TECHNOLOGY

NumberSquad Launches Docuport App for Accounting Firms

NumberSquare | February 09, 2022

NumberSquad Inc. launched the Docuport App to streamline document management, workflow processes, and provide a centralized location for everything. NumberSquad is an online accounting firm that works with small businesses. NumberSquad streamlines small business accounting and taxes by integrating Docuport with other financial tools and tax software.

Clients can benefit from the automated management of their business finances and taxes. This software enables clients to effortlessly access and manage their financial data. Clients may monitor important financial indicators with the help of this simple financial dashboard. Docuport is a one-stop-shop for small company bookkeeping, payroll, and taxes, all accessible via a single app.

The online accounting company utilizes online resources to assist small businesses in Fairfax, VA, Washington, DC, and around the United States. NumberSquad is committed to making a positive impact on the accounting business.

"We are working diligently and focused on making a noticeable change in the accounting industry by creating a financial platform that makes small business accounting convenient and at the same time, attracts talent in our industry."

Founder, Giundiuz Osmanov

The Docuport app is available for download through the NumberSquare website, as well as via the Android and Apple app stores.

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The National Federation of Independent Business is the leading small business association representing small and independent businesses.


Other News
FINANCE

Wells Fargo Expands Adoption of nCino to Transform Small Business Banking Experience

nCino | April 01, 2022

nCino, Inc., a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that Wells Fargo & Company will expand its use of the nCino Bank Operating System® to accelerate digital transformation within its Consumer and Small Business Banking division to deliver a premier, cutting-edge technology experience. Previously, Wells Fargo selected nCino as the technological foundation to transform its commercial lending operations. “The pandemic has certainly changed the way our customers want to work with us,” said Derek Ellington, Head of Small Business Banking at Wells Fargo. “Providing more access to digital banking options that are fast, safe and convenient is important and has spurred additional investments in technology. Collaborating with nCino is expected to provide our customers with a more streamlined lending experience, reducing the sometimes tedious back and forth that sometimes occurs when applying for and obtaining a loan, and it provides our employees a single view of each customer, making the end-to-end lending experience quicker and more efficient.” For Wells Fargo, a leading financial services company that proudly serves one in three U.S. households and more than 10% of small businesses in the U.S. and is the leading middle market banking provider in the U.S., a key component to its digital transformation strategy was selecting an end-to-end, flexible, cloud-native platform that could scale as the business required. As small business owners increasingly seek quicker access to capital, as well as digital experiences without having to visit a branch, nCino's Small Business Banking Solution offers a single platform to streamline the entire lending process for origination, underwriting and portfolio management. “We’re incredibly proud to expand our relationship with Wells Fargo two quarters after they first selected nCino to transform their commercial lending operations. Wells Fargo clearly sees the value of the cloud as an enabler in their continued evolution and transformation, and we are confident our best-in-class cloud platform will help drive additional efficiencies and unlock even more value for their employees and small business clients.” Pierre Naudé, CEO of nCino About nCino nCino is the worldwide leader in cloud banking. The nCino Bank Operating System® empowers financial institutions with scalable technology to help them achieve revenue growth, greater efficiency, cost savings and regulatory compliance. In a digital-first world, nCino's single cloud-based platform enhances the employee and client experience to enable financial institutions to more effectively onboard clients, make loans and manage the entire loan life cycle, and open deposit and other accounts across lines of business and channels. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,750 financial institutions of all types and sizes on a global basis. About Wells Fargo Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.

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FINANCE

BayFirst Financial Corp. Launches LoanBud, a Nationwide Lender Focused on Serving the Self-Employed

LoanBud | April 21, 2022

BayFirst Financial Corp. announced that First Home Bank (d/b/a BayFirst Bank), its wholly-owned subsidiary, has launched LoanBud, a lending division designed specifically to serve self-employed homebuyers and small business owners across the U.S. LoanBud provides the option to qualify for a mortgage loan without tax returns and underwrites each self-employed borrower's income before providing a pre-approval letter. LoanBud also offers government-backed Small Business Administration (SBA) loans up to $5 million – making it a one-stop shop for entrepreneurs, freelancers and business owners looking to get the home and business financing they require. This division is the first of its kind for the Bank as it combines both residential and small business lending services, creating synergy between two typically separate lines of business. “As a nationwide lender focused on assisting those facing unnecessary challenges in their pursuit of financing, we are proud to now provide a comprehensive solution for self-employed individuals looking to buy a home or grow their business,” said Anthony N. Leo, CEO of BayFirst. “When it comes to residential mortgages, lenders don't thoroughly review self-employment income documentation up front and many self-employed homebuyers who receive a pre-approval letter are later denied a mortgage. As the future of work changes, more homebuyers are being impacted by lenders who base mortgage approval on tax returns only. LoanBud is proud to serve as a residential mortgage lender that gives self-employed homebuyers the tools and resources to make smart homebuying decisions and secure a mortgage, while also supporting their businesses through SBA lending.” More than one in three workers, 53 million people, are part of America’s independent workforce, according to a study from UpWork. In a new survey from LoanBud conducted by Pollfish, 53% of self-employed home buyers reported having trouble securing mortgage approval because of tax return requirements, with 63% saying they wished lenders offered additional qualification options. In addition, half of the survey respondents received pre-approval from a lender based on self-employment income information that was later denied. “LoanBud is solving two major problems for self-employed homebuyers seeking a mortgage. First, we offer the option to qualify using bank statements or 1099s instead of tax returns. Second, whether they use tax returns or alternative documentation, we underwrite each applicant’s income up front, giving our customers confidence that their loan will close once they find a home to purchase.” Burke Purcell, Director of LoanBud Business owners, freelancers and entrepreneurs face unique challenges seeking approval for a home loan because most banks still qualify people based on the net income reported on tax returns after deductions and write-offs. LoanBud offers more mortgage options, including qualifying using bank statements or 1099s instead of tax returns. Its lenders are trained to understand the income of self-employed borrowers seeking assistance with buying a home or obtaining a small business loan, saving them time and money. The launch of LoanBud further solidifies First Home Bank’s commitment to serving every member of the community as it positions the Bank to better support a wide range – and growing number – of self-employed professionals who might otherwise be denied access to the capital they need to realize the dream of home and business ownership. About LoanBud LoanBud is a division of First Home Bank. LoanBud’s mission is to become the number one lender in the country for self-employed people by providing mortgages and SBA-backed loans to entrepreneurs, freelancers, and small business owners. About BayFirst Financial Corp. BayFirst Financial Corp. (f/k/a First Home Bancorp, Inc.) is a registered bank holding company which commenced operations on September 1, 2000. Its primary source of income is from its wholly owned subsidiary, First Home Bank d/b/a BayFirst Bank, which commenced business operations on February 12, 1999. First Home Bank is a Federal Reserve member and a state-chartered banking institution. The Bank operates seven full-service office locations, 23 mortgage loan production offices and is in the top 25 by dollar volume and by number of units originated nationwide through the second quarter ended March 31, 2022, of SBA's 2022 fiscal year. BayFirst Financial Corp., through the Bank, offers a broad range of commercial and consumer banking services including various types of deposit accounts and loans for businesses and individuals. As of December 31, 2021, BayFirst Financial Corp. had $917.10 million in total assets.

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IMPACT

LegalShield’s Enhanced Small Business Service Empowers Aspiring Entrepreneurs at Launch

LegalShield | February 23, 2022

The entrepreneurial spirit is stronger than it has been in decades as more people have decided to create their own business during the pandemic. According to the U.S. Census Bureau, 5.4 million new business applications were filed in 2021, surpassing the 2020 record of 4.4 million. At the same time, small business formation requires a significant amount of legal paperwork which can be difficult to navigate alone. Those seeking to start a small business can greatly benefit from a service that’s affordable and provides personal legal support to help to manage every step of the process. To provide a solution, LegalShield, the leading provider of membership-based legal services and identity theft protection plans, has enhanced its Launch by LegalShield service to simplify the business formation process. From launch phase to growth phase and beyond, professional lawyers seamlessly support and assist aspiring entrepreneurs with all their legal needs. “Starting a business can be stressful and complicated, especially if you’re doing it alone or relying on a DIY solution. LegalShield supports founders every step of the way with a dedicated law firm as they form their business. Let us take care of all the legal details in launching your business, and then support you with a personal and business legal plan for 90 days so you can focus on making your dreams become a reality.” Jeff Bell, CEO of PPLSI Launch by LegalShield’s network of provider lawyers and law firms acts as a concierge service and brings value and support to critical business steps including: Entity formation to review and complete the paperwork needed to successfully form an LLC or corporation including protecting personal assets, opening bank accounts, completing contracts, hiring employees, and securing business licenses and permits. Additionally, to understand how the business will be taxed and advise of any legal liabilities that could result in financial ramifications. Business name check to ensure the chosen business name is legally available and doesn’t infringe on other business registrations. Business startup consultation to discuss business goals and form the LLC. Tax ID/Employer Identification Number (EIN) that allows the IRS to recognize the business for tax reporting. An EIN enables access to open bank accounts and apply for credit under the business’ name. Worry-free filing through the designated lawyer who will prepare, review, approve, and submit all necessary paperwork to form the LLC. Registered agent services are available for purchase to those who need to focus on growing the business and need a trusted source to act as the Registered Agent for the business. About LegalShield A trailblazer in the democratization of affordable access to legal advice, counsel, protection, and representation, LegalShield is the world's largest platform for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management company, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to thousands of qualified, trusted attorneys and law firms. About PPLSI A champion of equal access to justice and security, PPLSI has provided individuals, families, businesses, and employers with the tools and services needed to live a just and secure life for 50 years. Under PPLSI, our consumer brand, LegalShield, is disrupting the legal services industry by giving everyone the resources and tools to affordably find their justice. We are transforming the traditional way of receiving legal guidance and services and providing qualified, trusted attorneys and law firms in the palm of your hands. Our security brand, IDShield, specializes in privacy and reputation management and protects your online data and information.

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TECHNOLOGY

Clik2pay Boosts Capabilities with the Launch of Mobile App for Small Businesses

Clik2pay | February 15, 2022

Payment service provider Clik2pay continues to add to its feature set with the launch of the new Clik2pay mobile app. This first-of-its-kind product allows merchants to collect funds from consumers, who can pay easily and securely online directly from their bank accounts. Having found initial success with large businesses, Clik2pay is now opening up this payment functionality to the millions of small businesses and micromerchants operating in Canada. The Clik2pay app is free to download and easy to use. Businesses simply enter their customer’s name, mobile phone number, and amount owed into the Clik2pay app. Clik2pay texts the customer a link - or the business can present a QR code for the customer to scan. The customer completes the transaction directly and securely from their bank account. Because the payment takes place within the customer’s own bank, the transaction is secure and familiar. “The high costs of credit card payments, on top of the economic slowdown caused by the pandemic, is really hurting small business. Card-based mobile apps can cost 3-4% of the sale, require a separate device to read the card and may result in chargebacks to the business. The Clik2pay app helps businesses contain card costs and manage cash flow by providing guaranteed payments in near real-time.” Mike Bradley, Founder and CEO of Clik2pay Clik2pay is a unique online payments service that facilitates bill, invoice and online payments directly and securely from customer bank accounts. Payments are requested easily by text message, e-mail, checkout button or QR code and are processed at a fraction of the cost of other payment types. Clik2pay leverages multiple layers of bank-grade security and the highest standards for risk management by using one of the most secure money transfer services globally. To use the app, businesses register and link their bank account directly in the app and are ready to receive payment in a matter of minutes. Transaction fees are 1% + $1 per transaction, with no hidden charges or extra fees. The Clik2pay app is available for all major mobile phones – at the App Store (Apple) and Google Play Stores. About Clik2pay Clik2pay is first in Canada to deliver real-time payments to businesses directly from customer bank accounts. The company’s focus is to be the best way for Canadian consumers to pay, and for Canadian retailers to be paid. Clik2pay is led by a team with deep business and technology expertise in payments, retail, and digital banking. Clik2pay features for larger businesses include easy-to-use APIs, end-to-end payment tracking, real-time notifications, status updates and a complete settlement file.

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