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Understanding Your Credit Score

A credit score is a figure that lenders use to determine your likelihood of repaying a loan on time. It’s built on your credit history, and the FICO® Score ranges between 300 and 850. You need a decent credit score to improve your financial well-being, and the higher it is, the less likely lenders are […]

Written by prositesfinancialDec 29 • 2 minute read

How Do You Increase Profit Margins?

Profit margins refer to the remaining percentage of revenue after deducting the cost of goods sold. For your business to remain profitable and operational, you need to ensure your profit margin is as high as possible. If you’re concerned about the profitability of your business, here are a few strategies you can adopt to grow […]

Written by prositesfinancialDec 22 • 2 minute read

Business or Hobby? IRS Classification and Tax Implications

The IRS may categorize your business as a hobby if it declares losses perennially or fails to meet other prerequisites. This reclassification has various implications, including preventing you from claiming crucial loss-related deductions. To reverse the decision, you’ll have to prove that your business had a profit motive. How Does the IRS Determine Whether You’re […]

Written by prositesfinancialDec 15 • 2 minute read

Common Types of Savings Accounts

Saving money is often a tough endeavor, and job losses and stock market setbacks fueled by the coronavirus pandemic made it even tougher. Whether you are saving for short-term goals or long-term retirement, you have several saving tools at your disposal. Understanding the different types of saving accounts available for you can help you choose […]

Written by prositesfinancialDec 8 • 3 minute read

5 Reasons to Consider Outsourced Accounting

Many small businesses, entrepreneurs, and start-ups find it challenging to hire a full-time accountant with the right skills to prepare their financial statements, analyze financial data, manage bank account operations, and prepare outgoing invoices. It’s even more challenging to find a qualified and eligible accountant at an affordable rate. That’s why more than one-third of […]

Written by prositesfinancialDec 1 • 2 minute read

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