Scammers are cunning, so being smart is not enough to safeguard you from Internet con artists.
Protect yourself by subscribing to ScamBusters, the most well known source of information on scams, identity theft, spam and other Internet junk.
Although much of the information is aimed at US visitors, you’ll find lots of great free resources here on how to avoid the most popular scams, identity theft threats, credit card fraud, phishing, lottery scams and urban legends making the rounds all over the world.
The site includes a list of links to some of the most popular articles covering topics such as common Twitter scams, Nigerian scams, and the latest identity theft tricks and techniques.
It also includes resource centres with suggestions for protecting yourself from all sorts of dodgy activities.
In addition, you can search the site for the answer to your specific
question by typing your topic into the search box.
Subscription is free.
For more information, go to www.scambusters.org
Keep your Business Banking Clean
To build a solid business track record, get your finances in order and open a dedicated bank account.
As a successful sole proprietor, you may be tempted to run your business from your personal bank account. After all, you probably work from home and your banking needs are simple. Don’t make that mistake. That’s the word from banking experts who say that if you are serious about being in business, you should be equally serious about accounting for your business expenses and transactions properly by having a separate bank account for your business.
It can also save you money on accounting fees, as you’ll save your accountant time and frustration trying to separate your business from your personal expenses. Most commercial banks have a division that specialises in serving small business so your monthly fees will be reasonable.“It’s vital to have a separate business account for three main reasons,” says Marcel Klaassen, CEO of Biznetwork, a division of FNB Commercial that supports entrepreneurs. “It gives the entrepreneur a very clear measurement of the financial performance of the business separately from their private affairs. It also enables business owners to manage their tax more effectively and to develop and establish a separate commercial relationship with their bank, which is very important when it comes to creating a solid track record for the business.”
Simone Cooper, Standard Bank’s head of lending for small business concurs. “It’s important to establish control of your finances from the word go,” she says. “Mixing personal and business finance is simply not a good idea. It may seem simple enough to run your business from your personal bank account at first, but over time the line between personal and business transactions may be obscured and that means loss of control, which can have all sorts of negative impacts on the business.”
Access to expertise
Cooper notes that banks also have different products tailor-made for entrepreneurs, including sole proprietors. “If you want to open a business banking account, we give you access to business banking specialists who can advise on the best products and solutions available for your venture.”
Without a business account, you lose out on all of that expertise. With the right account in place, you have access to the best advice from the correct channels. That’s especially important when your business is growing and you want to apply for finance. “Because you have set up an account and the transactional history is available, your business banker will have a far better understanding of why you require the finance, as well as a record of the business’s transactional history, including income, expenditure and turnover,” adds Cooper. “ If you apply for a loan on the basis of your personal account, you will be asked to provide items like salary slips, simply because the bank will not recognise that you are a business owner.”
The micro exception
Mark Rose, head of new business development at Nedbank Business Banking, says there is one exception to the rule. “In the case of a micro business, where the personal and business life of the entrepreneurs are so intertwined as to be indistinguishable or inseparable from one-another, it may not make sense to open a business account as it can incur unnecessary costs for the business owner.”
Rose does however stress that the bigger the business, the more critical it is to have a business account. “A business that can be classified as ‘small’, as opposed to ‘micro’, should have a bank account. As a business owner, you don’t want your personal and business debt to become confused, as that can place your personal assets at risk. “In addition to that, a business account enables proper governance to be put in place, which is increasingly important in today’s commercial environment.”
- 3 Core Strategies For Building Successful Franchise Organisations
- What Would Twitter Do? Lessons On Culture From 5 Top Start-ups
- Franchising Sector – The Year That Was
- Pet Wellness Worx Found Business Success In Rehabilitating Pets
- The Secret Sauce To Great Franchise Leadership
- Listening To These 8 Audiobooks On Success Is A Better Use Of Your Long Commute
- 4 Lessons From The Pivotal Group Founders On Growing And Disrupting All At Once
Start-up Industry Specific2 months ago
How Do I Start A Transport Or Logistics Business?
Entrepreneur Profiles2 months ago
10 SA Entrepreneurs Who Built Their Businesses From Nothing
Business Plan Advice2 months ago
Writing a Business Plan May Not Be Your Idea Of Fun, But It Forces You To Build These 4 Crucial Habits
Company Posts1 week ago
Enhance Your Entrepreneurial Flair With An Online Postgraduate Diploma From The University Of Pretoria