What is a no-doc business loan? While almost all other loans will require some form of documentation, a no-documentation, or “no-doc,” business loan is meant to provide you with quick access to financing, usually with a simplified application process inclusive of just bank statements and business information. It is typically applicable to borrowers with limited…
Explainer
What Is Disaster Recovery? Definition, How It Works & Benefits
As businesses rely more on technology to run operations and manage distributed teams, protecting your communication systems from catastrophic events becomes increasingly important. The best preparation for uncertainty is taking the initiative to develop a clear disaster recovery plan. Disaster recovery involves crucial steps, starting with prevention and mitigation, to fully restore data and operations…
What Is a Cashier’s Check and Where To Get Them
Working in a bank for many years, I witnessed frustrated small business owners on the receiving end of bounced checks, which led to delayed business transactions. To avoid this issue, I recommend getting a cashier’s check, especially for large business purchases or vendor payments. Cashier’s checks are bank-guaranteed, fraud-resistant, and reliable compared to personal and…
What Is a Suspense Account? Use Cases & Best Practices
In accounting, a suspense account serves as a temporary holding place for transactions that can’t be immediately categorized. It helps manage discrepancies, such as missing information and math errors, until issues are resolved. Since it’s used for both debits and credits, it doesn’t have a fixed normal balance — the balance depends on the nature…