How Your Auto Insurance is Determined (QUIZ)

When it’s time to get auto insurance, whether for the first time or when you’re changing policies, you’ve got a lot to consider. An auto insurance policy comes with many coverage options, and you need all the facts before you opt in or out of any of these types of coverage. The worst thing is when you think you’re covered for something, only to discover you’re not after having been in an accident. That’s why it’s important to understand the different liability coverages, collision insurance, and more.

So, what kind of insurance takes care of damage? Well, that depends on how the damage happens. If you’re at fault and you damage someone else’s property, then property liability insurance is what covers it. However, if that same accident also damages your car, it’s actually collision insurance that pays for the damage on your automobile. Further, if someone is injured in that car accident, bodily injury liability insurance will cover those costs. That part of your insurance also helps you with legal representation if the other person decides to sue.

Auto Insurance Basics

As you can see, car insurance is rather complex. You can opt for the minimum legal coverage, the maximum an insurer offers, or something in between. Remember to consider roadside assistance, too, because nobody likes dealing with a flat tire or an empty gas tank alone. To find out more about auto insurance and to discover the gaps in your own knowledge, take this Health IQ quiz about basic auto insurance today.

  ]]>

Three Reasons Why Savvy Accounting Gives Business Owners More Control

Here are three of the main reasons why getting your accounts in order can give you greater control of your business:

It makes for better use of your time

Just last year, a study by the Federation of Small Businesses (FSB) concluded that the average company owner’s time spent on tax administration equated to a loss of 12 days of productivity every year, and this was holding back our recovery from the recession.

This loss of time only serves to limit the control you have over your business, and the less effective and well-drilled your accounts procedure are, the more time you will lose through playing catch-up and rectifying errors.

While a full-time accounts team is a route down which some companies go to ensure that records are kept immaculate, this comes with the all the costs that are associated with taking on staff. As employees come and go, mistakes are liable to creep in. Many company owners, therefore, prefer to outsource their accountancy instead, thus freeing up their time and allowing them to use it on upping the value and deciding upon the direction of the business. After all, you didn’t start your company so that you could study numbers.

It can help increase cash flow

Savvy accounting can help with your forecasting, thus assisting you in making commercial decisions. It’s one thing to review accounts every quarter, but identifying patterns, perhaps on a month-to-month or even week-to-week basis, can go further towards making sure that you don’t overspend or underspend.

Business is fast-moving, especially in this digital era, so it’s vital to be in the know of how your company is performing in the short-term, as well as the long-term. We hear that ‘time is money’, but money can also buy you time, including the breathing space needed to allow you to take greater control of your business without the immediate concern of cashflow issues.

You gain a greater understanding of your company

Some business owners only look to do the bare minimum as far as accounts are concerned, but you get out what you put in. With well-maintained and detailed accounts, you can see exactly where the money is coming and where you might be able to shore up your outgoings.

Identifying strengths and weaknesses go a long way towards increasing your control of the venture, because knowledge is power, and intelligent accounts management can go hand-in-hand with the learning process of running a business.

So, ‘accounts’ really shouldn’t be a word that makes you groan, but one that you see as the fiscal gateway to greater understanding and control of your commercial dream.

]]>