Fundera
NOVEMBER 26, 2019
Some people venture into entrepreneurship knowing what industry they want to conquer and what type of business they want to start. However, for many new entrepreneurs, it can be difficult to figure out how to start a business and exactly what kind of business is the best choice. It’s tough to find that perfect idea. We’ve compiled a list of the most profitable small businesses for 2020.
Abrigo
NOVEMBER 25, 2019
Key Takeaways A dynamic asset/liability management (ALM) process can inform sound decision-making in both strategy and risk – but not many FIs approach ALM this way. Most FIs outsource their ALM model, rather than using a self-run model. Both have their pros and cons. The majority of FIs report being asset sensitive for earnings and value at risk. Why aren't more FIs using ALM as a decisioning tool?
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GoCardless
NOVEMBER 6, 2019
When your business buys goods or services, it’s important to keep track of what you’ve ordered and how much it will cost you. Setting up a purchase order system can improve your business’ efficiency, tighten stock controls and save you money.
Eastern Credit Management Services
NOVEMBER 13, 2019
As a small business owner, I am sure that you understand the importance of managing your cash flow, but are you doing your best when it comes to managing your overdue accounts receivable ? Unfortunately, many small business owners are not. They are great in their field of expertise, yet are lost when they have a customer who is not paying their invoice.
Fundera
NOVEMBER 22, 2019
The holiday season is a critical money-making time for many independent businesses and if your small business marketing strategies are strong they can go a long way. What’s more, it’s a prime opportunity to grow your customer base and turn one-time buyers into frequent patrons who will return to your business even after the holidays are over. . “Most people are looking to buy presents for the people in their lives, so they’ll likely venture to sites and stores they wouldn’t shop at
Fundera
NOVEMBER 7, 2019
No matter how experienced you are as an entrepreneur—whether you’re just opening your doors or have already started a few successful businesses—you can always benefit from advice from someone who has followed a similar journey. That’s where reading some of the best books for entrepreneurs comes into the mix. . Maybe you need a little inspiration to rev up your engines, or you could use some advice on how to be a better manager and bring your business to new heights.
Credit Management Source brings together the best content for credit management professionals from the widest variety of industry thought leaders.
Fundera
NOVEMBER 30, 2019
What Is a Schedule K-1 Tax Form? IRS Form Schedule K-1 is an annual tax document that must be filed by owners of pass-through entities (partnerships, S-corporations, and certain LLCs) along with their personal tax return to report their share of business profits, losses, deductions, and credits. Beneficiaries of trusts and estates must also complete a Schedule K.
Abrigo
NOVEMBER 25, 2019
Key Takeaways Optimizing loan deal flow involves more than number crunching and processes; don't overlook the human component. Some questions may help identify loan types, industries, and even co-workers who contribute to bottlenecks. Other questions can highlight changes to the work setting that might encourage more efficiency. The human component of optimizing deal flow.
Abrigo
NOVEMBER 22, 2019
Key Takeaways Credit analysts who are proficient in routine skills but also possess certain soft skills are most beneficial to a bank or credit union. Curiosity to dig behind the numbers and perspective are two traits of a strong credit analyst. A strong credit analyst is introspective and has emotional intelligence. Soft skills are important for credit analysts.
Abrigo
NOVEMBER 21, 2019
Key Takeaways FATF best practices identify the most common challenges that countries face in ensuring that the beneficial owner(s) is identified. FATF suggests using a multi-pronged approach to ensure beneficial ownership is obtained. The US is at a disadvantage without a national beneficial ownership registry. . The importance of CDD and EDD around beneficial ownership.
Abrigo
NOVEMBER 21, 2019
Key Takeaways Now is a good time to plan 2020 BSA/AML training and efforts to educate clients and colleagues about BSA and fraud red flags. It's also a good time to enhance your institution's BSA/AML risk assessment. Sustainability of your institution's BSA program deserves particular focus in 2020. As another busy year draws closer to an end it is time to reflect on the challenges and successes of the year.
Fundera
NOVEMBER 1, 2019
What Are Fringe Benefits? Fringe benefits are any form of compensation an employer offers their employees in addition to their stated salary. Examples of fringe benefits include health insurance, paid time off, discounted gym memberships, education reimbursement, retirement planning services, and more. Fringe benefits have never played a more important role in the workplace.
Fundera
NOVEMBER 29, 2019
How to Start a Fitness Business. Decide what kind of business you want to operate. Get trained. Write a business plan and select an entity. Get permits and insurance. Get an EIN. Get funding. Starting a fitness business is a heavy lift (pun intended). But it can also be a very rewarding industry to work in. You are helping people accomplish their fitness goals, and in turn, helping them to live healthier lives.
Fundera
NOVEMBER 18, 2019
The 23 Best Inventory Management Apps. Stockpile by Canvus. Veeqo. Ordoro. Delivrd. Sortly. On Shelf. Inventory Now. Cin7 Inventory & POS. Zoho: Inventory Management Software. Inventory Control with Barcode Scanner. inFlow On-Premise. Fishbowl. myStock Inventory Manager. Partender: Bar Inventory Software. Asset & Inventory Tracker. Stock Control.
Fundera
NOVEMBER 6, 2019
When running a small business, there are plenty of tasks that seem more important than advertising. Or, at least a ton of to-dos that keep you from having to figure out how effective small business advertising works. Many entrepreneurs are afraid of advertising, even if they know how important it is to their larger marketing strategy —and bottom line.
Fundera
NOVEMBER 29, 2019
Confession of Judgment Definition. A confession of judgment is a clause within a loan agreement that allows a lender, if the borrower has defaulted, to obtain a judgment against the borrower without following regular court procedures. The lender can use the signed confession to garnish the borrower’s bank account or seize assets. Confessions of judgment are most common in merchant cash advances and online loans.
Abrigo
NOVEMBER 19, 2019
Key Takeaways The goal of the SAFE Banking Act is to provide a safe harbor for institutions looking to bank credible CRBs. The MORE Act and the STATES Act are currently proposed to legalize/decriminalize marijuana. The MORE Act will be voted on in Congress in November. . Many financial institutions across the country continue to resist providing traditional banking services to marijuana-related businesses (MRBs) due to the legislative gray area facing the industry.
Abrigo
NOVEMBER 19, 2019
Key Takeaways The goal of the SAFE Banking Act is to provide a safe harbor for institutions looking to bank credible CRBs. The MORE Act and the STATES Act are currently proposed to legalize/decriminalize marijuana. The MORE Act will be voted on in Congress in November. . Many financial institutions across the country continue to resist providing traditional banking services to marijuana-related businesses (MRBs) due to the legislative gray area facing the industry.
Abrigo
NOVEMBER 18, 2019
Key Takeaways Cannabis-related businesses operate in high cash volumes, creating a public safety concern. The SAFE Banking Act looks to create a safe harbor for institutions looking to bank legitimate CRBs. The SAFE Banking Act does not remove marijuana as a schedule 1 drug on the Controlled Substance Act. Why is the SAFE Banking Act important? As differences continue to exist in state and federal law around the cannabis industry, it creates a growing gray area for financial institutions around
Abrigo
NOVEMBER 15, 2019
Key Takeaways Effective credit risk review promotes lending agility. Many of the objectives of a credit risk review system support business goals. Keys to effective loan review are independence, sufficient standing in the organization, and adequate funding. Regulators consider an effective loan review system vital for financial institutions’ efforts to meet safety and soundness standards.
Abrigo
NOVEMBER 11, 2019
On November 8, 2019, the Financial Crimes Enforcement Network (FinCEN) reissued their Geographic Targeting Orders (GTOs) for 12 metropolitan areas. GTOs are authorized under the Bank Secrecy Act to detect money laundering and other illicit activity through the purchases of real estate. As a reminder, the purchase threshold for real estate transactions is $300,000 and includes virtual currency purchases.
Abrigo
NOVEMBER 11, 2019
ALM | 4 minute read Key Takeaways Many financial institutions view asset/liability management as a "check-the-box" regulatory exercise. An extreme focus on using ALM to manage the risk of rising rates means some FIs overlook using ALM to grow earnings and capital, putting them at risk of underperformance. ALM should be used to create value in all interest rate environments.
Abrigo
NOVEMBER 8, 2019
Stress Testing | 7 minute read Key Takeaways Stress testing is an important component of sound risk management. Top down and bottom up analysis can inform capital assessments. Stress testing can put a burden on smaller financial institutions, but today's technology "levels the playing field.". Some financial institutions may view stress testing as a “check the box” practice to satisfy regulators, but others are making the most out of the process.
Abrigo
NOVEMBER 7, 2019
CECL | 7 minute read Key Takeaways Balancing the scales: the FASB's cost-benefit an alysis of CECL. Strategies to lessen the impact of CECL on smaller community banks. How to work better with field examiners and auditors. . The transition to the current expected credit loss (CECL) standard is just around the corner for larger SEC filing institutions, but for many institutions, there are still many questions surrounding the new standard.
Abrigo
NOVEMBER 7, 2019
3 minute read Key Takeaways The USDA released their interim rule on hemp production. States and tribes must include key components in their programs. States may begin submitting programs to the USDA for approval. . The 2018 Farm Bill started the process of hemp legalization when it was signed into law back in December 2018, but there was still work to be done before the production and cultivation could be seen as fully legal.
Abrigo
NOVEMBER 6, 2019
Small Business Loans | 5 minute read Key Takeaways Credit unions' small business loans hit a record low, while small business lending continues to remain strong at big banks and community banks. Going digital can help reduce the cost of small business lending and capture more member business loans. SBA loans do not count against the MBL cap and can be a great way for credit unions to support local businesses and entrepreneurs. .
Abrigo
NOVEMBER 1, 2019
Economy | 2 minute read Key Takeaways Overall, October's national employment report was positive. The General Motors strike imp acted the manufacturing sector. Year-to-date, job gains have slowed in comparison to last year. This morning’s national Employment Situation Report for the month of October was rather positive. In October, 128,000 jobs were added — well above the 98,000 jobs expected.
Fundera
NOVEMBER 18, 2019
If you’re considering opening a new location, chances are you’ve done a pretty good job building up your business. Maybe you’re seeing steady sales growth or hearing customers complain that they have to travel too far to get to your business. Whatever your reason for considering expansion, congratulations! It should be a point of pride to be among the 80% of small businesses that succeed in their first year.
Fundera
NOVEMBER 13, 2019
Whether you’re just starting a business or are a veteran entrepreneur, startup books are one of the many ways to get inspiration and to stay motivated. If you think you’re in over your head, or are just plain curious about what others have been through, startup books are a great resource full of entrepreneur advice , strategies, and inspiration. There are so many options to choose from, though, that selecting just a few to check out from your local library can become an overwhelming task in itse
Fundera
NOVEMBER 19, 2019
What Is Venture Debt Financing? Venture debt is a type of debt financing that’s available only to venture-backed startups. Venture debt is typically less expensive than equity financing and is often used by startups between equity rounds or to supplement equity financing. Venture debt lenders evaluate a startup’s growth rate, business plan, and track record with investors.
Fundera
NOVEMBER 2, 2019
Most working people are all too familiar with the concept of workplace burnout. And when you start a business and consistently have to juggle so many roles, you’re probably extra familiar with struggling to balance your responsibilities without feeling a little burnt out. Workplace burnout can manifest itself quickly, sometimes without you even realizing it.
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