Call parking is a voice-over-internet-protocol (VoIP) feature enabling users to put an active call on hold and place it in a virtual waiting room or “communal parking lot,” allowing team members to pick it up. Aside from promoting better collaboration, it also drives flexibility, as users have the ability to answer calls from anywhere, on…
What is
Gross Profit Method of Estimating Inventory + Calculator
Small business owners can avoid frequent inventory counts and save time by using the gross profit method to estimate inventory. The gross profit method is the easiest inventory estimation technique wherein the company uses historical gross profit rates to determine cost of goods sold (COGS) and estimate ending inventory. By assuming a constant gross profit…
Employer of Record: What a Small Business Should Know
An employer of record (EOR) is an organization that takes financial and legal responsibility for your small business’s international employees by employing them directly, enabling you to work with overseas employees without opening a legal entity in that country. It handles onboarding, payroll, benefits administration, unemployment and workers’ compensation claims, and taxes and does not…
What Is a Line Sheet: Small Business Guide (+ Free Template)
Line sheets are industry-standard product sales tools retailers, manufacturers, and wholesalers use to display complete product information to potential buyers and retail partners. Unlike product catalogs and lookbooks, line sheets are simple visual documents often used in business-to-business (B2B) transactions that give potential buyers all the information they need to place their orders. They are…
What Is a Kiosk? Types, Pros/Cons & Examples
In retail, a kiosk is a digital display or small structure that businesses often place in high-traffic areas to engage customers.
Kiosks offer a great opportunity to improve store functions and customer experience by providing information or offering self-service options. They often incorporate an interactive display screen, though they can also be non-interactive. In this article, we will look at different kiosk types, discuss how kiosks can improve your business, and examine how real-life companies are…
What Is Buddy Punching & How Can You Prevent It?
Buddy punching is when an employee clocks in or out of an employer’s time-tracking system for a coworker. Essentially, it’s payroll fraud and costs employers millions of dollars each year. The employees are attempting to game the system by making it seem like one of them is working when they’re not, leading to the employer…
What Is a Virtual Phone Number? A Small Business Guide
A virtual phone number is a cloud-hosted phone number that lets you communicate seamlessly from anywhere using an internet-connected device. It isn’t tied to a fixed location, making it ideal for remote teams and those who want to have a familiar local area code. Pricing depends on the service provider, but it usually starts at…
What Is a Real Estate Professional for Tax Purposes?
To be treated as a real estate professional by the IRS, you must meet the following tests: Test 1: More than half (50%) of your personal services performed in all trades or businesses during the year are in real property trades or businesses wherein you materially participate. Test 2: Perform more than 750 hours of…