Ultimate Guide

What Is a Joint Business Bank Account & How to Open

A joint business bank account is equally owned by two or more partners. Each has the right to deposit and withdraw funds, write checks, use a debit card, and transfer money.

By Rayanne Harmon August 7, 2024 | Banking, Ultimate Guide

A joint account provides each business partner with full transparency regarding company finances, including its saving and spending habits, and is generally used by a partnership or an LLP. This allows all partners to consolidate their finances into one account so that managing and protecting company funds is easier. As a result, bookkeeping will be…

Revenue-based Financing: How a Revenue-based Loan Works

By Andrew Wan August 7, 2024 | Financing, Ultimate Guide

Revenue-based financing, or RBF for short, is a type of loan in which your monthly payments are calculated based on a percentage of your company’s sales. Since this can fluctuate each month, you’ll be required to make payments until the balance of the loan is satisfied. Compared to traditional loans, RBF is less common, so…

SBA Community Advantage Loan: What It Is & How to Apply

By Lauren McKinley August 6, 2024 | Financing, Ultimate Guide

The Small Business Administration (SBA) Community Advantage loan program offers funding to businesses in underserved markets, such as startups, veterans, and minority entrepreneurs. You can get up to $350,000 in funding and, like other loans backed by the SBA, this loan can offer some of the most competitive rates available. SBA Community Advantage loan requirements…

The Ultimate Guide to Customer Retention

By Charity May Amancio August 5, 2024 | Sales, Ultimate Guide

Keeping a plump customer base is a unified goal for all business areas. In this endeavor, customer retention remains the most feasible blueprint, rooted in providing exceptional customer experience (CX) in all stages of the sales process. Uncover what it means to retain customers, metrics and strategies you can implement, expert tips, and the latest…

HR to Employee Ratio: A Guide for Small Businesses

By Bryan Driscoll August 1, 2024 | Human Resources, Ultimate Guide

The HR to employee ratio, also known as the HR to staff ratio or human resources to employee ratio, measures the number of HR professionals relative to the total number of employees in a business. It helps businesses determine how many HR staff members are needed to manage their workforce effectively, ensuring that your business…

7 Sole Proprietorship Pros and Cons

By Liz Smith, CPA, MSTFP August 1, 2024 | Taxes, Ultimate Guide

A sole proprietorship is a single-owner business that’s never formally incorporated with a state filing. As such, it is not legally separate from its owner. As a result, many individually-owned businesses are sole proprietorships by default. Pros of a sole proprietorship include ease of setup, simplified recordkeeping, and low costs. Cons include the lack of…

Merchant Cash Advance: What It Is & How It Works

By Andrew Wan August 1, 2024 | Financing, Ultimate Guide

A merchant cash advance, or MCA for short, allows you to get an advance on your credit card sales. However, it is one of the most expensive forms of financing available, with annual percentage rates (APRs) regularly exceeding 100%, which is why we recommend it only as a last resort. MCAs can be a good…