Author: Neville Queen

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To make taking a loan easy, there are some things you need to know. First, if you are planning to start a business or invest on something you must determine the right type of loan for you by vertaile lainoja. Not only they offer loans that you can get in just few clicks, they can also do the task of comparing different types of loans and identifying the most suitable type for you. Moreover, the amount that you are capable to pay off can also be easily computed using their loan calculator.

In the present times, there is another way of borrowing money, and that is through bitcoin loan. Basically, it works like a regular loan where you will borrow money and pay it back with interest. There is an easy way to get  money through bitcoin loan and that is through the peer to peer lending platform.

To help you get through, listed below are the three important things to know before taking a loan. 

  • You must have some cryptoasset for securing a loan (BTC, LTC or ETH). You also need to be informed that you’ll be able to lend fiat money equivalent to 60% of your collateral market value. It means that depositing crypto worth $1000, you’ll get $600 loan at least (60% of $1000).
  • Youu can get your loan in EUR, USD, TUSDUSDC, GUSD, GBP and RUB.
  • To withdraw your money, choose any of the following payment methods: SEPA, SWIFTAdvCash.

You can get a loan by following the steps below: 

  1. Open an account by registering at your trusted site
  2. Your identification must be verified
  3. Deposit crypto as collateral
  4. Once you identify your lender, ask him/her for an appropriate application.
  5. Withdraw funds from the platform.

Since there are a lot of lending platforms out their and tons of lending site scams, it is important to research first on the platform and make necessary actions to confirm that it is legit. Here are some best Bitcoin lending sites

  1. BlockFi– this platform was developed in 2017 and has quickly risen to prominence in the Bitcoin loan industry because of its quality service.
  2. CoinLoan– this offers a peer-to-peer lending platform that enables long-term holders to quickly receive a high-LTV loan while providing those with excess fiat a healthy return.
  3. Nexo- this is younger compared to the previous platforms. However, it has already earned quite the reputation in its short time, owing to its great services and operating processes.

Some owners of small businesses are already experts when it comes to financial management. Some have previous experience when it comes to handling small businesses and they even have enough knowledge and deeper understanding of business accounting. 

If you belong to those who are planning to start a small business or you already have a business and you want to be able to handle your finances effectively, then you must keep on reading. Moreover, this is to those with little-to-no finance experience.

Important Terms to Know When it Comes to Business Accounting:

1. Gross Revenue- This can also be called total revenue which is the sum of payments you received from your customers in return for the company’s product or service prior to deducting other expenses.

2. Expenses- this quite common sense. Expenses refer to anything that keep your gross revenue from going to straight to your pocket such as rent, supplies, payroll, taxes, and other operational expenses.

3.Net Profit– This is sometimes referred to as the bottom line, net income or net earnings. This is what’s from all the expenses and profit. You will know that you are creating profit if the net profit is positive. If it s negative they you have to take action. I know someone who experience, this, hence they look for payday loans near me. 

4. Break-even Point-  There will come a time where small businesses will experience temporary loss especially during the first few months of starting a business. Hence, their expenses are greater than their profit. If your expenses are just equal to the net revenue, it is called break-even

Important Documents in Business Accounting 

1.Balance Sheet- this is where you can see a glimpse of your business’ financial status. You can find the assets, liabilities, and equity your company holds in the balance sheet. Basically this will make your tasks easier.

2. Income Statement- This is also referred to as the profit and loss statement and can be a summary of your business revenues and expenses all throughout the year. Moreover, income statement allows you to easily calculate how much you earned. It is crucial to maintain an accurate and consistent income statement because this will be used to determine the break even point for small and new businesses.

To someone whoa is just starting a business, he/she will find the guidelines and documents overwhelming especially preferred to handle manually. Fortunately, because of technology advancement, there are various open software available that will handle your bookkeeping.

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