Online banking is a system that allows you to manage your bank accounts using your computer or mobile device and the internet—which is why it’s also referred to as internet or web banking. Most traditional banks, or banks with brick-and-mortar branches, offer an online banking option to their clients. Generally, online banking covers typical banking…
What is
HR Compliance: Examples, Laws & Best Practices [+Checklist]
Human resources (HR) compliance is the process of ensuring your company adheres to all employment laws and regulations—from hiring and onboarding new employees to administering their benefits and ending the employment relationship. Small businesses are uniquely susceptible to compliance violations because they often lack the oversight necessary to notice and correct issues. To ensure you…
What Is Merchandising? Definition, Benefits & Cost
Merchandising includes all the non-verbal tactics retailers use for presenting and promoting their goods in-store. This includes your store layout, the products you choose to sell, how you arrange them, and even your pricing strategy. Retailers use merchandising in their stores to cultivate their brand image, improve customer experience, and drive sales. Merchandising can make…
Section 179 Deduction for Property, Equipment & Vehicles
For the 2023 tax year, Section 179 deduction allows business owners to deduct up to $1,160,000 ($1,220,000 for 2024) of the cost of qualifying new or used property, equipment, and vehicle purchases immediately. The advantage of the deduction is that you immediately receive the tax savings from an equipment purchase rather than gradually saving taxes…
Paid Sick Leave Laws by State
Although there are no federal laws requiring that employers provide paid sick leave, some individual states (as well as cities and counties) have created their own regulations. For instance, employees in Colorado accrue one hour of sick leave for every 30 hours worked (capped at 48 hours in a year), while workers in Washington, D.C.,…
Inventory Carrying Cost: Calculator, Formula & Reduction Tips
Inventory carrying cost, also known as holding cost or carrying cost, is the total amount of expenses a business pays to hold and manage unsold merchandise. This includes direct costs such as warehouse leasing, employee wages, insurance, utilities, and taxes, along with indirect costs like depreciation and shrinkage. As a general rule of thumb, carrying…
What Is Pay by Bank?
Pay by bank is a payment method that allows customers to make payments directly from their bank accounts to merchants or businesses without the need for traditional credit or debit cards. This payment option is often facilitated through mobile banking apps or online banking platforms provided by banks and financial institutions. Also sometimes called account-to-account…
SBA Microloans: Rates, Eligibility & How To Apply
The Small Business Administration (SBA) offers a microloan program for small businesses and certain not-for-profit childcare centers. SBA microloans are targeted towards underserved businesses, such as startups, with the benefit of competitive interest rates. You can get up to $50,000 on an SBA microloan, and funds can be used to help with startup expenses or…