FitSmallBusiness

What is

What Is HRIS? Overview, Features & Cost

Learn all about HRIS software and how it can help you streamline the recruiting, hiring, and employee management process by aggregating data in one convenient place at an affordable price.

By June 24, 2024 | Human Resources, What is

A human resources information system (HRIS) centralizes employee-related information, helping businesses keep track of employee data, job data, and other employment and HR compliance records. It is a software system that manages employee information with systems that include applicant tracking, benefits administration, performance management, time and attendance, and payroll. Costs are generally reasonable at an…

What Is a Business Model: Key Types & How to Create One

By June 24, 2024 | Starting a Business, What is

Every aspiring entrepreneur should have a roadmap—a strategy for growing their business from a core idea to a profitable venture. A business model defines an entrepreneur’s overall plan for making a profit, identifying its core product (or service), target market, value proposition, and strategy for sustainability. This guide will introduce you to the basics of…

Returns Management: Ultimate Guide for SMBs

By June 21, 2024 | Ecommerce, Retail, What is

Returns management is a supply chain process that addresses unwanted, recently purchased merchandise. It begins with a customer requesting to return an item and ends with the item being returned to inventory, refurbished, recycled, or otherwise disposed of. This article guides you through the process of handling returns, returns management strategies to implement in your…

What Is Customer Service Experience? Strategies, Examples & Tips

By June 19, 2024 | Sales, What is

Customer service experience is a customer service aspect based on the customer’s interactions with your business’s sales and service teams across the sales cycle—before, during, and after purchasing your product, service, or solution. But the best approach must be holistic, proactive, omnichannel, and ongoing, encompassing the totality of customer experience. Learn what customer service is,…

What Is Customer Service Analytics? Types, Benefits & Examples

By June 19, 2024 | Sales, What is

Customer service analytics is the process of studying customer behavior, preferences, and expectations to get insights that can improve your customer interactions. This data helps your sales reps connect with prospects better to earn their trust and business. In this guide, we define customer service analytics, its types, benefits, and examples, which can help improve…

What Is a Perpetual Inventory System & When Is It Used? (+ Example)

A perpetual inventory system is a method of continuously tracking inventory levels and transactions in real time.

By June 19, 2024 | Accounting, What is

Perpetual inventory systems record transactions—like inventory purchases, sales, returns, and adjustments—as they occur. This is unlike periodic inventory systems, which depend on physical inventory counts and end-of-period adjustments Perpetual inventory systems also provide up-to-date inventory data at any given moment and enhance accuracy, making it a useful tool for manufacturers, retailers, and ecommerce businesses. How…

What a Cash-basis Taxpayer Is & How Cash-basis Accounting Works

A cash-basis taxpayer is an individual or tax-paying entity that accounts for their business activity using the cash-basis method of accounting.

By June 13, 2024 | Taxes, What is

Under cash-basis accounting, the taxpayer records income once payment is received and records expenses when payments are made. When noncash payments are received as income, the amount recorded is the fair market value (FMV) of the property received. Payments made with a bank credit card are deductible as cash payments, whereas payments made with a…