Fundera

AUGUST 31, 2017

If you’re thinking of starting a business, why not start an eco-friendly business? What’s an “Eco-Friendly” Business? An eco-friendly or “green” business is a business that demonstrates commitment to an environmentally sustainable future. Green businesses strive to have a positive impact on the environment and their community. This can be achieved through many practices and strategies, from recycling to sourcing local products and promoting energy efficiency.

Small Businesses 106

Small Businesses 106

Abrigo

AUGUST 16, 2017

A recent Sageworks whitepaper addresses how banks and credit unions can leverage digital channels to grow the loan portfolio and remain competitive with the emerging trend of alt-lenders in the small business lending space. The banking industry has historically been able to play defense against newcomers because of regulatory and legal barriers to market entry.

Credit Unions 84

Credit Unions Small Businesses 84

Fundera

AUGUST 16, 2017

When it comes to finances, small business owners have their work cut out for them: Not only do they need to manage their business’s finances, they have to manage their personal finances, too. And with personal and business priorities not always aligning, sometimes the task of managing both can feel like a juggling act. But as a small business owner, you can’t lose sight of your personal finances.

Small Businesses 101

Small Businesses Credit Scoring Deductions 101

Fundera

AUGUST 25, 2017

As a business owner, you should always be thinking about your next move. In some cases, that’s your exit strategy. Even if it’s not your exact next move, it’s something you should always be keeping in mind. What will become of your business once you’re no longer involved, and how will you come out on top? There are various options for a small business owner when they are ready to exit—and many reasons for that exit.

Small Businesses 96

Small Businesses Bankruptcy 96

Fundera

AUGUST 23, 2017

Small business owners love what they do. From being their own boss to having total control over their schedule, there are certainly many perks to running a business. But what is it really like to be a small business owner? This summer, Fundera surveyed hundreds of American business owners to find out. Surprisingly, the results lean away from the most common assumptions.

Credit Scoring 94

Credit Scoring Small Businesses 94

Fundera

AUGUST 11, 2017

California, Massachusetts, Maine, and Nevada all recently legalized the recreational use of marijuana —making it 33 states, including the District of Columbia, that allow some sort of legal use of the drug. What does this mean for the entrepreneurial minded? Is the cannabis industry the next industry to enter? With its age and regulatory environment, the cannabis industry is unlike any other.

Deductions 91

Deductions Credit Unions Small Businesses 91

Fundera

AUGUST 20, 2017

Being a business leader is so much more than the title in your email signature. Taking the job means wearing a lot of different hats. You’re a sheriff, an architect, a salesperson, and a therapist all rolled into one. Finding fun every day might seem impossible. After all, who has time for fun when there’s work to be done? But it’s important to remember that a business is a reflection of its leadership.

86

86

Fundera

AUGUST 29, 2017

Do you speak accounting? A good bookkeeper or accountant can explain your business’s financial position to you in plain English, so fluency in accounting isn’t mandatory, And that’s a good thing! After all, you didn’t start your business so you could go get a degree in accounting in your nonexistent spare time. However, just as it’s a good idea to know some key words and phrases when traveling to a foreign country, it’s also wise to understand some key accounting terms before meeting with your f

Small Businesses 85

Small Businesses Transactions 85

Fundera

AUGUST 22, 2017

One of the joys of working with any software is learning the little tips and tricks that make using it easier. Xero users lean on many shortcuts and little-known tips, and we’re sharing eight of them here. Xero Tips for Small Businesses. In this article, we explore the eight Xero tips every business owner should know. Since this article is geared toward the small business owner, I do not include any tips that are only available to Xero users under the Advisor (accountant) role. 1.

Small Businesses 85

Small Businesses Transactions Dashboards 85

Fundera

AUGUST 15, 2017

Life coaches: They’re everywhere. You might have seen a Facebook page for one or noticed that your yoga instructor has taken on the role of personal, spiritual, or professional advisor to some of your classmates. With over 53,000 coach practitioners globally and 17,000 in North America alone ( according to a study by the International Coach Federation ), the field of life coaching is clearly resonating with its clientele.

Small Businesses 85

Small Businesses 85

Fundera

AUGUST 7, 2017

You didn’t get into business to be an accountant , so why do you need to know basic accounting concepts? Many business owners rely exclusively on their bookkeeper or accountant to tell them what they need to know about their financial statements, and most bookkeepers and accountants love discussing a business’ numbers. However, by knowing these three basic accounting concepts, you can understand what your business is telling you between meetings with your financial advisers.

Small Businesses 84

Small Businesses 84

Fundera

AUGUST 8, 2017

QuickBooks is an absolutely essential tool for small business owners or accountants looking to streamline their accounting and bookkeeping. But when you’re just getting started, you might feel a bit overwhelmed. Don’t worry! I’ve got you covered. If you want to become a QuickBooks expert, a ton of resources are out there for you to take advantage of.

Deductions 82

Deductions Small Businesses 82

Fundera

AUGUST 2, 2017

Jargon Busters: What is APR and Why Should You Care? In the world of finance, it’s easy to lose yourself in a sea of acronyms, and it’s also easy to let all the jargon intimidate you. Luckily, many of these acronyms are super easy to clear up. With a little clarifying, you don’t have to be scared of all the terminology. For example, at one point, we’ve all wondered to ourself, “What is APR?

Credit Card Companies 79

Credit Card Companies Small Businesses 79

Fundera

AUGUST 5, 2017

Over the past few years, the workplace has changed dramatically and will continue to change with continued advances in technology and the domination of the millennial generation across various industries. By 2020, millennials will make up more than half of the global workforce , and this will cause a significant shift in demands and expectations in the workplace.

Small Businesses 78

Small Businesses 78

Fundera

AUGUST 18, 2017

Getting a small business loan is a big step. The thought of giving up precious cash flow to service a loan can be pretty intimidating. Every dollar that flows through the business is precious capital that can be used to build the operation or sustain the livelihood of the business owner. Making the call to grow with borrowed funds or maintain the status quo can be a hard one.

Small Businesses 72

Small Businesses 72

Fundera

AUGUST 12, 2017

As a budding entrepreneur, you have many things to ponder. Protecting your business from liability lawsuits is one of the most important issues to consider. You do not want to invest time and money into your business only to realize that an unexpected claim turns into a serious financial setback. If your new business focuses on services offered to clients, you need an errors and omissions insurance , or E&O, policy.

72

72

Fundera

AUGUST 27, 2017

The best day of your business life: the day that dream client you’ve been pursuing for years signs the contract and instantly doubles your business. The worst day of your business life: the day you start executing that new business without thorough preparation. Expansion is scary, but with the right steps in place, it can be manageable. Just when you think you’ve accounted for every change that’s coming, a new one pops up and takes you completely by surprise.

71

71

Fundera

AUGUST 6, 2017

While a business event can be a fun and relaxing experience for participants, it can be the exact opposite for organizers. If an event is going to be successful, a variety of factors must come together without a hitch— including catering, decorations, venue, schedule, and attendees. Even if you have the first four factors ready to go, the event will be a failure without a sizeable crowd.

71

71

Fundera

AUGUST 13, 2017

As a small business owner, there’s likely one thing on your mind that’s more important than almost anything else (except revenue): growth. In today’s economy, it’s a simple fact that brands that fail to grow are often left behind, and if you want your business to succeed, it’s not enough just to maintain your current audience—you need to expand it. There are a lot of ways you can expand the reach of your business.

Small Businesses 71

Small Businesses Transactions 71

Abrigo

AUGUST 30, 2017

The changes inherent in the shift from FASB’s incurred model to the current expected credit loss model (CECL) present many challenges for financial institutions and accounting professionals alike. However, the transition from an incurred model to estimating expected credit losses is not meant to be a cumbersome process, let alone one that is unmanageable.

CECL 60

CECL Credit Unions 60

Abrigo

AUGUST 23, 2017

“When considering member business lending and the consumer portfolio where many credit unions focus, change management to prepare for CECL can be even more difficult with a credit union,” says Danny Sharman, risk management consultant at Sageworks during a recent CECL webinar – Data Quality for Credit Unions. “The first thing credit unions can do to prepare is begin collecting data on multiple segmentations.

Credit Unions 60

Credit Unions CECL Credit and Collections 60

Abrigo

AUGUST 21, 2017

Compared to existing ALLL requirements, Accounting Standards Update 2016-13 (CECL) will require more inputs, assumptions, analysis and documentation, making the option to automate the process significantly more attractive for many institutions. Regardless of an institution’s approach, key consideration areas for a CECL-ready model include data management, contractual life, segmentation, methodologies, forecasting and adjustments, documentation, product evolution and enhancements, training, advis

CECL 60

CECL Default Credit Unions 60

Abrigo

AUGUST 14, 2017

When business owners think of their accountant, some might immediately think of the money they pay for tax preparation, an audit or other compliance services – the type of service “a client doesn’t want but needs,” as accounting thought leader Allan Koltin has described “Level 1” or “Type 1” services. Accountants offering advisory services have a unique opportunity to shift their client’s mindset so that they view their accountant as a trusted advisor and a growth partner rather than a cost cent

Law Firms 60

Law Firms Accounting Firms 60

Abrigo

AUGUST 9, 2017

There is a wealth of information made available by regulatory agencies and consultants around which types of loan portfolio stress testing methods should be used by financial institutions. Two ways in which stress testing results can be used to an institution's advantage is to avert risk and improve the risk rating process. Avert Risk The OCC’s October 2012 Supervisory Guidance notes that financial institutions that perform stress testing “have the ability to minimize the impact of negative mark

Credit Unions 60

Credit Unions 60

Abrigo

AUGUST 7, 2017

A national benchmarking report shows that professional staff turnover rates exceed 20 percent in 1 of every 5 accounting firms generating more than $75 million in annual revenue. With this in mind, it is no surprise that recruiting and staffing are major issues for firms trying to grow their advisory services. Indeed, Jeff Phillips, CEO of online staffing firm Accountingfly, is routinely told by accounting and consulting firms that they are struggling to recruit and hire.

Accounting Firms 60

Accounting Firms 60

Abrigo

AUGUST 4, 2017

What do we do with all of these spreadsheets? The above question is being asked by financial managers at banks and credit unions as the implementation of the FASB’s current expected credit loss model ( CECL ) approaches. So, where did the use of all of these spreadsheets (and the dependence on them) come from? Over the past 40 years, computation tools used by professionals in financial institutions have evolved from pencils, erasers and 20lb electrical calculators to robust, web-based software m

CECL 60

CECL Credit Unions Default 60

Abrigo

AUGUST 3, 2017

The FDIC paper The Entry, Performance, and Risk Profile of De Novo Banks published in April 2016 reports that the number of de novo bank failures and acquisitions annually has drastically declined since 2010, primarily due to the fact that new bank formations have become nearly inexistent. Cheryl Monk, a writer in New York, reviews the de novo environment in her article published in the July 2017 issue of Independent Banker.

Credit Unions 60

Credit Unions Credit Risk 60

Abrigo

AUGUST 2, 2017

In the 13 months since the Financial Accounting Standards Board (FASB) finalized its new standard on accounting for credit losses, ASU 326, financial institutions have been preparing to implement what has been labeled by some industry figures as the biggest change ever to bank accounting. Although institutions will not be required to implement the current expected credit loss model, or CECL, before Dec. 15, 2018, at the earliest, bankers and their advisors have been researching requirements of t

CECL 60

CECL Credit Unions Credit Risk 60

Abrigo

AUGUST 1, 2017

In order to prepare for FASB’s Current Expected Credit Loss (CECL) model, credit unions are currently relying on different methods to collect and store data. In the recent CECL Webinar: Data Quality for Credit Unions , Sageworks Risk Management Consultant Danny Sharman discusses the three different types of methodologies for data collection. 1. Limited Data Collection Method In this method, credit unions leverage core system(s) to capture data.

Credit Unions 60

Credit Unions CECL Credit and Collections 60

Fundera

AUGUST 11, 2017

Tina Roth Eisenberg from Like Knows Like on Vimeo. Tina Roth Eisenberg didn’t plan to become an entrepreneur. “I don’t think I’m the entrepreneur type,” she confesses. “I’m more like, ‘Yeah, that looks like fun’ or ‘Yeah, we could use this!’” But don’t let her humility fool you—Eisenberg’s tenacity has spawned a small empire that includes a booming temporary tattoo business, an app company, a co-working space, a monthly lecture series, and a popular blog.

Small Businesses 68

Small Businesses 68

Fundera

AUGUST 19, 2017

Businesses are practically never safe from personal injury claims. Plaintiffs can ultimately sue a business for millions, even if the case or complaint is very obviously trivial. If someone was injured because of your business, the victim has everything to gain. Sometimes people will go so far as to purposely cause an injury just to collect damages.

Insurance Companies 68

Insurance Companies 68