Cryptocurrency and your Small Business

Cryptocurrency. Sounds like a Robot movie starring Will Smith in the year 2056. But it’s not- it’s been going on for years now- but recently the popularity of cryptocurrency has skyrocketed!

Cryptocurrency is a digital currency or asset that relies on encryption technology to transfer value over…the Internet. You may have heard about Bitcoin, Litecoin, Ethereum, Monero, these cryptocurrencies operate independently of a banking system and can be used in many counties as a store or exchange of value.

This type of currency represents a new way of small businesses to perform monetary transactions- it can affect the type of way a business accepts customer payments or how the way a business pays vendors.

Here are some ways your small business can benefit from using cryptocurrency as a form of payment:

  1. No processing fees: Companies such as Paypal or Stripe charge a fee..however since there is no intermediary, cryptocurrency doesn’t.
  2. High transaction speed: Happening in near real-time, cryptocurrency can be quick in your –virtual- pocket in less than a blink of an eye! Cryptocurrency such as Litecoin and Ethereum verifies transactions in as little as 20 seconds. This form is a lot quicker than the usual 2-3 days it takes for a credit card transaction to clear.
  3. All transactions are final: There is no way for a consumer to dispute a charge or negate a sale. Merchants have the advantage to better control their return policies and it removes the risk of chargebacks.
  4. More payment options for your customer: With adding an extra payment option you increase a wider customer base.

Looking for funding? Apply here.

 

Top 5 Bookkeeping tips

When you are a small business owner, there are some vital things that are the backbone to your business…such as bookkeeping. When you bookkeep right, you understand your financial records and you can manage debits/deposits. Without proper bookkeeping of all of your business finances- you can easily end up bankrupt or in massive debt.

1) Keep notes of ALL of your financial records…and always back them up!

It is important to ensure that all of your financial documents that are used in day to day business transactions are well kept for future reference. This helps when you have to do taxes and it also establishes a good financial ground for your business when it potentially expands. Also, it is important to keep copies of your financial records- just incase if one goes missing or gets by accidentally destroyed.

2) Separate Receivable Payments from Borrowed Loans

Unfortunately one of the leading causes of business failure ise poor management of the company’s financials. Mixing of funds deposited by clients together with the funds that businesses have borrowed might lead to confusion and later turn into a financial crisis. Organization is key! Yalber advises to have the right bookkeeping software that allows you to keep records of income and borrowed funds separately for easy and quick follow-ups whenever needed.

3) Set aside weekly time to review your books

With reviewing your books on a weekly basis,  it will help you keep updated about the state of our business. With doing this, you will be able to manage your cash flow and get to know your weekly expenses and be informed of your current invoices.

4) Don’t wait till the end of the year to talk to your accountant

Find a good advisor that you trust and make it a point to be in contact with your accountant regularly, not just at the end of the year. Doing so will make sure that if you have any bookkeeping issues, it will be caught in a timely manner…not at the last minute.  Also this helps to know that you are in the right financial track with your business.

5) Understanding Debit and Credit

Yes, yes of course you know what debit and credits are. But its important to stress how essential it is to understand the notion of balancing when it comes towards the accounting of your bookkeeping. Every transaction your business makes, has a debit and credit.  When you are using an accounting software, recording transactions are easy .But when you are doing this in Excel – it can be easy to make a mistake…make sure that you record both debit and credit.

Rule of Thumb:

A debit means:

  •   Increasing an asset or expense account; and
  •   Decreasing a liability, equity or income account.

Credit is the opposite. It means:

  •   Increasing a liability, equity or income account; and

Decreasing an asset or expense account.

 

Looking for funding? Apply here.

Purchase Order Financing: Funding without the Hassle

We at Yalber, are highly determined in making business financing simple and easy for our loyal customers. We are passionate to making sure our customers have a positive and streamline funding experience. We don’t only offer MCA funding,we also offer Purchase Order Financing.

What is P.O financing you ask?

It is a funding option for business owners that need cash to fill single or multiple customer orders. Cash flow problems do exist for many business owners- and Yalber is here to help.  There will be times when there is not enough money to cover expenses in a business. For an example, an owner of a kitchen appliance store may get more demand for a heavy duty oven they have…than supply. If they turn down orders- they can lose revenue, quickly.  It can also tarnish reputation and restaurateurs  may go elsewhere for their kitchen needs. To avoid this scenario, it is imperative that businesses find the capital that they need. A Purchase order financing can be a great alternative to traditional funding.

How does it work?

It involves one company paying the supplier of another company, for goods that have been ordered to fulfill a job for a customer. Many Purchase order financing services have way too many requirements to secure their funding. These requirements can also prohibit and limit capital access to new businesses. At Yalber, we put our financial expertise to work. We offer a solution without the hassle and less requirements. We are determined to making sure you never have to stop gaining revenue and your business stays afloat, always….and that is the Yalber way.

Looking for funding? Apply here.

8 Invoicing Mistakes

Invoicing sucks. It can be highly tedious with tons of numbers and something that people may leave to the last minute. But it is absolutely crucial, if you want your business to maintain an organized and positive cash flow.  In order to get compensated for your goods or services on time, there are some mistakes you have to avoid! Capitalize on opportunities and don’t let them slide by!

1) Procrastination

It’s not college anymore. You can’t leave things to the last minute. The best time to sent out an invoice is immediately following the completion of a sale.

2) Having unclear terms

When writing out an invoice, avoid using vague language. If you want the client to pay the invoice in a timely manner- make sure that you include a clearly state item description, prices and quantities.

3) Not itemizing services

Some clients require a detailed and itemize service breakdown. For many customers it can be a matter of procedure and helps tracking, recording and reporting expenses.

4) Poor formatting or editing

 Always make sure that your invoice looks super tidy as the button down white shirt you are wearing. Spelling errors, incorrect dollar amounts and generic formatting can make your business look unprofessional. It can also prevent you from receiving correct payments on time. Always make sure you double check and proofread your invoices- so you can catch them before they are sent out.

5) Not understanding invoice factoring

Invoice factoring is a popular option when you need funding fast. In a nutshell, it is an option that you can sell unpaid invoices to an invoice factoring company for cash–*hint* YALBER OFFERS THIS*

6) Not branding your invoices

Having a company logo on your invoice can verify it to be an established brand and differentiates you from other invoices that your client’s are receiving. You can also take advantage of this to vamp up your branding opportunity and awareness!

7) Not taking your invoice as a marketing opportunity

Invoices can be a great medium between your company and your customer- to know more about your products.  You can use the invoice as a marketing tool- this can have a positive affect and increase your revenue! When you send out an invoice, try including marketing materials such as newsletters or promotional flyers.

 

8) Sending an invoice with hidden charges

This is a massive no-no. Transparency is key to any business-to-business relationship. When sending an invoice, each charge should match the terms and expectations as agreed upon by both parties.

Bottom-line: Avoid these common mistakes businesses make when they send out invoices- as a business owner you should always strive for a streamlined transaction process. Cash flow is critical to managing day-to-day operations and is key to maintain a stable organizational structure.

 

What mistakes do you think are also important to address?

Please comment below – we would love to hear what the rest of the business community is saying!

 

Looking for funding? Apply here.

Top 5 Entrepreneur Resolutions for 2018

Your goal for 2018 should be to accomplish all of the goals in 2017, which you should have done in 2016 because you made a promise to yourself in 2015 and planned in 2014….Stop waiting and start doing! Let Yalber be the solution to your resolution!

1) If a product fails, call it Beta Version

Never give up on your entrepreneurship dreams. If you feel like something is not going your way, take it as a valuable lesson and grow from it. Regardless if you are going through a rough patch or experiencing substantial growth, always remember why you became an entrepreneur in the first place. Allow 2018 to help you grow and remember why you have embarked on creating a difference in the business world.

2) New Year. New Web

If your business website is older than a fine aged wine- it may be time to update it.  Evaluate the usability and user experience of your website- meaning the colors, images, content copy, page layouts..etc. As time changes, websites should go with it too. It is important that websites maintain modernity and is easy for users to navigate. Furthermore with this change, it may have also a positive effect on your digital marketing strategies.

3) Keep on Learning

Read all about the latest trends that are going on in your industry and how you can take advantage of it. Furthermore, take benefit of major industry events. A big success in business is to absorb the knowledge around you.

4) Financial Statements Don’t Read Themselves

Commit yourself in understanding your finances more. Many business owners are too busy to check or don’t understand their financial statements- so they bypass them straight to a bookkeeper, CFO or accounting professional. Make a commitment to yourself to learn what the balance sheets mean to your business.

5) Keep Growing your Business with Confidence

The founder of the Virgin Group, Richard Branson says When employees tell you about their good ideas for the business, don’t limit your response to asking questions, taking notes and following up. If you can, ask those people to lead their projects and take responsibility for them. From those experiences, they will then have built the confidence to take on more and you can take a further step back.  Stepping back frees the founder to focus on the bigger picture — to dive in when there are problems or to help close a deal. This is how I manage our diversified group: I am not involved in the daily business of any Virgin company, unless I need to be.”  Teamwork certainty does make the dream work.

Bottom Line: Let your New Year’s Resolution be 1080p. Concentrate on ways to constantly make your business brighter and stronger. Yalber is here to help you achieve your business dreams- our business representatives are happy to help you with any questions you may have.

 

3 Ways AI Can help your Business

When you think Artificial Intelligence, you may think of  a Will Smith movie where he fights off robots or a robot who does your roommates dishes. But also AI can be a solution to many everyday business problems.

What is AI? Artificial Intelligence is a simulation of human behavior in computers (sounds so 2080 doesn’t it?). It is not the Matrix or the future, it is the technology of today.

Technology is racing ahead faster than ever before!-or faster than Usain Bolt’s Olympic debut race time. With more technology advances in the realm of Artificial Intelligence, it increases the possibilities for what we can accomplish without human intervention. If you are a small business owner, you may want to take advantage of some of these advances- they can make a big impact on the way you drive sales!

 

1) ChatBots = Extra Support for Customer Service on your Website

Having a ChatBot on your website for customer service/ support is deemed highly beneficial. AI is helping ChatBots get better at recognizing what are customer wants and needs. It is important to think of it as another user interface for customers to interact with your company. ChatBots are also useful for obtaining specific customer information without digging for it. Think about your most commonly asked questions from your customers-for an example- “How late are you open?”, “Do you have this item in stock?”, “Where is your location”…etc. These kind of calls can eat up a good portion of your customer service care- even if they are easy to field. If your ChatBot has the info it needs to answer your commonly-asked questions, your company can save a lot of time. Which also means it reduces the friction for customers, allowing them to quickly find what they want and making that decision to buy easier.

 

2) VA…Virtual Assistant

AI is ever-evolving to making your life easier and with less hassle. If you are a business owner- you wear multiple hats and sometimes it may be difficult to stay organized. When you have an average of 150 different emails every single day- it is easy for important emails to slip through the cracks. AI provides an alternative solution to having 10 different color post-its and an angry client who thinks you are ignoring them…a virtual assistant.  These assistants need more instructions but they can easily be used to help chase down people for meetings, follow up on important emails and help you stay on track.

 

3) AI for Accounting (AcoBots)

Automating things that are tedious and repetitive can be a beneficial thing for your finance team. It can free up time for them to focus more of their energy on strategic thinking. AcoBots help you keep track of your bookkeeping to generate helpful insights that can help you create valuable decisions for your company.

 

Bottomline:  AI is there to help you and take away some of your stresses in your businesses.

GET FUNDING
X