Interactive voice response (IVR) is an automated business phone system that answers incoming calls and offers options and information via a menu. The history of IVR began in the 1930s with Bell Lab’s invention of the Voder machine. Since then, IVR technology has improved—from early systems using touch-tone keypads to advanced speech processing. IVR solutions…
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What Is a Payroll Register? Small Business Guide
Included as a standard report in most payroll software, a payroll register is a detailed record of all employees’ payment data. It’s the paycheck records of every employee in one report, including the total gross pay for each employee, each type of deduction and amount, and the total net amount that each employee receives. A…
Hiring Family Members: What You Need to Know
Hiring family members for your small business can be a strategic move or a potential pitfall. This comprehensive guide is designed to help you navigate the complexities that come with employing relatives. From understanding nepotism and its implications to exploring the pros and cons of family employment, we discuss various aspects that can impact your…
Ecommerce Payment Security: 10 Small Business Best Practices
The boom in online shopping, along with the general increase in fraudulent activity, has made ecommerce payment security vital. Ensuring the security of customer payments is the responsibility of every small business owner that accepts payments online. Follow the 10 best practices listed below to keep your site and customers safe. 1. Choose a Trusted…
What Is Inventory Shrinkage? Calculator, Causes & Prevention
Inventory shrinkage is the difference between a product’s recorded stock count and the amount physically on hand. The difference between these two amounts is referred to as “shrink.” In a retail setting, it is also sometimes called retail shrink. Either way, both mean the same thing—you’re missing inventory you thought you had. You can use…
Internal vs External Recruitment: A Guide for Small Businesses
To find the best candidates for your company’s open roles, you should evaluate internal vs external recruitment. Internal recruiting is when you fill an open position from within your current bank of employees by promotion or transfer. External recruiting entails posting job ads to hire a candidate that does not currently work for your company….
What Is Sell-through Rate & How to Use It (+ Free Calculator)
Sell-through rate (STR) is a critical retail metric that tells you how well products are performing based on the amount of inventory sold compared to the amount of inventory received during a set period of time. Typically, retailers will measure sell-through rates weekly, monthly, quarterly, and yearly, comparing their real STRs to their targets. It…
What S Corporation Tax Must Be Paid & How To Calculate Each
While S corporations (S-corps) do not pay federal income taxes, they do pay payroll taxes, built-in gains tax, and excess net passive income (ENPI) tax. They also pay penalties if their annual information return Form 1120S is not filed on time. Both the ENPI and the built-in gains tax are only applicable if the S-corp…