There's no doubt that COVID-19 has had a significant impact on small businesses. But contrary to what you may think, now can actually be the perfect time to start a new business. Armed with the right tools, you can start down the path from business idea to successful startup. Follow our 16-week series to gain all the insights you need to Start a New Business Now.
Here’s a sneak peek at what you’ll learn in Chapter 12.
Payments are integral to your startup, both making them and receiving them, so you need to develop systems that make it easy to track and pay your bills as well as accept payments from customers. On the surface, payments seem straightforward, but once you dig in, you’ll need to answer several questions about making and receiving payments.
- Who do you need to pay, and when?
- What are the best payment options for startups?
- How will you collect payments from customers?
- What are the best payment processing options for startups?
- What are your legal obligations, and how will you comply?
- How will you track payments?
In Chapter 12 of How to Start a Business Now, you’ll learn the nuances of making and receiving payments, how to track them and how to comply with the law so your startup can operate efficiently, profitably and legally. This eBook covers:
No business is too small for payroll, especially since it can have favorable tax implications for even sole proprietors. But first, you need to understand:
- Payroll challenges such as time tracking, taxes, withholding, documentation and legal compliance, and how to meet those challenges
- The differences between startup payroll management options such as DIY, in-house staff and outsourced payroll. See which is most cost-effective for small businesses
- Payroll options in a new normal and the benefits they offer to both employees and employers, including same day pay and pay cards
- How much workers’ compensation insurance costs
In addition to employees, you’ll likely need to pay various vendors.
- Learn about common startup vendors you might need to pay
- Compare different vendor payment methods to identify which is best for your business
- Find out how COVID-19 has impacted B2B suppliers, and how that might affect your startup
You have multiple options for submitting payments to employees and vendors. Leverage the information in Chapter 12 to identify which is best for your startup.
- Compare ACH, wire transfers, paper checks and eChecks and learn the benefits and drawbacks to each
- Find out which payment methods offer the lowest costs
- See which payment methods are the fastest and most efficient
As a new entrepreneur, you should familiarize with tax laws to maintain compliance, file on time and avoid costly penalties and fines. In Chapter 12 of How to Start a Business Now, you’ll learn:
- Why it’s critical to separate your personal and business finances, and how to do it
- What taxes your business needs to pay, including federal, state and local taxes
- What documents you’ll need to retain for tax time
- Common tax write-offs, deductions and credits that can reduce your tax burden
- Special COVID-19 small business tax implications that can impact your startup
How to get paid
Once you’ve learned about making payments, we’ll move on to the fun part: getting paid. Chapter 12 of How to Start a Business Now covers:
Point of Sale (POS) systems
POS systems enable you to capture customer payments. It’s important to choose the right POS system for your business model so you can accommodate customer needs.
- Discover the different types of payment methods customers use so you can select a versatile POS system that caters to them
- Find out how POS systems can simplify other aspects of your business with features such as inventory tracking and payroll integration
- Learn about how POS systems can integrate with other software to improve overall efficiency and cut costs by saving manual hours
Online bill pay
More customers are online than ever, so it’s crucial to offer online payment options that make it easy for customers to pay their bills. In Chapter 12, you’ll discover:
- Why online bill pay is suited for both B2C and B2B startups
- How to get paid faster by allowing customers to pay bills from their mobile devices
- Online bill pay benefits such as versatility, speed, automated recurring payments and low operational costs
- Online bill pay setup options to help you identify which is best for your startup
Merchant services enable you to accept credit card payments, but not all merchant services are created equal. It’s important to compare options to get the best deal for your business. Chapter 12 of How to Start a Business Now can help by showing you:
- Different types of merchant service fees and how they are assessed
- How to compare merchant service fees and features to make the right choice for your startup
- Why it’s critical to accept credit cards in today’s economic climate (hint: 80% of people prefer using credit cards over cash)
- How merchant services can keep customers and employees safe during a pandemic with contactless payments and mobile solutions
Accounts payable and receivable
Once you’ve identified how you will make and accept payments, you need a system to keep track of everything: accounts payable and accounts receivable. Read Chapter 12 of How to Start a Business Now to:
- Gain insight into the different functions of accounts payable and accounts receivable
- See the difference in how small businesses handle accounts payable and receivable, compared to large businesses
- Compare A/P and A/R management options for your startup: DIY, in-house staff and outsourced solutions, including which is most cost effective for small business
Paying and getting paid – and how you manage them – are fundamental to startup success. Don’t put these processes off until you’re profitable; instead, develop a strong system now to streamline your business, maximize efficiency, maintain compliance and enhance profitability. Doing so will make it easy to manage payments as your business grows. Find out everything you need to know about making payments and getting paid in Chapter 12 of How to Start a Business Now. START TODAY.
Toolkit: Coronavirus (COVID-19)
Stay up-to-date on ways to advance your business during the outbreak.
Subscribe to the Toolkit
Get tips to keep you, your employees and your business going
Keep your business moving forward
Blog Small Business
There’s never been a better time to start a business. COVID-19 has created opportunities in new markets and the eBook How to Start a Business Now, guides you through all the steps necessary to ensure your businesses success.
Blog Small Business
Creating an employee recognition program can reduce employee turnover, increase community in your small business and increase overall engagement in your workforce.
Blog Small Business
Reopening your business safely can be easy as having a solid plan. Learn how to ensure safety and reduce risk.