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When you’re first starting a business , one of the most important parts of the process is planning. Although it can be tedious and overwhelming, you’ll want to take the initial time to determine what you’ll be selling, who your customers will be, and overall, how your business will make money. To this point, you’ll want to select a business model and incorporate this design into your planning and research.
This morning’s employment situation report for the month of May was genuinely amazing – and unexpected. Market expectations were for a headline unemployment rate of about 19.7% and job losses for the month to total between 8.3-8.5 million. That wasn’t the result. The headline unemployment rate fell from 14.7% to 13.3%, and employment increased by 2.5 million jobs.
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
Best Restaurant Online Ordering Software. Toast. Upserve. ChowNow. CAKE. GloriaFood. If you had any doubts about the importance of setting up an online ordering system for your bar, restaurant, or cafe, 2020 has probably squashed them. Now, restaurants are either entirely or heavily reliant on takeout and curbside pickup while in-person operations are stalled due to COVID-19.
Key Takeaways CFOs have numerous considerations related to the impact of the coronavirus pandemic on the allowance for credit losses, whether it is calculated under the incurred-loss model or CECL. For lenders reporting under both the expected-loss and incurred-loss models, an increase in loan workouts or modifications may wind up as unwanted impacts on the allowance.
Key Takeaways CFOs have numerous considerations related to the impact of the coronavirus pandemic on the allowance for credit losses, whether it is calculated under the incurred-loss model or CECL. For lenders reporting under both the expected-loss and incurred-loss models, an increase in loan workouts or modifications may wind up as unwanted impacts on the allowance.
As we continue to reel from the pandemic and its fall out, there is good economic news to consider. Last week’s U.S. Department of Labor’s Unemployment Report showed 2.1 million new jobless claims that were filed over the past week. This was a decrease of 323,000 from the previous week. The total of lost jobs due to the coronavirus tops 40 million. The hidden jewel in the report is that continuing unemployment claims fell by over 3 million to 21 million overall.
On June 3, 2020, Congress passed the Paycheck Protection Program Flexibility Act, which includes several key changes to the Paycheck Protection Program (also known as PPP) that will affect the millions of small businesses that received a PPP loan, as well as the many who may still yet apply for one. . The president needs to sign the bill for it to become law, which he is expected to do in the coming days.
Key Takeaways Changes to PPP forgiveness that lenders need to know about include more time for borrowers to incur forgivable expenses and a cut to 60% (vs. 75%) of loan proceeds required to be spent on payroll. Borrower payments will also be deferred until the forgiven portion is received by the lender from the SBA. Nothing in the bill provides blanket forgiveness for loans under a certain size.
For many of America’s small businesses operating in the wake of the coronavirus pandemic, long-term strategizing has taken a backseat to short-term survival. . Millions of small business owners have taken out Paycheck Protection Program loans in order to keep their staff on payroll, pay pressing expenses, and stay afloat. For some, this low-cost, stopgap funding may be enough to get them through until they can operate normally.
Every business has undeposited funds. Sometimes funds are “in transit” for less than a day, as when a customer pays you with cash or a check and you take the money to your bank at the end of the day. Other times, funds might be in transit for several days. This is most common when you batch your deposits—only going to the bank once or twice a week—or when you accept a credit card payment and it takes a day or two for the funds to clear your bank account.
TriNet vs. Zenefits. Zenefits is a relatively new HR and payroll tool with a lot of high-tech features at a reasonable price. TriNet is a legacy professional employer organization with a comprehensive array of tools to help you manage everything from HR and payroll to benefits administration and expense management. Zenefits will work best for newer businesses, while TriNet is a good option for businesses that are quickly scaling.
When you join a franchise , you (the franchisee) will be responsible for paying several types of franchise fees to the franchise owner (also known as the franchisor). While some will be one-time costs, an ongoing fee you’ll be responsible for is the franchise royalty fee. As a franchisee, you will pay out franchise royalties, though how much your franchise royalty fee actually is will depend on your specific franchise.
For both your small business and your employees, completing the proper paperwork is essential for your business taxes. While you’re likely familiar with various forms from the IRS already, there’s another tax form that should be on your radar: Form 1099-NEC. Form 1099-NEC, non-employee compensation is new for the 2020 tax year. Now, instead of reporting compensation that you paid to non-employees (like freelancers and independent contractors) on Form 1099-MISC , that information will get reporte
Managing your small business’s payroll can be a challenge for even the most financially savvy entrepreneur. At best, it can be a time-consuming yet unavoidable item on the to-do list. At worst, it can be a tangle of calculations, tax considerations, tracking garnishments, withholding for benefits, and so much more. . Luckily, there are options out there to make your life a little easier.
The Shopify ecommerce platform is a top pick for anyone considering dropshipping. Shopify directly connects to hundreds of vendors who stock, pack, and ship products for you—with little to no upfront cost. You simply build a collection of products in your Shopify store, market your brand, and dropship vendors take care of the rest. Launching a Shopify dropshipping business is similar to a regular ecommerce business in many ways.
When you’re a small business owner, there are a variety of ways to get paid by your customers and vendors. Some are simple, like cash, checks, or wire transfers. Others are a little more tricky, depending on the situation. If you have a more complicated transaction—say with an international party—you may need a surefire way to make sure you get the money you’re due.
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