Using a Business Software: Increase Productivity, Save Money

Productivity in business can be achieved if your overall business strategy is organized and plan driven. According to your business objectives, you need to mobilize your employees to work in teams and make the best out of the assigned time. In other words, flawless execution is the key to business productivity.

Besides, there is also the need to make economic decisions when it comes to ensuring a profitable business. It does not necessarily mean cutting down costs from all sectors imaginable, saving money involves having an efficient management system that will help you save much time and money in the long run.

Using a Business Software: Increase Productivity, Save Money

This is where the use of business oriented software comes into play. In this article, we help you understand the need for a software specialized for your business so that you can get both profits and productivity out of your office.

Where to start

At present, there are many software companies that provide effective, customized business oriented software solutions for you. To get started with the services, you may first consult with them to know what kind of service they can provide. There are also certain project management software packages available for free or for a subscription online.

For example, healthcare related organizations can opt for software that improves service and streamlines workflow to maximize the efficiency of the organization. This allows doctors, different groups, health care plans etc. to avail a full range of support regarding practices and specializations. To get such a software package for your business, here is more info.

What to expect

A business software package is primarily a tool that you and your employees can access to get information from.

Understand that such a software will be storing sensitive data and the many databases that store them. There should be an efficient login system that is secure and responsive for all levels of employees. Such software’s should also be responsible for preparing balance sheets and accounts information of your firm.

Progress report

If you opt for a software, it will save you valuable time that you spend inquiring about the status of a project. With the software tool, you can simply check the status online as everyone would be updating their progress in the platform.

Flexibility

Having web based software is a better option rather than having a desktop based one, as this allows a certain amount of flexibility. With the click of a mouse or tap on the screen, you can access important records and information anywhere. The chance of work getting delayed due to inability to attend office is also reduced.

Growing business needs

We all start small at one point in life, it is not necessary that your small business will forever remain small. Rather, a software package will also grow with your business. Web based business software solutions can easily accommodate an increased number of employees, processes and resources.

Maintenance

It is important that your software service provider takes care of data backup, upgrades and storage even after selling you the product. Through the servers of the service provider, your business will be up to date.

Read more about business software and software solutions here-

https://www.successfactors.com/en_us/lp/articles/using-technology-to-increase-your-business-productivity.html

How You Can Save Money Efficiently

There are a lot of things that we would love to do but usually cannot because we are bothered by the simple things. Usually, there are some things that we focus on so much that we forget about the simple things such as the fact that we need to save money efficiently.

How You Can Save Money Efficiently

You know very well that you should save money but try as you might; you are just unable to do it appropriately probably because you are always tempted to purchase new things. Another possible thing is that you are just not getting enough money for all of your expenses. If you know that you are earning enough for the type of life that you would like to live, making sure that you can save money efficiently is still highly important. How do you think will you be able to do that?

For some reason people spent a lot of money to build ultimate home security system to prevent threat. One of the main sections of the part security system is your gates, fences and windows with various types as you can see at Boardwalk. This not only make your home secure but also make your home more fascinating looks.

Here are some of the things that you can do so that you can save the money efficiently.

  1. Place a percentage of the money that you have earned in a different place. It will be similar to paying yourself for all the hard work that you have done to earn the money. You know that this is one of the ways by which you can save your own money.
  2. Set aside the money that you would use for expenses. This is one way by which you can keep track of the money that you are going to spend. It will also help if you could list down the expenses one by one so that you will know what you are spending on appropriately.
  3. You may want to avoid the use of your credit card first. You have to remember that when you use your credit card, you are only acquiring new debt again. You should not do that because this will only leave you with more debt than what you can manage. Remember not to purchase something that you will not be able to pay the next time that you do it.
  4. Your saving goals should be workable depending on your budget and the type of money that you get every month. If you have some serious goals that you know you cannot achieve just yet, you may want to start with small goals first to make you feel better and eventually get to your big goals already.
  5. Follow a certain time frame. You may want to make sure that you will set a time frame for the things that you would like to purchase. This will allow the goal to be easier to work with.

With all of these things in mind, you can be sure that saving will be a whole lot easier than what you have expected.…

Outline of Tax Return in Australia

Generally, the due for tax returns in Australia is scheduled every October 31st for the year that ends on June 30th within the same calendar year. This means that the financial year would run from July 1st until June 30th. This is not the same like what the US has of which the fiscal year is from October 1st until September 30th. Of course, the due date extensions are also given. This is particularly intended for those whose tax return is submitted through a tax agent. The tax returns can be submitted through post or electronic method with the help of the software known as ATO e-Tax.

Outline of Tax Return in Australia

The taxation system of Australia can be considered quite complicated. This is a thought that is supported by the reality that around 80% of Australian hires a tax agent so as to get assistance for tax return preparation. Read http://ezinearticles.com/?Your-Tax-Return—How-the-Tax-Return-Process-Works&id=1940136

The businesses in Australia are also required to settle their taxes of all levels. This includes taxes if local, state and federal level. These are taxes to cover for the public service delivery like road maintenance and for hospital system.

The tax law in the country has stringent requirements in terms of tax returns. Returns should be submitted by the business structure and its operating conditions.

Income Tax

Australian Federal Government imposed the income tax. It is consistent across the states. Before WW2, it was the state government who imposed income tax. This serves as the most essential tax that gives the greatest contribution to the revenue of the public.

A company needs to lodge their tax return. The company’s income tax is no t the same as the personal income tax of each person. In the return, it will show information about the net income of the company. This is the amount of the income minus the allowed deductions.

The Trust needs to lodge tax return of trust to specify the income. The expenses and deductions are not included. The trust beneficiaries should report any sort of benefit or income acquired from the trust. This would include the income of the wages, rental income and dividends as well.

The partnership should submit partnership tax return. This would include the net income acquired that can be computed through the subtraction of the deductions and expenses from the gross amount of income. Aside from that, each partner needs to report their share of the partnership income, wage, dividends and rental income as well. This will be on their individual tax return filed.

The sole traders are those who operate their business in the owner’s name. Their income that is taxable or loss should be reported in their own return. Also, they need to file for other form of income like any wages, rental income, and dividends less the allowed deductions that will be claimed against these figures.

The partnership and sole trader tax returns are both needed to promote the income as individual and not as a corporate entity. The individual taxes are computed on a progressive scale and not similar to the tax rate of corporate level that is a flat percentage across the entire income range.…

How to Do Your Taxes: Basic Guide for Beginners

While April (the tax month) may seem far away, it’s important to think about your taxes today. This is especially true if this is your first time to file. Filing of tax is not a simple process. It requires a lot of planning, thinking, and computing. And if you’re new, you might get overwhelmed with the process, which can result to making costly mistakes. That’s why it’s better to get prepared before the tax season comes. The following are some tips to help you prepare and ensure that your taxes get done properly.

Do Your Taxes

Familiarize yourself with the language.

One of the many things that makes the tax filing so hard is the tax language. Even if you have the forms at your hands and complete documents at your side, if you don’t understand what a withholding allowance or even a tax refund is, you’ll get a difficult time to do your taxes. So before doing anything else, learn first the different terms involved in tax. Some of the basic terms that you should know are the following: taxable income, withholding allowance, tax refund, tax exemption, tax bracket, and tax deductions.

Organize your documents.

Before the tax season approaches, you should have all the required documents ready and in order. This will help you make the filing much easier because you will no longer need to dig through your files, which can be time-consuming and frustrating. In addition, having your tax records and documents ready will give you the ability to spot errors sooner and figure out if something is still missing. Depending on your specific financial situation, these documents can include W-2s, 1099-MISC, 1099-Bs, 1098s, receipts from your medical expenses, and records from your IRA contributions

Learn about tax rules.

There’s no need for you to be a tax expert, but it pays to have some knowledge about tax rules. Keep in mind that tax rules and codes change frequently; if you fail to follow the correct tax rules, you will be charged costly penalties. And if you know the rules, you’ll also become aware about the available benefits that you can claim. So before you file your tax return, it’s a great idea to update your tax knowledge to determine if there are tax credits you can claim and how much are you going to deduct on your return.

Consider getting professional help.

As you know, tax filing is complex. And this is not to mention the complicated tax rules that you need to understand. If you find yourself having a difficult time to do your own taxes, you can consider getting help from the experts. Yes, it will cost you a little bit of money, but it’s an investment that’s worth making since it will help you do your taxes properly. When you hire a professional, you’ll less likely make an error, which can save you thousands of dollars in the long term.

For more information about taxes, as well as further guide on how to prepare and file your tax returns, visit taxreturn247.com.au.

Choosing the Right Payroll Service for Your Business

Deciding how often you pay your employees and figuring out how much you pay them can be one of the most complex jobs when running a small business. While at first it may seem like a simple task to do, you’ll soon realize that there are so many things that you should take into account. As an employer, you cannot just simply track how many hours your employees work each day and then hand them their paychecks.

A lot goes into getting your employees paid. In order to determine the right wage, you have to consider a lot of factors, such as their age, their qualifications, their responsibilities, where they live, where your business is, and what kind of industry you’re in. You also have to determine their base rates, their allowances, their overtime and penalty rates, their rates per hour, and so on. And this is not to mention the need to comply with the constantly changing tax laws.

But while effectively handling your payroll is important, this shouldn’t take a lot of your effort and time. That’s why a lot of business owners today are turning to outsourced payroll services. Whether your business has one or more employees, hiring a payroll service is essential. But remember, each business is different so it’s important to get the service that perfectly fits your business. Here’s a guide to help you choose the right one.

Payroll Service

Determine Your Needs

Before you begin your search, you must ask yourself first what you will need from a payroll service provider. Remember that payroll service companies offer different kinds of services, so you should select the company that offers what you need. Essentially, there are three things that a payroll service company should do for you: it pays your employees, files your payroll taxes, and pays your payroll taxes accurately and timely. In case you need additional services, such as managing pension plan contributions and other deductions, handling different state and federal taxes, as well as issuing direct deposit checks, the payroll service company should know how to do it for you.

Ask For Recommendations

With the advent of technology and internet, finding different goods and services becomes easy with just a click of your fingertips. But the hard part is choosing which of these services provide the best service. When you type “payroll service” in your search browser, you’ll get millions of results, which can be overwhelming. The best and smartest way to get started is to get a referral from someone you trust. Talk with your CPA or lawyer, and ask if they can refer someone who can meet your business needs. It’s also a great idea to try getting recommendations from similar business in your area. Most business owners will be more than happy to meet with you and help you in any way they can.

Know Their Service Cost

Although price isn’t everything, you have to know and understand what you will be charged for the services the company will provide, and if how much you will pay for additional services, in case you needed them. Payroll service companies offer different types of services with different payment structures. Majority of payroll service providers charge a monthly subscription fee and some companies charge a flat-fee with additional payment per transaction. You have to know what and how you will be charged for their service. It’s a good idea to compare prices of different companies to know your options.

Choose the Company You Can Trust

As a business owner, you know that payroll information are sensitive and important, so you would want to make sure that you give it to the right person. Look for an established and reputable payroll company with a strong background history, honest client testimonials, and a solid working reputation. List all your prospective choices, and then make a thorough research about them. Look on their website, check different forums, and ask their past clients. Make sure that the company you choose also has a reliable customer service to help you in case you have question or you encounter a problem.

For price quotes and other payroll information, visit payrollserviceaustralia.com.au.…

How can a virtual bookkeeper help?

Many business owners are quite mindful of their business. Considering that the business is the source of their living, taking good care of it by all means is definitely a must. If there is one thing that most business owners should hire for their business, it would be a bookkeeper. Good thing, in today’s revolutionary world, bookkeeper can even be acquired virtually. It means hiring a freelancer to work for your company even he or she is not physically seen in your office. Some considerations when looking to hire one can be found below.

  • The use of accounting software or program. If your company does make use of software or program such as Peachtree or Quickbooks, it would be worthwhile to ensure that your freelance bookkeeper also uses the same. Both your version should be the same. This consideration matters so as the job can be done smoothly. With such, you may be able to restore similar file from an old version of software going to the new updated version.
  • Another thing is the use of Quickbooks online. With this, up to three users have the capability to use the account. It is between the business owner, accountant and the bookkeeper. Since it is online, only an internet access is needed so as to get access to it and use it.
  • The use of remote access websites. By making use of this option, you can have your freelance bookkeeper update your files and records when needed by logging on a computer.

Aside from the aforementioned factors, there are also other things to look on. This would be the concern relating to getting the information to the bookkeeper. With this, it can be addressed by:

  • File folder set up on a monthly basis. This needs manual entering of details like receipts of credit card purchases, bills from the vendor as well as the cash outlays. As with bank statements, you can safely send it through priority mail. By the time that the mail is received, the entered charges from the bills can be reconciled with the statement. Read more http://ezinearticles.com/?Bookkeeping-Rate—How-Outsourcing-Can-Benefit&id=1241751
  • As for the invoices of the client, it can be sent through email, fax or regular mail. Such invoices are required so as to prepare the invoice of the client.
  • Business owners with online banking account can get the utmost use of a virtual bookkeeper. This is because your bank activity can easily be accessed and print at anytime. Then along with the statement, the bookkeeper is able to do account reconciliation.

The last consideration would be selecting the bookkeeper. Although there can be too many freelancers around that offer the same service, it can be a challenge to quickly select the best one. Hence, you may want to get referrals and recommendations from your accountant or from other people you know who might be familiar with the service that you need. Another is to read reviews and feedbacks online. By doing such, you can get to know the best one for the position.…

Investment of Property through SMSF

Any sort of method related to enriching thriving wealth would necessitate insurance. It serves as a vital component and make sure that you and your loved ones will be taken care of in any misfortunate event such as sickness, accident or even death.

Available Insurance

  • In case of death, the life insurance will help your family to cope for your loss through financial means.
  • TPD insurance or Total Permanent Disability would help provide financial security for the family. This can be used during any sort of long term leave from work due to an illness or injury.
  • Trauma will be used to give you the money to help in covering for medical and other related costs that may happen if in case any trauma occurs.
  • Cover for income protection that can help with regular income if in case you will not have the capacity to work momentarily as caused by an injury or illness.

It is likely that you already heard or already have any of the above insurance mentioned. It is a good thing having the insurance above as it can cover the needs of your family should any unfortunate event happens.

Investment of Property through SMSF

Tax Deductibles

It is possible to have an insurance policy that can hold income protection with SMSF as the name. Yet with the marginal tax rates of a person that can be over 15% of the tax paid in a SMSF, it can be more tax effective to have the policy in individual’s name.

Insurance matters for property investments and debt

With SMSF having the capability to borrow and invest in residential and commercial property through a structure of installment warrant, there is an increasing need for insurance as well. This is because of the huge percentage of assets by SMSF linked to one investment like the lack of liquidity.

Lack of liquidity can be a major concern if a member turns out to be disabled, death or not able to work for quite some time.

Tips

Since there is a must for SMSF inside and outside, there is also a requirement to make sure that insurances can be held by the SMSF.

Trust Deed: SMSF trust deed should be assessed so as to see if it can hold the policies of life and TPD. This is on behalf of the members. Most SMSF trust deeds that can be obtained in the market permit holding of insurance policies. Learn more: http://ezinearticles.com/?SMSF-Buying-Property&id=6855670

Having an existing SMSF may necessitate you to review your deed. This is regardless if you have an existing insurance policy under the name of the fund.

Minutes and reserves of the trustee: If the insurance company pays the benefit to adhere life or TPD policy, they need to pay it to the account of the members within the SMSF.

For anyone who already has an SMSF or interested to have one, it matters to make an assessment of your insurance needs first. You also need the SMSF to get the proper insurance policies behalf of the members.…

Homeowner Tips: How to Save Your Money From Going Down the Drain

Everybody encounters a number of problems with their homes, such as pest problems, disruptive neighbors, frustrating flood, and structural and plumbing troubles. But among all those home issues, one of the biggest concerns of homeowners is flooding. This is especially true for those who live in areas that are prone to flooding.

Of course, we all have our own way to fixing things inside and outside our dwellings. However, there comes a time that what we thought could help us fix our problems makes things even worse, costing us more. And we know how painful that can be. So we’ve gathered here some tips to help you fix your flooding issues and avoid unnecessary money loss.

Homeowner Tips

  • Purchase a house that never floods. People say that a home is the single biggest investment that anyone can make in his or her life. This is the very reason why everyone is advised to properly inspect a house first before you decide to purchase it. Of course, in order to get the best out of your money, you have to ensure that the house is in good condition. And one of the first things to take into account when buying is if it’s prone to water problems. Remember, a house that is prone to flood can cause all sorts of house problems aside from water, which include rust, pest, mold, and unhealthy indoor air.
  • Keep your drains and water systems in order. Keep in mind that just because you have bought a house that is not prone to flooding doesn’t mean you can already relax and neglect your home. Owning a home is a responsibility, so don’t forget to conduct a regular checkup on major parts of your home to make sure that everything is working in order and to avoid unwanted problems, such as water and dust buildup. Some of the things that require regular maintenance and checkup are your drains, water systems, pipes, and garbage disposals. Ideally, your drains and other plumbing should be inspected at least once a year. Make sure that you also hire the service of a qualified professional to effectively see if there are any leaks and damage, and immediately repair them if spotted.
  • Install the right sump pump. If, for instance, you have bought a house with water problem, fret not, as there’s still a lot of solutions to stop water from entering your home, and one of them is with the use of sump pumps. A sump pump is a small pump tool that is typically installed in the lowest part of the house, such as in basement. Its job is to remove water from your home to help keep it dry. There are different types of sump pumps in the market, and to effectively make your home free from flooding, you should get the best zoeller sump pump for your basement water. But do remember that even if your house is not prone to water problem, installing a good sump pump is still crucial.

BEST PERSONAL LOAN RATES IN CANADA

Citi Canada (French: Citi Canada) is a unit of Citigroup of New York City. With roots in Canada dating back to 1919, the Canadian unit currently employs approximately 3,000 financial services workers in a range of consumer and institutional businesses. Citi Canada is headquartered in Toronto, with offices in Calgary, London (Ontario), Montreal, Mississauga and Vancouver.

Citi's major business lines in Canada are as follows:

Citi Transaction Services

Citi Corporate and Investment Banking

Citi Markets

Citi Private Bank

Citi Cards Canada

CitiFinancial

CitiFinancial Canada, Inc. is committed to excellence in serving all customers and members of the public, including people with disabilities. Our commitment is demonstrated in the areas of:

  • Communication - We communicate with people with disabilities in ways that take into account their disability. We train staff who communicate with customers and members of the public on how to interact and communicate with people with various types of disabilities.
  • Telephone Services - We are committed to providing fully accessible telephone service to our customers and members of the public. We train staff to communicate with customers over the telephone in clear and plain language and to speak clearly and slowly.
  • Communications and Availability of Documents - When providing any documentation to a person with a disability, CitiFinancial Canada, Inc. will do so in a manner and a format that takes into account the person's disability. If requested, an alternative format will be provided as agreed upon between the requestor and CitiFinancial Canada, Inc. and which takes into account the person's disability.

CitiFinancial Advantages:

  • Face-to-Face Service: We have more than 200 branches across Canada - one in your neighbourhood.
  • A Name You Can Trust: For more than 90 years, CitiFinancial has been helping Canadians realize their financial goals and dreams.
  • Save Time, Do it Online: Free, safe and secure access to your account online.
  • Customer Satisfaction: CitiFinancial has more than 250,000 customers and a 92% customer satisfaction rating!

(Based on Customer Satisfaction and Loyalty Survey for Canada, conducted by CitiFinancial, January 2014.)

Personal Loans:

  • Loan amount is $300-$20,000.
  • Loan term ranging from 12 to 60 months.
  • Fixed interest rates for entire loan term.
  • Quick online application with an instant online decision.
  • No prepayment penalties.
  • You can change your mind within 14 days with no charges, no hassles.

Who Can Qualify for a Loan?

You qualify if:

  • You are a resident of Canada, but do not reside in Nunavut
  • You have reached the age of majority in your province of residence
  • You have been discharged from bankruptcy for at least 7 years (if applicable)
  • You have some established credit history.
  • You have the ability to make monthly payments in order to pay off your loan.
  • You need the loan for personal, family or household purposes.

To qualify for a CitiFinancial Home Equity Loan, First Mortgage Loan or a Refinance Loan, you must also be the owner of the property securing the loan, and the property must be your primary home.

Interest rates are based on various factors, which include your income, credit score and payment history.​

Personal Loan Required Documents

After you apply online, CitiFinancial must verify the following information on your application:

  • Address
  • Age
  • Employment
  • Income

To verify your address and age, you will need to bring either of the -following to your local branch:

  • One piece of primary identification; or
  • Two pieces of secondary identification.

The following are acceptable forms of primary identification:

  • Canadian Forces Identification Card.
  • ​Driver's license.

Non-driver photo identification card issued by one of the following provinces:

  • Nova Scotia.
  • New Brunswick.
  • Prince Edward Island.
  • Newfoundland and Labrador.
  • Manitoba Liquor Control Commission Identification Card.
  • Gun License.
  • Hunting License.
  • Permanent Residency Card.
  • Passport.

The following are acceptable forms of secondary identification:

Employment badge/pass with the following:

  • Recognized company name.
  • Applicant's name.
  • Applicant's photograph.
  • Government issued birth certificate.
  • Current Credit card or Debit Card with an embedded photo.
  • Current bank statement.
  • Notice of Assessment.
  • Birth certificate with a raised or embossed seal.
  • Utility bill.
  • Provincial Health Card, when applicable.

This bill MUST:

  • be in the applicant's name.

Income Verification.

To verify your income, you may be required to provide one or more of the following documents.

Wages:

  • Current pay stub.
  • T4 from previous year.
  • Notice of Assessment.
  • Canada Pension Plan Statement dated within past 12 months.

Self Employed:

  • Notice of Assessment (2 years' worth).
  • Other information based on the self-employed entity type.

Payment Options

Online Payments

AutoPay Advantage

In-Branch Payments

Mail Payments to your Branch:

CitiFinancial Personal Loan Application Terms and Conditions

By submitting this Loan application, I acknowledge that I have read the legal information Terms and Conditions and Our Privacy Notice. I agree that the information I have given CitiFinancial on this application is complete and accurate and understand that CitiFinancial is relying on the information. I understand that if I do not provide you with complete and accurate information on this application, I will have to repay any debt resulting from this application to you even if I become bankrupt.

I authorize CitiFinancial to confirm my employment, to collect credit, personal and other information about me ("Information") from credit reporting agencies and other parties (including information as to whether I meet specific criteria), to conduct list editing (the practice of presenting a list of names and a list of criteria to a credit reporting agency to receive back a list of the names that meet the criteria) with respect to the Information, to use the Information collected and to disclose the Information collected to credit reporting agencies and other parties for the following purposes:

For a period beginning now and ending two (2) years from the latest of the date I (i) pay or (ii) otherwise fulfill all of my outstanding obligations incurred by me from time to time with CitiFinancial or (iii) my CitiFinancial account(s) are closed by me or by CitiFinancial, to determine my eligibility for the extension of credit in connection with this application and to determine my eligibility to receive other products, services and/or solicitations; to support the business relationship with me including opening and maintaining a file containing Information which Information will be kept up to date by CitiFinancial through regularly obtaining reports from credit reporting agencies and conducting other inquiries to advertise and offer additional products, services and/or solicitations of CitiFinancial or other parties that CitiFinancial believes may be of interest to me; and in connection with the collection of a debt or the fulfillment of another obligation owed by me to CitiFinancial.

For Nova Scotia residents only, in connection with your Account Application, you consent to the procurement and preparation of a consumer report in accordance with Section 11 of the Consumer Reporting Act of Nova Scotia.​

Citi Canada (French: Citi Canada) is a unit of Citigroup of New York City. With roots in Canada dating back to 1919, the Canadian unit currently employs approximately 3,000 financial services workers in a range of consumer and institutional businesses. Citi Canada is headquartered in Toronto, with offices in Calgary, London (Ontario), Montreal, Mississauga and Vancouver.…

CAN I GET A PROSPER LOAN IN CANADA?


Prosper Marketplace, Inc. is a San Francisco, California-based company in the peer-to-peer lending industry. The company operates Prosper.com, a website where individuals can either invest in personal loans or request to borrow money.

OVERVIEW:

Prosper is America's first peer-to-peer lending marketplace, with more than 2.2 million members and over $2,000,000,000 in funded loans. Borrowers request personal loans on Prosper and investors (individual or institutional) can fund anywhere from $2,000 to $35,000 per loan request. In addition to credit scores, ratings, and histories, investors can consider borrowers’ personal loan descriptions, endorsements from friends, and community affiliations. Prosper handles the servicing of the loan and collects and distributes borrower payments and interest back to the loan investors.

Prosper verifies borrowers' identities and select personal data before funding loans and manages all stages of loan servicing. Prosper's unsecured personal loans are fully amortized over a period of three or five years, with no pre-payment penalties. Prosper generates revenue by collecting a one-time fee on funded loans from borrowers and assessing an annual loan servicing fee to investors.

From 2006 to 2009 Prosper operated a variable rate model. Prosper acted as an eBay-style online auction marketplace, with lenders and borrowers ultimately determining loan rates using a Dutch auction-like system. Effective December 19, 2010, Prosper filed a new prospectus with the SEC, changing its business model to use pre-set rates determined solely by Prosper based on a formula evaluating each prospective borrower's credit risk. Under the new approach, lenders no longer determine the loan rate via price discovery in an auction. Instead, they simply choose whether or not to invest at the rate which Prosper's loan pricing algorithm assigns to the loan after it analyzes the borrower's credit report and financial information.

The idea for the service is derived from group banking concepts, such as rotating savings and credit associations. Other motivating ideas derive from the concepts of microlending and microfinance.

Prosper publishes performance statistics on its website and all market data is available to the public for analysis. All transactions are in US dollars; lenders and borrowers must be US residents. Prosper's 10.69% annualized seasoned rate of return, net of fees, for the period of July 1, 2009 through September 30, 2011 was independently audited by Ashland Partners & Company LLP in December 2011.

Prosper opened to the public on February 5, 2006 and was founded by Chris Larsen (the founder of E-loan) and John Witchel. Prosper is backed by BlackRock, Sequoia Capital, Accel Partners, Agilus Ventures, Benchmark Capital, CrossLink Capital, DAG Ventures, Draper Fisher Jurvetson, Fidelity Ventures, Omidyar Network (an investment vehicle of eBay founder Pierre Omidyar), Meritech Capital Partners, TomorrowVentures (an investment vehicle of Google Executive Chairman Eric Schmidt), and QED Investors (an investment vehicle of CapitalOne co-founder Nigel Morris).

CAN YOU GET A PROSPER LOAN IN CANADA?

No, you can't get a prosper loan in Canada.

Prosper Marketplace, Inc. is a San Francisco, California-based company in the peer-to-peer lending industry. The company operates Prosper.com, a website where individuals can either invest in personal loans or request to borrow money.…