Accounting software is designed to automate, streamline, and manage various accounting and financial tasks within an organization. It comes in various forms, including cloud-based, desktop-based, and specialized solutions tailored to specific industries or business needs. It helps businesses efficiently keep track of financial transactions, manage accounts payable (A/P) and accounts receivable (A/R), generate financial reports,…
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What Is an Omnichannel Contact Center? A Guide for Small Businesses
An omnichannel contact center provides a unified interface where businesses can manage customer communications across various channels. Supported channels include email, SMS, live chat, and social media, and essential call center features like advanced call routing and workforce management are also available. In this article, we explore what an omnichannel contact center is, its key…
What Is a Cost of Living Raise & How Does It Work
A cost of living raise, also referred to as a cost of living adjustment (COLA), is a wage increase intended to help employees cope with rising prices due to inflation. Unlike wage adjustments that are based on the employee’s work performance, employers look at market price indexes to determine the pay hike percentage. This is…
What an Operating Lease Is & How It Works
An operating lease is an agreement to utilize an asset without ownership rights. This agreement is similar to a rental agreement, in that the lessor allows the lessee to use the asset for a set period and under conditions permitted by the lessor. Assets commonly associated with an operating lease include equipment, automobiles, and real…
What Is a Microloan? A Beginner’s Guide
Microloans provide financing opportunities for businesses that normally would be ineligible for traditional business loans because of financial hardship, poor credit, lack of access to financial institutions, or other restrictions. They are smaller and easier to qualify for than traditional business loans, offering loan amounts of up to $50,000 to businesses from specially designated intermediary…
What Is Social Entrepreneurship? Ultimate SMB Guide
Social entrepreneurship prioritizes social impact alongside profit. By addressing societal needs, this approach connects business success to doing social good.
Social entrepreneurship is a business approach focused on addressing social, cultural, or environmental issues. At the heart of social entrepreneurship are individuals who harness their entrepreneurial skills and resources to seek out lasting solutions to challenges often overlooked by conventional markets, working within a variety of organizational frameworks to achieve their goals. Integrating social missions…
Contract vs Direct Hire vs Contract-to-Hire: Which Option Is Right for Your Small Business
The decision between contract vs direct hire can be a significant factor in shaping the future of your company. Each brings distinct advantages and considerations. Whether you value stability, autonomy, or variety, understanding these employment arrangements can help you make an informed decision. Below we have compared each type of worker, the pros and cons…
What Is Biometric Payment & How Does It Work?
Biometric payment involves using unique physical or behavioral attributes, like fingerprints or facial recognition, to authenticate transactions securely. There has been increased adoption of biometric payment in recent years because it is generally considered more secure than password- or PIN-based systems. Biometric payment may be used for in-person and online transactions. According to a recent…