In Pursuit of Profit
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It is undeniable that top business performance requires the right financial tools and resources.
Having the right pieces in place provides better data and drives results. And while there are literally millions of online tools and apps and software programs for ecommerce companies to use, using the right financial tools can be the real differentiator between successful businesses and their competitors.
So, what kinds of ecommerce financial tools are essential?
Do you know how much time your company is spending on bookkeeping activities like accounts receivable (AR), accounts payable (AP), bank reconciliations, financial reporting, and reimbursements?
Or are you of the opinion that it doesn’t matter as long as it is getting done?
In many small companies these responsibilities fall to the business owners, adding another hat to the stack that they are already wearing. In these instances, it can be difficult to determine how much time is truly being spent on bookkeeping because it is being squeezed in throughout the day and week where there is room.
However, until you know how much time you and your employees are spending on bookkeeping and accounting functions, you will not be able to do an effective cost-benefit analysis to determine if it makes more sense to outsource these activities.
Additionally, knowing where you are spending your time means you will better be able to define the role you are looking to hire or outsource to get the right fit for your company, which works to improve employee retention – not just among financial staff, but among all employees. This kind of information can help determine whether you need a bookkeeper or an accountant and whether the role should be part-time or full-time.
The solution is to use time tracking software to keep a log of which activities are being done when and how much time it takes to do them.
2020 changed what employers are asking of their employees, which is why it is no surprise that employees have changed what they are looking for in their current and future employers as well. Understanding what applicants want is crucial because great hiring reduces turnover. Additionally, being in tune with what job seekers want gives your company an advantage in recruiting and hiring top talent.
With unemployment numbers continuing to fall, job seekers are back in the power seat as their needs in an employer continue to evolve in response to the pandemic-related work landscape. So, what do job seekers want these days?
The next round of Paycheck Protection Program (PPP) Loans is now open, and businesses can apply through the end of March. Borrowers that received First Draw PPP Loans and have already used or will use the funds for authorized uses can apply for a Second Draw PPP Loan.
While the first round of PPP loans was launched quickly with little prep time for advisors, many firms have since dedicated significant staff to assisting clients as they evaluate their financing options and submit PPP loan applications. The result is better support for organizations faced with making difficult financial decisions as they navigate an uncertain business landscape. So, as you consider applying for a PPP loan this time around, lean on an experienced third-party financial consultant to help you understand if you qualify, what the differences are from the previous round, and whether this type of lending is the best fit for your specific circumstances and long-term goals.
Since this is the second go-round, the rules are more clearly defined this time, leading to less ambiguity and confusion than there was with the first loan program. Some of the differences this time around include: