Most employers are legally required to pay a certain minimum wage to their employees (at least $7.25 an hour to comply with federal laws) and pay overtime for hours worked over 40 in a work week (at least 1.5 times the regular pay rate). However, the Fair Labor Standards Act (FLSA) provides minimum wage exemptions…
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Shopify Magic: Guide to Shopify’s Free AI Tools
In Shopify’s latest feature release, artificial intelligence (AI) took center stage. So much so that Shopify rolled out a whole suite of free AI-enabled features that are integrated across Shopify’s products and workflows. Known as Shopify Magic, these AI-enabled features are designed to make it easier for the small business owner to start, run, and…
What Is Cash on Hand and How Much Do You Need?
Cash on hand refers to the money a business has readily available to access and use and the cash equivalents that can easily be converted to cash within 90 days. By effectively managing your cash on hand, you can ensure your business has the financial flexibility to navigate challenges and capitalize on opportunities. Examples of…
Current SBA Loan Rates for July 2024
Small Business Administration (SBA) loan interest rates are reviewed monthly and can vary depending on the type of SBA loan, the lender, and the required business qualifications. While these rates have been trending upward over the past few years, SBA loans are still one of the more affordable financing options that offer favorable rates and…
What Is ARV: After Repair Value Formula & How to Calculate
A property’s after repair value (ARV) is a home’s estimated value after repairs, upgrades, and renovations have been completed. It is typically used by fix-and-flip and fix-and-hold investors to determine if a particular project will be profitable. A lender may also evaluate ARV as part of its qualification requirements. If you’re looking to get financing…
What Is Customer Service Automation? Examples & Solutions
Customer service automation is the process of automatically resolving or responding to customer inquiries without direct human-agent intervention. The best examples of customer service automation features include chatbots, personalized messaging, intelligent routing, and automated customer responses. Adopting this technology centralizes customer information for speedy and efficient service with much less expense. Benefits of Customer Service…
What Is a Sales Order and How Is It Different From an Invoice?
A sales order (SO) is a document that confirms the customer’s order and starts the order fulfillment process. When an order is placed, the business must check if it has enough inventory to fulfill it or adequate workforce and supplies to perform the service. If it can accommodate the order, the person in charge should…
What Is Listed Property & Allowable Depreciation
Listed property consists of items that can be used for business and personal purposes. They include the following categories: Passenger vehicles are defined as any four-wheeled vehicle intended for use on public streets and weighing no more than 6,000 pounds. Equipment designated for entertainment and recreational use, such as photography and audio/visual equipment. Other assets…