Offering Health Insurance as a Small Business

Small businesses have become more prevalent than ever. With more and more people starting their own business, a common question that arises is whether your company should provide health insurance.

 

Is Your Small Business Required to Provide Health Insurance?

 

Under The Affordable Care Act (ACA), small businesses with less than 50 employees are not required to provide health insurance to their employees. This means that your company will not face a tax penalty for not providing insurance.

 

However, if you decide to offer your employees health insurance, you may qualify for a “Small Business Health Care Tax Credit.” There are a few requirements in order to receive this credit, such as:

 

• The company should have less than 25 full-time employees

• The average salary of workers should be lower than $50,600 per year

• The company should pay at least 50% of the cost of an employee’s health insurance premium

 

We recommend reviewing the IRS website for the most up-to-date information regarding the Small Business Health Care Tax Credit, as it may change from time to time.

 

Why You Should Consider Offering Health Insurance

 

Improved Hiring and Retention

A major benefit of being employed is the health insurance that comes with it. Without health insurance, the out-of-pocket expenses for an individual can get very hefty in no time. In fact, many employees would choose health benefits over retirement benefits if only one were offered. Without a doubt, offering health insurance improves employee retention rates.

 

There are several different health plan options to choose from depending on desired coverage and cost. A great starting point to research health insurance providers. You can also access a huge network by visiting healthcare.gov.

 

Lower Payroll Taxes

The financial advantage of providing health insurance through your small business is the tax benefits. Typically, pre-tax dollars pay for health insurance. This means your taxable income decreases. A lower taxable income results in lower business payroll taxes and lower income taxes for employees.

 

Healthier Employees

A healthier workforce results in increased productivity. In fact, striving for a healthy workforce proves to your employees that you care about their mental, emotional, and physical well-being. When your employees know that they are covered, they have less mental fatigue and can live their lives without worries.

 

Many health insurance companies offer additional well-being programs to employees at no additional charge. These programs are designed to promote health and fitness. The programs reward your employees by offering discounts or even cash rewards for participating in health challenges and similar programs.

 

Deciding on health insurance options is a big decision for any company. The most important step is to research which coverage is best for your company and employees.

 

How FINSYNC Can Help

 

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

 

The Most Common Bookkeeping Mistakes and How to Avoid Them

Small businesses are extremely important. They provide employment to boost the local economy, which creates tremendous value. In order for businesses to reach optimal growth, they must monitor their financial transactions carefully, which is why having a bookkeeper can set a business up for success.

 

Bookkeeping activity can help businesses by overseeing their daily financial transactions while they are recorded in the general ledger. Consistent bookkeeping helps in financial tracking and in the preparation of accounting statements.

 

However, most small businesses struggle with bookkeeping due to time and resource constraints. Without proper or professional guidance, many small businesses commit bookkeeping mistakes that turn out to be costly. Next, we’ll identify some of these common mistakes and learn tips to avoid them.

 

Failure to Keep Receipts

 

Many bookkeepers fail to classify and file relevant receipts associated with transactions. This happens mainly in the case of small-value transactions, for example, food receipts. A proper record of them is necessary for proof of expenses. Especially in the case of an audit, having receipts is crucial.

 

To avoid this, it is advisable to keep a special folder for filing these receipts. Also, make sure to train your bookkeeping staff about the importance of recording every transaction for long-term use.

 

Wrong Category Entries

 

Bookkeeping involves the categorization of every transaction in a suitable account within your financial statements. These accounts are typically numbered. This categorization will be a great help for your accountant in analysis while preparing financial documents.

 

If your organization doesn’t have a proper chart of accounts, it can confuse the bookkeeper. For example, common mistakes include using the wrong expense account. The primary solution to this mistake is to have a solid chart of accounts based on your organization’s business activity prepared for you and train on it.

 

When you come across a transaction that you don’t know how to categorize, put it in a special account for review. “Ask My Accountant,” or sometimes this account is referred to as a suspense account. Inquiring from the proper channels will prevent guesswork.

 

Lack of Data Backup

 

Today, we live in a digital world. It is always good to digitize your bookkeeping activities using accounting software.

 

It’s recommended to make sure to have a backup option in the form of paper printouts or a second cloud storage device where copies can be stored. A lack of such backup might cause you trouble in the case of any technical failure or data loss. For example, the practice of taking daily transaction printouts from your software will be helpful in case your online backup collapses.

 

Reconciliation with Bank Statements

 

Human data entry errors are inevitable during bookkeeping. Errors such as entry reversal (credit/debit), wrong transaction value, typos, etc. are very common. The only way to rectify this is by cross-checking entries with your bank accounts. For example, an income of $300.00 wrongly entered as $30000 can adversely affect your entire understanding of your business’s health. Make it a habit to reconcile your bank accounts as soon as new bank statements become available.

 

Bookkeeping activity is crucial for navigating your business successfully. Give it the priority it deserves, and don’t forget to provide adequate training for your personnel.

 

How FINSYNC Can Help

 

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

Spotlight on Small Business Owners: Chunogly Productions, Bridget Chun

We had the opportunity to interview Bridget Chun of Chunogly Productions. Bridget wears several hats, including managing her own business, being a podcaster for Romance at a Glance, and mother of two children, to name a few. Read about her journey as a small business owner and how FINSYNC has helped her simplify cash flow management.

 

Tell Me About Your Company and What Inspired You to Start

 

I have been working as a freelancer in the entertainment and digital space for over 6 years. In the past, I mostly worked 1099 jobs due to being in the creative industry. I still wanted to have the flexibility and not take on the traditional W2 job. I started my company, Chunogly Productions, in 2016. My company consists of writing and consulting in the digital podcasting space.

 

What Are Some of the Challenges You’ve Faced as a Small Business Owner?

 

One of the largest challenges I’ve faced is learning how to manage cash flow properly. Part of the reason I chose FINSYNC for my small business is how easy it is to track profitability, invoices, and projects and maintain all the financial aspects. As a result, I have been able to continue focusing on writing, consulting, and working closely with my clients.

 

Navigating through the pandemic has also been challenging. A lot of my clients paused their projects from March until October. This was a huge problem not only for me but for every small business owner.

 

What’s the Best Thing About Being a Small Business Owner?

 

Flexibility! I am a mother of two children. I have a three and a half-year-old and a one and a half-year-old. Having my own business has allowed me to spend significantly more time with my children than I would have if I were working full-time. I was fortunate enough to have been able to take off six months after having my baby. I was able to keep paying myself because I had a reserve of money. My clients have been extremely understanding during those times.

 

What Prompted You to Start Using FINSYNC?

 

My company was starting to earn more revenue from different places. I found myself needing to move from using spreadsheets to an actual system, and I was looking around at all the different options. All of the traditional accounting software systems did not seem intuitive enough for me since I am a very visual person. While I was searching and comparing different plans, I came across FINSYNC. After testing out the 7-day free trial, I found it very easy to use and decided that this was the best route for my business.

 

How Does Having FINSYNC Connected to the Accounts Mentioned Above Make Your Business Life Easier?

 

Having my Chase accounts connected to FINSYNC makes my life significantly easier! It is especially convenient for my accountants when they do my deductibles or while figuring out how much we spend and what we spend it on. For example, categorizing everything and knowing exactly how much equipment or website fees we spend on a project is great.

 

What Are the Biggest Benefits Your Business Has Experienced Using FINSYNC?

 

Being able to get a very quick and clear picture of how much cash I have coming in or how much cash I have already promised to go out. The reporting feature allows me to pull up all kinds of different information as well. Another great feature is having the ability to send out reminders for my clients if they haven’t paid on time by implementing invoice financing.

 

What Advice Do You Have for Those Who Are Thinking About Owning Their Own Business?

 

Don’t be afraid to pivot or market yourself in a different way if your original plan is not working out as expected. Oftentimes, we have a whole plan of how we would like things to work out, but it’s okay to change your mind or figure out different ways to obtain your goals. Something else I’d recommend is to spend money on advertising your business.

 

How FINSYNC Can Help

 

There are three primary ways FINSYNC helps business owners. (1) CO.STARTERS courses through FINSYNC can help turn your business idea or side hustle into a thriving business. (2) You can apply for a business bank account on our website. (3) FINSYNCs software allows you to run your business on One Platform – invoice customers, pay bills, process payroll, automate accounting, and manage cash flow. Contact us today to learn more about how we can help your business start, scale, and succeed.

Spotlight on Small Business Owners: SOLV Maintenance’s Asaneth French

Asaneth French started her company, SOLV Maintenance and Repair, on March 14th, 2020. We had the opportunity to interview her and learn more about her journey. She shared with us how she’s managed to run her business amidst a pandemic and some general advice for other people thinking about starting a small business.

 

Tell Me About Your Company and What Inspired You to Start

 

We are a maintenance and repair company, and we cater to three demographics: residential, multifamily communities, and commercial. We do anything from installing light fixtures to minor remodeling and plumbing. Typically, we are placed in the handyman category, but I feel that we’re a little more than that.

 

My husband and I are co-owners, and we both have over 16 years of experience in the apartment industry. Previously, I was an apartment manager, and he was the lead maintenance supervisor. We knew a lot about budgeting why it’s important to repair something rather than replace it, and how to deal with vendors.

 

Our goal was for our business to be different. We wanted to offer repair before replacement and emphasize that we do everything we can to repair and keep the cost and budget down. I want to make sure people, especially in our community, are taken care of.

 

What Are Some of the Challenges You’ve Faced as a Small Business Owner?

 

Our company launched on March 14th, 2020. It was literally the week when everything shut down due to the Coronavirus. Besides the initial launch of a business in the midst of a pandemic struggle, it’s been very challenging to compete with larger commercial companies that have a multi-fleet fleet. My husband and I have only one work truck.

 

Establishing rapport without compromising our quality has been very challenging because they just see us as a handy service, but we provide the same services that commercial companies do.

 

What’s the Best Thing About Being a Small Business Owner?

 

One thing is that we’re able to accommodate the schedule of our customers because they range from residential to commercial. We can cater to that, personalizing our relationship with them, really getting to know them. I think the personalization of a small business has been awesome for me. That’s why I like what I do. I like to make sure we’re servicing our customers the way they need to be serviced.

 

What Prompted You to Start Using FINSYNC?

 

When I initially set up my account with Randolph-Books Federal Credit Union, they sent me a link, and they asked me if I wanted more information on services such as payroll and bookkeeping and all, and I said yes. Once I received the information, I visited FINSYNC’s website and saw which services were offered. The convenience of having my bank and everything in one was just awesome.

 

How Does Having FINSYNC Connected to the Accounts Mentioned Above Make Your Business Life Easier?

 

I am very thankful for the discount we received due to the partnership with Randolf-Brooks FCU. It’s awesome for my small business. I’ve never had an issue when I have to sync my account or with the transition between my bank. So far, it has been flawless. It’s very convenient to be able to log in and have all of my information there in one place.

 

What Are the Biggest Benefits Your Business Has Experienced Using FINSYNC?

 

Thanks to FINSYNC, I can offer my customers the option to pay with a credit card. This has been awesome. FINSYNC is also very user-friendly and saves me time. I know what I am doing, and it’s easy to find what I am looking for. If I ever run into any issues, I go to the chat option or send an email, and someone immediately answers. I’ve never had to wait more than 24 hours to get a response.

 

What Advice Do You Have for Those Who Are Thinking About Owning Their own Business?

 

The first year is always going to be hard. You have to put in elbow grease in order to achieve your goals. In my industry, I am literally climbing ladders and painting windows. So, if you have that willingness to labor for your own business, you’ll eventually reap what you’re selling. Just hang in there!

 

How FINSYNC Can Help

 

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

Spotlight on Small Business Owners: Romeo Bagherinia, Mr. Robert’s Handyman Services

We had the opportunity to interview Romeo Bagherinia, founder of Mr. Robert’s Handyman Services, a contracting company located in San Antonio, Texas.

 

Tell Me About Your Company and What Inspired You to Start

 

The name of our company comes from my father-in-law. He was always a huge inspiration to me. Back in 2011, we lost him due to cancer, and the stuff we do now is his trademark. He was always working outdoors building something. Even when he was diagnosed with cancer, you couldn’t stop him from working on something outside to help homeowners.

 

Our goal at Mr. Robert’s Handyman Services is to help our clients upgrade their homes in a way that makes them feel comfortable, whether they want to make it their forever home or if they’re doing upgrades required before selling. My wife and I are both retired. We figured out a way to help folks without having to feel like they are getting ripped off at the same time. It’s something that we can feel accomplished about when they are proudly looking at their homes.

 

What Are Some of the Challenges You’ve Faced as a Small Business Owner?

 

I officially started this maintenance business 12 months ago, and along the way, we have learned so much from our mistakes. One of the biggest challenges when running your own business is making sure you have the right staff. It’s especially challenging in this industry because our main goal is to have happy customers and offer quality work. It’s a hard pill to swallow when a client is not happy with the work, and looking back at April 2020 there’s no way to go back and fix the previous jobs.

What’s the Best Thing About Being a Small Business Owner?

 

I really think that because of my prior military experience, there are a lot of concepts that I try to bring to it that enable the employees to feel good about working with us. I’ve got a couple of part-time employees, and they tell me: “Wow, man, my previous bosses are nothing like what you are,” and that makes me feel great.

 

We’re still a new company, so we’re still working on quirks, and now we are finally in a position to offer benefits. I can’t offer complete 100% benefits just yet, but little things like that keep reminding me why I do what I do. One of the most rewarding things is to be able to have that kind of situation where I’m probably taking a bigger step than I should, but when it comes to helping people, there is no bigger step. I would rather not make the money I think I can make if it means I can hire somebody to help me, and they are not left in the dark.

 

What Prompted You to Start Using FINSYNC?

 

We previously used a competitor at a more expensive price point. They didn’t offer nearly as many functions as FINSYNC. We signed up for the service right when COVID hit, and we could not use the program, but they were still charging us the full amount. Due to the pandemic, money wasn’t coming in. That’s when we began doing more research. We opened a business checking account at Randolf-Brooks Federal Credit Union, and FINSYNC was recommended. We haven’t had any complaints so far, and the user-friendliness has been very helpful.

 

What Are the Biggest Benefits Your Business has Experienced Using FINSYNC?

 

I would say that one of the biggest benefits is it is user-friendly. Our first two transactions took a little longer because we were new to the system, but everything was explained. I never felt like I was left in the dark. My representative, Karima, is awesome to work with. Any time I have questions, she is there to answer them for me. Once you get started with FINSYNC, everything makes sense. One of the things I enjoy the most is having one constant person to work with versus having different people helping each time.

 

What Financial Institutions Do You Have Connected to FINSYNC?

 

Randolph-Brooks Federal Credit Union.

 

How Does Having FINSYNC Connected to the Accounts Mentioned Above Make Your Business Life Easier?

 

One of the biggest advantages of having Randolf-Brooks Federal Credit Union connected to FINSYNC is how easy it is to track things. When a client pays a deposit, we see the tracking from the moment they pay their deposit, when materials are purchased, invoice financing, and then clearing. I am also very impressed with the chart flow.

 

What Advice Do You Have for Those Who Are Thinking About Owning Their Own Business?

 

Set yourself a goal that’s reachable. For example, my reachable goal was that I wanted to be doing this business for 12 months and see all of the mistakes we made. No matter how small the mistakes were, for example, forgetting to put gas in the truck or not putting air in a tire. I wanted to examine each mistake, and I wouldn’t say to scrutinize it but to capitalize on that error and find the best solution. That’s the best advice I can give somebody after 12 months of bumps and bruises, you know you can continue. I strongly recommend looking into your business from a 12-month perspective.

 

Anything Else You Would Like to Share with Other Potential and Actual Small Business Owners?

 

You can do it! There are so many resources in today’s society. Bless millennials and the 21st century! There are way too many resources out there to feel like you can’t do it. Don’t be afraid and give yourself realistic goals to achieve. As a fellow entrepreneur, if you find yourself needing help or have any questions, I am here to help.

 

How FINSYNC Can Help

 

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

10 Social Media Channels to Build Your Brand

Choosing the right media channel for your small business is one of the most important steps of the digital marketing process. In order to get the best possible ROI, you need to understand that having a solid social media strategy provides valuable opportunities to connect your brand with its desired audience.

There are so many new and upcoming social media platforms in the market that it becomes difficult to know which one will work best for you. Even marketing agencies struggle to stay abreast of the latest social changes. Pinterest alone has changed its algorithms entirely in the last 3 years. Let’s examine some of the most popular social media platforms for 2021:

Facebook

One of the biggest social media channels around, Facebook sees around 2 billion users every month. This amounts to around a third of the total world population. Most of the content forms work great on this platform including stories, live videos, text, images, and videos. The Facebook algorithm ranks content that stimulates meaningful interactions and conversations between users, especially from friends and family.

YouTube

This video-sharing platform (owned by Google) is also the second-largest search platform after Google’s text-based search engine. Billions of video hours are watched every day by people all around the world. YouTube allows you to create and customize your own channel. When you upload videos, users can view, share, comment, and subscribe to your channel. YouTube is known for being one of the best options for creating cost-effective advertising campaigns. Think of it as an affordable alternative to television ads with several different ways to reach your audience.

Instagram

Known as a video and photo-sharing platform that allows you to share videos, photos, stories, and live brand stories, Instagram also recently launched reels, a new way to create and discover short videos. As a small business owner, you can start with an Instagram business profile and make use of the various analytics tools offered by the platform. Third-party tools such as Buffer, Later, or Hootsuite allow you to manage and schedule posts as well as track social media engagement. You’ll need a Facebook account to postpaid ads to Instagram. Facebook purchased Instagram many years ago.

LinkedIn

This job posting site and has now evolved more into a professional social networking platform where experts network and build their brands. Users can easily network with other professionals, read and share content posted by thought leaders, and build personal brands. LinkedIn is an excellent site for establishing your authority and thought leadership in your particular industry. This helps attract new talent to your business/company. The site offers numerous advertising opportunities like personalized ads, content boosts, and display ads.

Twitter

This is a platform for sports, news, entertainment, politics, and much more. Twitter is unique due to being the only social media channel that allows only 280 characters per post, which they brand as ‘tweets.’ It places a strong emphasis on real-time tweets and things that are happening right now. Twitter is frequently used as a customer service network. According to Salesforce, Twitter is similar to a 1-800 Customer Service number. The platform also has social media customer service tool tools like Buffer Reply which helps you manage conversations.

TikTok

TikTok is the newest social media channel. Its popularity has risen since the worldwide lockdown. Currently, it has over 1.5 billion downloads in both the App Store and Google Play Store. The app enables people to make short-form videos in a variety of genres such as education, dance, comedy, etc. The duration of the video varies from 3 to 180 seconds. The app has more recently begun transforming into a marketing and advertising haven.

Alignable

This social media platform is geared towards small business owners. It works similar to a referral network where businesses connect with other small businesses. It enables them to ask for suggestions, refer customers, shares expertise, etc. Alignable has two memberships: free and premium. With the free version, business owners can network, create a profile, seek support, etc. Currently, there are over 6 million businesses listed on Alignable.

Reddit

Reddit is considered to be the internet’s front page, where people can post questions, images, links, and vote for others. It operates like a bulletin board. Registered users may submit a variety of content like text posts, links, images, etc. These are voted down or up by other users. Posts are categorized according to communities called “subreddit”.These address numerous topics like pets, fitness, health, etc. Submissions with high votes appear at the top of the bulletin board. If they get sufficient votes, they may end up on the site’s front page.

Pinterest

Pinterest is where users go to seek inspiration and learn new things. It is quite different from others where the primary focus is on engagement. The site is primarily used by individuals and small businesses. Visitors who want to buy or try new things, often visit Pinterest. Having your small business represented on Pinterest allows you to get your brand in front of your consumers and shape their purchasing decisions.

Snapchat

The Snapchat social media app is a platform that lets users share short videos (snaps) and photos between friends. Snapchat was the first social media platform to use the stories format. Setting up a business account on Snapchat allows users to create several different types of ad campaigns. One thing that sets Snapchat apart is the ability to create ads with augmented reality experiences.

Although there are many more social media channels out there, the ones listed here are the most popular and useful for small businesses. Regardless of how big or small the platform is, select one based on where your target audience is active in order to achieve the best results.

 

How FINSYNC Can Help

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

Understanding Accounting Terms: A Refresher

For many small business owners, accounting terminology can be challenging. The concepts make sense but the phrases don’t. Most owners started a business out of a passion for a product or service, and not necessarily because they love administrative tasks. That said, you’ll need reliable accounting books frequently.

If you haven’t brushed up on your accounting terminology lately, here are some concepts you will want to review:

Accounts

This term can mean what you are probably accustomed to bank accounts, credit card accounts, etc, where you have a number issued by your financial institution. However, ‘Accounts’ also refer to the various categories that are part of your Chart of Accounts.

Chart of Accounts

Your chart of accounts is a series of ‘categories’ that various transactions can be applied to. Your chart of accounts is specific to your business and is often set up when you adopt accounting software for the first time. Each account in your Chart of Accounts typically has a numerical code that can vary in terms of the number of digits.

Understanding Accounting Terms: A Refresher 2

Cash Basis

Your business’s ‘Basis’ is like a setting for your books. When set to ‘Cash,’ everything revolves around when money moves. You recognize income when you receive money versus getting a deal signed. You recognize an expense when you pay it, not when you get billed.

Accrual Basis

When you are using ‘Accrual’ as your basis, you will recognize income as soon as you earn it in a category/account called ‘Accounts Receivable.’ You’ll recognize expenses as soon as you get billed in a category/account called ‘Accounts Payable.’ See below for more on these two general ledger accounts.

Assets

At the top of your Balance Sheet, ‘Assets’ represent stores of value for your company. Cash, real estate, and equipment are assets but so are rights to value in the future. Your accounts receivable (money owed to you by clients) is an asset. If your company has made loans to others, that loan or note receivable is an asset as well.

Liabilities

On the right side of your Balance Sheet, liabilities are what your company owes. Bills are represented by ‘Accounts Payable’ while money owed overtime or multiple installments would fall into a ‘note payable.’

Equity

Equity is the value of shares held by owners. It can be thought of as what would be left over if all Assets were sold and then all liabilities were paid off.

The Accounting Equation

The interaction of the three Balance Sheet sections is often referred to as ‘The Accounting Equation: Assets=Liabilities + Owner’s Equity.

Understanding Accounting Terms: A Refresher 3

Revenue

What is revenue?  Revenue, sometimes called sales or turnover, is the total income generated by a business from the sale of goods or services. Revenue is the money that your company receives selling goods or services.

Expenses

Also known costs, there are several categories of small business expenses to stay in business. The two categories in cost accounting are a variable and fixed cost. The fixed costs differ in that these numbers stay the same regardless of the company’s output. When we calculate variable costs, these numbers fluctuate week after week, depending on the sales volume.

Profit

When you have more revenue than expenses, your company is running at a profit or sometimes what is referred to as ‘in the black.’ If you have more expenses than revenue, you are running the company at a loss, which is also referred to as ‘in the red.’

Gross Profit is the revenue from sales minus the costs to achieve those sales. The cost associated with sales is known as “Cost of Goods Sold” or “COGS” and is often in its own section on your income statement. This number tells you exactly how much your company would have made if you didn’t have administrative or other expenses that weren’t directly associated with the product or service you provide.

Retained Earnings

When a business runs a profit, cash accumulates within the business. Owners may decide to pay dividends (which reduce retained earnings), or they may keep the money on hand for reinvestment in the company. Some companies consider the statement of retained earnings the fourth financial statement.

Accounts Receivable (A/R)

If you are using the accrual basis of accounting, you’ll show an account/category called ‘Accounts Receivable’ which represents all of the money that is owed from sales such as invoices you have sent to clients but that have not been paid yet. When the client pays you, your ‘A/R’ total goes down and your cash goes up.

Understanding Accounting Terms: A Refresher 4

Accounts Payable (A/P)

Sticking to the accrual basis of accounting, ‘Accounts Payable’ is the money you owe vendors who have already billed you but you have not paid yet. When you pay a bill, your ‘A/P’ goes down and your cash goes down.

Understanding Accounting Terms: A Refresher 5

Learn these concepts, and you will be in good shape to have an informed conversation with your accountant or banker if you’re seeking financing.

 

 

Stay up-to-date with the latest trends and other tips and tricks FINSYNC’s blog brings to small businesses.

Top Tips to Develop a Strong Social Media Marketing Strategy

The latest trends in digital marketing show that social media platforms are quickly evolving into online marketplaces. Moving beyond the realms of creativity and connectivity, they offer a vast customer base for businesses. While there are multiple social media channels across the internet, each platform comes with its own set of advantages and disadvantages. Moreover, there are differences in content types, formats, and audiences.

 

For businesses seeking to get started with social media, choosing a single platform that best aligns with your product or service is a great first step. Then comes the formulation of an effective social media strategy.

 

Let’s explore some social media trends that businesses can leverage in 2021, from e-commerce to Social Commerce.

 

According to experts, more than 50% of sales across 14 major sectors are happening through social media. In a way, there is a thin line between E-commerce platforms such as Shopify, BigCommerce, or WooCommerce integrated with WordPress and social media. Platforms such as Facebook and Instagram are offering separate business profiles for dedicated campaigns and direct sales. The integration of payment gateways and fintech applications is making the process much easier.

 

*Instagram is owned by Facebook, and Facebook Ads Manager must be used to advertise on Instagram.

 

Create Follower Communities

 

A loyal social media follower group is just as powerful as a team of sales executives. Proper interactions and responsiveness are crucial in creating a robust customer retention management system within the platform.

 

Make your followers brand ambassadors of your product/service. The user-generated content, such as testimonials, feedback, etc., can help more than you think in your business expansion. Consumers increasingly respond to relatable stories over rote advertising copy.

 

Influencers and Collaborations

 

The power of social media lies in its multiplier effect. Likes, shares, and comments from your network can reach any corner of the world, especially if your content goes viral. At times, it requires a push from someone with massive social media influence to spread the word. Influencer marketing is a buzzword in the digital marketing arena. One way to promote your business is by paid collaborations and reviews with influencers across different social media channels. There are even influencer marketplaces where you can read about what industries they promote and how successful they are.

 

Effective Analytics

 

Real-time marketing analytics is one of the best rewards of digital marketing. The fact that you are a small business should not drive you away from dealing with analytics. All platforms offer graphical analytics tools that even someone without a statistics background can understand.. Leveraging this data allows you to optimize your strategy and content over time. This will make your marketing campaigns successful by reaching out to a larger, more targeted customer base.

 

Leveraging New Platforms

 

With the reduction in average internet bandwidth cost, video platforms are becoming increasingly popular. In content marketing, short videos are grabbing users’ attention faster than other mediums. This clearly explains the rising popularity of mediums such as TikTok. Many companies are already leveraging TikTok influencers to promote business through short-format videos. These videos can cover product descriptions, reviews, or creative ad campaigns.

 

Small business owners often struggle with low marketing budgets. However, the new social media trends suggest that it can be a very effective low-cost marketing alternative. As you get familiar and grow success with your first platform, you can add others that are relevant to your business.

 

No matter what platform(s) you choose, remember to optimize your profile:

◦ Use crisp, clear, well-lit photos.

◦ Spell-check your written content and be sure you are using terminology your intended audience can understand.

◦ Avoid a “ghost town” by posting frequently.

◦ Respond to comments, likes, etc., quickly to let your audience know you care.

 

Now, it’s time to choose your social media platform. Here are some choices:

◦ Facebook

◦ Instagram

◦ LinkedIn

◦ Twitter

◦ TikTok

◦ Alignable

◦ YouTube

◦ Tumblr

◦ Reddit

◦ Snapchat

◦ Pinterest

 

How FINSYNC Can Help

 

There are 3 primary ways FINSYNC helps business owners. (1) CO.STARTERS courses through FINSYNC can help turn your business idea or side hustle into a thriving business. (2) On our website, you can also apply for a business bank account. (3) In addition, the FINSYNC software allows you to run your business on One Platform – invoice customers, pay bills, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

Business Goals: Everything You Need to Know to Achieve Your Goals

Setting goals for your business helps identify opportunities for success. Achieving success without having a plan in place first is much harder. With 2021 right around the corner, it is time to embrace change and develop a goal-setting strategy for you and your business. A good first step for your business to achieve is to begin setting clear and realistic goals.

 

Get Started Setting Goals

 

The process of setting goals begins with determining what you want to accomplish in a time period. Business goals or Key Performance Indicators (KPIs) should be objectives tied to the vision for your business.

 

It may sound cliché, but writing down your goals on pen and paper makes it more likely for you to achieve them. According to an article by Inc., you are 42% more likely to achieve your goals if you write them down.

 

In case you feel stuck about where to get started, these are some easy goals you can set for your small business:

 

◦ Reduce business expenses

◦ Increase your website traffic with SEO

◦ Hire your next employee

◦ Improve your social media presence

◦ Introduce a new product or service

 

To help you set the most effective types of goals, we strongly recommend using the SMART goal-setting method. You can find several step-by-step blog posts on how to set SMART (Specific, Measurable, Attainable, Relevant, and Time-bound) goals by doing a quick Google search.

 

Don’t Lose Track of Your Progress

 

Keeping track of progress allows you to monitor whether you’re on the right track or need to make adjustments. With many different ways to track your progress towards your goals, let’s discuss some of the methods you can use to start tracking your progress:

 

◦ Planning and organizing. Develop a plan on how you will accomplish your goals. It can be as simple as setting dates to check back on your progress or listing out the steps you need to take.

◦ Set objectives. This can be especially important if you have employees. Fully understanding expectations increases the likelihood of embracing tracking goals.

◦ Create milestones. Think of this as breaking your larger goals into smaller pieces. This will help you assess how far you’ve come and figure out the next steps in achieving your larger goals.

◦ Celebrate the small wins. Doing so will help you avoid getting burned out. We live in such a fast-paced world; we always begin focusing on the next big thing. Taking the time to celebrate small achievements helps you appreciate the process towards the right path. In addition, this helps build more confidence.

 

Build Good Habits

 

Accomplishing your goals is a direct relation to the habits you form. Building good habits helps you reach your goals more effectively and efficiently. For example, you can begin by improving your time management or setting a work routine. Think of these habits as incremental steps to reaching your goals.

 

Taking the time to look at your organization from a broader perspective will give you greater confidence to reach the next level in your business. Keep in mind you will need to rethink and refocus your business goals as you make progress and your situation changes.

 

How FINSYNC Can Help

 

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

Spotlight on Small Business Owners: Isaiah Grant, Dream Fitness Client Academy

We had the opportunity to interview Isaiah Grant from Dream Fitness Client Academy. Read about his journey as a small business owner and how his past health issues inspired him to create the thriving business he has today.

Tell Me About Dream Fitness Client Academy

We have been in business for four years. Initially, we began as a digital agency; working with local businesses and with online coaches from a broader perspective.

Fast forward, we decided to go very niche in regards to working with fitness and health coaches. We have a 13-week implementation program to show the coaches how to go from being a person who has a hobby and turn that hobby into an online coaching business. A business that enables them to have time and financial freedom.

Our motto is helping folks get off the coaching hamster wheel so that they can ultimately have the freedom to work when they want to work.

We leverage systems, people, and different products and processes to help them actually scale and drive more impact to their audience.

What Inspired You to Start Dream Fitness Academy?

I was born and raised in a single-family household where my mom was personally disabled. At an early age, I had to be resourceful and learn how to build meaningful relationships with people and ultimately learn how to execute and get things done.

From an early age, I was an entrepreneur. As you can imagine, in middle school, I sold everything: pencils, erasers, CDs. Ultimately, fast forward to eighth grade, I was sitting in my science class, and I was doing a year-long project on diabetes and ironically was diagnosed with diabetes during that class year. This was a pivotal stage in my life. I decided to get my own health and wellness coach, who helped me get rid of diabetes and helped me see the importance of being physically, mentally, and spiritually fit.

After spending 5 years in the corporate world, I was ready to become a small business owner. I decided to leave and start my own agency. I was inspired to impact other financial or fitness and health coaches, like the individual who impacted me in eighth grade.

What’s the Best Thing About Being a Small Business Owner?

I think it’s the discovery and the process of developing as a leader and realizing that you’re your biggest bottleneck to your business. The more you can fire yourself from each of the different core departments like marketing, sales fulfillment in your business, the bigger you’ll grow.

So for me, it’s been a lot of the personal development associated with being a small business owner that has been the most enjoyable. From outside the business, the impact of being able to see these fitness and health coaches grow tremendously in terms of being a business owner. That drives me to be even more of a leader for my company and for the people we serve.

What are Some of the Challenges You’ve Faced as a Small Business Owner?

A huge part of my company is systems. We live and die by systems and numbers. Prior to this year, we weren’t crystal clear in regards to our numbers and our KPI.

We’ve become more clear on our value chain which is marketing, sales, and fulfillment. We’ve identified the top KPIs in each of those buckets. One of the huge parts was figuring out the right people who can manage those systems. It was hard for them to figure out what those numbers were without understanding the true health of our finances.

That was one of the reasons why we ended up with FINSYNC. We saw that you guys offer cash flow management and a concierge service that would help us with the people planning of our business.

It has been super easy working with you guys to hire a bookkeeper who is almost playing a CFO role for us at a fraction of the cost and investment. She’s helping us with budgeting, forecasting, and also seeing our actuals for cash flow expenses.

What Prompted Dream Fitness Client Academy to Start Using FINSYNC?

During the earlier days of COVID, we were in the process of applying for several different loans and grants and that’s when FINSYNC was recommended to us as a great financial tool.

FINSYNC gives you clarity around your cash flow, business expenses, accounts receivable, accounts payable, and also helps with managing your books. One of the things that stood out to me was the ongoing support.

Did you Consider Any Other Software Prior to FINSYNC?

We were previously using QuickBooks but found it to be very challenging. Their software was not as user-friendly as FINSYNC. At first, it was a helpful tool, but it didn’t necessarily stay up-to-date. We constantly had to sync our accounts.

What are the Biggest Benefits Dream Fitness Client Academy Has Experienced Using FINSYNC?

We have been able to get more clarity around our numbers and most importantly the user-friendliness of the tool. Getting rid of the accounting jargon has been great and the ongoing support.

I would say the value that’s given at the price is great. In addition, having our bookkeeper, who is serving as not only a bookkeeper but also almost like a CFO, the investment into her, and into our business is very reasonable. With FINSYNC, you see the value and the investment are completely reasonable.

What Advice do you Have for Those Who are Thinking About Owning Their Own Business?

    1. Fall in love with creating systems, they help you replicate yourself and delegate out to other people who are just as good as you are.
    2. Become in love with the numbers. Numbers are important to learn about the growth and bottlenecks in your company.
    3. Don’t be afraid to ask for help. When searching for a new tool for our cash flow management, I asked FINSYNC for a demo. I was not sure what to expect, but it turned out to be an amazing tool with an amazing support group.
    4. Invest in yourself constantly, so that you can continue to become a better leader, meet people, lead systems, and impact the overall growth of your company.

 

If you’re looking for more helpful tips, the FINSYNC blog is a great resource. Maybe your successful business will be featured one day!

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