Use a Business Bank Account for Medical Transcription Work
A good financial recordkeeping system for your medical transcription work makes it easy for you to separate business and personal transactions. One of your first steps when you decide to become an IC should be to consider opening separate bank and credit card accounts that you use strictly for business expenses.
Your business credit card doesn’t need to be a fancy platinum card that comes with an annual fee. And it doesn’t have to be a card geared toward businesses. Any credit card will do.
You aren’t legally required to have separate bank and credit card accounts, but using dedicated accounts has a lot going for it:
Life is easier at tax time.
You won’t have to copy deposits and expenditures from your personal accounts to your business records.
If you’re going to use a business name (for example, Magnificent Medical Transcription), you’ll need a bank account under that name anyway.
Using separate accounts does have a few drawbacks:
You’ll have multiple accounts to reconcile. Thanks to modern bookkeeping software though, reconciling can usually be accomplished with just a few clicks.
Adding a separate bank account may bring extra bank fees. But if you shop around, you can find bank accounts with very few fees. A good place to start looking is with online banks like Ally and ING Direct.
You’ll have an additional bill to remember to pay on time.
You’ll have the extra step of transferring money from the business account to your personal account. If both accounts are at the same bank, though, you can do it online in a few seconds.
Business checking accounts tend to have higher fees. If you’re doing business under your own name and not a business name, you can open a second personal checking account instead of a business checking account and save on fees.
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Self-marketing letters that a job seeker sends to a large but carefully targeted list of potential employers. These letters are designed to uncover an opportunity in the hidden (unadvertised) job market.
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A resume style that focuses on the skills and talents needed to be able to perform a particular task to a certain standard. Connects your behaviors with your accomplishments.
A starting resume that you use as a base or template to spin off targeted versions of your resume (for specific positions) when you must move quickly.
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Reports that contain your payment history to creditors. These reports may also include names of previous employers, residential stability data, divorce information, and estimated prior earnings.
A type of job interview in which the interviewer maintains complete control and walks you through the discussion to uncover what he or she wants to know.
Equal Employment Opportunity Commission. The EEOC is a U.S. federal agency that investigates discrimination complaints.
Electronic form. An online form, such as a job application form typically found on company Web sites. You enter data within fields of the form.
An e-mail message that introduces a resume that you distribute online. Typically, a shortened and more informal version of a cover letter.
Electronic resumes. Resumes that you distribute online.
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A resume format that focuses on portable skills or functional areas and ignores chronological order. This resume format works well for career changers, new graduates, ex-military personnel, work-history gaps, or special-issue problems.
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An excruciatingly detailed resume format used to apply for international jobs. This resume style is typically six to eight pages long and often uses the reverse chronological format.
A letter that is written in reaction to a published job opening in print or online.
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Internet search words (generally nouns and short phrases) that identify your qualifications. Employers use keywords to search and retrieve e-resumes in databases for available job positions.
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A personal commercial that you create to sell yourself during a job search. A marketing pitch should be about one to two minutes long.
An electronic resume that you place on a disc; generally sent by postal mail. This resume format is not in common use today.
A type of job interview where the interviewer's questions tend to be broad and general so that you can elaborate and tell stories about yourself and your qualifications.
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The process of creating and distributing audio and video feeds over the Internet. To make a podcast, you need a computer, microphone, Internet access, and recording software.
A collection of work samples often delivered as part of the job interview process for those in fields such as design, graphics, photography, architecture, advertising, public relations, marketing, education, and contracting.
A resume format that emphasizes professional qualifications and activities and is typically three to five pages long. This format is essentially a shortened version of the academic curriculum vitae resume format.
A type of interview that is conducted for an employee who is a candidate for a higher job position within the company.
Self-marketing letters that a job seeker sends to a relatively small and select number of potential employers. These letters are designed to uncover an opportunity in the hidden (unadvertised) job market.
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A service that advertises their willingness to save you time and trouble by blasting your resume to thousands of recruiters and hiring managers all over the Internet — for a fee. These services are generally not recommended due to privacy and identity theft concerns.
A self-marketing document that combines a cover letter with a resume (the resume is not a separate document). This type of letter is typically two pages long, but can be one page.
A resume format that includes employment history from the most recent jobs working backwards, showing dates for employers and educational institutions. This resume format works well for those with a steady career progression.
An online service you subscribe to that sends immediate content updates (such as job postings that match a selected criteria) from selected Web sites to your computer or handheld device. RSS stands for Really Simple Syndication.
An employee (typically an administrative assistant or HR specialist) who monitors phone calls for a company when you call their main telephone line.
A first-cut job interview that is used to weed out all applicants except those who are best qualified for the position.
A job interview in which you meet with a supervisor, department head, or another person who has the authority to hire you.
An acronym for Search Engine Optimization. SEO is a method of using technical and strategic maneuvers to increase the traffic driven by search engines to a Web site.
A type of job interview in which you are typically passed from the initial screener to a line manager to a top manager — and perhaps a half-dozen people in between.
Web-based services — including discussion groups, message boards, e-mail, and blogs — that give users a way to find and interact with people who have similar interests. Some of this interactivity focuses on job search and recruiting.
Automated programs (software) used by specialized search engines to scrape (crawl) the Web to find and haul in content, such as job postings. Also called robots or just 'bots.
A type of job interview in which the interviewer intentionally uses various intimidation tactics to attempt to put pressure on you.
A resume that is customized for a specific employment goal or position in a job search.
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Online search engines that search only for job listings, across multiple job sites at once. Examples include SimplyHired.com and Jobster.com. Also called verticals or aggregators.
A canned video interview in which a candidate speaks about his or her qualifications, goals, and strengths; sometimes called a video podcast.
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The second generation of Web design that uses sites in which people communicate and share information. Web 2.0 tools include blogs, instant messaging, podcasts, RSS feeds, and social networking services.
An electronic resume that you post on a personal Web site; also sometimes called an e-portfolio or HTML resume.