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Filtering by Tag: Finance

Five by Five from a Mortgage Broker

Kerri Day

Introducing Lake MacQuarie Jetty Finance. For this months Five by Five they have been kind enough to provide a fantastic insight into how a Mortgage broker can assist you. With all the options there seems to be out there as to how to get the best from your Mortgage it can be overwhelming. Luckily there are people that can help us wade through the options. This is what Jetty Finance had to say.

What Does a Mortgage Broker Do?

Firstly, a mortgage broker is responsible for assessing your situation and your creditworthiness. This will help him or her to develop a better picture of what the lending risk is for lenders. This assessment will also typically cover your income levels and ability to pay mortgage repayments. Next, a mortgage broker will take your information and work to find a loan that meets your needs as closely as possible. Brokers contain vast databases of information on available lenders, allowing them to research your options quickly and effectively. Brokers can also provide advice throughout the entire process and beyond. If you have questions about brokerage, or what your mortgage options are, contacting a broker can be very effective.

The Jetty Finance Team

a mortgage broker will take your information and work to find the loan that meets your needs.....
— Lake MacQuarie Jetty Finance

5 ways it pays to use a Mortgage Broker

ONE - Spoilt For Choice The biggest advantage of a broker over a bank is choice. When you sit in front of a broker you are sitting in front of 20+ banks and 100’s of products versus visiting a banker who has access to one bank and one bank’s products only. This is especially important at a time like now, when the banks are saying ‘no’ more, and by having more choices you’re likely to get a ‘yes’. They have an exceptionally large network of lenders that they work with to get you the most favourable mortgage rates and terms. Put it this way, the more lenders you have competing for your home loan, the more you save.
Two - Experience Brokers often own their own businesses and are committed to their clients in the long term, with many years of industry experience. Banks are big companies; they move their staff around and reward good performers with promotions away from their customers.
THREE - Relationship For most people a mortgage is the biggest loan they will ever undertake and it will most likely be part of their financial situation for many years. Your mortgage broker will be there with you on your journey. When you have established a relationship with your mortgage broker it will be the ONE constant throughout the life of your mortgage(s) – even if you change lenders along the way! Through regular contact your mortgage broker will get to know you, your family and the ever changing events in your life that may prompt a review of your financial situation.
FOUR - Training & Qualification
In a bank you will be dealing with a bank loans officer – there is no requirement for a bank loans officer to acquire the same qualifications as a Mortgage Broker. Mortgage brokers must meet membership requirements such as minimum levels of experience and education. They must also undergo many checks and meet fair and ethical trading standards before gaining accreditation to practise as a Mortgage Broker.
FIVE - Bank Says NO – Broker says YES They can often times find a lender who accepts home loans that the bank foregoes. Mortgage brokers are also able to discuss a lower interest rate from lenders in trade for bringing in business. So if you aren’t approved by a bank, that doesn’t necessarily mean you’re not eligible for a home loan! You may just be stuck with the wrong lender!

Five by Five is a radio communication that means loud and clear. The radio expression goes back to the 1950’s. ‘All right, testing, one, two, three... Five by Five Mr Holloran’ (Hunter, Blackboard Jungle, 1954)

Five by Five from an Accountant

Kerri Day

This month I am pleased to introduce our friends at CATS Accountants. They have some great reasons for why businesses should consider using XERO.

The current push to cloud-based software and technology by Xero, Quickbooks Online and MYOB Online is revolutionising the accounting industry. These advances have allowed you to start working closer and more efficient with your accountant than ever before, due to easy access, quick and easy support systems, seamless interface and endless amounts of add-on’s. Out of the 3 major players in accounting software at the moment Xero is out in front. Even as the younger players in the market, these are the 5 main things which keeps Xero head and shoulders above its competitors.

We strive to minimise our clients’ stress and offer solutions that make a difference.
Meet the friendly team from CATS

Meet the friendly team from CATS

5 Reasons Xero is The Leading Edge in Accounting Software

 One - No Updates, EVER!

Xero is a browser based software which means you access it like any other website. This allows Xero to improve and update their system in the background and the next time you log on the update is already done and you’ll have instant access to everything. This saves a lot of time and IT cost when compared to other software. Xero allows you to access it from any web browser such as, Google Chrome, Internet Explorer, Firefox, etc and any computer or tablet allowing you access to your information anywhere there is an internet connection. This is unlike MYOB Online where you have to log on through their portal which has to be installed onto your computer beforehand. So if your computer dies you won’t be able to just use any other device, you’ll have to get a computer and install the portal software onto that before beginning work again. However both have released an app for Android and IOS to allow you to do your bookkeeping and manage your business on the go.

Comparing Xero’s instant updates against desktop based software where you could log on find an update sitting there and have to wait possible hours depending on how your computer feels that day, it is no question why Xero is the leading software in accounting.

Two - Amazing Support and Free Education Tools

Xero has fantastic training tailored for your role in the business such as Small Business Owners, Bookkeepers, Accountants and even up to a virtual CFO. This comes in the form of small courses with a streamlined layout of videos and small tests to reinforce what you learn. At the end there is even a more formal test where you can become Xero Certified. But don’t be put off, all this is optional and just an additional tool that you can use.

If you would prefer to dive straight in and seek support as you go, Xero has its own help centre, where there is heaps of options like; frequently asked questions,  explanations on “Using Xero day to day”, even when Xero was last updated, the new changes that were made and more! There is also a place to interact with the Xero Community and ask questions or make requests to the developers about what features you would like to see in the next updates.

All this help and support means you require less training from your Xero partner, saving you time and money! Also Xero is arguably just by itself so much easier to learn and use than other traditional accounting software because of its layout.

Three - It’s Beautiful and Logical

You would never have thought users of accounting software would say the words “I love doing my bookkeeping”. Sounds unbelievable, but it’s true. Xero is so aesthetically pleasing and logical in its layout and methods on how to do everything. There is often more than one way on how to do something meaning you are wasting less time figuring out the only path to what you are doing. There is even plenty of links on each page allowing you easy access to the next step of whatever you are looking for instead of having to go back to the dashboard all the time. Xero is easier to understand and therefore better for your business. For example blatantly displayed on the front page after logging in is how many invoices are outstanding and the total amount owed to you and also your bank feeds which display the balance of the bank accounts you choose.

Xero has recently added a search bar where you can search the whole system for contacts, transactions, invoices, everything! There is also an additional search bar on most pages where you can refine and look at more specific/relevant information to what you want. Xero also has a toolbar where you can navigate almost the whole system within two clicks. With six dropdown menus such as “Reports” where you can see how well different aspects of your business are going and “Accounts” for access to pages like Bank Accounts, Sales, Inventory, Etc. 

Four - Constantly Ahead of the Curve

Arguably one of the things Xero does the best which keeps it the leading edge in accounting software is that it is constantly improving and finding new and better ways to do things. Such as online quoting and client acceptance systems to streamline this initial stage to get the sale done quicker and easier. You can also lodge TFN declarations straight from your Xero software which means no more lodging paper forms to the ATO by snail mail! The ability to add a section on your invoice to allow clients to pay electronically when they receive your invoice, making it more convenient than ever, and automatic invoice reminders assist with cash flow and debtor days. Xero are also constantly adding more banks to the bank feeds list allowing more people to have up to the second detail on how well their business is doing.

Xero has annual roadshows, which are a day event and they discuss what they have planned for the future similar to what Apple and Microsoft do to promote their future products. Xero also have regular webinars on new updates to help you understand what is new and also coming soon to Xero.

Five - The Expansive Add-on Marketplace

If Xero doesn’t have the exact solution your business needs, chances are there is another software available that links into Xero seamlessly. Xero has its own add-on marketplace that offers hundreds of applications to choose from with a large variety of categories and industries. Therefore you can have a world class bookkeeping software working in unison with your other important practice software – like stock management and ordering, tradesmen job tracking tools, timesheets and job management for service industry. Almost certainly if you need something more the Xero Add-on marketplace has a solution.

For example CIN7 takes care of your whole inventory and supply chain across all channels in one software.

Add-ons can not only improve the efficiency of your bookkeeping and accounting but also improve your business strategy. For instance Fathom, which is a reporting and financial analysis tool which helps you to assess business performance, monitor trends and identify improvement opportunities.

With more and more add-ons being made constantly there is no end to what you can do or monitor.

Contact CATS Accountants on 43535370

Located at 12 Pacific Hwy, Wyong NSW 2259

Five by Five is a radio communication that means loud and clear. The radio expression goes back to the 1950’s. ‘All right, testing, one, two, three...Five by Five Mr Holloran’ (Hunter, Blackboard Jungle, 1954)