Business productivity software is the key to having everyone working off of the same “page” as it were in your business. Being able to have an integrated set of packages that works together means data can easily shift from one program to the next, data can be shared and collaborated on, and all of that flexibility has led to a certain amount of confusion about exactly what business productivity software is, and what it isn’t.Here’s a list of things that good business productivity software is:* It works off of a common data platform giving everyone a common standard to work with
* It allows for collaboration through IM and other services
* Reporting software works flawlessly through all the different modules
* Modules that work together covers every aspect of the enterprise including accounting, marketing, sales and production
* Everything works together in real time without time lag including all phases of the enterprise.Part of the confusion, aside from being clear about how well everything works together is the fact that there’s one lie about well done business productivity software* It is hard to implement and maintain.This is actually as far as it gets from the truth. Well designed business productivity software is actually easier to install, set up, configure and maintain than any other set of packages could be. If the software is designed properly, then all it takes is one install on the server and one install on each client unless the implementation is web-based. Then all it takes is the server side setupMaintenance is easy as well. From a single point password and profile setup through apply once patching and upgrading, the best business productivity software reduces labor costs for IT dramatically. Instead of having to dedicate IT staff specifically to doing system upgrades and software patching, having the right business productivity software means that all the labor is centralized in a single process. No longer do techs have to track down salesmen and marketers to update their laptops, updates are handled automatically once installed server side.Between the flexibility business productivity software offers your accounting, sales, marketing and senior staff and the ease of setup and maintenance for the IT staff, having the right package enables your entire enterprise to work more smoothly than ever before. Check out the packages available and see which gives you the flexibility you need and the ease of use your IT department will appreciate.
5 Truths and 1 Lie About Business Productivity Software
What Is a Hard Money Loan and How It Works?
A hard money loan refers to a type of loan. However, what makes it different from other types of loans is that it’s secured on real property. Moreover, they are considered short-term bridge or last resort loans. Basically, they are used in different real estate transactions. The lenders are either companies or individuals, not banks. Read on to know more.
Key Takeaways
Given below are some of the salient features of these loans.
Primarily, they are used for real estate transactions. And this money comes from a company or individual instead of a bank.
Typically, this type of loan is granted for a short period of time. The purpose is collect money quickly at a lower ration of LTV and higher cost.
Since these loans are not executed traditionally, the funding time is reduced is usually quite quick.
It’s interesting to note that the terms of these loans are negotiated between the borrower and the lender. Plus, these loans use the real estate as collateral.
Although repayment may result in default, they still leave a lot of profit for the lender.
How does a Hard Money Loan Work?
Usually, the terms of hard money loans are based on the value of the real estate, not the borrower’s creditworthiness. Since conventional lenders like banks are not the lenders, private lenders or firms are most interested in this business.
Also, these loans may be a good choice for property flippers who have plans to renovate a property and sell it again. Here you may be thinking the cost of this type of loan is quite high. But the good thing is that the extra cost is offset by the loan will be paid off rather quickly. In most cases, the loan is granted for a period of 1 to 3 years. Aside from this, they offer a lot of advantages as well.
Aside from this, this type of loan is considered a great investment as well. You can find a lot of people out there who have done this business and are happy with the practice.
Special Considerations
Typically, unlike the bank financing or the financing programs offered by government, the cost of these loans is quite higher for a typical buyer. However, this cost reflects the higher risk that the loan granter bears. But the great thing is that the extra cost is a worth it as the money is available quickly. The approval process is less stringent and the repayment schedule is also quite flexible.
Also, these loans can be a great choice to deal with turnaround situations. For instance, if you need money quickly for a short-term financing but you have poor credit score, you can give it a go. Since the amount is issued pretty quickly, you can use the funds to stave off a foreclosure, for instance.
Pros and Cons
Now, let’s take a look at some pros and cons of hard money loans.
Pros
First of all, the approval process is quite faster unlike the process of mortgage or a conventional loan. The thing is that private lenders are interested in this type of business as they can make decisions quickly without running a lot of checks. In other words, they won’t check your credit history. These are the steps that slow down the process and make the borrower wait for weeks.
Typically, these investors only care about the repayments. Plus, they have the opportunity to resell the property in case the borrower fails to make payments and becomes a defaulter.
Another advantage is that the lenders don’t apply the conventional underwriting process. Instead, they evaluate all of the cases one by one. Often, applicants can sit with the lender and discuss the repayment schedule based on their circumstances. Aside from this, borrowers can take advantage of a lot of opportunities during the time they have. So, this is another great advantage you can enjoy if you go for this option.
Cons
Since the real estate is used as a security against default, these loans feature lower LTV rations unlike the regular loans. This ration is between 50 and 70% unlike the ration of regular loans, which is 80%. However, if you are an experienced flipper, it can be even higher.
Aside from this, the interest rates of these loans are higher as well. For subprime loans, the rate of interest can be even higher. In 2019, for instance, the rates of hard money loans were between 7.5 and 15% based on the period the loan is granted for. By contrast, the prime interest rate was only 5.25% in the same period.
Another disadvantage is that these lenders may not offer loans against owner-occupied property because of compliance rules and regulatory oversight.
Hope, now you understand what hard money loans are and the pros and cons associated with them. For more information, you can consult your mortgage broker.
Auto Insurance Does Not Mean The Same Things To People In The Financial Profession
It is amazing how much literature has been written about the car insurance business online. The main approach in use by the bulk of the writings is in the direction of selling car insurance, rather than offer it in the proper context of insurance product or ‘a product to protect your assets and wealth.’ That is why when searching for the phrase ‘auto insurance’ a large number of websites emerge with the ‘selling’ phrases like affordable auto insurance, or cheap auto insurance or low cost auto insurance.In the early part of 2011 and according to Google AdWords there were 8,100; 74,000; 9,900 monthly searches for the above key phrases, respectively. On the other hand, there were only 110 searches for the phrase ‘reliable auto insurance’, 170 searches for ‘quality auto insurance’, and 8,100 for ‘top auto insurance companies.’ It is rather easy to conclude that most of the searches on line are about price, not quality of insurance.A basic principle in marketing is to understand what people ‘want’ and design and package your product or service to meet what the folks want. Looking at those numbers we can tell that most people want cheap auto insurance. As a marketer, if you design any campaign without considering that analysis you may eventually flunk the marketing tests, close your website and go do something else.So what’s the difference between auto insurance polices? From a ‘financial planning viewpoint’ car insurance comparison should never be based on price only, and perhaps most people agree that cheap insurance is not necessarily the best car insurance. But what most people do not know is that an insurance policy with the best rated company may also be one of the most problematic contract. An auto insurance policy should be compared in reference with three factors:1. Price: of course the cheaper the better.2. Company Rating: Non standard companies are more flexible than their standard or preferred counterparts with regard to past violations found on the MVR activities of the drivers and the credit score of the car insurance applicants. However, non standard companies are harsher than others in customer service and paying claims. Most of complains come from non standard insurance companies. While preferred companies do not hesitate to quickly pay for smaller claims suck as seven or eight thousand dollars claim, or even little more; all companies from top to bottom will try to examine the application to see if they have to or do not have to pay a $100,000 claim.3. Liability Limits. This is the most ignored, least understood, but is the most important aspect of the policy which affect customers during time they need the insurance. It measures how much protection you have in the event you get sued. A professional financial advisor will never ever sell you an auto insurance policy at low limits if he/she has enough information that you and your spouse have enough wealth to be sued for in the event that you or a family household member cause a major auto accident and your car insurance pays the maximum on the policy which turns out not to be enough.There are many insurance policies sold with superior insurance companies at the lowest liability limits mandated by the state. In the State of Illinois these limits are 20/40/15, which means that in the event you cause an accident that is your fault and you get sued by others, then your company will pay to others on your behalf no more than $20,000 for bodily injury for one person, no more than $40,000 for bodily injury for all other people in the accident, and a maximum of $15,000 for any and all property damage you case in that accident. If you are a business owner and you cause a major accident resulting in a unbeaten lawsuit of $300,000 and your insurance company maxed the payment on the policy and paid $20,000, the difference of $280,000 will have to come from your own money!Financial Planners and Auto Insurance Marketers Are Not in HarmonyFinancial planners are not in harmony with insurance marketers about the weight that needs to be placed on limits of liability in auto insurance. Marketers like to stress the aspects of price and company rating, while financial planners like to stress the importance of liability limits first, then company rating second, and perhaps price at a later stage.Although financial planners and auto insurance marketers have the common goals of maximizing their earnings while providing their services, the scope of their operations is different. Auto insurance marketers make their money by selling as many polices as they can have. The marketer does his best to make as many sales as possible, hence making small amount of money on too many policies sold. Financial planners work differently as they try to make big money from each of the few number of customers they have. Selling an auto policy is not the primary concern of a financial planner, but for him or her auto insurance is one of the fundamental subjects of the financial planning process.Car insurance agents look at auto insurance as a way to protect the car itself in the event of theft, fire or another loss, besides the fact that it’s the law. Financial planners look at auto insurance as an integral part of their clients risk management process. To the financial planner an auto policy is not to repair the car in the event of loss, but is mainly about protecting the assets and wealth of the insured, especially against potential lawsuits.Some auto insurance marketers would even suggest to cut down on liability insurance as a way to save money. No sound financial planner will ever make such a suggestion. No way!When does height matter?How high your liability limits should be is the main issue that should prevail when you buy car insurance. You probably need only the minimum liability limits mandated by the states if /when(1) you shopped for higher limits and could not afford it, (2) your current assets or wealth is not big enough to expose you to further lawsuits in the event of at fault auto accident. (3) you are a high risk driver where no one else wants to insure you except at the minimum limits. But, if you have certain amounts of assets and wealth, or is expected to have sizable assets or wealth, then you need to worry about the height of your liability limits.What about if you are not wealthy with plenty of assets? Even for people with little or no wealth, the height of liability limits should be much of a concern to them. This is due to the fact that liability insurance contains certain coverages to pay for your bodily injuries in the event that you get hit by a vehicle that is legally uninsured, or is insured but the insurance on that vehicle was not enough to cover your bodily injuries. According to the Insurance Research Council, approximately 15% to 17% all drivers in the United States are uninsured. Coverages for Uninsured Motorist (UM) and Underinsured Motorist (UIM) vary from states to states with regard to their mandatory status and limit amounts. In Illinois UM is mandatory at the limits of $20,000 for bodily injury per person and $40,000 for bodily injury per accident. Underinsured motorists coverage is not mandatory in Illinois but insurance companies must offer it to clients for policies issued with liability over the state limits. Clients can still reject to have higher uninsured/ underinsured motorists but it must be in writing. As you can see, your liability only policy provides coverage for your bodily injuries, and making sure that you have high limits on both liability, UM and UIM can have tremendous effect on your life.