your business is set up correctly right from day 1.

o Have two separate filing boxes and get into the habit of sorting all your receipts in the appropriate files during and at the end of each week. Don’t get to the end of the financial year and start then – if you haven’t made good notes on each receipt you may find it too hard to remember where it should go.

The currency war and its effect on the banking system

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The currency war and its effect on the banking system will be determined after the meeting in Washington is concluded. With the Chinese president meeting with President Obama in the White House, the hot topic is trade and the dispute over currency manipulation.

What is apparent to the world is that both nations are currently, and have in the past, manipulated their currency value to favor trade for their respective nations. This has not stopped both nations from blaming each other on this topic. The US has been a world power for over 100 years now and has used a heavy stick for most of it. Congress still thinks this approach will work and are furious with China for not giving in on this matter.

Congress has gone so far with this attitude that they are debating legislation demanding punishment against China for manipulating their currency and making it harder for US goods to be sold in China. This big stick, like the one Teddy Roosevelt used when he was a Rough Rider, will not work any longer. China has the economy with double digit growth, while America is new double digit unemployment.

The current bank rates in America are near record lows while China has to raise their interest rates to stave off inflation. This, along with their military power, America needs to tread cautiously and not like a bull in a china shop.

China has asked to be treated as an equal. If this does not occur, then the currency war and its effect on the banking system in America will not be favorable for our economy or the world. Obama, put the stick down and be the salesman America knows you are. It is how you got into the White House.

We strive to bring you the latest and most accurate data possible from the home sites of the financial institutions we name. Always remember, the bigger the risk, the larger the reward or loss. Invest with caution.

For additional resources involving financial help, please view PNC Online Banking, SunTrust CD Rates, best bank savings rates, Westpac Online Banking and Online Banks at http://www.onlinebanksblog.com/union-online-banking

Pnc Bank Online Banking

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The PNC Bank Online Banking service is offered by PNC Bank to its customers and account holders. This service enables the banks clients:

To access their accounts from any where in the world.
Perform various functions over the net itself, saving on time.

Features of PNC Bank Online Banking
PNC Bank Online Banking service is available for the banks customers free of cost. Following are the distinctive features of this service:

Account Summary: You can remain in touch with your finances by obtaining a summary of your PNC personal, business and investment accounts through this service.
Account Activity: You can access your accounts round the clock. You can check balances, review recent transactions and view images of the checks you have submitted.
Online Bill Pay: You can save time and money by paying your bills through this service. Online bill payment requires just a few minutes of your time, with you using just one simple screen to place your instructions. This service gives you the flexibility to decide how much you want to pay for each bill.
Online Statements: You can contribute on saving paper. You can use the PNC Bank Online Banking service to receive and view your statements online. You can also print or download statements for up to last 36 months.
Transfer Funds: Through this service, you can move your money to where you need it. You can either transfer funds between your PNC Bank accounts or between your PNC account and your accounts at other financial institutions.
AutoAlerts: You can use this facility to remain informed about every critical event related to your accounts and bills. This service can send you e-mail notifications to alert you about key account activity such as low balances, the arrival of direct deposits or overdrafts on your account.
Data Export: This facility in the PNC Bank Online Banking service enables you to download account activity in Excel, Microsoft Money or Quicken file formats in just a few clicks.

Land Banking A Great Investment For Long Term Capital Growth

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Land banking, over the longer term, has shown better average gains than either shares or property, and with less downside risk, with an average UK growth of 920% in 20 years!

Once the preserve of rich, today, even smaller, in the know investors are taking advantage of this opportunity to make substantial capital gains.

Land Banking – What is it? Land banking simply involves the acquisition of land, which does not enjoy planning consent, in advance of expanding urbanization.

With the granting of planning consent, the price of an open space parcel, not yet subject to urban development pressures, normally rises in value.

Land Banking in the UK In 2004 alone, agricultural land in the UK appreciated in value between 16% and 30%, depending upon its geographical location.

In fact, over the past 20 years, the AVERAGE increase in UK Land has been a staggering 920%! In many instances, investors who have bought land in the right place at the right time have exceeded these average gains.

Not only has land risen in value dramatically, it has risen in a smoother upward path with less downside volatility than either stocks or property.

UK Demand Exceeding Supply The UK is one of the most densely populated countries in Europe and has a rising population driven by a huge influx of migrants from overseas.

Two facts will illustrate the potential of land banking in the UK:

There is a need for up to 3,500,000 new homes over the next 15 years, rising to 4,400,000 new homes over the next 20 years.

Over the last 30 years, the demand for new homes has increased by 30%. In the same period, house-building rates have dropped by over 50%.

Supply must catch up with demand, and buying land in the UK therefore offers investors a great opportunity to make substantial capital gains.

Location is the Key! Under developed land, such as Greenbelt, agricultural and forestry, is cheaper than land that currently enjoys planning consent. The way to make big capital gains in land banking, involves buying land in specific areas in the hope of future development.

Pre-planning purchase of green belt, agricultural and forestry land is nothing new. Astute investors have been doing it for years.

Investors simply need to study specific areas for the likelihood of future planning permission being granted, which will lead to an increase in the value of the plot purchased.

How to Make Big Land Banking Capital Gains Every developer knows that each town and city must grow outward, and the land most available is agricultural, greenbelt and forestry.

Land without planning permission which is subsequently included in a local authority’s unitary development plan (UDP), will potentially benefit from a significant increase in value.

With the granting of a change of use, a site’s value can increase substantially. However, the change of use category granted, i.e. residential, commercial recreational etc, will ultimately dictate the change in value of the plot.

Land Banking Risks Any investor considering land banking needs to give careful consideration to site selection, and purchase sites which are within the path of progress and future urbanization, but also have a high probability of future development.

Land Banking is a long-term investment, as resale durations and amounts are variable.

Taking Advantage of the Land Banking Opportunity There are many specialist companies catering for international investors wishing to own UK land. An investment in land can be cheap, as many developers buy plots, divide them, and sell them in smaller parcels.

Banking Certification Exam

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The current day is a day of brutal competition among the biggies in the software industry. Because flow with the newer and sharper technology is never ending, the content Technology companies who definitely are implementing the greater end software go on introducing the certifications and tests to gauge the potential employees which join them. For precisely the same purpose, Certmagic has introduced Banking Certification exams inside the technical circle; this exam is one very sought-after and difficult exam to break into. However, once this exam has been cleared, the candidate should expect some fireworks in her career. This particular exam is about the introduction of a Team Leader that can work cohesively having a team, and derive the absolute maximum possible output, so that the enterprise level expectations and promises are completely fulfilled. Designing, Configuring, Installing and Troubleshooting the application form server for the enterprise level could be the basic criteria just for this examination. The successful candidate will also have to tidy up the presales, post install supports. The potential candidate is predicted to get a detailed and expertise level knowledge in at least one on the following products from your Banking Certification software giant: Specialties on the Dynamic Infrastructure: Business Resilience, Information Structure, Virtualization and Consolidation. Further, as being a prerequisite just for this certification, our recommendation is that the IT professional appearing just for this test holds any one of the following certifications from the technical domain: Apart out of this, the self paced training kits are giving the strategy for both practice and practicing the Banking Certification exams and give the top solution. The expert professionals offer the information and guidelines when getting the Banking Certification study material in the perfect manner. It makes all the possible ways for as an efficient professional. The Banking Certification exams are giving the methods for overcoming areas inside the IT sectors. The Banking Certification offers the techniques for solving the complex problems as a result of latest developments.