Stronger Finance In Business In 3 Steps

Whatever kind of business you happen to run, you will need to make sure that you are keeping a close eye on the financial side of it. As is the case in most of these ventures, the money really is everything. If you are not making a decent amount of money then you are unlikely to be doing what you are setting out to do, and it is much more likely that your business will tank. The good news is that keeping your finances in good order is relatively easy to do, so long as you follow a few basic rule. In this article, we re going to look at those rules and see how they might play out in a real situation. This should help any budding entrepreneurs to figure out how to best approach the financial aspect of running a business.


It probably goes without saying, but any business needs a proper budget if it is to function properly. Drawing up a budget can often be difficult, but it is also necessary if you want your business to go in the right direction at all times. In your budget, you need to include everything that you feel might be necessary for your business’ success. Often, people are quite surprised at just how much this includes, but you will find that it is much better to be prepared in this way than have to figure it out as you go along. With a stronger budget, your business will also be stronger, and you will be able to see exactly where your business is headed at all times.


There are all sorts of regulation which are applicable to many businesses, and you need to be sure that you are taking action on all the relevant areas if you want your business to do well for as long as possible. In part, this is to protect you in case anyone has an injury at work. The last thing you want is to be in trouble for being complacent with your health and safety, for example. But it’s not just about stopping the business being sued – you also need to be certain that you are working within whatever framework there happens to be for your particular industry. That way, you are much more likely to keep the finances within your business strong for longer.


You also need to look into what your business is actually doing in the marketplace if you want your business to do well financially. There are many aspects to this alone, but one of the most important is ensuring that you are diversifying as much as you can. Providing a lot of diversity in terms of what you sell ensures that your business will stay afloat no matter what might happen, as it means that you can continue to widen your customer base at every opportunity. This is perhaps the most important step of all if you want to feel safe and secure in your business’ future.

Up To Date With Technology: How To Continue Improving Productivity

Do you feel like your business has not been keeping up to date with the recent industry standards? Keeping yourself well equipped with the latest tech is essential, but what is even more subject to regular change is the kind of software that is used to run businesses around the world. New and improved software with the newest features and quality of life improvements gets pumped out by the truckload for a good reason, it is still a growing market, and everyone wants to be the next best thing. From the perspective of a business owner, you should take full advantage of this, if you have not already, and provide both yourself and your staff with the most up to date software to maximise their efficiency. Not to mention, often make it easier for everyone involved. Let’s have a quick look at some of the more recent software that could easily improve your

Office tools

Even if your business does not have any necessity for everyday office work, chances are you’ve heard of Microsoft Office before, or even use it yourself at home. Just about every establishment uses some sort of text formatting software other than notepad, mostly Microsoft Word, same goes for Excel. As you probably already know, spreadsheets and Excel go hand in hand, and spreadsheets are a common method of storing data in businesses. Be it customer info, upcoming tasks, or stock levels, they have been doing a good job for many a year. In order to provide yourself or your staff with the best tools for the job, keeping up with the Microsoft Office releases is very helpful. With the somewhat recent release of Microsoft 365, you are now able to use online versions of the long-running desktop programs you’ve come to love over the years. Powerpoint, Word, Excel, Publisher and many more, now have their own web-based counterparts making them useable on more or less anything which uses a browser. Definitely something worth upgrading for, if you weren’t too sure about it beforehand.


If you happen to work in a team of people, or your company comprises of a few groups which work closely together, sometimes e-mails just are not enough to stay in touch and on top of everything. E-mails are slowly starting to show their age as they are still relatively clunky and “rigid” compared to newer instant messenger clients. Many exist, but one which easily stands out and especially for businesses, is Slack. Slack is a wonderful piece of software which manages to create a workflow like no other. Features such custom channels for discussing specific topics, file uploading, app integration, quick and effective search, voice calls as well as text chat. It really is  as great as it sounds, and best of all, you can start using the free package for as long as you like, and as many people as you like, even now. That’s enough gushing about Slack for now, but it is genuinely a great communication tool and definitely deserves your attention if you want to improve your staff’s workflow.

How to Help Your Employees Get the Most Benefit from Payroll Cards

Although most employees still receive their pay via check or direct deposit, a growing number of employers are offering an additional option: A payroll card. Payroll cards work like debit cards, giving employees immediate access to their pay without needing a bank account.

Payroll cards offer some significant advantages to both employers and their workers. In general, payroll cards cost less than other forms of payment, saving companies money. Employees enjoy the quick access to their earnings and the freedom to make purchases, transfer money and withdraw cash as needed without having to maintain a checking account or go through a credit check to get a bank card. With a service like Bank of America CashPay, your employees enjoy a great deal of flexibility in how they manage their money.

However, before you implement a payroll card program, there are some things you need to do to ensure that your employees get the most from the service and that you stay within the boundaries of the law. Even with all of the benefits of a payroll card, there are some guidelines to follow, or else you could face some stiff penalties. With that in mind, here’s how you can help your employees get the most from your payroll card program.

Offer Options

In many states, payroll cards can only be offered as an option to employees and not the only way to be paid. Even if your state doesn’t have such a rule, it’s good practice to continue offering other methods of payment, i.e., traditional paychecks or direct deposit. Some of your employees are likely to have existing relationships with a bank and may resent having to use a different card to transfer their pay to the bank.

It’s also important that you choose a payroll card that has plenty of local ATM locations where employees can access their money, ideally without fees. It doesn’t make sense to select a provider that only has one or two ATMs in the area, forcing employees to go out of their way to get cash or else have to pay big fees.

Be Aware of Fees

Some payroll cards come with fees, which may be nominal but can quickly add up. Employees shouldn’t have to pay to access their money, but in some cases, card issuers charge fees for making more than one ATM withdrawal, making purchases online or getting cash back from a purchase. Other cards may charge fees for getting a paper statement, checking balances, declined purchases and withdrawing from out-of-network ATMs.

The problem with fees is that in some cases, they substantially reduce the amount of pay that an employee receives, effectively reducing their hourly wages. Employees have successfully filed claims against employers for this reduction, so the Fair Labor Standards Act requires that employers ensure that employees have free access to their full pay at least once every pay period. In addition, some states have laws relating to fees, including a requirement that employees have a certain number of fee-free transactions per month, so before you choose a payroll card provider, evaluate the fees charged and when.  Also, be certain that you disclose all fees to your employees when they sign up for the card. Most cards do charge some type of fees, but the more you can limit the costs to your employees, the more enthusiastic they will be about the program— and the less likely it is that you will land in hot water.

Provide Education

When you offer payroll cards to your employees, it’s a good practice to provide education for them on how to best use the cards and keep them safe. Because payroll cards are debit cards, like any other bank-issued cards, they are at risk of being stolen, so employees should know how to secure their card and use it safely. Offer information and training sessions on best practices in card security and inform your employees about how they can prevent their pay from being stolen. Some topics you might cover include creating PINs, shopping online safely and how to get cash safely.

Payroll cards are appealing to both employers and employees for many reasons, but they need to be handled appropriately, or they could prove costly to everyone. By giving your employees to tools they need to use them to their full benefit, everyone will be more satisfied.