Accounts receivable is perhaps the most critical process for SMBs to conquer as its improper management could lead to unhealthy cash flows. There are several challenges that SMBs encounter during their accounts receivable process cycle such as: difficulty in matching payments to invoices, receiving late payments, rising Days Sales Outstanding (DSO), invoice delivery problems, customer resistance to electronic invoice adoption, customer attempts to extend terms, very limited payment methods and inaccurate and outdated information.
Countless unexpected issues can pop up for SMB owners that create seemingly overwhelming challenges – many of them financial in origin. The most common issues faced by SMBs are: maintaining a positive cash flow, not getting accurate reconciliation reports on a monthly basis, and securing funding for the company’s growth. Fortunately, SMBs can easily manage these issues through with a solid financial process and reporting.
In this blog, we’ll talk about the 3 biggest financial issues that SMBs face, as well as tips to help them manage these issues.
SMB owners are often so focused on growing their business that they neglect an important issue – payroll compliance. From payroll and benefits to hiring processes, employee relations and risk and safety, SMBs must adhere to regulations or else run the risk of being penalized. According to the Department of Labor, a massive 80% of employers have some degree of non-compliance with wage-hour laws and the wage and hour division collected more than $266 million in back wages for more than 280,000 employees in 2016
In this blog, we will highlight the top 3 common payroll compliance errors made by SMBs
A balance sheet is like a thermometer for SMB owners that provides a reading on the health of their business and ignoring it can be fatal to a business as it records all the assets, debts and shows the ‘net worth’ of the business at any given time. A company’s balance sheet gives a quick sense of the business’s health and liquidity as well as its ability to generate cash flow but it is only when the balance sheet is healthy.
So the question is, what should an SMB owner do to improve their balance sheet and make it a healthy one?
In this blog, we will highlight three helpful tips for SMBs to improve their balance sheet
For MSPs, support and customer service is just as important as the software and tools a business uses. In fact, even more important. But unfortunately, a growing labor shortage and an expanding skills gap have left many MSPs unable to find, hire or retain the technical talent needed to support complex SMB environments. For this reason, many MSPs are turning to third-party providers and vendors who offer NOC, helpdesk and other tech support services that can expand and augment an IT provider’s existing capabilities. If done correctly, these relationships can help MSPs greatly expand the scope of their services, extend coverage hours and refocus their internal teams towards more strategic tasks.