Supplier relationship management (SRM) is the set of practices and approaches that a business uses to create and maintain a friendly, productive relationship with its suppliers. The purpose of building a good relationship with suppliers is to increase the efficiency and reliability of your inventory flow, purchasing operations, and product sourcing—reducing overall costs and wasted…
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What Is an NFC Payment & How Does It Work?
NFC payments are contactless payments that use near-field communication (NFC) technology to exchange data between readers and payment devices—like Apple Pay and Google Pay e-wallets in smartphones and wearables or tap-to-pay credit and debit cards. NFC payments (often called “tap-to-pay” or simply “tap” transactions) are widely used because they are contactless, encrypted, and highly secure….
Business Vehicle Depreciation for Cars, SUVs, Vans & Trucks
Business vehicle depreciation is severely limited for cars, smaller SUVs, trucks, and vans with an unloaded weight of under 6,000 pounds. Any vehicle with a personal-use nature is listed property, which eliminates section 179 and bonus depreciation and reduces MACRS depreciation to straight-line if the business use is 50% or less. Considerations for Business Vehicle…
What Is a Business Certificate of Deposit: A Beginner’s Guide
A business certificate of deposit (CD) is a time-deposit savings account that offers fixed interest for a set period. This low-risk option helps businesses earn competitive interest and protect their funds since most CDs are insured by the Federal Deposit Insured Corp (FDIC). Compared to other traditional savings and money market accounts, CDs tend to…
What are Labor Law Posters? Federal & State Compliance for Employers
Labor law posters are graphics that the federal and local governments require you to display in your business area. These contain information to help your employees understand their rights when it comes to wages, work conditions, and compensation for accidents or unemployment—among other things. Failure to follow labor poster compliance puts you at risk of…
What Is a Private Money Lender? A Beginner’s Guide
A private money lender offers financing outside of traditional lending institutions and is typically used to assist in the purchase or refinance of a real estate investment. There are various types of lenders, such as friends and family, hard money lenders, mortgage companies, and other private lending firms. Utilizing these lenders offers financing opportunities that…
What Is Employee Engagement & Why Is It Important?
Employee engagement describes the level at which an employee is connected to their work and the organization. Having high engagement with employees results in reduced turnover, improved productivity and work performance, and increased overall profitability. To keep employees engaged, small businesses can implement strategies like regular feedback sessions, recognizing and rewarding contributions, and fostering a…
What Is Inventory Reserve? Purpose & Use in Accounting
Inventory reserves are estimates for inventory losses due to physical deterioration, obsolescence, theft, and other unforeseen causes—they are not the actual cost of inventory deemed worthless. Businesses using either the last in, first out (LIFO) method or retail inventory method and complying with the US GAAP should make appropriate inventory reserves. The inventory reserve account…