FINSYNC’s Plug-and-Play PPP SolutionNo IT investment nor integration is required when you adopt FINSYNC’s all-encompassing solution, which takes a mere 20 minutes to set up. During the first round of PPP funding, institutions like First Reliance Bank got up in running in hours and processed more than 80 loan applications in short order. “We were looking for a way to serve our business clients with a streamlined solution for PPP applications that would allow our bank to efficiently process and get funding distributed,” said John Lindley, VP Business Operations at First Reliance Bank. “We deployed FINSYNC’s electronic loan application and Lender’s Portal the day we learned of the solution, and shortly after were getting SBA loan numbers and funding loans.” FINSYNC’s platform gives banks and credit unions the immediate ability to process Paycheck Protection Program loans online, which dramatically simplifies workflow and document management for both banks and their business clients. In addition, FINSYNC is one of few platforms that provides forgiveness tracking and financing help beyond the PPP.
Helping Community Banks and Their ClientsSmall businesses that are accustomed to a rigorous business loan application process that tends to involve endless emails, faxes and phone calls are provided with a streamlined, secure electronic loan application that can be completed from the comfort of their home in less than a half hour. Tools like payroll cost calculators help confirm eligibility, and applicants also have access to trained advisors should they need additional help. In addition, small business applicants get free access to FINSYNC’s cash flow analytics, and can track their loan forgiveness eligibility online. The benefits for banks and credit unions that adopt FINSYNC’s electronic PPP loan application go beyond convenient online loan processing. The secure lender’s portal makes processing loan applications incredibly efficient with a built-in workflow to expedite funding, electronic notifications, tools to track forgiveness, and ETran assistance.
Solidify Your Lending Relationship Beyond PPP FUNDINGLenders that use FINSYNC’s portal to help their clients receive funding when they need it the most will also have the ability to easily meet their future financing needs. The lending portal gives lenders tools to quickly analyze a business’ financials and assess its ability to repay the loan using advanced analytics. Charts and calendars are provided to help lenders understand a business’ past and projected cash flow and efficiently make loan decisions. Lenders within FINSYNC’s network can also share loans with other banks, credit unions and lenders that work in concert to approve and fund more loans. In these uncertain times, many relationships between small businesses and their financial institutions are being tested. Banks that show up for their clients in their hour of greatest need will strengthen these relationships well beyond the time of COVID-19. Get started with FINSYNC’s plug-and-play PPP solution in a matter of minutes.
PPP: Forgivable Small Business FundingFor many small business owners, the highlight of the CARES Act is the SBA’s Paycheck Protection Program (PPP), which is a forgivable loan designed to keep employees on the payroll. As long as you adhere to the guidelines, it’s essentially free money. Even better news? You don’t need an impeccable credit score, collateral, a personal guarantee, or even a well-established business history to qualify. The program will run through June 30, 2020 and initially capped at $350 million. However, due to incredibly high early demand, on April 7 Treasury Secretary Steve Mnuchin asked congress to secure an additional $250 billion for the PPP in order to meet demand. He also suggested that additional funding could be available in a matter of days. And while banks and financial institutions are playing catch up as the applications come flooding in, small businesses are encouraged to apply as soon as possible for the best chance of getting a piece of the $350-$600 million pie. Here’s everything you need to know about the Paycheck Protection Program, and the other small business benefits provided by the CARES Act.
Who is Eligible for the Paycheck Protection Program?Small businesses that employ less than 500 employees, have been in business since February 15th or earlier, and have been affected by COVID-19 are eligible for PPP.
How Much Can My Small Business Borrow?The amount you can borrow for the PPP is based on your payroll, which it’s designed to cover. You may borrow up to 2.5 times your business’s average monthly payroll costs for the period of Feb 15, 2019 — June 30, 2019 (not to exceed $10 million). This helpful guide can help you determine which payroll costs should be included and excluded in your calculations.
Do I Have to Repay My PPP Loan?Here’s the good news you’ve been waiting for. If you maintain your payroll and headcount for eight weeks from the time you receive the funds, you will not need to repay the federally guaranteed loan. The SBA will forgive the portion of the loan that you use to cover payroll and operating expenses for the first eight weeks, including:
- Mortgage interest
What Happens After Eight Weeks?If you’re fortunate enough to have funds leftover after eight weeks (from the time you receive the funds), you have two years to pay off the unforgiven portion of the loan. All interest and principal loan payments are deferred for the first six months of the loan (not forgiven). The interest rate is 1%.
How Can My Small Business Apply for the PPP Loan?The application for the Paycheck Protection Program is online and all current SBA 7(a) lenders are providing the loan. In addition, new lenders including banks and alternative lenders are quickly being authorized as lenders to meet the high demand. Which is currently overwhelming traditional lending institutions. Can’t get through to your bank? Many online lenders are offering SBA disaster loans, along with a streamlined application process. Learn more about applying for the PPP.
CARES Act Benefits: Beyond the Paycheck Protection ProgramThe PPP may be the most anticipated benefit offered by the CARES Act. However, it’s not the only coronavirus relief included in the stimulus package. Here are a few more programs that small businesses can take advantage of:
EIDL & Emergency Economic Injury GrantThe CARES Act expands the SBA’s Economic Injury Disaster Loan (EIDL) program to include an emergency advance of up to $10,000 for small businesses and private non-profits impacted by COVID-19. To receive the grant, you must apply for an EIDL and request the advance. You’ll receive the grant within three days of approval, and the $10,000 advance does not need to be repaid.
Small Business Debt ReliefAlready have an SBA loan? Through the SBA Debt Relief Program, the SBA will automatically pay the principal, interest and fees of current 7(a), 504 and microloans for a period of six months. The same applies for new 7(a), 504 and microloans issued prior to September 27, 2020. If you have a current SBA Serviced Disaster (Home and Business) Loan that was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.
SBA Express Bridge LoanThe CARES Act also expands the SBA’s Express Bridge Loan program, which expedites loans of up to $25,000. To be eligible, you must have an existing relationship with an SBA Express Lender, and have been affected by COVID-19.
Tax Breaks for Small Businesses
- Employee Retention Credit
Your small business may be eligible for a refundable tax credit if your business has been partially or fully suspended due to a shutdown order, or your gross receipts declined by more than 50% compared to the same quarter last year. The refundable tax credit is 50% of up to $10,000 for wages paid from March 13 to December 31, 2020. Learn more about the Employee Retention Credit.
- Payroll Tax Deferral
If your business does not receive forgiveness on a PPP loan, you are eligible to delay payment of payroll taxes. You may postpone your 2020 payroll taxes through the end of 2022. You’ll need to pay 50% by December 31, 2021, and the remaining amount by December 31, 2022. Self-employed individuals can also delay the tax payment.
Small Business Counseling and TrainingThe CARES Act is also funding expanded counseling and training for small business owners needing support and guidance to navigate this uncertain time. Counseling is available through your local Small Business Development Center (SBDC), Women’s Business Center (WBC) or SCORE mentorship chapter. Funding will also be dedicated to hiring staff and providing programming for the Minority Business Development Agency’s Business Centers (MBDCs) which caters to minority-run businesses. Learn more about all of the small business benefits offered by the CARES Act, and access a free online loan calculator here. Whether you’re looking for a forgivable PPP loan so you can keep your employees on staff, or you could use some free counseling and guidance. The CARES Act offers a wide variety of coronavirus relief for small businesses. More funding likely coming soon.
The Webinar Video RecordingClick the video below to watch or listen to the full webinar recording.
The FINSYNC - Carolina Pay Pros MergerFINSYNC & FINDOTS acquired Carolina Pay Pros earlier this year, giving all of Carolina Pay Pros customers access to the benefits of the FINSYNC payments platform, including payroll, electronic payments, accounting and cash flow management, and professional services from our network of accountants and bookkeepers.
Questions & Answers on the FINSYNC-Carolina Pay Pros TransitionAfter the demo of the FINSYNC payments platform, we opened up the mic for questions from Carolina Pay Pros customers.
Q: What do I need to do to migrate my payroll from Carolina Pay Pros to FINSYNC Payroll?
- A: FINSYNC will do the Payroll conversion at no charge for any Carolina Pay Pros customer who wants to migrate to FINSYNC payroll, including full support and training on the FINSYNC payroll platform.
Q: Can you talk more about FINSYNC pricing for payroll?
- A: Pricing for FINSYNC Payrol is $40/month (See finsync.com/pricing). To calculate a more accurate price for your particular business, use the calculator on the pricing page (below the main pricing) by entering how many employees you have. The base fee is per month, not per payroll run, then $4 per employee per paycheck, including payroll tax filing, direct deposit, electronic copies, etc. With any of our payroll packages, time tracking is included as well as employee reimbursements. Reimbursements via ACH are 50¢ per payment.
Q: If I switch to FINSYNC, what other kinds of payments can I do?
- A: FINSYNC provides a platform for ACH (direct deposit) payments, which means a customer paying you, you paying a vendor, or employee for reimbursement; merchant processing, and electronic invoicing. If the transaction is a ‘card not present’ ecommerce transaction, it’s 2.9% + 30¢ per transaction. We can also do remote check issuing, so if you have a vendor’s address, but you don’t want to print, stamp, stuff a check in an envelope, we’ll create that check for $1 per transaction. We offer lockbox for when you want to be paid electronically but your customers still send you checks in the mail. We’ll receive those checks, deposit them on your behalf, and match up the payments to your invoices for $1/check.
Q: Does this merger affect where our employees clock in/clock out?
- A: Only if you migrate to the FINSYNC payroll time tracking system. If you do not migrate, then nothing changes.
Q: Is FINSYNC designed to replace manual accounting in software like QuickBooks or Freshbooks?
- A: Yes. FINSYNC is an alternative to QuickBooks, Freshbooks, Xero, etc. QuickBooks has moved to more of an “app store” model. You do your core accounting in QB, then use other integrated apps like bill.com or timesheet apps. The result is as many as 4 - 7 financial applications for your small business back offfer, whereas FINSYNC does all the same functions in one cloud application. The time savings adds up as much as the software cost savings. Your accounting happens automatically as payments come in and go out of your business.
Q: We already accept credit cards. Is that an opportunity to migrate to FINSYNC for card processing and merchant services?
- A: Yes, we provide merchant services. If you have a direct relationship with a merchant processor, that means someone is doing the accounting related data entry for those sales transactions separately. If you use FINSYNC integrated merchant processing, then the accounting happens automatically. Consider the efficiencies of sending an invoice to a client with a “Pay” button, which lets the customer pay directly from the invoice so you don’t have to manually enter any transactions. We are constantly innovating on payment technologies, so FINSYNC payments customers can use a credit card as a source of funds. And, as long as you have your vendor’s email address, you can pay any vendor with your credit card. That’s a great tool for managing cash flow and maximizing your credit card reward points. You never have to ask a customer or vendor for bank account or credit card information, and you never have to give out your bank or credit card information. FINSYNC is a double blind system.
Helping Small Businesses Manage Their FinancesFINSYNC is an all-in-one payments platform designed to help businesses get all of their finances in sync. FINSYNC has partnered with RBFCU around the shared goal of helping businesses grow in new and empowering ways. RBFCU members can now take advantage of FINSYNC’s innovative software. It can provide many benefits to their business. Here are four ways this partnership is helping the credit union help more businesses.
Cash Flow Analysis
Access to Expert Insight
Giving Business Clients the Tools to SucceedIn today’s competitive banking landscape, forward-thinking financial institutions are looking for ways to offer their clients more value. Acting as true advocates for their small businesses. In partnering with FINSYNC, RBFCU is helping its members centralize control over their finances within a single platform. Therefore, they can grow in new and empowering ways. To sum up, you don’t have to be a member of RBFCU to benefit from FINSYNC. Get started today and leverage FINSYNC's integrated functionality. As a result, more value will be provided to your customers and better grow your business.
Maintain Control Over Cash FlowAccording to the latest research, 82% of US small businesses fail due to cash flow problems. That’s not entirely surprising when you consider that the old way of managing payments, cash flow, accounting, financing, payroll and services was entirely decentralized. In addition to providing more insight into your cash flow, FINSYNC Pay allows you to use your credit card to pay for regular business expenses — which can go a long way to help you maintain control over your cash flow by keeping more cash on hand in your bank account. You can now use your credit card for everything. For instance, anything from your commercial lease to utilities and supplies. Instead of dipping into the red, pulling from personal savings, or taking out a loan to cover payroll.
Centralize Control of PaymentsFINSYNC Pay is an all-in-one payment platform designed to centralize control of payments, manage your cash flow and make it as easy as possible for your customers to pay you. The key to the innovative software is its centralized approach. Starting with payments but scales seamlessly with the growth of your business. No more “misalignment” and “runaround” that slow down the growth of your business. With FINSYNC Pay, you can process payments and manage cash flow with less time, effort and cost to your business. It even comes with communication tools and synchronized calendars that eliminate the guesswork on payment statuses.
Issue Payment Without Revealing Credit Card InfoThe decentralized “old way” of managing cash flow and processing payments is not secure. It frequently exposes payment details, does not reconcile electronic payments with remittance details, and does not allow charge card holders to send payments using their card without revealing their card information to the payee. With FINSYNC Pay, bank and charge card details are encrypted and private. That means you can send secure credit card payments without handing over your credit card information. Unlike other platforms, FINSYNC Pay enables you to send another business a payment on your charge card using just their email address. The end recipient will not know or see your card information. Payees can check out as a guest, or set up a free account.
Pay Vendors Faster, Easier and With Less ProcessingFINSYNC Pay makes it easy to quickly pay vendors by ACH. It is the only tool that allows a B2B payment by credit card even if that business is not set up for merchant processing. Simply choose (or create) a vendor, attach a copy of the bill being paid, select which account to draw funds from and click “Send.” The Payments Inbox also makes life easy for your vendors by pairing remittance advice with payments and allowing vendors to choose how they want to receive payment. With FINSYNC, your vendor will receive an email indicating that you would like to pay them. From that email they can choose how they would like to be paid (mailed check, ACH, charge card). After that, they will then see remittance advice and the corresponding updated records.
Integrate Payments Within Your Accounting SoftwareFINSYNC Pay not only makes it easy to stay in sync with your vendors, it makes payment simple and secure between you and your customers. FINSYNC Pay integrates payments within your accounting software, enabling you to build a database of customers. You can issue payment requests from any internet-connected device, attach documents and provide a secure portal for your customers to pay you. With FINSYNC Pay you’ll be notified by email and within the portal when a customer makes a payment and when funds are deposited. You can also monitor the status of all payment requests and provide your customers with a free portal for tracking their payments.
A New FrontierFINSYNC Pay is revolutionizing the payments game. From your lease to your produce vendor, you can now charge virtually any business expense to your credit card. That means more cash in your pocket and more ways to maximize control over your cash flow. Customers who adopt FINSYNC’s payment platform save, on average, thousands of dollars and hundreds of administrative hours per year. If you want to experience financial harmony and grow your business in new and empowering ways, combine payments, cash flow management and accounting with FINSYNC.
“Cash flow management is statistically the biggest reason small businesses fail and FINSYNC is uniquely positioned to help handle that piece better than others because we are the payments engine. We are the accounting and payroll engine. We automate all of these functions, so a small business owner doesn’t have to spend a large chunk of their time doing so.”Eddie Davis, FINSYNC’s VP of Business Development, sits down with Business RadioX to discuss how FINSYNC is revolutionizing the way business owners manage their cash flow. He shares insight into the inner-workings of how our cloud-based financial platform enables owners to conduct better business through automation and advanced analytics in real-time. From centralizing control of payments to accessing better financing, Davis discusses how and why FINSYNC came to be and what to look forward to in the near-future. Listen to the full segment below or here. About Eddie Davis: In his role as VP of Business Development at FINSYNC, Eddie Davis has the great pleasure of introducing its cloud financial platform to forward thinking partners ranging from financial institutions to accounting, advisory, payment and others parties interested in facilitating better business through automation and analytics advances. The future of business technology excites him, and he enjoys studying and providing feedback on new applications as well as writing for publications on topics including FinTech, AI, Blockchain, E-Commerce, Millennial Business and other emerging technology trends.
Consolidation“We were using various tools and none of them talked to each other. We were using QuickBooks Online for our receivables. Later, we added the payables part to it, but it wasn’t connected to payroll, nor was it connected to time tracking, nor to our project management data in Excel for project cost accounting. I was spending a lot of time trying to get the data we needed from one tool and then patch summary information to other tools and make sense out of it all. It was very costly and very burdensome. FINSYNC pulls all the data together so I can make sense out of things. It was the only platform we found that did everything we wanted. The only platform that really seemed like it did project cost accounting well in a way that made sense to me was FINSYNC.”
PayrollShaun Lapacek, Founder Rock N Wool Winery “I have absolutely no concept of how to deal with the whole payroll system. I can do all of that stuff for myself, but when it comes to filing for other people, that’s where I was kind of going crazy. The paperwork’s the worst thing. I had talked to Square originally and they want to nickel and dime you for everything. They wouldn’t be flexible with me for what I needed. That’s why I went to FINSYNC. FINSYNC was great. They were able to accommodate how people got paid, what taxes got taken out and it’s very easy. They’ll send me reminders about running payroll and things like that. It’s so nice to have that completely off my mind. It’s a hat I don’t have to wear. FINSYNC really allows me to focus on what I want.”
Payments Andy Rostad, Executive Producer Media Beyond “I used to have 30 vendors, some of whom did not participate in our digital ACH wire transfer program, so they wanted paper checks. In order to create a paper check in my old software, I would have to buy special printable paper, line those up with our printer and send them through, and there would be misalignments and duplicate check numbers. It was just a nightmare.
When I found FINSYNC, they said you can send somebody an email, and they can elect whether or not to get a paper check, and we’ll handle that for you for a trivial cost. That saved me hours of headaches and let me focus on my business. That’s just been the FINSYNC way — it’s really easy to use. We don’t have a ton of complex needs, but whatever I need, I can do quickly and get back to creating content.” AccountingDiane Bloodworth, CEO Competitive Sports Analysis “FINSYNC has made my business more efficient. They’ve made my time more efficient. Accounting and bookkeeping is something that’s very important to the business, but I don’t like spending a lot of time on it. So it’s helped make my time, and therefore the business, more efficient. They really have just made my accounting and bookkeeping life so much easier, especially with payroll. I have a lot of hourly interns on payroll right now, so it just makes my life so much easier. I’m not an accounting person, and I find the system really easy to use. I’m very grateful.”
ProcessesSonia Duma, Chief Marketing Officer Curio Haus “Time is my most valuable asset. At this stage in my life, I don’t have time for another app that adds complexity to my world. I have a drive for simplicity. As executives we’re in this ever-vigilant battle to make our lives more simple. I was looking for a way to streamline our processes. How can we streamline marketing and communication so that it’s simple, effective and relevant to both our team and our clients? Everything about FINSYNC is very intuitive and simple, and the customer support team is fabulous. At the end of the day, it’s a relationship — these people are part of my financial team. FINSYNC, on some level, is a part of my financial team. They’re in the day-to-day because so much relies upon what their system does. And only seeing it get better — I love it. I can’t see myself on another platform.”
Rolling with the ChangesEmployers are increasingly relying on virtual assistance as a way to hedge against an uncertain global economy that's being swiftly reshaped by massive technological changes. This strategy enables businesses to quickly bolster the effectiveness of their workforce without sharply increasing their labor costs or going through a lengthy employee search. The bottom line is contract workers cost less money, posing less of an overhead risk for companies. As industries adapt to the changes wrought by automation and other technological trends, their need for skilled workers in these and other emerging areas is growing. While showing no signs of slowing. Some 65% of executives say their external workforce of freelance hires is essential for operating at full capacity and meeting demand, according to a report by MBO Partners.
Flexibility, Freedom & MoreIndependent contractors who work remotely enjoy many benefits. Working on a freelance basis allows hires to set their own hours. Enabling them to design their schedule to fit the demands of family life. They can also determine how long of a contract they want to sign. It could be one month or three, or for as long as it takes to complete a specific project. Independent contractors are also free to make it a one-off and move on to some other opportunity. Virtual assistance is embraced by many companies, who are using freelancers to fill in for permanent employees or to bolster their ranks when tackling big projects. Increasingly, freelance workers are also being hired to do jobs remotely. Especially as companies rely more on cloud-storage services, email and online communications platforms. For example, Slack allows workers to collaborate in real-time. Regardless of how much distance separates them. That helps reduce the company's cost for leasing office space, computers, furniture and other expenses. Freelancers, meanwhile, get the freedom to live anywhere they choose. Giving them more control over how much they spend on housing, food and other costs.
Advantages of working remotelyOne key advantage of working remotely as an independent professional is sparing a daily commute to the office. On average, Americans spend 26.4 minutes commuting each way to work, according to the U.S. Census' 2017 American Community Survey. Working from home also means a lot less wear and tear on cars and clothing. Another big draw to freelance work: The pay is getting better. Roughly 18% of U.S. freelancers earned between $75,000 and $99,999 annually last year. Up from 9% in 2014, according to a report from Upwork. And some 10% earned $100,000 to $149,000. Up from 5% in 2014. Being an independent contractor can also provide more opportunity for workers to expand their skills. Due to enabling them to work around the time they need to take university courses or certification programs.
Greater Access Through TechnologyThe advent of high-speed internet, cloud computing and online collaboration platforms have helped pave the way for virtual assistance. More Americans are getting in on the action, taking on work as remote, independent workers. Some 56.7 million Americans, or more than a third of all U.S. employees, freelanced in 2018. This is according to a study commissioned by Upwork and the Freelancers Union. That's a 7% increase from 2014. A surge in companies operating websites and apps geared to connecting freelance workers with employers is making it easier for contract workers to find jobs. Among these are Upwork, Freelancer, and Zirtual, among others. FINSYNC's virtual community of specialists connects businesses with independent skilled professionals who provide unrivaled support for bookkeeping, accounting, human capital management, financial analysis and corporate strategy. Finding clients through a network like FINSYNC makes it easy for skilled professionals to connect with high-quality employers. Saving significant time and outreach efforts to land valuable jobs. The best part? It’s free for both parties to join the network and see if they find the right fit.
What inspired you to start Impelos?There’s a significant need in the American manufacturing industry for optimized processes in the administrative workspace. Having previously done this throughout my career, it’s been a thrill for me to be able to remove processes through lean thinking. I use lean thinking to design software, as a contractor and as an employee. Over the years, I’ve developed a suite of productivity tools that relate specifically to manufacturers. My goal with this business has been to bring those tools to a broader market.
What have been the biggest challenges you’ve faced running a small business?Cash flow has been a big one. Being able to run the business without debt and managing our investments into the business. Also, ensuring that clients are paying and contractors and vendors are getting paid in a straightforward fashion. Those have been the biggest challenge. Another challenge is from a sales perspective. Bringing a potential client into the fold to use our product takes a long time. It can be challenging to convey to a client that’s building 30 to 40 custom units a day how our software can freeze administrative overhead where it is today while expanding capacity by 300 to 400%. Managing our team is also really important. We have employees and contractors. We use FINSYNC to manage payments for both, as well as all of their related financial needs.
What have been the biggest lessons you’ve learned growing your business?Every business I go into is different. They each have their own market niche and competitive advantage. That inevitably leads to a different solution as they produce and market their product, fulfill orders and deal with their vendors. That’s been a fun part — discovering how companies choose to differentiate themselves. As far as running a business for myself, using a method called “profit first,” I’ve found it’s pretty lightweight to manage the financial operations for this business. That’s been a really fun journey for me to be able to make sure that as revenue comes in, the money is allocated appropriately ahead of time. That way I don’t find myself in a bind later.
What prompted you to start using FINSYNC?We had tried Quickbooks and several other solutions. They all prevented us from getting visibility into where our cash pain points were going to be. Early on in the business we often found ourselves running out of cash unexpectedly. Whether something someone had purchased on a credit card wasn’t foreseen, or a client payable wasn’t paid on time and we didn’t anticipate that, these situations became a problem. Working with FINSYNC we were able to get a lot of visibility to anticipate the crunches and prepare for those situations.
How has FINSYNC helped you overcome your challenges?With the cash flow tools that allow us to see where our financial trends are, we’ve been able to look forward and see where potential problems might arise. This allows us to plan accordingly rather than having sudden surprises.
Any advice for small business startups out there?Strongly consider the profit first method to ensure your most valuable employee gets paid. That’s you, the entrepreneur. You can’t do that without good financial planning. FINSYNC helps with that.
Virtual AssistanceVirtual assistance involves relying on skilled professionals who work remotely and, typically, on a freelance basis. This strategy enables businesses to quickly bolster the effectiveness of their workforce without sharply increasing their labor costs. Or going through a lengthy employee search. Advances in technology are transforming how people communicate and collaborate on projects. Working with an employee who is in a different location is now a seamless and cost-effective option. One of the great benefits of virtual assistance is that the most qualified person for the job could be in another time zone, another country or across town and it doesn't matter.
Hire EffortlesslyGoing through the traditional hiring process to fill a full-time, in-house job is the opposite of easy. Especially for small businesses. In a survey by Wasp Barcode Technologies of more than 1,100 small U.S. businesses, half said hiring new employees was their biggest challenge. Among the reasons, smaller companies tend to have limited human resources staff. Also less time to engage in a lengthy candidate search. Finding a qualified employee through the use of virtual assistance has become easier in recent years. There has been an explosion of online companies that connect freelance workers with employers. These include Upwork, Freelancer and Zirtual, among others. Sites like Upwork are set up so that workers compete to bid on available jobs. Often by agreeing to do the job for less pay or in less time than other applicants. Some platforms also incorporate tools for employers to keep tabs on the progress the independent worker is making on their assigned task, tying pay to project milestones. FINSYNC's virtual community of specialists provides businesses with unrivaled support for bookkeeping, accounting, human capital management, financial analysis and corporate strategy. Businesses can maximize their resources and support growth by tapping into this growing pool of virtual support professionals.
Save MoneyPerhaps the biggest benefit that virtual assistance offers businesses is big savings relative to the cost of a traditional hire. Virtual assistance enables employers to call in extra help without having to find space in their budget to add another full-time employee. And because they work remotely, that helps reduce the company's cost for leasing office space, computers, furniture and other expenses. The cadre of online portals used to connect virtual assistants and employers are a less expensive method to finding a new hire than the traditional path. Which often involves spending money on recruitment and training. In addition, not having to pay for benefits that companies typically offer full-time hires is probably the biggest source of savings from relying on virtual assistance. Benefits alone account for more than 31.4% of the average full-time employee's total compensation, according to data from the U.S. Labor Department.
Boost Capacity When It's Needed the MostOne of the unique benefits of using virtual assistance is the flexibility it offers businesses. Are you scrambling to finish a last-minute project in an area where your current workforce isn't so strong? Virtual assistance enables businesses to quickly increase their workforce with skilled professionals. They are able to provide the support needed to deliver the job. Once the project is over, you no longer need to hang on to the extra help. It's all about getting the help you need, and only as long as you need it. Many companies are going beyond one-off projects and relying upon virtual assistance to permanently fill gaps in their workforce. Some 65% of executives say their external workforce is essential for operating at full capacity and meeting demand. According to a report by MBO Partners.
Optimize Company FinancesSometimes a skilled outsider's viewpoint can help businesses see where their financial management is lacking. Having discipline and objectivity about finances can be a challenge. Especially for small business owners who may have taken on a job ordinarily handled by an accountant or bookkeeper. That approach opens the door to problems once the company begins to grow and its finances become more complex. Tight hiring budgets may persuade small business owners to handle bookkeeping and similar tasks on their own. However, a far better option is to use virtual assistance. Enlisting a virtual bookkeeper or virtual accountant to handle bill payments, invoicing and other transactions frees managers to focus on other areas of their business. And isn't that when business owners do their best work? Tap into FINSYNC’s virtual assistance network to be matched with a skilled financial professional that’s best suited to help your business grow.
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