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…
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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…
New Hires Getting Paid More Than Existing Employees—Why It Happens & What to Do
The practice of new hires getting paid more than existing employees exists as companies seek to attract top talent with specialized skills and remain competitive. While this approach may ruffle some feathers internally, potentially resulting in discontent, decreased morale, and lower productivity among your current staff, it’s important to balance the need for fresh talent….
A Small Business Owner’s Guide to Essential Payroll Software Features
Payroll features are the functionalities a payroll system offers to manage, streamline, and ensure the efficiency of employee payment operations. The right set of features go beyond simple automation, it must include those that make payments accurate, ensure compliance, and support financial prudence. Understanding payroll software features is important, as the system guards you against…
What is a Payroll Loan & How Do They Work?
A payroll loan is a type of short-term borrowing that a business can use to pay its employees when cash flow is tight. If you’re a small business owner, you know that maintaining a steady cash flow can sometimes feel like walking a tightrope. Payroll loans can act as a safety net, ensuring your employees…