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5 Legal Issues When Managing a Remote Team During the Coronavirus

October 13, 2020
By ComplyRight –

Virtual Offices

More and more businesses are allowing employees to work remotely due to the COVID-19 crisis. While this approach makes sense, it can open the door to increased legal problems. Business owners and managers must oversee the remote worker arrangement carefully to avoid obstacles. Here are five risky situations to consider. Share on X

#1: Managing Non-Exempt Workers Remotely

Supervising exempt (i.e., “salaried”) and non-exempt (i.e. “hourly”) workers presents challenges. Let’s look at some important issues surrounding non-exempt employees first. (more…)

How to Accept Credit Card Payments

October 5, 2020
By Susan Guillory –

Accepting debit and credit card payments in your business can help you make more money. The more payment methods you offer to customers, the more likely they are to shop with you.

But if you’re new to running your own business, you may not know how to accept credit card payments or what your credit card processing options are. How do you process a transaction? What are the fees?In this article, we’ll discuss the benefits of accepting debit and credit cards, selecting a merchant account, and using different types of payment gateways, depending on whether your business is brick-and-mortar, online, or mobile. Share on X (more…)

Business Documents: How Long to Keep Business Records

September 29, 2020
By Susan Guillory –

You know that good recordkeeping is part of running a small business, but you aren’t sure how long to keep business records and documents. The last thing you want to do is shred some business documents that you later need… but at the same time, you don’t want to hang on to a lot of paper unnecessarily.

In this article, we look at different types of business records, why it’s important to hang on to some of them longer, and what the timeframe is for keeping them.

What are Business Records?

“Business records” is a broad term that encompasses any documents, invoices, or receipts that are involved in running a business. Let’s look at different categories of business records.

Accounting Records

There are a variety of financial records and reports that you use in bookkeeping, including: (more…)

How to Pay Back an EIDL or PPP Loan

September 22, 2020
By Gerri Detweiler –

If your business received an Economic Injury Disaster Loan (EIDL) or Paycheck Protection Program (PPP) loan, you may have determined it isn’t a good fit for your small business for any number of reasons:

• You just wanted the EIDL grant and not an EIDL loan

• You didn’t understand the loan terms when you applied

• You can’t use the EIDL funds or PPP funds the way you hoped

• You don’t think most of your PPP loan will be eligible for forgiveness

• You aren’t sure your business will survive to be able to repay a loan

(more…)

5 Simple Ways to Organize Your Small Business Finances

September 15, 2020
By Gerri Detweiler –

Credit scores are often seen as the number one obstacle that prevent small businesses from getting financing. But disorganized financials may be equally to blame.

In today’s challenging economic environment in particular, lenders want to make sure your business is viable and will be able to repay the debt. Organized and up to date finances are essential if you want to increase your chances of getting approved. Here are 5 simple ways to organize your business finances. Share on X

1. Create an Easy Filing System

“We think ignorance is bliss, but really is it filled with headaches and fear,” says Belinda Rosenblum, CPA, money strategist for business owners, and founder of OwnYourMoney.com. “Avoiding your paperwork and bills — or even a huge ‘to file pile’ — is a costly recipe for disaster,” she says. “Not opening bills often causes missed deadlines or even late fees. Opening them but then letting them pile up without filing anything can cause you to feel disorganized and out of control.” (more…)