Segregation of duties (SoD) in accounting is defined as developing a system where no person is performing tasks within more than one of three general functions. It’s an internal control mechanism that prevents fraud and error, and proper SoD ensures checks and balances within the business. When there is no SoD in place, opportunities to…
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Top 15 CRM Features & Functionality Small Businesses Need
Customer relationship management (CRM) software offers various tools to help businesses improve relationships with their customers and manage their sales processes more efficiently. We’ve identified the 15 most essential CRM features and functionalities to consider when choosing and evaluating CRM systems to subscribe to so you can make the most of your investment. Learn more…
Skills Based Hiring: What It Is & Small Business Benefits
Skills based hiring is the process of finding new talent by focusing on a candidate’s skills rather than educational achievements or previous work experience. For example, if you conduct a pre-employment assessment to gauge an applicant’s proficiency in the skills necessary for your open role, you’re already using a skills based hiring approach. Shifting your…
Employer Branding: What It Is & How to Implement It
Employer branding is a marketing strategy that helps businesses represent their identity as an employer to current and prospective employees and job seekers as a whole. It involves creating a unique brand encompassing the entire employment experience, from mission and culture to salary and benefits. Strong employer branding strategies can help attract top candidates, boost…
What Is the Work Opportunity Tax Credit (WOTC)?
The Work Opportunity Credit (WOTC) is a federal tax credit for employers who hire and pay people who are having trouble getting into the workforce. The credit is usually equal to 40% of the qualified first-year wages of employees who worked at least 400 hours. The credit is reduced to 25% of the qualified first-year…
7 Small Business Tax Credits That Your Company May Qualify For
Business tax credits can be a powerful tool for small businesses to lower their tax bill directly. If you’re eligible for any of the tax savings credits—such as Work Opportunity Tax Credit, Employer Credit for Payroll Taxes Paid on Employee Tips, Employer Credit for Paid Family & Medical Leave, and Disabled Access Credit—you’ll likely need…
What Is a Business Domain Name? A Quick Overview
A business domain name is the website name found in your web address or URL (e.g., fitsmallbusiness.com). Similar to how people find a physical business by its street address, think of it as your company’s online business address. Customers can locate your website and identify your brand through its business domain name, and it can…
PBX Phone Systems: A Comprehensive Guide for Small Businesses
PBX stands for private branch exchange, an internal telephone network enabling users to communicate with one another and those outside the company through private lines. A PBX phone system hosts various features, including call forwarding, call transfer, auto-attendant, and voicemail. Businesses benefit from this phone system as it allows organizations to scale communications and manage…