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When setting up a limited liability company or LLC, you’ll need to open a bank account. This is a requirement for every business operating as a separate legal entity from its owner.  In this article, we will cover everything you need to know about opening a bank account for an LLC. We'll discuss the pros and cons, what documents you need, and other important considerations. Why Should Your LLC Have a Designated Bank Account? By forming an LLC, you're essentially declaring that you and your business are separate entities. As such, one of the benefits of having a business bank account as an LLC is that it provides liability protection, shielding your personal assets.  Protecting Yourself if Your Business Gets Sued If your LLC is sued, the plaintiff can only go after the assets of the LLC and not your personal assets. While new businesses generally don’t think about the prospects of being sued, this is the safest route in case something goes south. A separate business account can be especially helpful if you are the sole owner of the LLC. Easy Management of Your Business Finances Another benefit of having a bank account as an LLC is that it simplifies business accounting. Having a separate business bank account for your LLC can make it easier to track expenses and income, both for you and your bookkeeper, which can be helpful come tax season. When the time comes to file your taxes as an LLC, you don’t have to go through the hassle of separating your business and personal transactions within your personal accounts. Small businesses generally have to pay estimated quarterly taxes, and an LLC business bank account is sure to speed up and simplify that process. Looking Professional  Another benefit of having an LLC account is that it makes your business appear more professional. If you are dealing with clients or vendors, they may be more likely to take your business seriously if you have a separate business account. Now that we've discussed the benefits of having an LLC account, let's talk about how to open one. How to Open an LLC Bank Account The first step is to choose a bank. When it comes to choosing a bank for your new business, there are a few things you'll want to keep in mind.  The first thing to figure out is whether you wish to go with an online bank or a brick-and-mortar one. Both solutions have their pros and cons, so make sure the bank offers the services you need. For example, if you need to deposit cash remotely, make sure the bank offers online banking. If you plan on using your LLC bank account to pay bills, make sure the bank has bill pay. Also, make sure to check online reviews on the quality of customer support the bank provides. Another thing to keep in mind when choosing a bank is fees. Some banks charge monthly maintenance fees, while others don't. Overdraft fees also have the tendency to eat into your business profits. Make sure to research the fees associated with different banks before making a decision. You should also check whether the bank of your choosing has other useful components that you can use in the future together with the LLC checking account. For example, if you think you may need a business loan to kickstart your operations, get details about interest rates, loan terms, and revenue requirements. It might also be a good idea to check for different types of accounts available and select a bank that offers all the types you need or might need in the future. How to Choose the Type of Business Bank Account for Your LLC There are a few different types of business accounts that are available to LLCs. The most common type of account is a business checking account. A business checking account and a relevant debit card are a good option for LLCs because they allow you to easily access your money and make payments. Another type of bank account available to LLCs is a savings account. This is a more appropriate option if you want to earn interest on your money or if you want to set aside money for taxes. If none of the aforementioned LLC bank accounts are suitable, you can open a money market account. This is a solid option for LLCs that want to earn interest on their money but still have access to it when they need it. What Documents Do You Need? Before opening an LLC bank account, you'll need to compile a short list of documents. Although different banks have different requirements for those looking to open a bank account for an LLC, there are a few common must-haves.   LLC’s Articles of Organization: In some states, this is referred to as a certificate of formation or a certificate of organization. This is the document that outlines the initial statements concerning the formation of the LLC. You can get this document in the state where your LLC is formed. Government-issued photo ID: You’ll need to provide a valid driver's license, passport, or another type of personal identification when opening a bank account for an LLC. EIN: This is short for Employee Identification Number, and it serves as your LLC’s federal Taxpayer Identification Number that is used by the IRS in the administration of tax laws. The process of opening a bank account for other types of businesses may differ. For example, a sole proprietor needs to provide a Social Security number.    LLC operating agreement: These are documents filed with the state that give the bank the needed information about who has permission to use the account or draw funds from it. In most cases, these documents should be sufficient to open your LLC's bank account. What to Keep in Mind One of the more worrisome aspects for business owners who have employees and wish to set up a business bank account is the danger of losing control over their finances. You should look into your options before you authorize your employees to use the account. Some banks may take advantage of your status as a new business owner, using it as an opportunity to sell you bigger or fancier checks than what's necessary with their special business bank account for LLC introductory offers. Also, be mindful of the minimum monthly balance and similar requirements that could be costly for small businesses. Business Credit Score Another thing to keep in mind when opening a bank account for an LCC is its impact on your business' credit score. Just like you have your individual FICO score, your business will also have one that you'll have to build and maintain.  This score will be used by banks and other lenders to determine your company's creditworthiness in case you need a loan. It will also be evaluated when you are renting office space or searching for a business partner. Unlike personal credit scores that range from 300 to 850, a business credit score typically ranges from zero to 100. Dun & Bradstreet, Experian, and Equifax are the three major bureaus that determine a business credit score.  When you are setting up a bank account for your LLC, make sure you know which bureau the bank reports your transactions to. There is no single algorithm for determining a business credit score, and each of these bureaus will calculate it differently. Another significant difference between a personal and business credit score is its accessibility. You are entitled to a free annual credit report from each of the three bureaus. But business owners that would like to stay informed about their business credit score have to pay for it and specifically order it from one of the three bureaus listed above. It certainly pays off to maintain a good business credit score through your LLC bank account so you can take advantage of loans, insurance policies, and banking terms that are more favorable. All in All The information outlined in our guide will make it easy for you to set up a bank account for your LLC. Just remember to collect all the necessary paperwork and educate yourself about what different banks offer.

By Vladana Donevski

Business credit cards offer a number of perks to business owners, regardless of the size of their operation. In addition to rewards and welcome bonuses, business credit cards also tend to have higher credit limits than personal ones. The obvious benefits lead many professionals to ask one simple question: should I get a business credit card? In this article, we will tell why it’s a good idea to apply for a business credit card and walk you through the eligibility requirements. You May Be Eligible and Not Know It You may have convinced yourself you can’t possibly obtain a business credit card because you don’t own a large company or even a small business in the traditional sense. But do you need a business to get a business credit card?  When you hear the term business owner, you probably think of someone running a company with a number of employees. However, you don’t need to be incorporated or have a formal business structure to qualify for a business credit card. You are eligible even if you are self-employed and working as a freelancer from home. That said, the options offered to a contingent worker, for example, are bound to be limited. As such, you need to do your homework on what cards are available to you. On the other hand, if you own a company and need a business credit card, you can explore the list of the top business credit cards on the market.  It Can Help You Boost Your Credit Score So why get a business credit card in the first place? Getting a business credit card is a great way to raise your personal credit score. A business credit card enables you to reduce spending on your personal one and use less of your available credit. This and covering any work-related expenses with a separate card will boost your credit score. However, keep in mind that when you apply for a business credit card, you may initially lose anywhere between two to five points on your credit score. That’s because financial institutions usually evaluate your creditworthiness by pulling your personal credit report when you’re applying for a card.  This is done to determine whether you’re eligible for a new credit card, and it’s the only part of the process that negatively affects your credit score. After the credit inquiry, your personal and business lines of credit are kept separate, and your score won’t be affected by your credit utilization ratio.  This doesn’t mean that you can afford to be irresponsible about your spending with your business credit card. If the card is tied to your Social Security number and your business defaults, you’ll still be held personally responsible for the money spent. It Allows You to Separate Your Business Expenses From Your Personal Ones Using a business credit card for personal purposes is usually considered bad practice. It can be quite a hassle when the time comes to file your taxes and sort through your credit card statements. Choosing a business credit card over a personal one for your business allows you to have a clear insight into your business expenditure. Furthermore, you will save on accounting expenses, as there will be less work for the accountant since they will have fewer expenses to go through.  That’s not all. Many business credit card issuers allow you to export your expenditure details to accounting software such as Quickbooks. This can exponentially speed up the accounting process. It Enables You to Improve Your Cash Flow One of the main reasons to have a credit card is to gain access to a line of credit. It’s also easier to qualify for than a bank loan. Since even a new business can get a business credit card, this is an ideal option for startups to secure the necessary cash flow to expand their operations. Having a business credit card enables you to pay your contractors and suppliers upfront while simplifying the transaction process. Some vendors offer discounts for those who have a good track record when it comes to making payments early or on time.   To avoid high-interest payments or other more extreme unpleasantries like having to file for bankruptcy, make sure to cover your entire balance on time.  It Offers Many Convenient Rewards Regardless of whether you get a business credit card or a personal credit card, you’ll likely be treated to a few generous rewards. There are typically three kinds of rewards: Miles Cashback Points  If you aren’t sure how to use business credit cards in order to make use of these rewards or you find the rewards programs too complicated, you’re not alone. A lot of cardholders don’t actually know how rewards on credit cards work. The important thing to remember here is that these programs reward you for the money spent through your line of credit.   Some business credit card issuers offer rewards in the form of discounts on everyday purchases, while others offer discounted flights, hotel stays, and gift cards. Therefore, if this is something you need for your business, such rewards can be very valuable. It Comes With More Generous Sign-Up Bonuses A major difference between a business credit card and a personal credit card is that the business ones usually offer bigger welcome bonuses. Given that you’re likely to spend more for business purposes than you would for your personal expenses, these bonuses can really come in handy. For example, with the Ink Business Preferred Credit Card, you can earn a 100,000 bonus for spending $15,000 within the first three months. You can redeem the points by getting $1,000 cash back or spending $1,250 on travel expenses. To put things into perspective, a similar personal credit card, the Chase Sapphire Preferred Card, gives you 80,000 bonus points as a welcome offer after spending $4,000 in the first three months. The maximum bonus value for the Ink Business Preferred card is 1,250, while for its personal counterpart, the maximum value is $750. Many business credit cards have 0% APR for a certain period of time, which can exceed 12 months in some cases. This can be very helpful for small startups, which often need to cover a range of investments on a limited budget. Not having to pay the interest rate for at least a year gives them time to get their business up and running. You Can Get Free Employee Cards Finally, many business card issuers offer free employee cards, which can significantly simplify making business-related purchases. For instance, employees can use the card for business trip expenses.  With employees having their own business cards, the business owner won’t have the extra task of repaying the employees, and the workers won’t have to use their personal cards. The employer can set the limit on these cards to prevent overspending. Final Comments As you can probably tell, business credit cards are a great asset to keep your business running smoothly. If you’re still wondering do I need a business credit card, remember that this is a great way to boost your personal credit score, separate your business expenses from your personal ones, and take advantage of some generous rewards and bonuses.

By Sonja

Even though they aren’t easy to find, angels do exist and are definitely worth the quest. Keep in mind, though, that they dwell solely in the world of entrepreneurship. This article will provide some insightful tips and tricks on how to find angel investors so that you can start funding your startup and seeing your professional dreams come true. What Are Angel Investors, and What Do They Do? Angel investors are a special breed of investors. They are typically high-net-worth individuals who invest their own money in early-stage startups. Their motives stem from believing in the company and its team and wishing to see the startup succeed.  Unlike venture capital firms and venture capitalists, angel investors are not looking for a quick return on their investment. They are willing to wait longer to obtain profit and are often hands-on with the companies they invest in. Taking on more risk than traditional investors, angel investors typically require a higher rate of return on their funding. Consequently, they can earn a much higher payoff once the company has become successful. Due to the uncertainty involved in this type of financing, finding angel investors might be a bit tricky.  Angel investors are an essential source of funding for early-stage startups. They provide the capital indispensable for startups to get off the ground and grow. In addition to bringing capital, angel investors often serve as mentors and advisers, helping founders tackle the challenges of building a successful business. Without them, many promising companies would never have gotten started. How To Find Angel Investors for Your Startup Here are some tips and tricks that’ll help you navigate the sphere of entrepreneurship and inspire angel investors to bestow their benevolence upon your startup: 1. Do Your Research The first step in raising capital for your venture is conducting preliminary research. It’s a good idea to identify investors who are the best fit for your company based on their previous activities. There are a number of resources available online that can help you with this process. The Angel Investor Directory, for example, lists angel investors by state, mentioning what their preferred sectors are. You can also optimize your hunt for a perfect angel investor on websites such as AngelList, a popular platform that connects startups with potential backers. It has funded more than 12,000 startups and has $10 billion in assets supported.  In addition, you can create a profile with Gust, a global platform that provides angel groups with tools to facilitate quality investments, or Angel Investment Network, another great website that brings together businesses and investors.  Finally, we recommend you join the Angel Capital Association, the world's largest network of angel investors with a community of more than 13,000 accredited investors. 2. Contact Angel Investor Networks If you’d like to know how to find legitimate angel investors, the best advice is to network at all times. Start connecting with as many people in the startup community as possible. Attend startup events and meetups, getting to know the angels who are already investing in startups. These connections will give you a chance to encounter an aspiring angel investor who might be interested in your company.  Once you get to know the right people, they may be able to introduce you to future investors. Focus on business owners, as they will likely think about funding small businesses at one point in their entrepreneurial journey. If you’re wondering where to find angel investors, you should join business associations, civic and community organizations, and attend trade fairs and events. Mingling with like-minded individuals will help increase your chances of bumping into the right angel investor. 3. Use Social Media Social media is a convenient tool that can be used to connect with corporate investors. An excellent platform for connecting with business professionals, LinkedIn is a good way to find out about investment opportunities. Twitter is another useful platform that can help small business owners secure early-stage funding. You can promote your company on Twitter and reach out to future investors.  To find an angel investor that’s a right fit for your business, you can also use Facebook. By posting regularly, you can promote your company and connect with angel groups. Start by telling your story, then build an audience, and inspire some of them to reach out to you first. If not, don't be afraid to make the first step and get in touch with potential investors. 4. Give Presentations Presenting your business idea and strategy is another excellent way to connect with those who could provide the funding your startup needs. This is an opportunity to showcase your company in front of a group of people and get them excited about the work that your company is involved in. If you're planning on giving a presentation, make sure it's professional and engaging. You want to leave a lasting impression on possible investors, so make sure your presentation is polished and bulletproof. Your story is what will make you stand out from the hundreds of other startups pitching to investors. Tell a narrative that captures the attention of potential angel investors for startups and makes them eager to invest in your operations. Focus on why you're starting your business, which unmet need you’re addressing, and how you're going to make money. 5. Make an Impactful Pitch Deck Looking for an angel investor can be a daunting task. Once you've identified potential investors, the next step is to pitch your business ideas. Devising an effective pitch deck is a critical piece of the puzzle as it will be the first impression that investors have of your company. Make sure that your pitch deck is clear, concise, and persuasive. Investors should be able to understand your business model and see the potential for growth. It’s also advisable to indicate what’s in it for them if they decide to provide backing. Angel investing requires having a meticulous plan in place, so make sure to include key data points around projected revenues and market share to demonstrate the potential of your vision and business model. Here’s how to find angel investors for your idea and pitch your business at the same time: include a clear description of your accomplishments and team capabilities based on their track records, as well as details about your current stage of funding or development. Ultimately, the objective of your pitch deck should be to show that you have what it takes to bring your concept to fruition. 6. Try Online Crowdfunding Crowdfunding is a great way to raise money for your business, and it's also a chance to connect with potential angel investors. When you run a successful crowdfunding campaign, it shows potential investors that there is interest in your company. Attracting individuals who are willing to fund your business idea then becomes a piece of cake. There are a few crowdfunding platforms you can use while looking for angel investors, such as Kickstarter, Indiegogo, and GoFundMe. Choose a platform that's right for your business and start promoting your campaign. Statistics show that successful crowdfunding campaigns raise an average of $33,430, so why not give it a try and see if you can spot some angels along the way. 7. Ask Family and Friends Seeking investment from those who are closest to you for the project you believe in can be a great idea. But before you start sending out feelers, it is important to understand that this comes with its own challenges. Knowing how to find angel investors among family and friends is a skill that can bring in substantial funding. When raising money from your loved ones, it’s essential to set expectations from the beginning and agree on certain boundaries. This means being clear about how much money you are looking to raise and what the terms of the investment will be.  Another thing to keep in mind is that, while your relatives might be personally invested in your venture and therefore quite forgiving, you still need to make sure that you are using their money wisely. It’s best to have a solid business plan and direct the funds solely toward growing your business. What To Look For in an Angel Investor? When learning how to find and convert angel investors, you should take certain factors into consideration. First and foremost, ensure that you’ve chosen someone whose previous performance has been exemplary. An accredited investor who has a history of successful investments will be much more likely to help your venture succeed as well. Additionally, it’s important to seek out an investor who shares your long-term vision and values. This will help you avoid any potential conflict down the road and ensure that your company is aligned with your investors’ interests.  It’s always prudent to seek out angels with deep pockets. Knowing who angel investors are and how to find them isn’t enough if they don’t have ample funds. Whether they have access to large amounts of capital or just a strong network of investors, having financial support from multiple sources can help keep your company on track during difficult times. When approaching individuals whose wealth can contribute to your business, don’t forget their mentorship ability. A capable angel investor should provide professional guidance alongside financing. As they have likely been through the startup process, they could offer advice on everything from developing a business plan to hiring employees. Having a seasoned mentor on your side can help you avoid common mistakes and make the most of your limited resources. Bottom Line Now that you know how to find real angel investors who possess the right combination of skill and resources, you can onboard someone to take your company to new heights! It’s good to have realistic expectations, though. Not every potential investor will be interested in your business, and you should not take it personally if they decline to invest.  Remember that even the most promising startup will likely face challenges and setbacks along the way. That’s why you should be prepared for bumps in the road and have a solid plan for how you will overcome them. With hard work and dedication, you can achieve your goals and make your business thrive.

By Danica Djokic

Looking to borrow money or make an investment? Understanding APR and APY in banking will help you make the right decision for your personal or business finances. If you’ve ever invested or used credit products, you’ve considered the interest and therefore encountered the terms APR and APY at some stage. So, what difference does one letter make? Well, it marks the difference in how these financial items impact your finances. The APY vs. APR distinction delineates the most important types of accounts: Savings/investment accounts and lines of credit. Here’s everything you need to know. APR vs. APY: The Definitions As you know, both terms are acronyms. APR is an abbreviation for annual percentage rate, while APY stands for annual percentage yield. Both signify a type of interest, and understanding them requires understanding compound interest in general. Compound interest is “interest you earn on interest.” For example, standard interest is calculated as follows: Principal figure x Interest rate x Term of agreement (usually in months) On the other hand, with compounding interest, you will pay or earn interest on this interest. Without worrying too much about the complex formula, the key outcome is that interest grows with every payment cycle. What Is APR? APR in banking represents a percentage of a loan principal you’ll pay in interest for a year. In other words, APR is a borrowing term, not a savings term.  The APR figure is achieved by multiplying the interest rate by the number of payment periods in the year. As a formula, this is expressed as: APR = interest rate x number of annual payment cycles Most financial products use a month-based payment cycle model. In the US, lenders are obligated to inform clients of the APR on any credit agreement, as per the 1968 Truth of Lending Act. APR includes the total borrowing costs over a year, so it should be the biggest deciding factor when considering a loan. What Is APY? APY in banking can relate to both borrowing and savings. In lending, APY represents the percentage of your principal you’ll pay, but with the compound interest taken into account. Although not as commonly used on borrowing, APY can be deemed more accurate than APR as it takes the compounding interest into account. Still, APY is rarely used when describing loans, and is primarily a term encountered with savings accounts. As a formula, this is expressed as: APY = (1 + Periodic Rate) x Number of periods – 1 In other words, what APY is on a savings account, is essentially the total interest you’ll earn on a deposit account over one year, assuming that no deposits and withdrawals are made. APR vs. APY: The Differences Have you ever noticed that you’ve most commonly seen APY mentioned by investment companies and savings account summaries, while credit lenders tend to focus on APR? Once you see the two in practical examples, it becomes easy to see why. If you were to borrow $1,000 with an APR of 6%, you would essentially be paying 0.5% interest per month (6% divided by 12). Each month, the interest would be $5, making for an annual interest total of $60. Conversely, as per the APY definition in banking, the APY would mean you pay the same $5 in the first payment period. However, in the second month, you would pay 0.5% on the new balance of $1,005. And so on. Over the course of a year, it would mean paying 6.17% in interest. In this example, that’s only an extra $1.68. However, with bigger sums and a more realistic interest rate in mind, it’s easy to appreciate how it can impact every loan. Consumers looking at credit cards, loans, and other forms of lending often prefer APR as it delivers a clear bottom-line figure. This makes it very easy to compare financial products from different lenders, but it conceals the compound interest. When borrowing money, APY gives you a clearer understanding of what you’ll actually pay compared to the promoted APR. So, it may be the key to avoiding unexpected interest costs over the term of your agreement. If you are an investor or lender, though, APY is the only thing you should be concerned with, as you won’t be paying interest - just collecting it. APR vs. APY in Crypto In addition to traditional financial products, APR and APY are two tools that are now used by lenders and investors in the crypto arena. They work the same as they do in fiat finances: APR is the interest a trader will pay on a crypto loan over the course of a year, while APY is important for investors, as it represents the return they can expect annually. This is because it takes into account the fact that the initial investment is continually re-invested and gives you the compounding results. However, since crypto is extremely volatile, neither figure really tells borrowers or investors much about the future, as the same percentage could equate to wildly different figures in the span of just one year. The Final Word On APR vs. APY Both APR and APY are essential terms that relate to interest payments and may subsequently significantly influence your overall repayment obligations on borrowing accounts or the interest gained on investments and savings accounts.  With a deeper understanding of both terms, making a calculated decision regarding the best financial products for your situation should become a lot simpler - don’t shy away from using an APY calculator, either, as that will give you the most precise numbers you might fumble while doing maths by hand.

By Vladana Donevski

Recent from Small Business Stats & Facts

Thomas Jefferson once defined coffee as “the favorite drink of the civilized world.” Tea-lovers might disagree with Jefferson, but coffee industry statistics are clear: Millions of people today can’t imagine starting their day without a cup of the stimulating beverage. Coffee Industry Facts - Key Findings Brazil is the largest coffee producer (33%) and the largest exporter in the world. In 2020, 15 countries imported 76.4% of all coffee. An average American drinks 3.1 cups of coffee daily. By 2030, global coffee consumption is expected to grow by one-third. The US imported $5.7 billion worth of coffee in 2020. In 2020, Starbucks had the largest share of the coffee market - 40%.  General Coffee Industry Statistics Wondering where your daily cup of coffee comes from? And whether there will be enough coffee for all coffee-lovers in the future? These statistics will provide the answers.  With 33% of all coffee produced, Brazil is the largest coffee bean producer globally.  (Statista) Overall, about 50 countries worldwide produce coffee. Brazil takes first place by producing nearly a third of all coffee - about 69 million 60-kilogram bags. It’s followed closely by Vietnam, which produces almost 29 million bags annually. Even though coffee originated in Africa, this continent contributes only 12% to the world’s total production. Small farmers still produce 60% of the world’s coffee. (Carto.com) Considering how popular coffee is, you might expect that growing it is a fully mechanized process that takes place on vast plantations. However, the reality is that only 21% of all coffee is produced on farms more than 50 hectares in size. The majority of producers still pick coffee by hand in an intensive, once-a-year harvest.  Global coffee consumption increased 2% between 2019 and 2021. (International Coffee Organization)  On the other hand, the production went slightly downward in the same period, which led to minimizing the gap between production and consumption to 1.2 million bags.  By 2030, global coffee consumption is expected to grow by one-third. (Bloomberg) The estimates show that by 2030, the world will need an additional 200 million bags to keep up with the growing demand. The main causes of this growth are the expected wage growth and increase in population.  In 2020, 15 countries accounted for 76.4% of all coffee imports.  (World’s Top Exports) The five countries that import the most coffee are the US, Germany, France, Italy, and Canada. In 2020, these countries imported 47.7% of the worldwide total. Between 2019 and 2020, Germany increased its import volume by 9.4%, while Italy and the US reduced it by 7.5% and 2.8%, respectively. Brazil holds the top spot for coffee beans export.  (Statista) Brazil is prominent in our coffee statistics not only as the largest coffee bean producer in the world but also as the number one exporter. In 2020, Brazil exported almost $5 billion worth of coffee. Switzerland was the second-largest exporter, with $2.85 billion.  Europe accounts for 33% of the global coffee market. (International Coffee Organization)  It seems like Europe has the most coffee drinkers altogether. It’s closely followed by Asia and Oceania, with a market share of 22%, followed by Latin America (20%), and North America (19%). The coffee market in Europe is expected to stay stable throughout 2025 and beyond.  The average price of a cup of coffee ranges from $0.46 in Iran to $7.77 in South Korea. (Global Coffee Report)  The average price of a cup of coffee varies drastically worldwide. Recent studies have determined South Korea is the most expensive country to drink a cup of coffee in, with the average price being $7.77. On the other hand, the cheapest is Iran, where the average cup of coffee costs $0.46.  Only about 10% of coffee is roasted before being exported.  (International Coffee Association) Essentially, 90% of all coffee is exported green, which means that roasting actually takes place in the importing country. Since roasting technology differs from country to country, it also affects the overall taste of the coffee. The United States Coffee Market Statistics In this section, we take a look at the US coffee industry size, information on consumer behavior, and imports and exports. In 2020, an average American drank two cups of coffee per day. (National Coffee Association) One of the most interesting coffee drinking facts from the 2020 National Coffee Association report is that the average American coffee-drinker consumes 3.1 cups of coffee per day. Sixty-two percent of Americans drink coffee every day, while seven out of 10 Americans drink coffee at least once a week. The US imported $5.7 billion worth of coffee in 2020. (World’s Top Exports) Americans are among the most avid coffee consumers in the world, with more than 400 million cups of coffee drank per day. 67% of Americans purchased their coffee from the supermarket in 2019. (Statista)  Since a considerable percentage of Americans prefer gourmet coffee, one would expect them to shop for their favorite blend at their local coffee roastery or other specialty coffee shop. Still, it appears that customer retention levels in this segment of the industry are not particularly high - only 9% regularly choose this option. The majority of consumers purchase their coffee at the supermarket, 14% order coffee online, on Amazon, or elsewhere, while 13% buy it at their local coffee shop, according to the specialty coffee industry statistics. Almost 60% of all coffee served in the US is brewed from premium beans. (National Coffee Association) While gourmet coffee is rising in popularity, traditional coffee consumption has decreased 10% from 2019 to 2020.  In 2020, Starbucks had the most coffee shops in the US.  (Statista) With 15,444 stores in the US, Starbucks holds 40% of the US coffee shop market. Dunkin’, the food franchise that made history with 3 million customers daily, holds the second spot with slightly more than 9,000 stores. Tim Hortons, in third place, has 630 stores in the US. When translated into coffee sales, Starbucks generated $21.31 trillion in 2019, while Dunkin’ had $9.2 trillion. 41% of Americans used a drip coffee maker to brew coffee in 2020. (Statista) The second most popular method was the single-cup brewer with 27%, while 12% used an espresso machine to make coffee at home. Only 10% of respondents prefer cold brewing, 8% purchase ready-to-drink coffee in a can or a jar, while 7% purchase instant coffee in a can or a jar. Bean-to-cup brewer is used by 6%, while the remaining methods account for less than 5%.  Coffee Consumption Statistics Worldwide - by Demographic  Who are the people behind all these coffee-drinking facts and figures? Let’s find out. 72% of people over the age of 60 drink coffee every day. (National Coffee Association)  But it’s not just older adults who drink coffee regularly: More than half (54%) of Americans between the ages of 25 and 39 consume coffee, along with 40% of those aged 18-24. The latter group has, in fact, seen a 14% increase in coffee consumption since the beginning of 2021. In the US, women spend on average $400 more on coffee than men. (Perfect Brew) An average American woman spends approximately $2,327 each year on coffee, while an average man spends $1,934. Still, it seems that men simply drink cheaper coffee - if we were to compare coffee consumption per capita by gender, men take the lead with 2.22, compared to women’s 1.79.   Hispanic Americans are the most likely demographic group to drink coffee every day. (Perfect Brew) The survey conducted by the National Coffee Association looking to uncover coffee facts and statistics showed that Hispanic Americans are 65% more likely to consume coffee daily than members of any other ethnicity. 41% of millennials spent more money on coffee than on retirement plans in 2017. (Acorns Money Matters) In an Acorns study conducted in 2017, 41% of nearly 2,000 respondents born between the 1980s and early 2000s admitted to spending more on coffee than on retirement. Unsurprisingly, 39% also admitted to feeling anxious about their financial future.  Scientists and lab technicians are the heaviest coffee drinkers. (Perfect Brew) Among the top 15 professions that consume the most coffee, scientists and lab technicians take the top spot. Marketing and advertising professionals are second, while education administrators take the third spot. Writers and editors hold the fourth spot, while healthcare administrators take the fifth, according to a recent coffee industry analysis by Perfect Brew.  People aged 25-34 spend $2,000 in coffee shops yearly. (Amerisleep) There’s a stark difference between this age group and people over 65, who spend only $7 in coffee shops per year. People aged 18-24 spend $172 per year on average, while the 35-44 age group doesn’t shy away from spending $1,410. These figures could partially be the result of the shift toward remote work, as many remote workers find coffee shops to be more conducive to productivity than their homes.

By Vladana Donevski

Anyone who has ever been on a hunt for unique handmade items, vintage treasures, and local artisan products has most likely heard about Etsy. This creative online marketplace started out in 2005 as a project by a group of enthusiasts from Brooklyn, New York. Etsy has soon become an online refuge for artists and artisans from all over the world.  The platform has grown into a $33.75 billion business from very humble beginnings. If you're interested in learning more about this eCommerce giant and its journey to the top, check out our Etsy statistics below.   Top Etsy Statistics: Editor’s Choice With a market cap of over $17 billion, Etsy is the 12th largest online marketplace globally. Etsy’s annual net income in 2021 reached $493 million. As of 2020, Etsy has 1,209 employees. 97% of Etsy sellers run their shops from home. 62% of sellers on Etsy are from the United States. In 2020, 81% of Etsy sellers identified as women. With a 25% seller share, Home & Living is the most popular category on Etsy. 71% of Etsy sellers consider it important to grow their business sustainably and responsibly. General Etsy Stats To better understand this eCommerce platform and its users, we've compiled a list of some general Etsy statistics. Read below to learn about the number of active buyers and sellers, the revenue Etsy has generated over the years, and the best-seller categories of products available for sale. With a market cap of over $17 billion, Etsy is the 12th largest online marketplace globally. (CompaniesMarketCap) With a market cap of $17.90b as of March 2022, Etsy scores above JD Health, Zalando, and Rakuten, to name a few prominent companies.  Etsy traffic statistics have increased majorly during 2020, boosting profits significantly. Nevertheless, the market is still dominated by eCommerce giants such as Amazon, Alibaba, Meituan, Jingdong, and Shopify. There were around 7.5 million active sellers on Etsy in 2021, a nearly 75% increase on 2020. (BussinessOfApps) Back in 2019, there were almost $2.7 million active sellers on Etsy. Only a year later, the figures went up over 60% to around 4.3 million people worldwide, only to balloon by nearly 75% to 7.5 million in 2021. As testified by many Etsy sellers, statistics have never looked so good. The reason behind such a steep surge is most likely the COVID-19 pandemic which forced many people to start selling online exclusively.  The number of active Etsy buyers reached 96.3 million in 2021. (BussinessOfApps) Compared to 2019, when some 46.3 million people bought goods on Etsy regularly, 2020 has brought a surge of over 75% for a record 81.8 million active buyers on the platform. This was then followed by a smaller but still impressive 17% increase to 96.3 million users in 2021. Judging by the Etsy buyer statistics, people have heartily embraced the online shopping model forced by the COVID-19 pandemic. As of 2020, Etsy has 1,209 employees. (Backlinko) We can get valuable insights by tracking workflow within a company. Etsy has been growing steadily over the past few years, and the growth was followed by an increase in the number of employees. The 2020 sales boom saw the workforce increase by 14.49%. These Etsy updated statistics do not include an additional 205 workers employed at Reverb, its daughter company. Most of the employees are based in the United States, but the company also has offices in Ireland, Germany, Canada, Australia, and more. Etsy Demographics Let’s take a closer look at the demographic stats and facts, as they provide insights into the target market for a product or service. Additionally, they can help identify new markets or assess the potential impact of changes in the economy or population on a business. By understanding the demographics of its customer base, a company can make better decisions about where to allocate its resources to maximize growth.  62% of Etsy’s sellers are from the United States. (Statista) Etsy seller statistics show the distribution of its sellers on a global level. As of June 2020, some 62% of Etsy's merchants were from the United States, while the remaining 38% come from other countries. The majority of them are from the UK (30%), followed by Canada (11%), Australia (7%), and  Germany (7%). Most of Etsy’s US sellers come from California (14%). (Statista) The figures from June 2020 indicate that 14 percent of the US Etsy sellers are located in California. During the measured period, Florida and Texas both contributed 7%, while Pennsylvania, North Carolina, and Washington had a 4% share of the total US seller market each. As of December 2020, 47.7% of Etsy employees were female. (Statista) We highly appreciate Etsy’s gender awareness and diversity politics, especially nowadays when women were only 5% of the CEOs appointed globally in 2020. Namely, the eCommerce giant has been trying to increase the number of women in leadership positions and on its Board of Directors. As of December 2020, 47.7 percent of its employees were female, along with 45.3% male workers and 7% that were classified as ‘other.’ Statistics on Etsy's global corporate demography indicate that the board positions are equally occupied by both males and females, with a 50-50% ratio.  In 2020, 81% of Etsy sellers identified as women. (Statista) (Etsy) The figures certainly show how one-sided the sellers’ market is, probably because women dominate the handmade arts & crafts niche. When it comes to Etsy users, statistics on the sellers used to favor women even more in the past. According to a report from 2015, as many as 86% of the sellers on the platform were female. 71% of Etsy sellers consider it important to grow their business sustainably and responsibly. (Etsy) Sustainability and value-driven manufacturing practices are essential to Etsy's community, as reflected in the items being sold on the site. This new approach to business resulted in self-organizing into online support groups. Nearly a quarter of Etsy sellers worldwide joined one of more than 10,000 Etsy Teams worldwide, where they can seek and provide support and collaboration opportunities.  97% of Etsy sellers run their shops from home. (Statista)  2020’s  Etsy statistics reveal that 97% of sellers run their shops from home. At the same time, 69% of respondents had started their Etsy shop as a way to supplement their income. For many Etsy sellers, their businesses are their primary source of income, and 69% of them consider their shop a business. More than half (55%) are multi-channel sellers.  Revenue and Sales Statistics Although Etsy's sale statistics recently didn't quite match the boom in 2020, the company is still going very strong. The pandemic has brought about a renewed interest in handmade and vintage items, increasing the platform’s popularity significantly in recent years. With a 25% seller share, Home & Living is the most popular category on Etsy. (Statista) Looking at the best-selling items on Etsy and their generated revenue, Statista compiled a list of the most popular categories among handmade Etsy sellers worldwide as of June 2020.  According to Etsy sales statistics by category, home and living is on the top of the list with a 25% seller share. This is followed by art and collectibles, which accounted for 21%, jewelry with 15%, and clothing with an 11% share.  The least popular group of products were pet supplies, electronics & accessories, and shoes, which accounted for only 1% of sellers each.  In 2020, Etsy was the eighth largest retail website in terms of online traffic. (Statista) The big dog among eCommerce websites, Amazon.com, had almost 3.68 billion visitors per month in 2020 followed by eBay.com with 1.01 billion visits on average each month. eBay, Rakuten, and Samsung also scored highly on the list.  With a monthly traffic average of 289.33 million visits, Etsy statistics had even top sellers jealous, contributing greatly to the platform’s huge revenue increase during that year. In 2020, Etsy generated $1.7 billion in total revenue. (Statista) The revenue of the online marketplace amounted to $1.7 billion in 2020, which represents a surge of more than 100 percent compared to the year before. Etsy had a market capitalization of $7.46 billion in 2019, just seven years after its official launch. According to industry experts, marketplace revenues (including sales listing and transaction fees), third-party payment processor fees, and seller service revenues are the company's main revenue streams.  Etsy’s annual net income in 2021 reached $493 million. (Statista) Looking at the Etsy sales statistics for 2021, there was a massive increase over the $349 million it made in 2020, which itself dwarfed 2019’s $95.89 million. The company is clearly doing something right, and at this rate, the future of eCommerce on the platform is looking very bright. Top sellers on Etsy earn $10,000 per year or more. (The Verge) Amid the many stories from Etsy's sellers regarding their earnings, the conclusion is that the most successful merchants earn $10,000 or more on the platform. Etsy shop statistics vary wildly between the various categories on the site, though. According to some top sellers, they get charged a flat 12% advertising fee that they cannot opt out of. This fee is 15% for other sellers, but that charge is optional.

By Danica Djokic

Call centers are an inescapable element of running almost every customer-centric business. Regardless of whether you are offering a product or a service or using a call center to market them, you need to provide a line of communication with your customers.  Not all support and call centers actually require a phone line. Call center statistics show that the industry has moved online to a large degree, and many other trends are emerging as companies strive to provide a better customer experience.  Let’s see some of the most important stats about the call center industry in 2022. Call Center Industry Statistics - Key Findings The global market value of call centers is estimated to reach $496 billion by 2027. 87% of employees in call centers report high-stress levels at their job. The contact center software market will be worth $149.58 billion by 2030. Businesses lose approximately $75 billion yearly because of poor customer service. 35% of customers want customer support agents to help them resolve issues in one interaction. General Call Center Operation Statistics Call centers are an essential industry nowadays, especially as many people turn to customer support. After all, the world has made a significant shift toward performing most of its daily life online. So let's check some of the most important stats about this industry. The global market value of call centers is estimated to reach $496 billion by 2027. (Report Linker) Research suggests that the industry's value will keep increasing at a projected CAGR rate of 5.6% between 2020 and 2027. In-house call center solutions have a 5.5% projected growth rate during the same period, while outsourcing will grow by 5.9%. In 2020, US call centers accounted for 29.49% of the global call center market. (Report Linker) The overall global market was valued at $339.4 billion in 2020, with the US share at approximately $100.1 billion in 2020. Other notable markets worldwide were China, Japan, Canada, and Germany, all with strong growth estimates.  Almost a quarter of all call centers in the US made less than $250 million in 2020. (Statista) 24%, to be precise. 13% earned more than $25 billion. 4% made between $15 and $25 billion, while 19% earned anywhere from $5 to $15 billion, and another 19% made between $1 and $5 billion. The contact center software market will be worth $149.58 billion by 2030. (Grand View Research, Inc) According to call center statistics for software, the industry's market size is $28.09 billion in 2022, up from $23.9 billion in 2021. If it continues following the estimated CAGR of 23.2% between 2022 and 2030, it should reach a staggering $149.58 billion by 2030. In 2020, US call center businesses employed 2.83 million people. (Statista) The number of employees in the call center businesses grew steadily from 2014 when 2.51 million people worked in this industry. This trend changed in 2020, though, which saw a drop in the number of employees in the contact center industry compared to 2019’s 2.92 million. Businesses lose approximately $75 billion yearly because of poor customer service. (Forbes)  Based on research in NewVoiceMedia’s 2018 “Serial Switchers” report, Forbes announced in 2018 that many customers were abandoning companies due to poor customer service. Recent research conducted by Salesforce shows that 91% of customers will make another purchase at the same company after a good customer service experience.  In comparison, 70% said they would not buy a product from a company with long wait hours for customer support. If your company is struggling with similar issues, consider investing in call tracking software. Call Center Stats on Customer Satisfaction  Customer support is an essential part of providing a quality service, and companies need to pay close attention to customer satisfaction in this area. The following stats tell us more about customer preferences regarding call centers and support. 77% of customers appreciate proactive customer service. (Zippia) On top of wanting instant support, customers also expect customer representatives and sales reps to anticipate their needs and address them accordingly. Companies that can do that are much more popular with customers. 76% of customers prefer using different support channels depending on context. (Salesforce) According to the call center analysis by Salesforce, email is still the most popular customer support channel, followed by phone and in-person support. Online chat and mobile apps take fourth and fifth place, respectively. 78% of customers don’t like support agents that sound like they are reading from a script. (Zippia) Personalized sales and support communication has been the key for a while now. 52% of customers expect custom-tailored offers at all times, and 66% want the companies “to understand their unique needs and expectations.”  This is no small feat, especially for the largest call center companies serving thousands of customers. Ensuring your company uses good call center software is only half the battle. You’ll still need quality support agents who can convince your customers that their needs are important to your company. 50% of customers believe that the customer service and support from most companies need a major overhaul. (Salesforce) While half of the customers expect better customer support, 60% agree that companies need to improve their trustworthiness, and 55% think companies should work more on their environmental practices. Statistics show that companies focusing on “making the world a better place” always do well. Surprisingly, improving the product was ranked lower, as was using better technology and working on the overall business model. 35% of customers want customer support agents to help them resolve issues in one interaction. (Microsoft’s 2020 Report) Quick problem resolution should be one of the most important call center metrics. Over a third of customers in a Microsoft survey from 2019 said that resolving issues in one interaction should be a priority for the customer support team. 31% claimed that getting a knowledgeable agent is the most important, and 20% said that not having to repeat the same information is crucial. The latter seems like a growing problem, as more than half of customers felt that the departments providing support are not always in sync.  These are definitely the key call center metrics that every company should pay attention to. 92% of consumers hesitate when buying a product if it has no customer reviews. (Fan & Fuel) Worse still, 35% might not buy a product at all after reading just one negative review. According to Zendesk, word of mouth is also extremely powerful: 95% of customers will tell others about a bad experience, and 87% will share good ones.  Unfortunately, another survey shows that 79% of consumers who shared their poor online experience with customer support got ignored. Companies making this mistake should consider hiring a good reputation management service, as it will help improve their sales in the long run. Must-Know Information About Call Center Workers Despite the push toward automatization, live agents are still the pillars of any good customer support team. Here are some stats about the call center workforce. There were approximately 286,696 call center agents employed in the US in 2021. (Zippia) The majority of call centers are located in Texas, or more specifically in Dallas and Houston. The average age of a call center employee is 40 years. Furthermore, 67.2% of all agents are women, while 27.9% are men. 87% of employees in call centers report high stress levels at their job. (Cornell University) Handling customer requests every day is not an easy job. Customer support agents are typically the first line of defense against angry customers, leading to very alarming call center stress statistics. 80% of agents experience angry customers blaming them for things out of their control.  Undefined expectations, lack of incentives, and boredom with mundane, repetitive tasks cause agents to be miserable at work, which, in return, translates into poorer customer experience stats across the board. The average salary of a call center employee is $27,765 per year. (Zippia) Salaries for new agents start at around $20,000 per annum. Those of the 10% top-performing agents can go up to $36,000 or more. The turnover rate for call center agents is over 40% globally. (ICMI) (Mercer) When these call center turnover statistics are compared to the 22% average turnover rate across all industries in the US, it’s easy to see that job satisfaction levels in call centers are troublingly low. Companies need to look into ways of making the job less stressful for their employees and using modern technologies such as AI bots to help facilitate communication with customers. Call Center Technology Trends Good implementation of modern technologies is essential for improving call center statistics and metrics. Let’s check how big of a role software plays in customer support these days.   90% of businesses that use it find live chat software helpful for streamlining call center operations.  (Zippia) According to Zippia’s findings published in December 2021, 29% of all businesses and 61% of those in the B2B sector already use live chat software. 32% of businesses are implementing CRM systems to boost sales and enhance customer relationships. (Zippia) Customer Relationship Management software has an excellent track record of increasing customer engagement. Unfortunately, according to customer service and call center metrics, only a third of businesses make use of it currently. Considering that 31% of customer support teams think that their companies see their work as an expense rather than an opportunity to increase sales, this is not all that surprising. 87% of global organizations that implemented AI did so believing it would give them an advantage over the competition. (Statista) According to Statista, almost 90% of the organizations that implemented AI did so to keep up with the competition, while only 63% did so due to customer demand. Pressure to reduce costs was also a major factor (72%), along with the ability to move into new business spheres (78%). In 2020, 37% of all messages to brand social media accounts were related to customer service issues. (Sprout Social) (Statista) However, most messages (59%) were positive, as customers wished to express their happiness with an excellent experience they’ve had with the brand.  Call center statistics show that in 2020, 75% more customers used  Instagram to message businesses, while Facebook saw a 20% growth in this category. If you are considering implementing social media into customer support options, keep in mind that 18% of customers expect an immediate response; it might be worth investing in social media management tools to help your support team out.

By Vladana Donevski

While some workplaces are more dangerous than others, any workplace can be hazardous. Every year, millions of workers get injured on the job, and many of these injuries are severe. The cost of workplace injuries is huge, not just in terms of medical expenses but also in terms of lost productivity and lost wages.  Keep reading our workplace injury statistics to find out how often these accidents occur and what the most common ways workers get hurt are.  Top Work Injury Stats - Editor’s Choice: In 2020, there were 3.2 million workplace injuries and illnesses in the US.  Sprains, strains, and tears were the most common injuries, with 266,530 cases recorded in 2020. Healthcare and social assistance was the most affected private sector, with 806,200 workers injured or sick.  There were 4,764 workplace fatalities in 2020. Most worker deaths happened in transportation incidents, with 1,778 cases recorded in 2020.  The total economic cost of workplace accidents and fatalities in 2019 was estimated at $171 billion.  The state with the most workplace fatalities in 2020 was Texas, with 469 cases.  With 355,200 cases, California was the state with the most occupational injuries and illnesses in 2020. OSHA’s most breached standard is for fall protection in construction. General Work Injury Statistics The latest Survey of Occupational Injuries and Illnesses conducted by the US Bureau of Labor Statistics shows that the number of workplace injuries in 2020 was lower compared to the previous years, but does that mean workplace safety conditions in the US have improved and that the workers have become more safety-aware? Not exactly. The main reason for the drop in preventable workplace injuries and deaths can be found in the decreased number of working hours. The disruption caused by the COVID-19 pandemic reduced the working hours by 9% for the latest survey period. There were approximately 3.2 million recorded cases of nonfatal occupational injuries and illnesses in the US during 2020.  (US Bureau of Labor Statistics)  Workplace accidents, statistics inform us, resulted in days away from work in 62% of cases.   Worldwide, about 340 million work-related accidents happen yearly.  (International Labour Organization) A further 160 million workers suffer illness at work. In the private sector, 2.7 per 100 full-time workers suffered nonfatal injuries and illness.  (US Bureau of Labor Statistics)  Furthermore, 1.7 out of 100 workers had to take days away from work because of accidents or illness.  The most common causes of nonfatal injuries and illnesses in the private sector that resulted in days away from work were sprains, strains, and tears, with 266,530 cases recorded in 2020. (US Bureau of Labor Statistics)   Workplace back injury statistics show that such accidents are common. They are followed by soreness and pain caused by work activities, fractures, while cuts, lacerations, and punctures are in a close third place.  Slips, trips, and falls are the most common workplace injuries, accounting for 33% of all cases.  (Thomas Marchese) Water or oil spills, iced walkways and steps, cables, wrinkled rugs, and poor lighting are the main culprits of slips, trips, and falls, statistics tell us. Thankfully, they are also among the most easily preventable causes.  Nonfatal injuries and illnesses were most common in healthcare and social assistance, affecting over 800,000 workers in these industries in 2020.  (US Bureau of Labor Statistics) Other private sectors with high case numbers were manufacturing and retail trade. Statistics for retail show that 341,100 workers were sick or injured in 2020, along with 373,300 workers in manufacturing.   Healthcare and social care are high-stress work environments with the highest injury rate - 5.5 per 100 workers.  (US Bureau of Labor Statistics) Workplace safety statistics also list agriculture, forestry, fishing, and hunting as sectors with frequently occurring accidents - 4.6 per 100 workers. They’re followed by transportation and warehousing at 4 per 100. Fires and explosions account for 3% of workplace injuries. (Thomas Marchese) Unfortunately, these types of incidents also have the highest casualty rate across workplace accidents.  Workplace Death Statistics Unfortunately, death is still part of workplace injury statistics, despite the improved safety regulations and protocols implemented to avoid preventable fatalities. The reason for hope is that fatal workplace accidents have declined from 2019. In 2020, there were 4,764 fatal work injuries in the US.  (US Bureau of Labor Statistics) This is a 10.7% drop from the Bureau’s 2019 report, which recorded 5,333 deaths. Furthermore, this is the lowest annual number since 2013.  The fatal work injury rate in 2020 was 3.4 per 100,000 full-time workers. (US Bureau of Labor Statistics) As mentioned, the work injury rates haven’t significantly declined. They merely reflect the fact there were fewer jobs and work hours in 2020 due to COVID-19. According to previous BLS workplace injury statistics, the rate in 2019 was 3.5 full-time workers per 100,000.  One worker died in the US every 111 minutes in 2020.  (US Bureau of Labor Statistics)  This number may seem staggering, but it’s significantly lower than in the period before the Occupational Safety and Health Act of 1970 was implemented. At 1,051, most fatalities were in the 55 to 64 age group.  (US Bureau of Labor Statistics)  The age group with the second-highest number of fatal workplace injuries are 45 to 54 year-olds. As the smallest portion of the US workforce, underage workers also had the fewest deaths - 26 in 2020. At 1,778, transportation incidents were the leading cause of death for workers in 2020. (US Bureau of Labor Statistics) Most often, these are roadway incidents involving a motorized land vehicle. Workplace fall statistics show that drops from higher elevations are also among the main causes of fatal occupational injuries.   22% of all fatal work injuries were suffered by Hispanic or Latino workers. (US Bureau of Labor Statistics) The Latin-American community in the US has seen increased rates of fatal work injuries. There were 1,088 deaths in 2019 and 1,072 in 2020. Despite the reduced work hours in 2020 and fewer preventable deaths, the rate actually increased by 2% since 2019.   Workplace Injury Cost Statistics It’s hard to estimate exactly what kind of an impact workplace injury had on each individual worker. However, the loss of work hours and wages are measurable indicators of the economic impact of occupational injuries. The total economic cost of work-related injuries in 2019 amounted to $171 billion.  (National Safety Council) The total includes more than just worker compensation and insurance. The most significant elements of the economic cost are wage and productivity losses ($53.9 billion) and administrative expenses ($59.7 billion). Medical fees and employers’ uninsured costs stood at $35.5 billion and $13.3 billion, respectively.  The average cost per worker was $1,100.  (National Safety Council) This figure represents the value of goods or services that each worker would have to produce to offset the cost caused by the accident. The expenses for a medically consulted injury were $42,000, while the expenses of a fatal workplace accident stood at $1.22 million in 2019. (National Safety Council) These numbers include estimated wage losses, costs of medical treatments, and employer expenses minus the damage to property or vehicles.  Injuries and fatalities in 2019 resulted in 70 million lost workdays.  (National Safety Council) However, if you include injuries that happened in the year before that prevented employees from attending work in 2019, the number of workdays lost rises to 105 million. Workplace Injury Statistics by State Texas had the highest number of fatal work injuries in 2020 - 469 recorded cases.  (US Bureau of Labor Statistics) This is still a significant drop compared to 2019, when 608 people lost their lives on their job. California comes in at a close second place with 463 cases, and Florida is third with 275 fatalities.  The state with the highest number of work injuries and illnesses in 2020 was California, with approximately 355,200 cases.  (US Bureau of Labor Statistics) This is almost twice the number of cases recorded in Texas during the same year (178,600). Workplace accident stats place the state of New York in the third position with 129,000 cases. States with the highest rates of nonfatal work injuries and illnesses are Maine, Vermont, Alaska, Washington, Oregon, Montana, and Minnesota.  (US Bureau of Labor Statistics) Maine had the highest rate of cases, with 4.3 per 100 full-time workers. The second state on the list is Vermont, with 3.6 per 100.  OSHA Injury Statistics The Occupational Safety and Health Administration is a federal agency that regulates workplace safety. It also keeps a record of what safety regulations are most often breached.  OSHA employs 1,850 inspectors.  (OSHA) These inspectors are in charge of the health and safety of more than 130 million workers across approximately 8 million workplaces in the US.  One compliance officer is in charge of approximately 70,000 workers.  (OSHA) OSHA has 10 regional offices and 85 offices in local areas. The federal organization conducted approximately 33,000 federal and 42,000 state inspections in 2019. Fall protection for construction workers is the most frequently breached OSHA standard.  (OSHA) Apart from fall protection, OSHA workplace injury statistics show that the Hazard Communication standard, Respiratory Protection, general scaffolding requirements, and requirements for the use of ladders in construction are the most commonly breached OSHA standards.  Since OSHA’s inception in 1970, worker deaths have dropped from 38 per day to 13 in 2020. (OSHA) OSHA had a significant impact on the safety and health of the US workforce. After it was established, illnesses and the most common workplace injuries have dropped from 10.9 per 100 workers to 2.7 in 2020. Closing Thoughts  Safer work practices and adhering to regulations have helped reduce the numbers in workplace injury statistics. In addition to having a good insurance plan for your business, it’s important not to dismiss caution and best practices, no matter in what sector your business operates.

By Dusan Vasic

Recent from Knowledge Base

When setting up a limited liability company or LLC, you’ll need to open a bank account. This is a requirement for every business operating as a separate legal entity from its owner.  In this article, we will cover everything you need to know about opening a bank account for an LLC. We'll discuss the pros and cons, what documents you need, and other important considerations. Why Should Your LLC Have a Designated Bank Account? By forming an LLC, you're essentially declaring that you and your business are separate entities. As such, one of the benefits of having a business bank account as an LLC is that it provides liability protection, shielding your personal assets.  Protecting Yourself if Your Business Gets Sued If your LLC is sued, the plaintiff can only go after the assets of the LLC and not your personal assets. While new businesses generally don’t think about the prospects of being sued, this is the safest route in case something goes south. A separate business account can be especially helpful if you are the sole owner of the LLC. Easy Management of Your Business Finances Another benefit of having a bank account as an LLC is that it simplifies business accounting. Having a separate business bank account for your LLC can make it easier to track expenses and income, both for you and your bookkeeper, which can be helpful come tax season. When the time comes to file your taxes as an LLC, you don’t have to go through the hassle of separating your business and personal transactions within your personal accounts. Small businesses generally have to pay estimated quarterly taxes, and an LLC business bank account is sure to speed up and simplify that process. Looking Professional  Another benefit of having an LLC account is that it makes your business appear more professional. If you are dealing with clients or vendors, they may be more likely to take your business seriously if you have a separate business account. Now that we've discussed the benefits of having an LLC account, let's talk about how to open one. How to Open an LLC Bank Account The first step is to choose a bank. When it comes to choosing a bank for your new business, there are a few things you'll want to keep in mind.  The first thing to figure out is whether you wish to go with an online bank or a brick-and-mortar one. Both solutions have their pros and cons, so make sure the bank offers the services you need. For example, if you need to deposit cash remotely, make sure the bank offers online banking. If you plan on using your LLC bank account to pay bills, make sure the bank has bill pay. Also, make sure to check online reviews on the quality of customer support the bank provides. Another thing to keep in mind when choosing a bank is fees. Some banks charge monthly maintenance fees, while others don't. Overdraft fees also have the tendency to eat into your business profits. Make sure to research the fees associated with different banks before making a decision. You should also check whether the bank of your choosing has other useful components that you can use in the future together with the LLC checking account. For example, if you think you may need a business loan to kickstart your operations, get details about interest rates, loan terms, and revenue requirements. It might also be a good idea to check for different types of accounts available and select a bank that offers all the types you need or might need in the future. How to Choose the Type of Business Bank Account for Your LLC There are a few different types of business accounts that are available to LLCs. The most common type of account is a business checking account. A business checking account and a relevant debit card are a good option for LLCs because they allow you to easily access your money and make payments. Another type of bank account available to LLCs is a savings account. This is a more appropriate option if you want to earn interest on your money or if you want to set aside money for taxes. If none of the aforementioned LLC bank accounts are suitable, you can open a money market account. This is a solid option for LLCs that want to earn interest on their money but still have access to it when they need it. What Documents Do You Need? Before opening an LLC bank account, you'll need to compile a short list of documents. Although different banks have different requirements for those looking to open a bank account for an LLC, there are a few common must-haves.   LLC’s Articles of Organization: In some states, this is referred to as a certificate of formation or a certificate of organization. This is the document that outlines the initial statements concerning the formation of the LLC. You can get this document in the state where your LLC is formed. Government-issued photo ID: You’ll need to provide a valid driver's license, passport, or another type of personal identification when opening a bank account for an LLC. EIN: This is short for Employee Identification Number, and it serves as your LLC’s federal Taxpayer Identification Number that is used by the IRS in the administration of tax laws. The process of opening a bank account for other types of businesses may differ. For example, a sole proprietor needs to provide a Social Security number.    LLC operating agreement: These are documents filed with the state that give the bank the needed information about who has permission to use the account or draw funds from it. In most cases, these documents should be sufficient to open your LLC's bank account. What to Keep in Mind One of the more worrisome aspects for business owners who have employees and wish to set up a business bank account is the danger of losing control over their finances. You should look into your options before you authorize your employees to use the account. Some banks may take advantage of your status as a new business owner, using it as an opportunity to sell you bigger or fancier checks than what's necessary with their special business bank account for LLC introductory offers. Also, be mindful of the minimum monthly balance and similar requirements that could be costly for small businesses. Business Credit Score Another thing to keep in mind when opening a bank account for an LCC is its impact on your business' credit score. Just like you have your individual FICO score, your business will also have one that you'll have to build and maintain.  This score will be used by banks and other lenders to determine your company's creditworthiness in case you need a loan. It will also be evaluated when you are renting office space or searching for a business partner. Unlike personal credit scores that range from 300 to 850, a business credit score typically ranges from zero to 100. Dun & Bradstreet, Experian, and Equifax are the three major bureaus that determine a business credit score.  When you are setting up a bank account for your LLC, make sure you know which bureau the bank reports your transactions to. There is no single algorithm for determining a business credit score, and each of these bureaus will calculate it differently. Another significant difference between a personal and business credit score is its accessibility. You are entitled to a free annual credit report from each of the three bureaus. But business owners that would like to stay informed about their business credit score have to pay for it and specifically order it from one of the three bureaus listed above. It certainly pays off to maintain a good business credit score through your LLC bank account so you can take advantage of loans, insurance policies, and banking terms that are more favorable. All in All The information outlined in our guide will make it easy for you to set up a bank account for your LLC. Just remember to collect all the necessary paperwork and educate yourself about what different banks offer.

By Vladana Donevski

Business credit cards offer a number of perks to business owners, regardless of the size of their operation. In addition to rewards and welcome bonuses, business credit cards also tend to have higher credit limits than personal ones. The obvious benefits lead many professionals to ask one simple question: should I get a business credit card? In this article, we will tell why it’s a good idea to apply for a business credit card and walk you through the eligibility requirements. You May Be Eligible and Not Know It You may have convinced yourself you can’t possibly obtain a business credit card because you don’t own a large company or even a small business in the traditional sense. But do you need a business to get a business credit card?  When you hear the term business owner, you probably think of someone running a company with a number of employees. However, you don’t need to be incorporated or have a formal business structure to qualify for a business credit card. You are eligible even if you are self-employed and working as a freelancer from home. That said, the options offered to a contingent worker, for example, are bound to be limited. As such, you need to do your homework on what cards are available to you. On the other hand, if you own a company and need a business credit card, you can explore the list of the top business credit cards on the market.  It Can Help You Boost Your Credit Score So why get a business credit card in the first place? Getting a business credit card is a great way to raise your personal credit score. A business credit card enables you to reduce spending on your personal one and use less of your available credit. This and covering any work-related expenses with a separate card will boost your credit score. However, keep in mind that when you apply for a business credit card, you may initially lose anywhere between two to five points on your credit score. That’s because financial institutions usually evaluate your creditworthiness by pulling your personal credit report when you’re applying for a card.  This is done to determine whether you’re eligible for a new credit card, and it’s the only part of the process that negatively affects your credit score. After the credit inquiry, your personal and business lines of credit are kept separate, and your score won’t be affected by your credit utilization ratio.  This doesn’t mean that you can afford to be irresponsible about your spending with your business credit card. If the card is tied to your Social Security number and your business defaults, you’ll still be held personally responsible for the money spent. It Allows You to Separate Your Business Expenses From Your Personal Ones Using a business credit card for personal purposes is usually considered bad practice. It can be quite a hassle when the time comes to file your taxes and sort through your credit card statements. Choosing a business credit card over a personal one for your business allows you to have a clear insight into your business expenditure. Furthermore, you will save on accounting expenses, as there will be less work for the accountant since they will have fewer expenses to go through.  That’s not all. Many business credit card issuers allow you to export your expenditure details to accounting software such as Quickbooks. This can exponentially speed up the accounting process. It Enables You to Improve Your Cash Flow One of the main reasons to have a credit card is to gain access to a line of credit. It’s also easier to qualify for than a bank loan. Since even a new business can get a business credit card, this is an ideal option for startups to secure the necessary cash flow to expand their operations. Having a business credit card enables you to pay your contractors and suppliers upfront while simplifying the transaction process. Some vendors offer discounts for those who have a good track record when it comes to making payments early or on time.   To avoid high-interest payments or other more extreme unpleasantries like having to file for bankruptcy, make sure to cover your entire balance on time.  It Offers Many Convenient Rewards Regardless of whether you get a business credit card or a personal credit card, you’ll likely be treated to a few generous rewards. There are typically three kinds of rewards: Miles Cashback Points  If you aren’t sure how to use business credit cards in order to make use of these rewards or you find the rewards programs too complicated, you’re not alone. A lot of cardholders don’t actually know how rewards on credit cards work. The important thing to remember here is that these programs reward you for the money spent through your line of credit.   Some business credit card issuers offer rewards in the form of discounts on everyday purchases, while others offer discounted flights, hotel stays, and gift cards. Therefore, if this is something you need for your business, such rewards can be very valuable. It Comes With More Generous Sign-Up Bonuses A major difference between a business credit card and a personal credit card is that the business ones usually offer bigger welcome bonuses. Given that you’re likely to spend more for business purposes than you would for your personal expenses, these bonuses can really come in handy. For example, with the Ink Business Preferred Credit Card, you can earn a 100,000 bonus for spending $15,000 within the first three months. You can redeem the points by getting $1,000 cash back or spending $1,250 on travel expenses. To put things into perspective, a similar personal credit card, the Chase Sapphire Preferred Card, gives you 80,000 bonus points as a welcome offer after spending $4,000 in the first three months. The maximum bonus value for the Ink Business Preferred card is 1,250, while for its personal counterpart, the maximum value is $750. Many business credit cards have 0% APR for a certain period of time, which can exceed 12 months in some cases. This can be very helpful for small startups, which often need to cover a range of investments on a limited budget. Not having to pay the interest rate for at least a year gives them time to get their business up and running. You Can Get Free Employee Cards Finally, many business card issuers offer free employee cards, which can significantly simplify making business-related purchases. For instance, employees can use the card for business trip expenses.  With employees having their own business cards, the business owner won’t have the extra task of repaying the employees, and the workers won’t have to use their personal cards. The employer can set the limit on these cards to prevent overspending. Final Comments As you can probably tell, business credit cards are a great asset to keep your business running smoothly. If you’re still wondering do I need a business credit card, remember that this is a great way to boost your personal credit score, separate your business expenses from your personal ones, and take advantage of some generous rewards and bonuses.

By Sonja

Even though they aren’t easy to find, angels do exist and are definitely worth the quest. Keep in mind, though, that they dwell solely in the world of entrepreneurship. This article will provide some insightful tips and tricks on how to find angel investors so that you can start funding your startup and seeing your professional dreams come true. What Are Angel Investors, and What Do They Do? Angel investors are a special breed of investors. They are typically high-net-worth individuals who invest their own money in early-stage startups. Their motives stem from believing in the company and its team and wishing to see the startup succeed.  Unlike venture capital firms and venture capitalists, angel investors are not looking for a quick return on their investment. They are willing to wait longer to obtain profit and are often hands-on with the companies they invest in. Taking on more risk than traditional investors, angel investors typically require a higher rate of return on their funding. Consequently, they can earn a much higher payoff once the company has become successful. Due to the uncertainty involved in this type of financing, finding angel investors might be a bit tricky.  Angel investors are an essential source of funding for early-stage startups. They provide the capital indispensable for startups to get off the ground and grow. In addition to bringing capital, angel investors often serve as mentors and advisers, helping founders tackle the challenges of building a successful business. Without them, many promising companies would never have gotten started. How To Find Angel Investors for Your Startup Here are some tips and tricks that’ll help you navigate the sphere of entrepreneurship and inspire angel investors to bestow their benevolence upon your startup: 1. Do Your Research The first step in raising capital for your venture is conducting preliminary research. It’s a good idea to identify investors who are the best fit for your company based on their previous activities. There are a number of resources available online that can help you with this process. The Angel Investor Directory, for example, lists angel investors by state, mentioning what their preferred sectors are. You can also optimize your hunt for a perfect angel investor on websites such as AngelList, a popular platform that connects startups with potential backers. It has funded more than 12,000 startups and has $10 billion in assets supported.  In addition, you can create a profile with Gust, a global platform that provides angel groups with tools to facilitate quality investments, or Angel Investment Network, another great website that brings together businesses and investors.  Finally, we recommend you join the Angel Capital Association, the world's largest network of angel investors with a community of more than 13,000 accredited investors. 2. Contact Angel Investor Networks If you’d like to know how to find legitimate angel investors, the best advice is to network at all times. Start connecting with as many people in the startup community as possible. Attend startup events and meetups, getting to know the angels who are already investing in startups. These connections will give you a chance to encounter an aspiring angel investor who might be interested in your company.  Once you get to know the right people, they may be able to introduce you to future investors. Focus on business owners, as they will likely think about funding small businesses at one point in their entrepreneurial journey. If you’re wondering where to find angel investors, you should join business associations, civic and community organizations, and attend trade fairs and events. Mingling with like-minded individuals will help increase your chances of bumping into the right angel investor. 3. Use Social Media Social media is a convenient tool that can be used to connect with corporate investors. An excellent platform for connecting with business professionals, LinkedIn is a good way to find out about investment opportunities. Twitter is another useful platform that can help small business owners secure early-stage funding. You can promote your company on Twitter and reach out to future investors.  To find an angel investor that’s a right fit for your business, you can also use Facebook. By posting regularly, you can promote your company and connect with angel groups. Start by telling your story, then build an audience, and inspire some of them to reach out to you first. If not, don't be afraid to make the first step and get in touch with potential investors. 4. Give Presentations Presenting your business idea and strategy is another excellent way to connect with those who could provide the funding your startup needs. This is an opportunity to showcase your company in front of a group of people and get them excited about the work that your company is involved in. If you're planning on giving a presentation, make sure it's professional and engaging. You want to leave a lasting impression on possible investors, so make sure your presentation is polished and bulletproof. Your story is what will make you stand out from the hundreds of other startups pitching to investors. Tell a narrative that captures the attention of potential angel investors for startups and makes them eager to invest in your operations. Focus on why you're starting your business, which unmet need you’re addressing, and how you're going to make money. 5. Make an Impactful Pitch Deck Looking for an angel investor can be a daunting task. Once you've identified potential investors, the next step is to pitch your business ideas. Devising an effective pitch deck is a critical piece of the puzzle as it will be the first impression that investors have of your company. Make sure that your pitch deck is clear, concise, and persuasive. Investors should be able to understand your business model and see the potential for growth. It’s also advisable to indicate what’s in it for them if they decide to provide backing. Angel investing requires having a meticulous plan in place, so make sure to include key data points around projected revenues and market share to demonstrate the potential of your vision and business model. Here’s how to find angel investors for your idea and pitch your business at the same time: include a clear description of your accomplishments and team capabilities based on their track records, as well as details about your current stage of funding or development. Ultimately, the objective of your pitch deck should be to show that you have what it takes to bring your concept to fruition. 6. Try Online Crowdfunding Crowdfunding is a great way to raise money for your business, and it's also a chance to connect with potential angel investors. When you run a successful crowdfunding campaign, it shows potential investors that there is interest in your company. Attracting individuals who are willing to fund your business idea then becomes a piece of cake. There are a few crowdfunding platforms you can use while looking for angel investors, such as Kickstarter, Indiegogo, and GoFundMe. Choose a platform that's right for your business and start promoting your campaign. Statistics show that successful crowdfunding campaigns raise an average of $33,430, so why not give it a try and see if you can spot some angels along the way. 7. Ask Family and Friends Seeking investment from those who are closest to you for the project you believe in can be a great idea. But before you start sending out feelers, it is important to understand that this comes with its own challenges. Knowing how to find angel investors among family and friends is a skill that can bring in substantial funding. When raising money from your loved ones, it’s essential to set expectations from the beginning and agree on certain boundaries. This means being clear about how much money you are looking to raise and what the terms of the investment will be.  Another thing to keep in mind is that, while your relatives might be personally invested in your venture and therefore quite forgiving, you still need to make sure that you are using their money wisely. It’s best to have a solid business plan and direct the funds solely toward growing your business. What To Look For in an Angel Investor? When learning how to find and convert angel investors, you should take certain factors into consideration. First and foremost, ensure that you’ve chosen someone whose previous performance has been exemplary. An accredited investor who has a history of successful investments will be much more likely to help your venture succeed as well. Additionally, it’s important to seek out an investor who shares your long-term vision and values. This will help you avoid any potential conflict down the road and ensure that your company is aligned with your investors’ interests.  It’s always prudent to seek out angels with deep pockets. Knowing who angel investors are and how to find them isn’t enough if they don’t have ample funds. Whether they have access to large amounts of capital or just a strong network of investors, having financial support from multiple sources can help keep your company on track during difficult times. When approaching individuals whose wealth can contribute to your business, don’t forget their mentorship ability. A capable angel investor should provide professional guidance alongside financing. As they have likely been through the startup process, they could offer advice on everything from developing a business plan to hiring employees. Having a seasoned mentor on your side can help you avoid common mistakes and make the most of your limited resources. Bottom Line Now that you know how to find real angel investors who possess the right combination of skill and resources, you can onboard someone to take your company to new heights! It’s good to have realistic expectations, though. Not every potential investor will be interested in your business, and you should not take it personally if they decline to invest.  Remember that even the most promising startup will likely face challenges and setbacks along the way. That’s why you should be prepared for bumps in the road and have a solid plan for how you will overcome them. With hard work and dedication, you can achieve your goals and make your business thrive.

By Danica Djokic

Looking to borrow money or make an investment? Understanding APR and APY in banking will help you make the right decision for your personal or business finances. If you’ve ever invested or used credit products, you’ve considered the interest and therefore encountered the terms APR and APY at some stage. So, what difference does one letter make? Well, it marks the difference in how these financial items impact your finances. The APY vs. APR distinction delineates the most important types of accounts: Savings/investment accounts and lines of credit. Here’s everything you need to know. APR vs. APY: The Definitions As you know, both terms are acronyms. APR is an abbreviation for annual percentage rate, while APY stands for annual percentage yield. Both signify a type of interest, and understanding them requires understanding compound interest in general. Compound interest is “interest you earn on interest.” For example, standard interest is calculated as follows: Principal figure x Interest rate x Term of agreement (usually in months) On the other hand, with compounding interest, you will pay or earn interest on this interest. Without worrying too much about the complex formula, the key outcome is that interest grows with every payment cycle. What Is APR? APR in banking represents a percentage of a loan principal you’ll pay in interest for a year. In other words, APR is a borrowing term, not a savings term.  The APR figure is achieved by multiplying the interest rate by the number of payment periods in the year. As a formula, this is expressed as: APR = interest rate x number of annual payment cycles Most financial products use a month-based payment cycle model. In the US, lenders are obligated to inform clients of the APR on any credit agreement, as per the 1968 Truth of Lending Act. APR includes the total borrowing costs over a year, so it should be the biggest deciding factor when considering a loan. What Is APY? APY in banking can relate to both borrowing and savings. In lending, APY represents the percentage of your principal you’ll pay, but with the compound interest taken into account. Although not as commonly used on borrowing, APY can be deemed more accurate than APR as it takes the compounding interest into account. Still, APY is rarely used when describing loans, and is primarily a term encountered with savings accounts. As a formula, this is expressed as: APY = (1 + Periodic Rate) x Number of periods – 1 In other words, what APY is on a savings account, is essentially the total interest you’ll earn on a deposit account over one year, assuming that no deposits and withdrawals are made. APR vs. APY: The Differences Have you ever noticed that you’ve most commonly seen APY mentioned by investment companies and savings account summaries, while credit lenders tend to focus on APR? Once you see the two in practical examples, it becomes easy to see why. If you were to borrow $1,000 with an APR of 6%, you would essentially be paying 0.5% interest per month (6% divided by 12). Each month, the interest would be $5, making for an annual interest total of $60. Conversely, as per the APY definition in banking, the APY would mean you pay the same $5 in the first payment period. However, in the second month, you would pay 0.5% on the new balance of $1,005. And so on. Over the course of a year, it would mean paying 6.17% in interest. In this example, that’s only an extra $1.68. However, with bigger sums and a more realistic interest rate in mind, it’s easy to appreciate how it can impact every loan. Consumers looking at credit cards, loans, and other forms of lending often prefer APR as it delivers a clear bottom-line figure. This makes it very easy to compare financial products from different lenders, but it conceals the compound interest. When borrowing money, APY gives you a clearer understanding of what you’ll actually pay compared to the promoted APR. So, it may be the key to avoiding unexpected interest costs over the term of your agreement. If you are an investor or lender, though, APY is the only thing you should be concerned with, as you won’t be paying interest - just collecting it. APR vs. APY in Crypto In addition to traditional financial products, APR and APY are two tools that are now used by lenders and investors in the crypto arena. They work the same as they do in fiat finances: APR is the interest a trader will pay on a crypto loan over the course of a year, while APY is important for investors, as it represents the return they can expect annually. This is because it takes into account the fact that the initial investment is continually re-invested and gives you the compounding results. However, since crypto is extremely volatile, neither figure really tells borrowers or investors much about the future, as the same percentage could equate to wildly different figures in the span of just one year. The Final Word On APR vs. APY Both APR and APY are essential terms that relate to interest payments and may subsequently significantly influence your overall repayment obligations on borrowing accounts or the interest gained on investments and savings accounts.  With a deeper understanding of both terms, making a calculated decision regarding the best financial products for your situation should become a lot simpler - don’t shy away from using an APY calculator, either, as that will give you the most precise numbers you might fumble while doing maths by hand.

By Vladana Donevski