Business messaging is a powerful tool for business owners who want to reach a larger audience or stay connected to their clients or customers. However, legislation like the Telephone Consumer Protection Act (TCPA) requires business owners to adhere to specific messaging standards when sending marketing or promotional materials. Therefore, this article outlines how to use…
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What Is a Cashier’s Check and Where To Get Them
Working in a bank for many years, I witnessed frustrated small business owners on the receiving end of bounced checks, which led to delayed business transactions. To avoid this issue, I recommend getting a cashier’s check, especially for large business purchases or vendor payments. Cashier’s checks are bank-guaranteed, fraud-resistant, and reliable compared to personal and…
What is a Payroll Register? A Small Business Guide
A payroll register includes vital pay data you need to ensure accurate employee payments and maintain compliance. It also plays a crucial role in financial planning and budgeting, helping you track labor costs and monitor changes over time. Included as a standard report in most payroll software, a payroll register is a document that contains…
What Is Prime Cost? Formula + Free Calculator
The prime cost is the total direct material and labor costs of producing a product or delivering a service. It helps you analyze how much these costs reduce your gross profit, making it easier to determine whether your expenses are within a healthy range. The formula for computing prime costs is as follows: Prime cost…
What Is Call Center Monitoring? Importance & Benefits
Monitoring call quality and agent performance is crucial for customer satisfaction in a call center. Call center monitoring allows you to record or listen to calls to aid in evaluation, assessment, and feedback. In recent years, we have also seen improvements in call center quality monitoring due to artificial intelligence (AI) features that automate the…
What Is a Business Loan Broker, and Should You Use One?
A business loan broker acts as an intermediary between a borrower and a lender to help secure business financing. Essentially, a broker utilizes your financing application to research and pair you with financing options applicable to your needs. With this, you can save time and money when shopping around for a lender. It’s worth noting…
What Is the Fraud Triangle in Accounting?
The fraud triangle is a framework that outlines three coexisting conditions that typically lead to higher instances of occupational fraud: pressure, opportunity, and rationalization.
Designed by well-known criminologist Donald R. Cressey, the fraud triangle explains the reasons behind fraud and is a guide for small business owners and managers to assess the areas where fraud might exist. In the accounting process, we look at fraud as a causative factor for material misstatements in accounting records and financial statements. We…
What Is a Suspense Account? Use Cases & Best Practices
In accounting, a suspense account serves as a temporary holding place for transactions that can’t be immediately categorized. It helps manage discrepancies, such as missing information and math errors, until issues are resolved. Since it’s used for both debits and credits, it doesn’t have a fixed normal balance — the balance depends on the nature…