It may seem like you don’t need liability insurance as an independent contractor, or a 1099 worker—especially if you do regular work for other companies. However, the truth is, you still risk financial exposure from claims or accidents. Having liability insurance is an inexpensive way to protect yourself and your business from high out-of-pocket expenses…
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What Brand Color Psychology Is (+ 4 Examples)
One of the most important—but least understood—aspects of branding is the role color plays in a customer’s impression of your brand. In marketing, we call this brand color psychology. While this may sound like buzzy marketing speak, it’s actually rooted in science. The nature of color isn’t limited to just logos and a color palette…
What Is a Sweep Account & How Does It Work?
A sweep account is a specialized bank account that receives transferred funds from another business bank account once it exceeds a specified balance threshold. This is done primarily for one of two reasons: to earn a higher interest yield than a standard account or to extend Federal Deposit Insurance Corp. (FDIC) insurance beyond the limits…
What Is Cost Per Hire? Formula, How to Calculate & Importance
Cost per hire (CPH) is the total expense an organization incurs to recruit and onboard a new employee. This calculation includes internal and external expenses, like job ads, onboarding, compliance, hiring manager salary, and more. Knowing your cost per hire gives you the power to make informed decisions, optimize your hiring strategies, and ultimately, control…
What Is Liquidity Risk & How It Can Affect Your Business
Liquidity risk is a company’s ability to meet its short-term debt obligations. It is generally lower when you can convert assets into cash quickly and is typically higher if that is a process that will take a longer time. Liquidity risk for business owners is an important concept to be aware of as it can…
Commercial Auto Financing: What It Is & How To Get It
Commercial auto financing, also known as business auto financing, allows you to obtain vehicles for business purposes. You can purchase vehicles if you want to retain ownership after you pay off the business auto loan, or you can do a lease if you want or need to regularly upgrade vehicles. Each has its pros and…
How to Get Payroll Checks: Instructions and Considerations
If you’re not utilizing electronic payments to issue paychecks to your employees, you’ll need to process your payroll checks manually. The first thing you need is payroll check stock. Depending on where you purchase, you should expect to pay around $40 to $120 for 500 checks—or even more if you want to have them customized….
High-low Method in Accounting: Definition, Formula & Example
The high-low method in accounting is the simplest and easiest way to separate mixed costs into their fixed and variable components. By using this method, we observe only the highest and lowest points in the data set with the assumption that all the data have a linear relationship. We use the high-low method accounting formula…