A new study sponsored by Concur shows almost half of small and midsized businesses (SMBs) are living with accounts payable (AP) mistakes even though they know there’s a way to avoid them. This statistic reminds me of stories we hear from our customers before they adopt automated AP solutions. For example, ThreeBridge’s Director of Finance Blake Kloeckner, a customer of ours, told us the company had a paper-based AP system that “was very cumbersome…and because it was so manual, it often led to a lot of mistakes.”
The original concept behind lending circles, a situation whereby people pool their resources and then share that pot with a needy member, is similar to the socialistic approach of an Israeli kibbutz. According to Wikipedia, a kibbutz is a collective community comprised of members who provide a service to other members of the collective for the greater good of the group.
For small business owners, a solid business credit score is vital to securing the loans needed to expand. Yet, as a recent Manta survey revealed, the significant majority of small business owners don’t know their company’s credit score. In a business climate where having a bad credit score can actively impede growth, it’s imperative for small business owners to know the basics of business credit—and how to build it.
If the Federal Reserve approves a rate hike, and experts believe they will, it will mean good things for small business, reports Forbes. While it does mean the cost of a loan will go up, it also means that banks make more money on the loan, which encourages them to lend more.