On-demand pay, also known as earned wage access and instant pay, allows employees to access their wages as they earn them, rather than waiting until a regularly scheduled pay date. They can opt for daily pay or accumulate their earnings for a later payout. On-demand pay is not the same as a payroll advance. The…
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Payroll Internal Controls: 8 Best Practices (+ Free Checklist)
Payroll internal controls are the processes and procedures your small business follows to protect confidential payroll data, prevent payroll fraud, and ensure no pay-related mistakes are made. Limiting access to payroll records, creating a checks and balances process, and using payroll software are all great ways to control access to your company’s payroll. Continue reading…
360 Feedback: Complete Guide + Free Review Template
360 feedback (or 360-degree feedback) is a type of employee performance review in which an employee receives feedback not just from their direct supervisor but also from peers and, when applicable, direct reports, and customers. Feedback is generally anonymous, and the number of raters varies (we’ve seen anywhere from three to 12) depending on the…
What Is a Stockout? Causes, Costs, Impact & Prevention
A stockout (or out-of-stock) is when a business runs out of a product in its inventory. Stockouts are best known for occurring in retail stores but can happen anywhere in the supply chain. When there is a stockout, the product can’t be purchased by customers, which damages the customer experience and causes lost sales. Stockouts…
What Is a Conference Call: How It Works & Best Practices
A conference call is a meeting where multiple participants connect via audio, video, or web using an access code. It is typically done over a landline connection or internet-enabled device. Conference calls benefit remote and hybrid teams wanting to communicate over long distances. Keep reading to understand what a conference call is, the best practices,…
What is Alternative Minimum Tax (AMT) for Small Business Owners?
The alternative minimum tax (AMT) is a parallel tax system with fewer deductions but lower tax rates than the regular income tax system. It is a parallel tax system in the sense that taxpayers must calculate their tax liability under both the AMT system and the regular tax system and pay whichever liability is higher….
What Is an ACH Payment & How It Works for Small Business
Automated clearing house (ACH) payments are simply direct bank transfers of payments between people and businesses. If you process sales online or through invoices, then ACH transfers can save you time and money. ACH payment processing is a cost-effective and reliable alternative to traditional payment methods. What Is the Automated Clearing House? The Automated Clearing…
Safety Stock Definition & Calculator for Retailers
To avoid costly stockouts and to improve customer satisfaction, having adequate safety stock is key. In this guide, we will look at what safety stock is, how to calculate it, why it’s important, and some of its associated risks. What Is Safety Stock? Safety stock, also sometimes called buffer stock or “just-in-case” inventory, is the…