SMALL BUSINESS ADVICE

XO Accounting's fast payment tips for small businesses

XO Accounting | September 29, 2021

Owning a small business, while mostly exciting, can be challenging - especially when invoices aren't being paid on time or clients are simply slow to pay what they owe. XO Accounting, a premier Xero accountant, explains how small businesses can optimise their invoices and get paid faster.

The first step to getting an invoice paid :
as quickly as possible is by making the invoice appear professional, says XO Accounting. This involves using professional fonts, brand colours and polished styling. Most modern accounting software contains features that allow businesses to create invoice templates, which saves business owners from having to re-create the same invoice from scratch every single time.

XO Accounting advises business owners to clearly label their invoices:
Display the words 'invoice' or 'tax invoice' at the top of the document and ensure the business' logo is clearly visible. If need be, also include a unique identification number for recording and organisation purposes.

Each invoice should include the following company and client information:
the business' name, address and contact details; the customer or client's name, contact number and address; the business' registered office address and ABN. The invoice should also have a clear description of the products or services provided to the customer. This helps both the payer and the payee keep track of what the exact payments required are. XO Accounting reminds businesses to also indicate the quantity and price of the services or products.

For legal purposes as well as for clarification for the client, XO Accounting recommends businesses note the terms of payment on the invoice. Most likely, these terms will have already been agreed upon with the customer - however, it never hurts to put it in writing and remind the customer to avoid confusion or dispute. The invoice should note how exactly the customer can make payment by including bank details, BPay biller information or other payment information.

About XO Accounting
XO Accounting assures business owners that by perfecting their invoices, clients are more likely to pay them faster and on time. As the premier Xero accountant Melbourne-wide, XO Accounting provides business owners with the knowledge and tools to get the most out of their businesses.

Spotlight

Impact relies on four fundamentals: 1 accelerator, 2 ecosystems, 10 weeks of immersion in the United States and no equity participation in sponsored startups. 12 startups will be selected for the 1st Impact 2018 promotion, which will run from April to June 2018. 7 will be based on the San Francisco (Silicon Valley) and 5 on the New York (Silicon Alley) campuses, with the same ambition: to achieve in ten weeks what they would have achieved alone in one year.


Other News
FINANCE, BUSINESS STRATEGY

Counterpart Launches AI-Powered Crime Coverage For Small Businesses Backed by Aspen Insurance

Counterpart | September 16, 2022

Counterpart, the AI-driven management liability insurtech for small businesses, today announced the launch of Crime insurance. The policy can be purchased on a standalone basis or packaged with its existing Directors & Officers, Employment Practices, and Fiduciary insurance lines. Backed by Aspen, the Crime insurance expansion reinforces Counterpart’s commitment to using its cutting-edge technology to address critical exposures of small businesses.Employee theft costs businesses $50 billion annually, and costs are rising at a rate of 15% per year, according to the U.S Department of Commerce. The new offering helps identify employee theft and social engineering perils by utilizing Counterpart’s proprietary machine learning-based underwriting system, which includes employee sentiment analysis, as well as proactive risk mitigation guidelines. “Small businesses often lack the internal auditing and risk management capabilities of larger businesses, which can make them more susceptible to Crime risk. Our extensive underwriting experience, proprietary data infrastructure, and increased market presence have enabled us to craft a Crime product that complements our existing insurance lines,We are grateful for the continued support of the well-respected team at Aspen, along with many of our broker partners, who have helped us develop a very competitive product.” Mike Levins, Head of Insurance at Counterpart Crime insurance is available for small businesses with less than 250 employees and less than $100 million in revenue and total assets through Counterpart’s wholesale broker partners. “Counterpart continues to impress CRC Group and the brokerage community with its effective and efficient quoting and binding tools. Now, with their Crime capabilities, we can rely on Counterpart as a one-stop shop for comprehensive management liability coverage for our valued Insureds,” said Dan Lazarz, Director, CRC - ExecPro Group. “Counterpart has established an impressive track record of innovation,” said Zac Clammer, Executive Vice President, Management Liability at Aspen. “We are pleased to continue developing our partnerships with Counterpart across the growing portfolio of excess and primary small business insurance products that we are bringing to market.” Small businesses should contact their broker about Counterpart insurance coverage and can learn more about Counterpart’s products and services by visiting: yourcounterpart.com About Counterpart Counterpart is an AI-driven management liability insurance solution for the 21st century workplace. The company offers modern Directors & Officers, Employment Practices, Excess and Fiduciary products for small businesses. Through data mining and advanced analytics, the company's rating systems measure risk more efficiently while requiring less information from the broker and applicant. Counterpart’s distinctive approach to underwriting is complemented by a suite of products and services that help brokers and insureds proactively manage exposures throughout the term of the policy. For more information, visit yourcounterpart.com About Aspen Insurance Holdings Limited Aspen provides insurance and reinsurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom, and the United States. For the year ended December 31, 2021, Aspen reported $13.8 billion in total assets, $7.6 billion in gross reserves, $2.8 billion in total shareholders’ equity, and $3.9 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A-” (Strong) by Standard & Poor’s Financial Services LLC and an “A” (“Excellent”) by A.M. Best Company Inc.

Read More

MARKETING AND NETWORKING

Wrapmate makes it easier for franchises to brand their vehicles

Wrapmate | September 29, 2022

Wrapmate is excited to announce that it's bringing its vast network of over 1,400 vehicle graphics professionals to franchisors nationwide in an all-new product offering for franchises to receive vehicle wraps for all their company vehicles across all U.S. markets. Now, franchisors nationwide can wrap anywhere from one to 10,000 vehicles quickly and efficiently, in every major market.Wrapmate's Franchise Wraps and Graphics Program meets franchises where they're at with an out-of-the-box solution to handle all things graphics. Entrepreneurs enter the franchise business with the expectations of marketing and operations already being pre-set and on autopilot. Franchises can now have their mind at ease knowing that wrapping franchisee vehicles is just as easy. The core components of Wrapmate's turnkey program provides all U.S.-based franchisors with flexible pricing, branding consistency, standardized logistics and nationwide installation coverage for wraps & graphics on any vehicle type or quantity. Wrapmate's flexible pricing structure ensures zero costs are charged to the corporate entity, including no setup costs or monthly management fees. Franchisors are simply responsible for sharing the vehicle graphics program to their franchisees, and Wrapmate handles everything else. Franchisors not only benefit from beautiful vehicle branding and endless marketing value, but a promising strategy for fueling additional growth across current and new franchisee markets. Included in the program comes a ready-to-use ordering platform where franchisees can visit a co-branded website to choose their vehicle, graphic size, creative theme and then instantly place an order for new vehicle graphics. Wrapmate can also facilitate other large format printing and installation like window signage, wall murals and floor graphics at any or all franchisee locations. "We are beyond excited to provide franchisors across all U.S. markets with the effortless ability to offer wraps and graphic products to their franchisees, no matter where they are located, Thanks to Wrapmate's logistical prowess behind-the-scenes, we can ensure color consistency, branding perfection and flawless installation across every single franchisee's wrap project." Javier Lozano Jr., Chief Marketing Officer of Wrapmate Jeremy Seiley, a franchisee of That 1 Painter based in Houston, Texas, says, Working with Wrapmate to put wraps on both my franchise vehicles has been incredibly simple and streamlined. Since getting my wraps completed, I literally have potential customers approaching my vehicles on a daily basis asking for price quotes and it's grown my sales pipeline substantially. Franchisees, in many cases small business owners, are generally not familiar with how onsite and offsite graphics have a very positive impact on the business growth, nor do they know where to go to get these solutions. A one stop shop for graphics, facilitates the adoption of 3M trusted graphic solutions in this market segment, hence continuing to grow the overall graphics industry, shares Carolina Bautista-Brown, 3M Segment Marketing Senior Manager. About Wrapmate Wrapmate is an all-in-one digital platform for business owners and consumers to get their vehicle wraps & graphics projects designed, produced and installed in any city across the U.S. Utilizing Wrapmate's advanced technologies, customers can visualize, purchase and even finance their vehicle graphics in the simplest way possible. Additionally, Wrapmate supports a nationwide network of over 1,400 vetted graphic professionals known as Wrapmate Pros, providing them with local customer projects and solutions to grow their business. To learn more, visit wrapmate.com. About 3M 3M believes science helps create a brighter world for everyone. By unlocking the power of people, ideas and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Learn how we're working to improve lives and make what's

Read More

FINANCE, SMALL BUSINESS ADVICE

TriNet Announces Enrich Learn™, Tax Optimized Education Assistance Program for Small and Medium-Size Businesses

TriNet | September 15, 2022

TriNet, a leading provider of comprehensive human resources for small and medium-size businesses (SMBs), today announced at TriNet PeopleForce the launch of Enrich Learn™, the newest benefit product offering from its recently launched Enrich product line. Enrich Learn will offer tax-optimized reimbursements for expenses by SMB employees to advance their education. Like the other Enrich products, Enrich Learn is a turn-key solution for benefits sponsored by the SMB. Enrich Learn will be available to all of TriNet's 23,000 SMB customers starting next month. The previously announced product releases include Enrich Access, which allows for TriNet customers to offer tax-optimized travel reimbursements for medical care, and Enrich Adopt, which offers reimbursements for expenses incurred during the adoption process."Our Enrich product line is designed to allow SMBs to make choices in benefit offerings that are right for their company. SMB leaders recognize that the benefits they offer speak to the culture that they are building," said Burton M. Goldfield, President and CEO of TriNet. "It's just one more way TriNet seeks to fulfill its mission to power the success of SMBs by supporting their growth and enabling their people." "TriNet believes that the benefits offered by the Enrich product line are essential to attract and retain the talent that many of our customers need to innovate and grow, Education is a key factor in job advancement and satisfaction, so we expect Enrich Learn to be a particularly effective way for our clients to expand their benefit offerings." Samantha Wellington, TriNet's Executive Vice President, Business Affairs, Chief Legal Officer, and Secretary For all of the Enrich product offerings, TriNet will administer the benefit for the customer and manage all reimbursements and compliance requirements. For more information on this groundbreaking new product line from TriNet, please visit: Employee Benefit Plans | Comprehensive Benefits Packages | TriNet About TriNet       TriNet provides small and medium-size businesses (SMBs) with full-service HR solutions tailored by industry. To free SMBs from HR complexities, TriNet offers access to human capital expertise, benefits, risk mitigation and compliance, payroll, all enabled by industry leading technology capabilities. TriNet's suite of products also includes services and software-based solutions to help streamline workflows by connecting HR, Benefits, Employee Engagement, Payroll and Time & Attendance. From Main Street to Wall Street, TriNet empowers SMBs to focus on what matters most—growing their business and enabling their people.

Read More

SMALL BUSINESS ADVICE

Outreach Team Selected to Support Local Small Businesses

Community Business Connector | October 07, 2022

The Seattle Metropolitan Chamber of Commerce, the Port of Seattle, and King County announced today that seven community organizations would serve local small businesses through the Community Business Connector (CBC) program These organizations, identified as Connectors, will serve small businesses in five geographic hubs in King County through a targeted outreach program. Connectors will provide access to available business resources to help them sustain and grow their enterprises. A review panel selected the Connector finalist following a competitive application process. Seven connectors, in the first phase of this pilot program, will ease the way for small businesses across King County to connect with advisors and access resources for business recovery. Connectors will receive a one-time funding award from $30,000 to $40,000 over 12 months as part of the pilot program. Those selected include the following. Lake City Collective OneEastside Spark Growing Contigo, LLC International Rescue Committee Indian American Community Services Kent Chamber of Commerce SnoValley Chamber The Chamber's team of Connectors utilizes an online ticket system to connect with business owners directly. Connectors provide referral options to lenders, small business development centers, and other helpful resources. The Port of Seattle invested $650,000 in community-based partnerships to open doors for ethnic businesses that anchor our communities and neighborhoods, Port of Seattle Commissioner Hamdi Mohamed. "Helping small companies tap resources is vital as the region grows amid uncertain economic conditions locally and globally. Connectors will make the region's small business support ecosystem more accommodating and inclusive by building relationships with businesses facing challenges due to linguistic, cultural, and geographic barriers. "Companies owned by people of color, and those based in rural communities have faced higher barriers to accessing capital, receiving state and local relief funding, and pivoting to online sales ,We are committing $500,000 from King County COVID-19 Local Recovery Funds to ensure that small businesses throughout King County can get the direct support and resources they need " Seattle Metro Chamber CEO Rachel Smith

Read More

Spotlight

Impact relies on four fundamentals: 1 accelerator, 2 ecosystems, 10 weeks of immersion in the United States and no equity participation in sponsored startups. 12 startups will be selected for the 1st Impact 2018 promotion, which will run from April to June 2018. 7 will be based on the San Francisco (Silicon Valley) and 5 on the New York (Silicon Alley) campuses, with the same ambition: to achieve in ten weeks what they would have achieved alone in one year.

Resources