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Calculator for what your freelance rate should be

(FINANCE) When every second on the clock counts and saving is imperative, where can you go to figure out your optimal freelance rate?

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The issue of what your freelance rate should be is daunting for most, but is especially stressful for those who aren’t particularly mathematically gifted. When every second on the clock counts and saving is imperative, where can you go to figure out your optimal rate? A new calculator has an answer.

What Is My Day Rate is a salary calculator which determines the hourly (and daily) amount you’d have to charge in order to meet your optimal salary.

The calculator itself is intuitive enough: upon landing on the What Is My Day Rate webpage, you simply enter your preferred annual income and wait for the results to load. You’ll see both a daily and an hourly sum appear shortly thereafter.

The process of figuring out how much to charge is simple, but that doesn’t mean the process is simple.

What Is My Day Rate draws from similar geographical, workplace, and demographic data to give you a number which reflects post-holiday, post-fee, post-non-billable work results.

By clicking the “See how we calculated this” link at the bottom of the page, you can see a specific breakdown of how What Is My Day Rate determined your rate.

You’ll notice that they take into account weekends, holidays, sick leave, bonuses, benefits, and more.

If division is a strong suit for you, you may also notice that What Is My Day Rate operates on a 40-hour workweek model, meaning your rate might even be optimistic for your standards.

One problem with the calculator is that it doesn’t account for taxes of any kind; while it factors in a rather generous benefits percentage and adds in things like mandatory vacation time and unpaid sick leave, there’s still a noticeable gap between the calculator’s projected expenses and what you would probably have to pay.

On the plus side, tax brackets change, so you’ll be able to plug the day rate results into a separate tax calculator without worrying about accuracy issues.

What Is My Day Rate is a valuable tool for any freelancer looking to establish their daily freelance rate without necessitating a spreadsheet and several hours of botched accounting—or a more expensive alternative. If you’re worried about undercharging, head over to their site to lock in your rate ASAP.

The American Genius is news, insights, tools, and inspiration for business owners and professionals. AG condenses information on technology, business, social media, startups, economics and more, so you don’t have to.

Business Finance

Poindexter helps handle finances so you can focus on your business

(FINANCE) Poindexter is a startup that helps you manage financial questions so that you can build you business, not spreadsheets.

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Balance sheets, cash flow statements, compliant income. These are phrases you come across every day in the business sector that also bring another word to mind: confusion.

Luckily Poindexter is here to help. The startup was created as a resource to help businesses make profitable decisions that lead them to success.

Poindexter uses simple business modeling software to generate business plans that users can easily understand. It was built mainly for startups and small businesses that may not be in the position to afford a financial expert.

There is no need for prior financial or excel knowledge to use Poindexter.

Their motto is “build businesses, not spreadsheets.” They don’t want the technical side of finances to hinder businesses, so they are simplifying the process.

The software offers various features to create businesses’ specific financial forecasts. These features include tracking marketing expenses, estimating ROI, comparing alternative projects and defining customer acquisition goals. In addition, implementation is easy.

Just like every aspect of a business constantly changes, the budget must adapt as well.

Users of Poindexter are able to fine tune their budgets and test out assumptions. This allows for the software to help create a unique financial plan for success no matter what the business is.

Business owners can think of Poindexter as their automated financial planner. It will still offer all of the advice of an actual financial planner while you remain in complete control. For the creators of Poindexter, the goal is simple: to aid innovators in making smart and profitable business decisions.

They eliminate the hassle, and emphasize achievements that will keep you on track to reach your financial goals.

Anyone can try Poindexter for free. Fees will only start as you add more projects and premium features. The software will continue to be updated as they gather feedback from users.

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Business Finance

Rize is the tech nerd’s version of hiding money in coffee cans

(TECH NEWS) Rize savings tool helps users stash away money without having to bury it in the yard.

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Finding the self-motivation to save money is hard. Manually going into your bank account to pull money into savings is a drag.

And it means you have to look at all those transactions where you spent too much money on donuts or shoes when you should have been saving.

Let something else do it for you instead. Rize is a savings service that helps you automatically save and manage your money. After creating an account, you simply set your monthly goal and Rize does the rest.

Your chosen amount is automatically moved from checking to your Rize account after each paycheck.

At any point you can change, delete, add, or transfer savings between goals as many times as you want. You can create multiple goals with differing amounts.

No savings account is necessary to use the app. Money is held in your account until you choose to withdraw it. There’s also no limit or extra fees for withdrawals.

You don’t need to worry about overdrafting, either.

Rize double checks your checking account to ensure sufficient funds, and notifies you before making any withdrawals.

Nope. This app is legit. Their team features investors, advisors, and leaders with solid financial backgrounds. It’s a free, pay what you want model. If you’re able to throw some bucks to the developers, go for it. If not, (after all, you are saving up for that cool vacation or whatever) Rize is still totally free.

Bonus: you earn 0.9% APY, which is 15 times more than the national average.

Plus, your savings are SIPC insured up to $250,000, and Rize is an SEC-registered company. Your information is anonymous and encrypted with 256-bit encryption.

Rize works with over 2,500 banks and credit unions around the country. It’s currently only available for U.S.-based checking accounts, but they plan offering international features in the future. A mobile app is also in the works. For now, Rize is accessible on any mobile or tablet browser.

Did I mention it’s free? No excuses. You can start with just $5. Get signed up for Rize now. Start saving today for your business and personal financial goals.

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Business Finance

You got an LLC and you’re ready to hire – 3 things lenders look for

(FINANCE NEWS) Yes, securing a small business loan of any kind is tedious and depends on varying lending organizations and business needs, but there is a list of general requirements small businesses should be aware of before getting knee-deep in conflicting information about lenders.

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If you are reading this, you probably have an LLC for your small business already, or money talk gets you going. If it is the former, let me say CONGRATULATIONS, and insist you pat yourself on the back in honor of your small business’s progression. Your arrival at a point where expansion is necessary is no small feat given half of small businesses fail in the first year. So, kudos to you.

Now, back to the money talk…

For LLC businesses looking to expand, please don’t fret about all of the information you’ve seen on the web. Yes, securing a small business loan of any kind is tedious and depends on varying lending organizations and business needs, but there is a list of general requirements small businesses should be aware of before getting knee-deep in conflicting information.

After some extensive research posing as the owner of imaginary businesses and annoying every loan officer who’d take my call, I’ve found three general lending requirements. I also provide a collection of the tangible information banks will likely review to meet those requirements. Take a gander:

Assets
Small businesses must have necessary assets: steady cash flow, financial reserves, personal collateral to support a variety of business fluctuations (i.e. unexpected employee loss), and a realistic pay off plan. These assets and financial safety nets are necessary for any lending organization to be confident in your business’s ability to support employee expansion in lieu of current expenses.

Proof of past
Just as you will come to expect from your soon to be employees, lenders want proof of the past and how you’ve managed past loans to align with your business goals. Historical evidence will further determine if your expansion is feasible, but also if it is worthy for the company to accept the lending risk.

Specific plans
Finally, be prepared to provide your small business’s explicit expansion plan, including how you arrived at your suggested loan amount and how you intend to divvy out the funds. It is important that you are as specific as possible in your projected numbers, seeing as one employee could make a $60,000 difference, and largely affect your expansion plan and financial need.

Before you go…

Now that you’re equipped with the magic three, you’re probably feeling empowered to walk into your nearest bank and demand your small business loan. Let’s first be sure you have all of the necessary information on-hand and ready to produce.

Lending companies that look for the magic three before investing arrive at their conclusion after collecting data from the following pertinent information:

– Proof of collateral
– Business plan and expansion plan
– Financial details
– Current and past loan info
– Debts incurred
– Bank statements
– Tax ID
– Contact info
– Accounts receivable information
– Aging
– Sales and payment history
– Accounts payable information
– Credit references
– Financial statements
– Balance sheet
– Profit and loss history
– Copies of past tax returns
– Social Security Numbers
– Assets and liabilities details

Now, my friend, do I release you as proud as a parent unto your nearest bank to secure your small business loan and begin growing your staff the way you’ve dreamed. I’m confident you will find the aforementioned information helpful in said quest, and would like to wish one last time (because it’s impossible to over-congratulate) a sincere CONGRATULATIONS on your businesses growth.

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