Payroll internal controls are the processes and procedures your small business follows to protect confidential payroll data, prevent payroll fraud, and ensure no pay-related mistakes are made. Limiting access to payroll records, creating a checks and balances process, and using payroll software are all great ways to control access to your company’s payroll. Continue reading…
What is
360 Feedback: Complete Guide + Free Review Template
360 feedback (or 360-degree feedback) is a type of employee performance review in which an employee receives feedback not just from their direct supervisor but also from peers and, when applicable, direct reports, and customers. Feedback is generally anonymous, and the number of raters varies (we’ve seen anywhere from three to 12) depending on the…
What Is a Stockout? Causes, Costs, Impact & Prevention
A stockout (or out-of-stock) is when a business runs out of a product in its inventory. Stockouts are best known for occurring in retail stores but can happen anywhere in the supply chain. When there is a stockout, the product can’t be purchased by customers, which damages the customer experience and causes lost sales. Stockouts…
What Is a Conference Call: How It Works & Best Practices
A conference call is a meeting where multiple participants connect via audio, video, or web using an access code. It is typically done over a landline connection or internet-enabled device. Conference calls benefit remote and hybrid teams wanting to communicate over long distances. Keep reading to understand what a conference call is, the best practices,…
What Is Bonus Depreciation? How It Works & Calculating It for 2023 and Beyond
Bonus depreciation is an immediate tax deduction that speeds up tax savings and makes an asset that you placed in service more affordable. You may also see this deduction going by the name of the special allowance, the additional first-year deduction, or IRC §168 (k) depreciation. In general, new and used furniture and equipment with…
What is Alternative Minimum Tax (AMT) for Small Business Owners?
The alternative minimum tax (AMT) is a parallel tax system with fewer deductions but lower tax rates than the regular income tax system. It is a parallel tax system in the sense that taxpayers must calculate their tax liability under both the AMT system and the regular tax system and pay whichever liability is higher….
Phone Echoing: Top 6 Common Issues & How to Fix Them
If you hear repeating voices and sounds while on a phone or video call, you’re experiencing phone echoing. Echoes confuse people and make it difficult to continue a discussion. Phone echoes are usually caused by faulty hardware and subpar connectivity. This article offers simple fixes, such as adjusting your device volume, checking your internet connection,…
What Is an ACH Payment & How It Works for Small Business
Automated clearing house (ACH) payments are simply direct bank transfers of payments between people and businesses. If you process sales online or through invoices, then ACH transfers can save you time and money. ACH payment processing is a cost-effective and reliable alternative to traditional payment methods. What Is the Automated Clearing House? The Automated Clearing…