Small Business Insights: 5 Ways FINSYNC Can Save You Time

The 2023 Holiday Calendar & Voting Day Dilemma

Knowing what holidays are coming up in the year ahead is essential for small business owners. Not only do you need to plan for your own operations, but you also need to be aware of the holiday landscape to plan and pay your employees. 

In this article, you will find the 2023 holiday calendar, a detailed overview of Juneteenth, discuss holiday pay in certain industries, and examine the argument that US voting day should be a federal holiday. 

 

2023 Holiday Calendar

 

Juneteenth’s History and Significance

Juneteenth (June 19) is a day of commemoration and celebration for African-Americans. It marked the anniversary of enslaved people in Texas finally being granted freedom on June 19, 1865. This date occurred two years after President Abraham Lincoln signed the Emancipation Proclamation. 

Juneteenth has become a symbol of resilience and liberation throughout the United States. Also known as Freedom Day or Emancipation Day, celebrations occur across cities nationwide. In addition to commemorating emancipation from slavery, Juneteenth is also celebrated as an important milestone in civil rights history in America.    

Holiday Pay in Certain Industries 

Specific industries are required by law to pay employees time-and-a-half wages if they work on major holidays such as Christmas or Thanksgiving. This includes retail stores and restaurants with more than 500 employees worldwide; hotels with more than 100 rooms; hospitals; nursing homes; transportation companies; oil refinery workers; and workers employed by large amusement parks or theme parks (as defined by federal labor laws).

All other employers are not legally mandated to pay their employees extra for working on holidays unless their contracts specify otherwise. However, many small businesses have included this as a paid holiday for their employees to minimize signs of burnout

Therefore, it is critical to understand what kind of payment you will provide your employees throughout the year. Make sure to research local labor laws regarding overtime pay to ensure compliance with all regulations while still providing fair compensation for your staff. 

Voting Day Controversy

Nearly two centuries ago, Congress decided to create Election Day in 1845 to keep democracy fair and equitable. This life-changing legislation had the primary purpose of warding off any issues with early voting results influencing turnout or swaying opinion in later states, which could have potentially determined the fate of national elections. By setting one day for everyone nationwide, the Tuesday following the first Monday in November, Congress ensured that each individual’s vote would carry the same weight.

There has been a growing movement in recent years that calls for making Election Day a federal holiday so that citizens have more time to exercise their right to vote without worrying about taking time off from work or school. There are numerous arguments both for and against this new holiday creation. 

Proponents argue that giving citizens an extra day off would boost voter turnout significantly. At the same time, opponents claim it would be too costly and impractical due to logistical issues associated with running elections on one specific day each year. The debate continues; however, no changes have yet been made regarding this issue thus far.    

Conclusion

Holidays are essential to any small business owner’s operations planning process, especially regarding payroll management and scheduling employee shifts accordingly. We hope you found this information useful. By getting familiar with all upcoming holidays now, you’ll be better prepared when it comes time to make those critical decisions in just a few short weeks. 

 

Track time and expenses, invoice customers, pay vendors, process payroll and simplify your business cash flow with FINSYNC’s Accounting Platform.

Laurie Gable WaFd Banker Spotlight Interview

Change can be intimidating, especially when it comes to something as crucial as your business. But taking a risk and venturing out of the box could result in great rewards; just ask WaFd Branch Manager Laurie Gable. She has seen first-hand how FINSYNC’s platform can immensely benefit businesses; by streamlining processes and saving time & money.  

To help her clients sync up their financial management, Laurie has found that FINSYNC is user-friendly and will lead to long-term savings. But many businesses are hesitant to leave their comfort zone and try new solutions, even when the potential rewards may be significant. Business owners often opt for the status quo and shy away from new technologies. But true success happens when small business owners revolutionize how they manage finances. It is time for a financial revolution! 

Read on to find out how Laurie helps entrepreneurs break away from routine and unlock previously unseen possibilities for success.

What do you enjoy the most about your job?

I enjoy my job as the branch manager. I think it is mainly because I love the company I work for. I have been working in the industry for many years, and this journey with WaFd Bank is probably the most enjoyable in my entire career.

What is your favorite part of being on the WaFd team?

I never have to take my work home, which for me creates unnecessary stress. Sure, there are certain issues that I think about when I get home because I deeply care about my clients. But as far as taking stress home with me, I don’t feel that kind of stress at WaFd. I have worked in companies where I would wake up at two in the morning trying to figure out a problem, which was just too stressful. It also helps that we don’t work weekends, that means a lot to me. 

How do you locate business owners that may be a good match for FINSYNC?

I am newer to FINSYNC and am transparent with my clients about this. I have seen the products and demos, and if I were a business owner, I would want to have the FINSYNC rep explain everything to me because it looks so awesome. I tell clients they should just try it because it may or may not be a good fit for them. At the same time, we encourage their feedback. That will help us since we are still in the learning period.

What has helped you understand FINSYNC?

Even though it is new, we already have seven referrals in just a few weeks. There is definitely a demand. I think the demos have really helped us to get the ball rolling. So I have recommended that other managers try a demo at least because that will provide so much information. Especially since there is a lot of demand in the market right now. Some bankers are afraid to bring it up, and they fear that they don’t know enough about it. 

I also recommend FINSYNC to our customers who may need more time to be ready to switch from Quickbooks. Often when they say they like Quickbooks, it is all they know, and signing up for a new system seems complicated. So I tell them to give it a chance and do a demo. Because they are probably going to like this a lot better than Quickbooks, and there is a lot more to offer. 

How do you locate your small business customers?

Sometimes I catch them off guard when they don’t know I work for a bank and approach them more naturally. For example, yesterday, I was in a jewelry store getting some batteries for a watch. The worker was trying to run my card through a POS merchant, which took a long time. I then handed her my WaFd business card and told her we needed to get her a better merchant services device, and when she was ready to give me a call. 

What do you like best about FINSYNC?

What I like so far is the customer service. The two people in my office who are also familiar with FINSYNC have given me the same feedback: your customer service is hands down the best! Since we have experienced this ourselves, we pass that along to our clients. Because good customer service is essential.

 

If you are a banker that would like to start referring FINSYNC, contact us today, and we will give you all the tools you need to be successful. 

New Invoicing Approach to Assist Construction Companies

Construction companies continuously struggle with labor shortages, rising inflation costs, and supply chain disruptions. But now you can help offset a significant obstacle within this industry–waiting for your customer to pay on an invoice.

Owning a construction business, you probably are already aware that sometimes it can take weeks or even months to receive payment on projects. This can make it challenging to keep up with production or invest in new growth opportunities.

However, there is a solution.

CollectEarly™ offers a way to get paid on your invoices immediately, so you can keep your business moving forward. With more liquid capital, you can easily adjust to new project demands and comfortably pursue new customers. CollectEarly™ is an essential tool for any business owner.

CollectEarly™

There is no need to wait to get paid. CollectEarly™ offers a solution to business cash flow problems by allowing owners to collect payment on their invoices ahead of time. This means construction companies can keep projects moving forward without waiting for payments, which makes CollectEarly™ a valuable tool for companies of all sizes.

Construction Expenses

Construction companies often have to juggle a lot of balls when it comes to managing cash flow. They have to pay for materials and labor while also dealing with the often-lengthy timeline of waiting for client payments. This can result in construction projects grinding to a halt due to a lack of funds, which can be frustrating for the workers, the company, and the client.

CollectEarly™ counteracts this problem by allowing owners to collect payment on their invoices on the same day. This means construction companies can keep projects moving forward without waiting for net 30 payments, which makes CollectEarly™ an essential tool for any construction company that wants to keep its projects on track.

Technology & Growth

The construction industry has long been known for needing to be faster to adopt new technologies. Although construction is highly technical, business owners have hesitated to invest in new tech that will eventually be cost-effective.

There are several reasons for this reluctance, which are listed below.

        1. First, construction is a high-risk business: any mistake can be costly, so business owners are understandably hesitant to embrace new technologies.
        2. The construction industry is fragmented, with many small businesses competing for work. This fragmentation makes it difficult for companies to justify the expense of investing in new tech.
        3. Third, the construction industry needs to be faster to professionalize, making it harder for companies to attract and retain talented employees who are comfortable working with new construction technologies.
        4. The final reason is where CollectEarly™ can really make a difference and this is in the lack of consistent cash flow.

You can’t afford to wait to invest in the latest tech that will save you money in the long run. So the more options you have, the better you will be able to be proactive with your capital.

Final Thoughts

As you are already aware, waiting for customers to pay their invoices can strain your resources, especially in the construction industry, where the labor demand is typically high. CollectEarly™ is the perfect tool to collect payments quickly and efficiently. Whether you’re looking for a simple way to collect payments immediately or need a more robust system for tracking invoices, FINSYNC has you covered. Stop waiting for customers to pay their invoices and start collecting early today.

 

Learn more about CollectEarly™ and start getting paid on your invoices in 4 hours versus 4 weeks.

Small Business Spotlight Interview With Judith Joachim

Tragedies can sometimes offer unexpected paths to a new purpose. Judith Joachim with CC’s Home Health Care has followed this path. Judith has always helped people in her extensive nursing career. When her mother finally needed assisted care in the last years of her life, Judith was there as much as possible. 

However, her mother’s determination to remain independent and live in her own house led to a terrible fall, putting her in the hospital until she passed. Judith decided to use this experience for the better and create her own assisted living company. Judith was determined to create a company that would give people the care they needed and deserved. This way, more independent individuals will still have the feeling of living in a loving family home environment. Best of all, she named it after her mother.

 

Tell me about your company and how your idea originated.

During my master’s degree in nursing, my final class project was to create a company or project around nursing. I chose running an assisted living facility because I have worked in healthcare for over 20 years. I started when I was 15 as a candy striper so helping people is basically my life. 

What inspired you to start your company?

After I graduated, my elderly mom was also going through her own health issues. My mom was always an independent woman, not wanting others to do things for her. But when the time came when she needed help, I became very hands-on and helped her with her care. She lived with us here in Georgia, but she ultimately decided to go back to Florida to remain more independent. Unfortunately, her health really declined, and I planned for her to come back to us. But she fell and wound up in a nursing home and, sadly, passed away in 2018 at the age of 83. 

This situation really pushed me to move forward with my business. I named it CC’s Family Home Care after my mom, and we take care of elderly clients who want to remain in a family home environment. 

What are some of the challenges you’ve faced as a small business owner?

We had a client with dementia and other issues which presented us with a situation where she needed 24-hour round-the-clock care. So my husband and daughter have pitched in, and we tag team the rigorous schedule. 

Additionally, we are looking to extend to another location which is another challenge right now. We plan to purchase a second home and renovate it for more clients. 

What’s the best thing about being a small business owner? 

I get to choose what I do, when I do it, and how I do it. I can try something and see if it works and if it doesn’t, I control the next steps.

What prompted you to start using FINSYNC?

This client came into my life, and she was looking for a place for her mom. After seeing our facility, she called and said she was bringing her mother in. Right then, I realized I had to partner with a company that would handle payments. I knew I couldn’t just take a credit card number, so I went to my credit union to find out if they could recommend someone, and they introduced me to FINSYNC.

I spoke with Jack Stone, who was very nice and personable; he made me feel comfortable. After speaking with Jack and seeing the platform, this prompted me to join FINSYNC.

What are the biggest benefits your business has experienced using FINSYNC?

I like the fact that I can create an invoice, send it and create a copy of it so I can go back to it. This helps so much with my organization. 

What financial institutions do you have connected to FINSYNC?

LGE Credit Union is who referred me. I was looking for programs that could easily handle the payments side of my business, and so LGE recommended me to your company.

 

What would help you the most right now with your business?

I am interested in having a mentor. Someone that has been there before and is willing to teach and give valuable advice. Day by day, I am always learning something new. 

Anything else you would like to share with other potential and actual small business owners?

The internet is a great place for research. Just try things out; if it doesn’t work, you can adjust. Keep the faith!! I feel in my heart that quitting is definitely not an option. I have been in this for so long, I will do whatever it takes to succeed. 

 

Are you a small business owner? We would love to hear your story. Maybe your business will be featured one day, like Judith!

Use CollectEarly™ to Grow Your Business Faster With Less Time and Lower Costs

As a small business owner, you are likely familiar with the ebb and flow of cash flow. Chances are you have even experienced periods where cash flow was sluggish. Even when business is booming, there may be times when having quicker access to outstanding invoices could move your business forward.

If you find yourself in a situation where you want to be in the driver’s seat on your cash flow, there are solutions available to help you take control. That is why we developed CollectEarly™.

What Is CollectEarly™?

As most business owners know, accounts receivables are a critical area prone to cash flow challenges. Invoices can often take weeks or months to get paid, leaving businesses in a bind. Many owners explore alternative payment methods so they can grow their businesses faster.

CollectEarly™ is a product offered by FINSYNC that allows businesses to get paid on their invoices in as little as 4 hours – so they can grow faster and farther. Get started with the FINSYNC Complete Solution and sync bank accounts in minutes. When you send your invoices to your customers, you will be given the option to CollectEarly™. With just a few simple clicks, you can have access to more money in your pocket, more quickly.  

CollectEarly™ Lowers Costs

At our core, FINSYNC is a payments platform where businesses can process payroll, automate accounting, and manage cash flow. In addition to being an excellent tool for simplifying your company’s financial management, we help customers CollectEarly™ on invoices before they are due, at a lower cost than collecting via credit card. 

Partner banks, credit unions, and institutional investors power our innovative financing solution to provide funding and ensure your business gets paid faster, saving you time and money.

Steps to CollectEarly™

  1. Once your customer accepts the invoice, FINSYNC offers the option to CollectEarly™
  2. The cost is 2.5% of the transaction amount (less than most credit card transactions)
  3. You can have the money in your account in 4 hours or less

It is that simple!

One of the best things about CollectEarly™ is that there are no hidden fees. The 2.5% transaction fee is the only fee, and it is less than what you would pay for most credit card transactions. CollectEarly™ is a system designed to help customers get their money much faster.

Conclusion

It’s a great time to be an entrepreneur! At FINSYNC, we know how it feels when cash flow is your number one concern. You are busy running your business, and managing all those payments takes up a lot of your most precious resource – time. 

CollectEarly™ and collecting on-demand is vital for any business owner who wants peace of mind knowing that they will get paid sooner rather than weeks later so those funds can be put to work helping to grow the business. With CollectEarly, you can access capital as you earn it, and use it when it is convenient for your business. Sync your bank to FINSYNC using our complete solution, so you can start getting paid as early as today.

 

If you’re looking for more helpful tips, the FINSYNC blog is a great resource. We are committed to small business success!

Michelle Melekwe Fulton Banker Spotlight Interview

We are still witnessing the aftereffects of the pandemic, specifically around small businesses. Many people are turning to entrepreneurship as a way to provide for themselves and their families. According to a recent study, it is estimated that up to 17 million new small businesses will be formed in 2022. This surge in entrepreneurs is inspiring and provides hope for a bright future. However, this will be their first business venture for many of these individuals. And with any new experience comes a learning curve. So how can banks assist these first-time entrepreneurs and help them prepare for the challenges ahead?

This question is Michelle Melekwe’s main focus being part of the Fulton Bank team. Michelle succeeds at being a valuable resource for entrepreneurs. Since many unknowns come with starting a business, it can be challenging to know how to provide answers to questions you can’t anticipate yet. Read about Michelle’s path as one of Fulton Bank’s trusted bankers. 

 

What do you enjoy the most about your job?

I like the work-life balance. When I come to work, I can focus on work. Then when I go home, I can shut down and just concentrate on my home life. Most businesses run seven days a week from 8 am-7 pm, and there is no balance, so I am really grateful to have this.

What is your favorite thing about being part of the Fulton Bank team?

Fulton is very community-focused. We are all about supporting our community and our customers. 

We are focused on helping our community as they advance through their lives, and Fulton is helping us do that by broadening the services and products we provide to help our customers. 

How do you locate business owners that may be a good match for FINSYNC?

When I was first introduced to FINSYNC, I concentrated on the payroll aspect and immediately thought about one of my clients. They are a small business, not even a year old, and they had many payroll challenges. 

There are a lot of small businesses that want to understand how to do ACH payments and direct deposits with their payroll. There is a big learning curve, especially for individuals starting their first business. The world is changing, and companies need to be able to accept many forms of payments

What is your approach like?

My approach is to talk less and listen more. So I can understand the issue, and then I can bring up a solution. After a while, I build a rapport, and over time, I can dig deeper by listening to their issues. It can be about payroll processing, check cashing, account balances, account receivables, and so much more. With time and just listening, I am able to unravel when companies need help.  

Do you think your customers struggle with other software solutions?

I have come across several companies that have struggled with other software. Employees were not getting paid on time, taxes were not deducted correctly, and it was an ongoing situation. I am not an accountant, so I didn’t know how to assist with the multiple phone calls I kept getting. Fortunately, after recommending FINSYNC, the calls have stopped.

What do you like best about FINSYNC?

I love how FINSYNC makes it easier for our Fulton Bank customers. It is hard to just pass our business owners along to someone else, which results in all these fees and requests, which is not helpful. You make it easy on them and often take care of the technical aspects of transferring their accounts. I appreciate how after I give you the customer’s information, you take it over from there, and I know they will be successful. 

Honestly, I used to get several phone calls and emails every single day from some clients who were struggling to pay their employees, and after I handed them over to FINSYNC, I never heard back from them with any issues. Their problems are solved, their business is up and running, and it is now smooth sailing. 

 

Learn more about FINSYNC’s all-in-one cloud-based accounting platform.

Top Cyber Security Trends Small Business Owners Need to Know in 2023

October is Cyber Security Awareness Month, and there’s no better time to brush up on your cybersecurity knowledge. With so much of our lives existing in the digital space, small business owners must take steps to protect their businesses from potential attacks. 

Everyone can do a few simple things to stay safe online, like using strong passwords and being cautious about what information you share. This article will walk you through all the major threats that have emerged in recent years. Because being unprepared can have devastating consequences for your organization. 

Malware Attacks 

Malware is short for malicious software and refers to any harmful code installed on your computer without your knowledge. Malware can take many forms, but some of the most common types include viruses, Trojans, worms, and adware. Once installed, malware can damage your computer system or give hackers access to sensitive information stored on your hard drive. Always be cautious of links or downloads sent to you via email or direct message, as these may be malicious. If you’re unsure about a link, hover over it to see where it will take you before clicking on it.

Ransomware

Ransomware is a type of malware that encrypts or exfiltrates data and then demands a financial ransom, often cryptocurrency, for the data to be decrypted. Ransomware attacks can upset a small business’s digital infrastructure as they cause significant financial loss and downtime.

To protect your business from a ransomware attack, you should back up all of your data regularly. It would help if you also had security measures, such as firewalls and antivirus software. Also, employee education should be a priority. This alone will lessen the chance of someone clicking on a suspicious link or opening email attachments from unknown senders. 

IoT Devices 

IoT devices are connected to the internet and often collect and share data. Examples of IoT devices include thermostats, fitness trackers, and smart TVs. While IoT devices can be convenient, they also present a potential security risk. Hackers can gain access to IoT devices and use them to collect sensitive data or launch attacks on other devices on the network. 

Protection measures from IoT threats include purchasing devices from reputable manufacturers. You should also ensure that all IoT devices are properly configured and guarded with solid passwords. 

Denial-of-Service (DoS) Attacks 

This type of cyberattack is when an assailant seeks to make a machine or network resource unavailable to its intended users by temporarily or permanently disrupting services. DoS attacks can involve flooding the target with requests for information or resources so that it becomes overwhelmed and unavailable. 

Prevention of these types of attacks can be difficult, as they often exploit weaknesses in network infrastructure and take time to fix. However, there are some steps that organizations can take to reduce their vulnerability to DoS attacks. One is to segment their networks so that an attacker would need to compromise multiple systems to bring down the entire network. Another is to use techniques like rate limiting and traffic shaping to control the volume of traffic allowed to reach the target system. Finally, it is crucial to have a good incident response plan in place so that if an attack occurs, the damage is minimal, and systems are quickly returned back to normal.

5G 

5G networks are the latest and greatest in wireless technology, offering faster speeds and greater capacity than ever before. However, they also present a new vector for cybersecurity attacks. 5G networks rely on small cell towers scattered throughout an area, making them more vulnerable to physical tampering. The high speeds of 5G make it difficult to detect malicious activity; therefore, more data can be stolen within a shorter period. 

One way for businesses to protect themselves from 5G-related attacks is to use a Virtual Private Network (VPN), which encrypts data and helps to conceal your location. Consider installing a firewall detection system. These systems work by monitoring traffic flows and identifying anomalous behavior. By analyzing traffic data in real time, a detection system can quickly identify potential threats and take appropriate action. Adopting these precautions can help ensure that your data remains safe even as 5G becomes more widespread.

Phishing Scams 

Phishing scams are still one of the most common types of cyber attacks, and they continue to be successful because they are constantly evolving. In a phishing scam, a hacker will pose as a legitimate entity (e.g., your bank, Google, or even the IRS) in an email or text message and trick you into clicking on a malicious link or attachment. Once you click on the link or attachment, the hacker will access your computer system. 

SQL Injection

SQL injection is an attack that allows attackers to execute malicious SQL code on a database server. This attack exploits vulnerabilities in web applications that use SQL databases. By injecting malicious SQL code into an input field, attackers can gain access to sensitive data, such as passwords and credit card numbers. They can also delete or modify data stored in the database.

To protect against SQL injection, developers should implement input validation, database security controls, and application firewalls. Input validation confirms that only valid data is entered into the database, and database security controls restrict access to the database and prevent unauthorized users from accessing sensitive data. Application firewalls block SQL injection attacks by inspecting traffic and filtering out malicious requests. 

Man-in-the-Middle (MitM) Attacks

A man-in-the-middle (MitM) attack is when an attacker intercepts communications between two parties to eavesdrop on them or alter the communications without their knowledge. MitM attacks can occur over any communication channel, including email, text messaging, and even voice calls. In many cases, MitM attacks use public WiFi networks. 

Firstly, always check that the website you are visiting is using HTTPS. This means that the connection is encrypted and less likely to be intercepted by an attacker. Secondly, avoid using public WiFi networks as they are often not secure. If you must use public WiFi, use a VPN to encrypt your traffic. Finally, it is important to use secure communications protocols that employ encryption. By following these simple steps, you can help to protect yourself from MitM attacks.

Conclusion

As a small business owner, you are responsible for safeguarding your customers’ personal information. With the rise of cyber attacks, it is more important than ever to be aware of the latest security trends. Understanding the threats and taking steps to protect your data can help keep your business safe. 

Hackers are constantly finding new ways to exploit vulnerabilities in our digital landscape. Outdated software is one of the most common ways hackers gain systems access. Assure you have the latest security patches, and consider investing in cyber insurance if necessary. Taking these steps can help create a safer environment for your business and customers.

 

Free up time to focus on mission-critical areas by putting administrative tasks on autopilot with intuitive online tools like FINSYNC that can do the heavy lifting for you.

FINSYNC Spotlight Interview Sandi Purinton

We all know how it feels to be constantly bombarded with ads and sales pitches. Sandi knows this all too well, working in the insurance industry. However, she has found success by differentiating herself from other salespeople trying to make a quick sale. Instead, she builds trust and rapport with her clients, resulting in long-term relationships and repeat business. 

By taking the time to get to know her clients and their needs, Sandi provides them with the best possible service. Her caring approach is a breath of fresh air in an industry where it can be easy to get lost in the shuffle. It is also one of the reasons she has been so successful. Read more about Sandi and her company, The Insurance Connection, below. 

 

Tell me about your company and what inspired you to start.

We are a small independent insurance agency. I was originally inspired by my mom, who has worked in this industry for most of her life. She focused primarily on churches and nonprofits, introducing me to niche marketing

Our agency works a lot with churches and nonprofits. Honestly, I am not a very good salesperson. I am not going to pressure people. When I hear about classes that teach salespeople how to “overcome the objection,” I am simply turned off by that. I want to provide people with an education and be their trusted advisor. I want my clients to know I have their best interests at heart. I just don’t want to sell; we are constantly being sold from all walks of life.   

What are some of the challenges you faced in your previous job?

The legal industry isn’t very family-friendly unless you are a lawyer, and the support staff doesn’t get the opportunity to have flexible schedules. After the birth of my second son, I realized that the legal industry isn’t conducive to the type of mother I want to be. 

At this time, my mom had her own insurance agency. I reflected on the mother she was to me; she was able to be very present, available, nurturing, and supportive of her family. Shortly after I got my insurance license, I worked for my mom for about a year, and decided to open my own agency in 2015.  

What’s the best thing about being a small business owner? 

For most of my adult life, I worked primarily in the legal industry and social service. I worked as a paralegal for ten years. I worked in areas of law that helped people with personal injury, domestic law, etc. I have always had a heart for serving others. By starting my own agency, I can work with nonprofits that satisfy my desire to help others. 

What prompted you to start using FINSYNC?

All of my employees were previously contractors, which was easier. However, I was working for a non-profit organization with Dave Olsen, the President of Payroll for FINSYNC. So when it was time for me to make the switch to payroll, I reached out to Dave, who referred me to FINSYNC. He mentioned it would be a great way to grow, send payroll taxes, and support along the way. 

What are the biggest benefits your business has experienced using FINSYNC?

As a business owner who actually works in the business, I am not just an office administrator. To have that customer service on the phone when I have a question is a tremendous resource for me. I also love to support a local company instead of large conglomerates, and knowing Dave personally, all of these things played into my decision to choose FINSYNC.

What financial institutions do you have connected to FINSYNC?

Truist was a merger between BB&T and SunTrust, and that merger really affected our syncing issues. I was pleased with the support I got from FINSYNC. They went in and manually updated items that weren’t syncing because I was overwhelmed by it. It was really stressful, but when I reached out to you, you were phenomenal.

How does having FINSYNC connected to the accounts mentioned above make your business life easier?

I have noticed how the platform has changed and evolved. I really appreciate that FINSYNC doesn’t charge extra for certain features. Again it is one of those sales things. We are charged for every little extra feature. We are constantly being sold in our society. When someone notices that people are using that feature, then all of a sudden, they want to charge more for that. 

What advice do you have for those thinking about starting their own business?

You need to have a full plan in place. Starting a business is not for the weary if you depend on it as your full-time income. There are many things to figure out, and no playbook exists. It takes a lot of research, dedication, and planning.

 

FINSYNC updates your payment transactions in real-time as you run your business. Take control of your cash flow management today!

Expedite Electronic Payments with FINSYNC’s Digital Lockbox

Is your business still depositing checks the old-fashioned way? If so, you’re not alone. Luckily, a payment solution can help expedite the process: FINSYNC Lockbox. 

With Lockbox enabled, your customers who desire to pay via check will see your Lockbox address on your invoices. The paper checks are routed directly to us. We convert them to ACH payments and match the payment to its invoice in your FINSYNC account. 

Lockbox eliminates the need for you to spend valuable time processing and reconciling your accounts. Whether you receive a few checks or hundreds of monthly payments, Lockbox allows you to receive this money quickly and easily without touching envelopes or manually making bank deposits.

Learn what Lockbox is, how it works, and the advantages it can bring to you and your organization.

What Is Lockbox?

Lockbox is traditionally a service offered by banks only to large companies that receive many check payments. Your business adopts the service, and the bank receives your checks at a PO box they control and then deposits them for you.

FINSYNC’s Lockbox is available to all subscribing businesses, regardless of size or check volume.

Simply enable FINSYNC’s Lockbox on your invoice settings, and you’ll see your remittance address (mailing address) has changed to an Atlanta PO box controlled by FINSYNC.

Besides being available to small businesses, FINSYNC is also unique in offering a Lockbox that is tied to your accounts receivable in your accounting software. When a check reaches your FINSYNC Lockbox, it’s automatically applied to the invoice (changing its status to paid), and the corresponding bank deposit is already matched to the invoice.

In other words, you no longer have to go through unidentified deposits on your bank statement and match them to invoices!

Companies today are always looking for ways to streamline their operations and reduce costs. One way to do this is by automating your payment process. This can save your organization considerable time and money and provide greater control over your accounts. 

At its core, Lockbox is a payment processing service that streamlines the accounts receivable process for businesses. 

How Lockbox Works

Businesses that use the FINSYNC Platform can take advantage of our company’s existing P.O. Box to receive payments. Your customers will first mail their checks to the address indicated on the invoice. The remittance documents are scanned, and the payment information is captured automatically. The amount is quickly transmitted to the business account, making it easy to keep track of incoming payments. The cost is only $1.00 per check deposited, scanned, and matched to a transaction on your behalf.

Here is a snapshot of the Lockbox process offered through FINSYNC.

lockbox graphic

Lockbox enables gig workers, digital nomads living abroad, and organizations with corporate clients in the US to get paid quickly. You must be a subscriber of FINSYNC’s Payments plan ($10/month) to use Lockbox. There is a $1 per check-deposited fee thereafter.

Advantages to Lockbox

There are several advantages to using FINSYNC’s Lockbox service to collect paper checks. We have listed a few ways this feature can help you stay ahead with your business’s financial management. 

Reduced processing time: When checks are sent directly to a business, they may need to be sorted and deposited manually, which can take time and potentially visits the bank. Checks deposited into a lockbox are typically processed faster, allowing business owners to skip the hassle of accepting paper checks.

Improve cash flow management: Since the funds are available more quickly, businesses can better manage their expenses and avoid bouncing checks or incurring late fees.

Fewer accounting errors: Having a third party handle check deposits can help to reduce accounting errors. 

Increase worker efficiency: Using a lockbox service can free up employees’ time that would otherwise be spent matching unidentified deposits or visiting the bank.

Conclusion

Despite the move towards digital invoices and payments, paper checks are still extremely popular in the United States. Some sources say 50% of all business-to-business transactions are still processed via check. Used by businesses of all sizes, Lockbox is a service offered by FINSYNC that allows customers to outsource the processing of their payments and can be a great way for businesses to streamline their payment processing and get paid faster.

 

Enable FINSYNC’s Lockbox, which is accessible for businesses of all sizes, to save you time for what matters the most.