Business and Finance

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Our Saturday Home Finance Tip deals with your savings account. If you are asking, what savings account? this article is for you. Saving is a financial musts that many people do not do. It takes a high degree of financial discipline so if you are one of those who has a savings account, take a second to congratulate yourself.

Financial advisors differ on how much money we need in our emergency funds but they seem to agree on a 6 to 10 month range. How do you calculate that? First you have to know how much you spend each month. You will always estimate low so get your bank and credit card statements out and add it all up. Take that number and multiply it by 8 months (or somewhere in that 6 to 10 range) and thats your goal. Once youre there, keep it in a savings account. It cant be tied up in a CD and you cant risk losing it in the stock market. (By the way, I strongly suggest that you add disability insurance to your monthly expenses. Its cheap and if you became sick or hurt, the monthly bills will be out of your mind)

Now that we know how much you should save, you brain might be in overdrive thinking about how you will fund your savings account. Its going to take discipline but heres a fun way that will put some big money in your savings account over time. You can think of it as my Chick-fil-a method. I love Chick fil a in part because the food is good (hey chick fil a, are you reading?) but also because they give out coupons all the time. I would have gone to Chick Fil a and paid full price without the coupon but with it, I saved $4. That $4 goes in to my savings account. Because I put everything on my credit card and pay it off at the end of the month, I get rewards points. I always buy $50 gift certificates with those points. Guess where that $50 goes? Lets take it a little further. Rather than going to Chick Fil a and getting a chicken sandwich and waffle fries and a diet coke for $9, I go to the grocery store and pick up a pack of chicken breasts and a couple of potatoes and drink water. First, Im saving calories but I also saved $5 by not eating out. I ironed my own shirt rather than taking it to the dry cleaner, $2. So lets see; in this article alone I saved $70 and have a sizeable amount for my savings account.

Keep a 1 week journal and see what you can do to pay yourself. Its fun, its a challenge, and you will feel better about getting closer to your financial goal. We are not in an economy where we can count on having a job tomorrow. Economists predict that 1 out of every 10 working Americans will not be working before this recession is over. Dont forget about this weeks home finance tip. If you need it, you will be grateful that you have it.

The very terms software leasing and software financing are confusing to many businesspeople. This is due to the fact that software is typically not seen as something that is purchased over time.

This view is shared by both end-users, and the developers of software. Companies who think nothing of financing a vehicle or a new computer system will stress over how they will pay for expensive new business software. And the producers of software see no need for offering a software leasing or a software financing option.

But times are changing.

Third party equipment finance companies – companies who offer small and medium size businesses equipment financing and working capital have responded to a need for software financing and software leasing. Thus, they are starting to include software amongst the equipment they finance or lease. There is one big overriding reason for this shift:

The High Cost of Buying Software

The simple fact is this: Software can be very, very expensive. Oftentimes more expensive than the hardware that runs it.

Now, keep in mind that when we are talking about software in this way, we are generally talking about vertical software. Vertical software is software that is written for a specific, narrow industry (this can include industry-specific point-of-sale software, ERP systems, specialized databases, etc). It is not software thats available on the shelf at your local office supply store (the software you see there, even the business programs and operating systems, are horizontal software they can be used across a variety of industries, and are relatively affordable.)

A good, clear example of vertical software is an auto parts store – they use software thats specifically written for the auto parts industry. Another example is your local jewelry retailer they likely use a point-of-sale system specifically made for the jewelry industry.

To understand how software financing and software leasing can positively affect a business, it is important to understand the advantages of vertical software first.

For most businesses, Vertical Software usually means far more efficient business processes. In the case of an auto parts store, for example, the software will already anticipate the thousands of automobile makes and models. And will almost certainly be updated every year. The jewelry stores software will differentiate the subtle differences between two diamonds by any number of categories. And so on.

In fact, these vertical software programs are so effective, and become so crucial to day-to-day operations, that businesses often need this type of software to remain competitive. In many cases, its not an option to do without.

However, since the software is so narrowly focused, it usually comes with a hefty price tag. The developer will sell relatively few copies as opposed to a word processing program (which will sell in the millions), so they must get a premium for their work. Vertical software can sometimes reach five figures for a single license.

This brings an obvious problem: Businesses need the software, but its very costly to buy outright.

And thats where software leasing and software financing come in business dont have to buy it upfront.

The Advantage of Software Leasing and Software Financing

The advantage of financing or leasing software is clear:

Software leasing and software financing take the huge up-front cost of new software out of the equation. Like most other business equipment, software is now beginning to be seen as a tangible asset (this was not always the case.) This means software can largely be treated as any other equipment purchase in the case of financing or leasing. A business can finance that new ERP system instead of having to budget a huge cash outlay.

This can be very beneficial to the bottom line, as software generally pays for itself over time. In fact, since vertical software almost always reduces the cost of doing day-to-day business, leasing or financing said software can actually create a positive cash flow right away.

But Who Offers Software Financing or Software Leasing, and how does it Work?

Its true that software developers have been very slow to embrace the business model of software financing or software leasing. They would prefer to be paid up front for their software.

Likewise, banks, being part of an older industry, are also largely reluctant to finance software.

However, third party equipment finance companies who specialize in small and medium sized business equipment financing often offer attractive software lease and software financing packages. What happens is the equipment finance company pays the developer in full, and then provides the software to the end user under a finance or lease agreement, often at very attractive rates. In all actuality, its fundamentally the same as financing or leasing most other equipment.

Of course, like any other financing, the agreements can (and will) vary from traditional fixed rate financing to a software lease with a buyout at the end, etc. And the rates and terms also vary your individual equipment finance company will have more details.

All in all, software financing and software leasing have definitely entered the business consciousness, and because it is so friendly to the bottom line, it is a business model that is here to stay.

Software leasing and Software financing are only a few of the services provided by Crest Capital. Regardless of the size of your company, Crest Capital can provide you with the equipment financing and working capital you need to successfully grow your business. Learn about financing options that can increase your bottom line and reduce your 2007 tax bill with a free online quote today.