Abrigo

JUNE 3, 2016

The Financial Accounting Standards Board’s (FASB) long-awaited final guidance on its new standard for measuring expected credit losses is expected to be released in June, a step that will be a major milestone in the multi-year development of the current expected credit loss (CECL) model. As Sageworks Chairman Brian Hamilton has noted, the timeline for implementation means that banks and credit unions shouldn’t panic or rush to make wholesale changes to their existing methodologies for the allowa

Credit Unions 68

Credit Unions CECL Credit and Collections Accounting Firms 68

Fundera

JUNE 29, 2016

In the age of big box stores and multi-national conglomerates, it’s easy to get nostalgic for the bygone days spent shopping at the neighborhood market, buying shoes from the local cobbler, or stopping at the mom and pop diner down the street for a burger and a slice of pie. Those were the days, right? As it turns out, those good old days are still happening today!

Small Businesses 76

Small Businesses Transactions 76

Fundera

JUNE 21, 2016

Every small business owner is familiar with the popular reality show Shark Tank , where entrepreneurs pitch their business ideas to a group of “sharks” (or experienced entrepreneurial investors) hoping to land some big funding. But what’s it like to appear on the show? Whether you win or not, what can being on the show do for your business? Should you take the chance and audition?

Small Businesses 76

Small Businesses 76

Fundera

JUNE 17, 2016

For years, Michaela Grob wished for a place she could find a decent selection of vegan cheeses. “I’ve always loved cheese and when I became vegan, I still wanted cheese,” says Grob. And who could blame her? Cheese is one of the best foods out there (in my humble opinion). To curb her cravings, Grob started making her own cheese at home… It wasn’t long before a lightbulb went off and she realized she could — and should — be doing the same thing for everyone else.

Small Businesses 76

Small Businesses 76

Fundera

JUNE 16, 2016

Many people have questions about Uber, the online transportation network that lets you order a ride—as well as food and even, occasionally, puppies—from your smartphone. For most of us, the question usually is, “When is the car getting here?”. But for car service companies, the question is more existential: How can they compete and survive in this new era of transportation services?

Small Businesses 76

Small Businesses 76

Fundera

JUNE 15, 2016

Do you always get a fat tax refund check from Uncle Sam each year? As exciting as it seems to receive that extra cash, you might actually be making a financial mistake by doing so. Is it better to take enough exemptions to get a refund come tax time, or should you forgo a refund and maybe even owe a little something to the government on April 15th? And how will this decision affect your business’s finances?

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Fundera

JUNE 10, 2016

The power behind word-of-mouth marketing is undeniable, but in our digital world, awareness rarely gets generated by mouths anymore. More frequently, consumers rely on their favorite social media channels and third-party review sites to discover new brands and businesses. With more consumers tapping these resources to perform due diligence and research prior to purchasing, this trend has given way to a new breed of informed consumer.

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Fundera

JUNE 9, 2016

30 Ways To Get Found Online from Fundera Slideshare. Whether you run a hipster café or an industrial plumbing shop, your small business needs an online presence. The internet is one of the most effective tools you have at your disposal—so don’t waste it! The problem, though, is how does your one little website stand out from the millions of others? So here’s our ultimate guide to getting found online.

Small Businesses 76

Small Businesses 76

Fundera

JUNE 24, 2016

Mike Rubino didn’t have much choice but to love music. With a father and uncle both in the music industry, it was a part of his life from day one. So it was no surprise that Rubino made music his life’s work — even despite the encouragement of his father and uncle to try something else. After finishing his degree at UCLA for music composition, Rubino dove right into the film industry, not knowing what would lie ahead.

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Fundera

JUNE 6, 2016

Brilliant Futures Daycare: A Small Business Revolution Mini-Documentary from Small Business Revolution on Vimeo. Angela Salas’s small business isn’t just helping her build a life for herself. It’s transforming her neighborhood, providing a valuable service to local parents, and enriching the lives of the Bronx’s tiniest residents. Brilliant Futures Daycare serves families in the Bronx, a New York City borough home to plenty of working parents.

Small Businesses 76

Small Businesses 76

Fundera

JUNE 3, 2016

Fresh out of graduate school, Shayna Ferullo relocated to San Francisco, jumping into a job with a consulting firm. After just a few months living in the Bay Area, she crossed paths with a young Peruvian entrepreneur. A mutual love for coffee—and each other, of course—soon led Ferullo and that entrepreneur, Manual Ainzuain, to marry in 2009. At the time, Ainzuain was busy running a business shipping Peruvian spirits, while Ferullo made the shift to start working with Quest Exchange, a company th

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Fundera

JUNE 2, 2016

As plenty of startup owners can attest, sometimes your runway just isn’t long enough. Whether that’s because of an overheated burn rate or unexpected growing pains, companies that have raised money from venture capital or angel investors often discover that what they’ve raised is simply not enough. While another round of funding might be the ultimate answer, sometimes it makes sense to bridge the waiting period between investment rounds with an outside loan.

Small Businesses 76

Small Businesses 76

Fundera

JUNE 1, 2016

As a small business owner, you know how vital it is to be aware of your community. It doesn’t matter what you sell if nobody’s interested in buying, after all. That’s called Product/Market Fit , which is just a fancy way of saying that there’s a want or need for what you’re offering. And for small business owners who often rely on local customers, understanding who you’re trying to serve—and what they want—is critical to running a successful business. .

Small Businesses 76

Small Businesses 76

Fundera

JUNE 28, 2016

If you’re a seasonal business owner, you might feel tempted to take an extended vacation during the off-season. You absolutely deserve a break! But instead of ignoring your business all together, consider using your downtime to get your financial house in order—and priority #1 should be your books. (Shouldn’t gaining new customers be at the top of your list?

Electronic Funds Transfer 75

Electronic Funds Transfer Credit and Collections Bankruptcy 75

Fundera

JUNE 13, 2016

One of the first things you have to do when starting your business is choose its business entity , sometimes referred to as its “legal structure.”. But the whole process of choosing can seem pretty overwhelming… Should you incorporate or not? And if you incorporate, should it be an S-corporation or a C-corporation? What’s the difference between an LLC and an LLP?

Bankruptcy 75

Bankruptcy Small Businesses Accounting Firms Default 75

Fundera

JUNE 23, 2016

Launching a new business with little to no startup capital is easier today than ever before. Between do-it-yourself software options and social media, there’s never been a better time to chase down the dream of owning your own business. Getting started with a tiny budget is all about being disciplined—and making sure every penny you spend is being used in the most efficient way.

Deductions 74

Deductions Small Businesses 74

Fundera

JUNE 16, 2016

A small business owner wears many hats—and one of them is usually an accountant’s. Deciding whether to do your taxes on your own or hire a professional is just one of the many decisions that you’ll need to make each year ahead of tax time. But either way, the time to start preparing for next year’s taxes is right now. Many small business operators should be preparing year-round—or at the very least, before the start of the next calendar year.

Small Businesses 74

Small Businesses Deductions 74

Fundera

JUNE 7, 2016

If you’re looking for a small business loan from Bond Street to grow your business , your first step is to complete their online application. As we discussed in the first part of this three-part series , Bond Street gathers a whole lot of information about you and your business during this initial application phase. Bond Street can then send this documentation, along with your credit information, to an underwriter for further review.

Bankruptcy 74

Bankruptcy Small Businesses 74

Fundera

JUNE 14, 2016

As a small business owner, chances are you’ve needed to borrow money at one point or another—whether that’s through a term loan , a line of credit , or a specialized product like equipment financing. According to the National Association of Small Business’s 2015 report , 73% of businesses surveyed had received some type of outside financing in 2015 to meet their capital needs.

Credit Application 73

Credit Application Credit Scoring Credit and Collections Small Businesses 73

Fundera

JUNE 23, 2016

If you’re a small business owner in the modern era, chances are good that your business can be found on review sites like Yelp and TripAdvisor. Yelp in particular is a behemoth of the online review game: it boasts over 100 million reviews, an average of 135 million monthly users and is often the first name consumers think of when they want to research a restaurant or attraction.

Small Businesses 72

Small Businesses 72

Fundera

JUNE 17, 2016

It might seem too good to be true, but crowdfunding makes it possible to get money for everything from starting a new business to paying off a student loan. For example, electric bike company EVELO raised $750,000 with crowdfunding: “The amazing advantage of crowdfunding is that it really lets you engage and learn from your community,” says the company’s founder, Boris Mordkovich.

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Fundera

JUNE 20, 2016

MIT Technology Review: An Entrepreneur’s Story from Bagamor Media. For Hannah Chung, building a business isn’t just her job—it’s a chance to fulfill her love of learning and stay a lifelong student. While still an engineering student at Northwestern, Hannah started a business with her best friend, Aaron Horowitz. Together, they created Jerry the Bear: an interactive toy for children with Type 1 diabetes.

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Abrigo

JUNE 23, 2016

As the OCC noted in its 2015 Survey of Credit Underwriting Practices , credit risk is increasing as underwriting standards have eased more than tightened for commercial and retail loan products for the third consecutive year amid increased competition for business. “Similar to pre-crisis surveys, the 2015 survey reflects that many banks are pursuing portfolio growth and yield by loosening underwriting standards,” the OCC said.

CECL 60

CECL Credit Unions Credit Risk Credit Management 60

Abrigo

JUNE 17, 2016

By Melinda Crump, Sageworks. Have you been evaluating firm profitability and how to more effectively price the services you offer? If so, consider changing your pricing method from the standard billable hour to value pricing. Why? Price chases value, and by creating more value, you will be able to “capture more price”. Before you can change to value pricing, however, you must first understand the relationship between value and what you are selling, according to Jason Blumer , CPA, founder and Ch

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Abrigo

JUNE 16, 2016

After years in the works, the Financial Accounting Standards Board (FASB) issued its final guidance on a new current expected credit loss (CECL) model , starting the clock for banks, credit unions, other entities and their preparers to implement the new requirements over the next few years. “The CECL model will be the new GAAP-supported standard for U.S. banks, credit unions and lenders to account and plan for credit losses,” said Brian Hamilton , chairman of Sageworks.

CECL 60

CECL Credit Unions 60

Abrigo

JUNE 14, 2016

Loan officers and the chief lending officer can play a role in protecting asset quality during the sales and application process, particularly during times of rapid loan growth. Here are three ways that the lending department can proactively help manage credit quality. 1. Request a consistent set of product-specific documents. Consistent documentation at the start of the application ensures comparability throughout the loan-approval process, which helps maintain asset quality.

Credit and Collections 60

Credit and Collections Deductions 60

Abrigo

JUNE 13, 2016

Would you like to provide more services to each client or to improve the quality of each client conversation? Conferring with a client for the first time, or perhaps a friend we've known for years who is now in need of a business valuation for exit planning or other reasons, doesn't always paint a clear picture of the business owner's needs. An aging owner might approach a valuation firm saying, "What is my company worth?

Small Businesses 60

Small Businesses 60

Abrigo

JUNE 10, 2016

Business valuation is often said to be part art, part science. Either part of the process, however, can lead to trouble for valuation professionals who aren’t careful. Gary Trugman, CPA/ABV, MCBA, ASA, MVS, who has literally written the book for accountants on business valuations, knows about many of the problems that can arise in business valuations – problems that might result in anything from a disappointed client to a malpractice claim.

Small Businesses 60

Small Businesses 60

Abrigo

JUNE 9, 2016

Accounting, audit and tax services are unlikely to be the growth engines of the accounting profession in the coming years. Indeed, consultant Allan Koltin, one of Accounting Today’s 100 Most Influential People in Accounting and one of INSIDE Public Accounting’s Most Recommended Consultants, predicts growth in these Level 1 services will range from zero to at most 3 percent over the next decade – insufficient to cover rising payroll and operating expenses.

Deductions 60

Deductions Current Receivables 60

Fundera

JUNE 9, 2016

In life, there are plenty of tried and true examples of cause and effect. Exercise and you’ll get stronger. Diet and you’ll lose weight. In the world of small business lending, there’s a similar principle in action—find a loan with more paperwork and you’ll get a better rate. While this might not be an ironclad law of lending, in most cases it’s a highly accurate predictor.

Credit Scoring 69

Credit Scoring Credit Risk Small Businesses 69

Fundera

JUNE 8, 2016

At Fundera, we know small businesses need funding to grow both the local and national economy. We believe that communities should prioritize funding these businesses as an investment in their future. For example, in recent years, Arizona small businesses employed over 979,412 people and created approximately 40,000 new jobs. Arizona Chambers of Commerce & Fundera Help Small Business Owners.

Small Businesses 40

Small Businesses 40