Page 10 THE VILLADOM TIMES I • December 7, 2011 Business If you are like most people, your mailbox is overflowing with credit card offers. Before you shred the next batch, see what the credit card companies are offering these days. You might find a deal that is better than what you already have. Companies are offering everything from airline miles to groceries to electronics as incentives for using their particular credit card, say personal financial planning experts at the New Jersey Society of Certified Public Accountants. Find the card and benefits that are right for you, and you can rack up some really nice rewards. A few tips for success: Find the perfect card. So which card is going to be “your” card? That depends. What benefits are you looking for? Do you want to collect airline miles for a trip? Do you want to receive rewards from a particular store or vendor? Maybe you want cash back on each purchase instead. Fortunately, there are many choices out there, and with a little research you can find a card that suits your needs. Compare offers. Don’t jump to sign up for the first offer that looks good. Be sure to read the fine print because interest rates, annual fees, payment terms, and reward redemption will vary widely from company to company. Know what you’re getting. Skinny down your wallet. Once you have added a new card you might want to consider closing older accounts. Closing accounts that have higher fees or interest rates can save money. However, there can be drawbacks to closing established credit card accounts. Understand the potential impact on your credit score before you close old How to make your credit card work for you accounts that have a good history. Access low-interest funds. If you need ready access to cash, many credit card companies offer no interest, or very low interest rates called teaser rates, for a certain length of time on cash advances. Carefully check the terms on your card, but don’t overlook this option for accessing funds when you need them. Get fringe benefits. Many credit cards come with extra benefits most people don’t use or even know about. Some offer additional car or accident insurance when you travel. Others provide an extended warranty on certain purchases. Know the details so you can take full advantage. Don’t forget to redeem. As you start piling up points, don’t forget to use them. Some rewards will have an expiration date. Don’t lose out on the very benefits you signed up for in the first place. While you are enjoying the benefits and rewards of your credit card, be sure to heed these additional tips: Avoid unnecessary fees. Make sure you understand any late payment or over-the-limit fees. You may also incur fees for cash advances and balance transfers. Some companies may even charge a fee if you pay by phone or online. Know the terms of your card and stick to them. Don’t just make the minimum payment. It may look great on paper that you only owe $25 for last month’s shopping spree, but ideally you will pay your bill off each month or pay as much of the total as you can so you are not incurring interest charges, which can really accumulate and are not generally tax deductible. Pay on time. Know when your payment is due and get that bill paid on time, allowing plenty of time for the mail to get there or for online transfers to take effect. On-time payments will keep you from incurring late fees, keep your interest to a minimum and keep your credit score looking good. Much has been written about the perils of credit cards and the debt people can amass by using them. However, credit cards can also provide some excellent benefits that can help you achieve your goals, whether that is travel or a little cash back in your pocket at the end of the month. If you need assistance from a CPA, you can easily locate one online using the NJSCPA’s free, online Find-ACPA service. Just go to findacpa.org, and in a few clicks you can locate a highly qualified professional. Financial planning is at the heart of every successful business and should be considered a priority, according to financial consultants at Lakeland Bank. Small businesses regularly write sales and marketing plans but may overlook the financial plan. “Even a one-person entity needs a financial plan,” said Jeffrey J. Buonforte, executive vice president of Lakeland Bank and a Certified Financial PlannerTM. “A financial plan allows you to compare forecasts to actual results and to make smarter decisions on future spending or investments. “Financial plans are especially helpful in tough times, such as when a business loses a large customer or confronts a challenging economy. If you have a good handle on the finances in your business, it’s easier to make adjustments to respond to those situations.” The Small Business Financial Checklist Lakeland Bank suggests the following steps for small business financial planning. Put financial support in place. Hire an accountant or bookkeeper. Determine if you need a treasurer or board finance officer or committee. Choose a trusted financial advisor and bank. Create a financial plan. List your income and expenses, including projected figures for the year to come. Plan to Financial planning for small businesses: What you need to know revisit the document quarterly so you can compare forecast numbers to actual results and prioritize expenses accordingly. A quarterly review also will give you a seasonal perspective on your business. Determine your tax strategies. This is how you are going to manage your taxable income. Set up a retirement plan and employee benefits. A competitive benefits package is key to attracting good employees. Get a valuation on your business. This is the value of your business, should you be in the position to sell. You can also use business valuation in securing credit and loans. Protect your business with an insurance policy. This precautionary measure can be a valuable safety net if the need arises. Create a succession plan. A succession plan increases your business’s worth to a potential investor. “Consult a financial advisor at a bank to help you create a financial plan,” advised Buonforte. “This will also be beneficial if the time arises when you need a loan or line of credit, because you will already have established a relationship with a bank.” Lakeland Bancorp, the holding company for Lakeland Bank, has an asset base of approximately $2.7 billion and (continued on page 28)