When hiring for certain positions, you must ensure job applicants are well-versed in the qualifications for the role. For bookkeepers, accountants, and any finance position, among others, Excel skills are vital. If you need a quick way to test applicants, use our free Excel test for interview candidates that mimics data that might be included…
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Pros and Cons of Angel Investors Funding Your Business
Angel investors are qualified individuals or entities who provide seed money to invest in promising small and startup businesses. They are typically offered a stake in the business in exchange for their financial assistance and are a source of alternative financing for new businesses with limited resources. If you think that angel funding might be a…
What Is Nonemployee Compensation: A Small Business Guide
Nonemployee compensation is the payment you give to an independent contractor who performs contingent work or temporary jobs for your business. It also includes other fees, commissions, prizes, and awards that independent contractors get for services rendered. Unlike with employee wages and salaries, you’re generally not required to withhold taxes on nonemployee compensation. Independent contractors…
What Is a Social CRM? (Top Benefits & Examples)
Social customer relationship management (CRM) involves using strategies, workflows, and tools to oversee customer interactions on social media platforms. Using a CRM and social media solution, you can personalize your campaigns, track brand mentions, schedule posts, and generate valuable insights in one space. Learn more about what social CRM can do for your business and…
What Is the Average Age of Inventory Formula? (+Calculator)
Average age of inventory, also known as days sales in inventory (DSI), refers to the average number of days it takes a business to sell its inventory. It’s a key metric used to assess a company’s inventory management efficiency and working capital health. The average age of inventory formula is: Average Age of Inventory =…
What Is a Hiring Freeze: Causes, Effects & How to Respond
A hiring freeze is when a company temporarily stops or slows down hiring new employees. This usually happens when the company is going through financial difficulties, facing an uncertain economy, or making significant changes within the organization. Read on to fully understand what a hiring freeze is, what hiring freezes mean for employers—its causes and…
What Is Form 1125-E? (+Example)
IRS Form 1125-E is used to report compensation for corporate officers, and state law determines who is considered an officer for the purposes of Form 1125-E reporting. The form is required for S corporations (S-corps) or C corporations (C-corps) with gross receipts of $500,000 or more for the year. Example – Completing Form 1125-E Joe…
Facial Recognition in Retail: Everything You Need to Know
Facial recognition is technology that recognizes human faces and matches them to images of faces stored in a database. This technology has been around for years—in your smartphone camera, for example—but commercial establishments are also beginning to use it for retail applications. Brands can use facial recognition technology to improve customer service, increase operations efficiency…