VAST CFO

3 Popular SBA Loans: What You Need to Know

Funding your small business or startup raises the lifelong question, how do I do it? Whether you’re in your first year operations or reaching a long-sought after landmark of one, three, five years or more, you’ll still need to continue funding your operations. While retained earnings drive your business to profits, everything from expanding your company to buying new property and technology to handle that growth, loans are one of the most commonly used ways to fund small-business projects.

How to Fund Your Small Business with Three SBA Loans

Small, or Micro Loans

When it comes to borrowing a small amount of money up to $35,000 (this is considered a relatively small amount of money compared to other larger business loans) many people find the 7(m) Microloan program to suit them best.

While the loan itself is currently being quite heatedly debated due to its direct sourcing from the SBA, this loan is perfect for startups. The funds, which max out at $35,000, can be used for pretty much any expense, keeping the loan easy-to-use with little restriction.

However, this loan requires its borrowers to enroll in financial responsibility classes that some find useful while others find to be a waste of their already-strained time as small-business owners. Regardless, this loan has a lot to offer its borrowers with relatively little cramping regulations.

Larger Loan Programs

Unlike the 7(m) Microloan program, programs such as the 7(a) or 504 Loan programs offer much larger amounts of money to companies. These loans can be borrowed in amounts between $250,000 and $1 million offered through subcontracted lenders to reduce the risk of the SBA’s offer to borrowers.

The 7(a) loan is actually one of the most popular loan programs offered, and is offered in many different forms to fit the needs of the borrower. Meanwhile, the 504 program allows small business owners the opportunity to borrow up to $1 million for new assets such as land and equipment. However, this loan is more difficult for many service companies to acquire.

Each of these loans have much more regulated spending and qualification requirements alongside a significant portion of borrower-responsibility when backing the loan.

For more information about small business loans, visit the US Small Business Administration's website. Or, drop us a line with your questions to see how Team VAST can help you decide which loan is best for you.

4 Habits of Highly Successful Entrepreneurs

Viewing the success of entrepreneurs from any generation in life often causes us to ask ourselves, what exactly did they do?

While The Seven Habits of Highly Effective People written by Stephen R. Covey was all the rage through the early 2000s, our focus goes beyond being effective: what we want to be successful.

From the traditional to the abstract, we’ve scanned our experience working with entrepreneurs (and the web) and compiled our top 4 Favorite Habits of Highly Successful Entrepreneurs.

 

4 Habits of Highly Successful Entrepreneurs

Rise with the Sun

Time is valuable, but just how far are you willing to go to make the most of one 24-hour day? For the successful entrepreneur, waking up early (sometimes really, really early) is common practice. Doing so not only gives you more control over your day, but you’ll have clearer insight to what you need to accomplish.

Shower Time

Everyone takes showers differently. You can use this time to reflect and project your day, clear your head or simply sing your favorite shower jam. New studies have shown that alternating between hot and cold water in your shower helps wake your body and energize your mind. And, to no surprise, the trend is catching on with young and successful entrepreneurs.

Be Punctual

If you can’t show up on time, what makes your future partner, investor or client believe that they can trust you? Being punctual not only requires you to take your time seriously, but it tells other people your time is worth their respect. Plus, many first impressions are based off of punctuality, and we mean it when we say the difference between a future client or a hard rejection can, and does, depend on your ability to be punctual.

Ask Yourself …

Before you go to bed, ask yourself this question: “If I lived every day of my life like I did today, would I be happy with the outcome of my future?” It’s as simple as that. You’ll be surprised at the impact this simple reflective question can have in your life.

 

The future rarely depends on one large decision; rather, it’s composed of small, habitual, everyday actions that eventually make up that big picture of our lives.

What habits do you have that make you a successful entrepreneur? Please share with us.

Third Quarter Performance ... in 200 Words (or Less)

The last day of market activity for the third quarter in 2014 comes to a close this evening. Therefore, it’s only fitting to bring you the happenings of the past three months just the way you like it: short, simple and to the point.

Third Quarter Performance: 2014

Jobs

The September labor report is expected to dominate this week’s headlines. Coming out this Friday, it’s estimated that at least 200,000 new jobs were created this month alone, ending the quarter on a positive note from last month’s upset with fewer than 150,000 new jobs.

Real Estate

New home sales rose 18% in August—over 504,000 new home sales across the nation. More growth around the nation prompts builders to believe our current rising real estate trend will continue.

Spending

Consumer spending rose over .5% in August, leading analysts to believe the rest of the third quarter will continue to see consumer spending on the rise.

GDP

46 economic analysts surveyed throughout August and September agree that the expected growth rate of the national GDP at 3% throughout the third and fourth 2014 quarters.

Stay in touch with VAST. 

(177 words - nailed it)

The New Guys: Our New Virtual Accounting Teammates

There are a few things we go absolutely bonkers for here in the VAST office: watching the clock strike midnight at the end of tax day, chai tea lattes from The Hub, puppies and new additions to the office. Although we don’t have the capacity for a CPO (Chief Puppy Officer) yet, we are happy to welcome our latest and greatest members to our team. The Virtual Accounting New Guy/Gal Roster

Debbie Page, VAST: Tech | Staff Accountant

As a staff accountant at VAST, Debbie is responsible for ensuring all things financial are attended to accurately and in adequate time. When she isn’t scanning your income statements or balancing your cash flows, you can find Debbie racing the streets as a part of the Reno Corvette Club, where she’s been a member for over 2 years.

She has over 20 years of accounting experience … AKA; she’s a bad hombre. But, don't let her extensive background in accounting (or Corvette’s) intimidate you. She also enjoys reading, traveling during the summer, skiing during the winter and donating to the Reno Sparks Gospel Mission in her free time.

Welcome to the team, Debbie.

 

Connor Estep, VAST: Intern

Much like the greats of classical music, this VAST Intern is all about the piano life. Currently an undergraduate student studying accounting at the University of Nevada, Connor hopes to obtain his CPA after graduation.

When he isn’t serenading the ladies with his Beethoven-like piano skills, he spends his time camping, working (and playing) on the computer and, like every other college student, studying.

Knowledge is power, Connor; prepare to learn from our team of the best virtual accountants in Reno (and possibly the universe).

Virtual Accounting: Where you Need it When it Matters

It's the world we live in: everything is digital. From cloud-based document sharing through Google and Dropbox to applications like Venmo offering instant person-to-person financial transfers, it seems that everything will be digital within only a matter of years. And while some things are better left in their old traditional ways, company accounting and financial management is not one of them. Here are the top three benefits that Team VAST brings its clients by granting them access to their finances anytime, any place.

Time-Sensitive Decisions

How many times have you had to check your bank account before making a large purchase? Chances are, more than once. Having access to your company’s financial data when making time-sensitive decision can be the difference between a great new purchase or the cause of your company’s Christmas bonus death. With virtual accounting, you have access to updated information you need when you want it, on your time – not your accountant's.

Financial Safety

Although when you use a certified virtual accounting firm such as VAST you can rest assured that your finances are being protected, it never hurts to know that your money is where it should be. Whether you need to check the status of a transaction or you are just keeping an eye on your accounts, let online virtual accounting lay your worries to rest.

Travel the Easy Way

Using virtual accounting for your small, medium or large business grants you the freedom to travel without the worry of leaving the financial information you need behind. With online virtual accounting services, you have all the information you need no matter where you are, from Berlin to Burbank.

VAST provides small businesses all over the world with the best virtual accounting services. Let us help you transition your finances into the 21st century today. Surely, you won’t regret it.

VAST: Growing the Era of the Small Business

Still recovering from the brunt impact of the Recession, the American economy is once again growing. Business seems to be booming, start-ups are sprouting around the nation at a surprising rate and overall things are looking good. As the economy continues to grow, it’s difficult not to notice the overwhelming support of small businesses in nearly every industry. At VAST, our purpose is to help small business owners maintain accurate financial records for their success, and VAST itself is a small business, so naturally we have some interest in the topic. So, the team at VAST did some digging and uncovered some interesting small business facts. Welcome the era of the small business.

A small business, according to the U.S. Small Business Administration (SBA), is a business with less than 500 employees. This includes businesses of all shapes and sizes, from sole-proprietorships to companies operating with just a few employees under the national quota.

Whether we all realize it or not, there is a towering number of small businesses in the U.S. today, roughly 28 million in fact. This equates to over 50% of the working population being employed by small businesses around the nation. And whoever said you can’t work in your pajamas? Nearly 22 million of the 28 million small businesses in America operate from the home base of home sweet home.

While corporations surely have their place in the world, the role that small businesses have played over the past two decades is not only surprising but also critical to the growth of our economy. Small businesses alone are responsible for the creation of 65% of new jobs between 1995 and today. This coincides directly with the fact that nearly 543,000 new small businesses are created each month in the nation.

Small businesses are driving today’s workforce, playing a larger role in the economy than ever before. Forbes reports that small businesses in America are not only beneficial for economic growth, but they’re even better for the environment because of their role in promoting local growth rather than national or international.

Needless to say, we are living in the era of the small business and the folks at VAST couldn’t be happier with small business facts like the one we've highlighted here popping up all over the web. Whether you’re purchasing your food from a local organic co-op or getting your morning started with an Americano at the corner cafe, small businesses are a real part of nearly every U.S. community.

For facts and figures, see http://www.sba.gov/