On the heels of a sweep, the present and future are bleak in Phoenix. Where do the hampered Suns possibly go from here?
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Why is time tracking still a source of stress for employees, supervisors, and management?
There are only two reasons, really. They’re not using time tracking software. Or, they’re using a solution that doesn’t fit with their business.
There is no third reason.
I can say that with total confidence because there are so many good time trackers out there.
Because no one should suffer any longer, I’m going to share the top six time tracking software options on the market today.
Time Doctor has rich monitoring features for employees who are at their computer all day. It’s a full-service time tracker that you can use for payroll and project management software, but it really steps away from the competition by giving managers insight into what their employees are doing.
Once employees download Time Doctor, they create tasks and begin tracking time. Supervisors can see what tasks people are working on, as well as get insight on mouse and keyboard activity.
They may also enable screenshots taken at random intervals to confirm people stay on task.
Website and app monitoring is another really helpful facet of Time Doctor for both users and supervisors. You can quickly generate reports that show exactly how much time each person is spending on a website or application.
For supervisors, reports surface unproductive behaviors. With Time Doctor, you can set automatic alerts when users spend too much time on problematic websites and apps, or block them altogether.
Moreover, users can better understand their work habits and where they are losing time.
There’s a lot more than just monitoring features included with Time Doctor, as it can handle:
Pricing for Time Doctor breaks down as follows:
With people working in the office, remotely, and on the go, managers lose out on a lot of the context that goes into how employees spend their time. The number of minutes worked doesn’t tell the whole story. Time Doctor can help you fill in the gaps, even if the whole office telecommutes.
There is no free version of Time Doctor, but you can sign up for a 14-day free trial.
Clockify is a wonderfully simple solution for time tracking and project management. The free version is generous, and its paid plans are very reasonable.
What I really like about Clockify is how easy it is for users to get a bird’s eye view of their time entries for the day, week, or month.
Once they clock in—which they can do from anywhere—they see a complete list of their time entries.
From there, they can easily check if anything is missing or incorrect. Without having to open a new window, they can edit times and add information or tags to projects. They can also use the time sheet to quickly confirm that everything is correct each week.
The reporting features in Clockify are quite good, bolstered by users’ ability to put so much information into their timesheets.
Administrators can get a real-time view of project budgets and see exactly what each person is working on.
There are many different reporting filters available to slice the data however you like. Get a quick read of how things are progressing for every individual, team, and client.
Clockify is loaded with features to help users stay on track like:
The free version of Clockify allows unlimited tracking, users, projects, and reports. It has all the great viewing and editing capabilities that makes Clockify easy to use.
The paid plans, which are still a bargain, come with features that give administrators more control over who can see what, as well as advanced alerting and reporting features.
Here’s a breakdown of the Clockify pricing:
Integrations with Salesforce, G Suite, Freshbooks, and more than 50 other web apps make it easy to use Clockify for scheduling and payroll.
Shortlist Clockify if you need a budget-friendly time tracking solution with really helpful reporting features.
It’s not at the level of ERP software, for sure, but compared to other time tracking software, Clockify is fairly robust and really easy to navigate.
Toggl Track has a surprisingly feature-rich free forever version. For a freelancer or a consultant, this free time clock software can be used to track and invoice all their billable hours.
It’s an excellent app for personal accountability. To maintain focus, there’s an idle detector, automated reminders, and Pomodoro timer, which may change the way you work forever.
For teams, the paid plans are a little more on the expensive side, but that is because it’s able to collect and report so much information. I especially like Timeline, Toggl Track’s background tracking feature, which records time entries for any app or website you use for more than 10 seconds.
It’s an easy way to see how you’re really spending your time, and you can configure alerts to suggest tracking for specific actions, such as every time you join a certain call.
Automated alerts let you know when projects are nearing their estimated completion or are in danger of running over budget.
You can also automate email reminders for users who aren’t tracking their hours.
Toggl also has a really useful time auditing capability that helps you detect incorrect or unassigned time entries.
Some of the other features that help users save time include:
Some nice features, like time audits and being able to set required fields, are only available with paid subscriptions of Toggl Track.
In addition to the free plan, which is good for up to five users, there are three tiers to choose from:
The appeal of Toggl is that it really helps people hold themselves accountable. Between the automation and the robust monitoring, everyone is reminded of how they are spending their time.
QuickBooks Time is a rebrand of a super popular time tracking software called TSheets. It used to be that TSheets was separate software that had really great integration with the QuickBooks stack–now they are one and the same.
Nothing foundational has changed about TSheets now that it’s QuickBooks Time. It’s still a great choice for employee time tracking, especially if you have many people working in the field.
This is why it’s a favorite for property developers, construction companies, and other field service-oriented businesses. It’s totally fine for shift work and salaries, but the GPS tracking features are where QuickBooks Time shines.
Employees clock in from the mobile app and managers can see exactly where they are in the Who’s Working window.
You can use geofencing to set specific areas for employee clock-in and they can upload pictures and a digital signature to confirm that everything’s done.
The real-time GPS data is also a boon for company coordination.
Quickly figure out who’s closest to the job site for optimal deployments. Any changes to the schedule will trigger alerts to let everyone involved know about the new plan.
Some of the other really handy features include:
QuickBooks Time has dozens of integrations on their App Marketplace. This will make it easy to incorporate your time tracking solution with other tools, even if you aren’t using purely QuickBooks products.
Pricing for QuickBooks Time is very reasonable:
Premium doesn’t have geofencing, digital signatures, and the advanced reporting features, but it has literally everything else.
In terms of a project management app, QuickBooks Time doesn’t let you get too granular, but you’ll be a master of the entire platform within a week. For workers, there’s not a lot of education needed to use it, which makes getting buy-in a lot easier.
Get a free demo of QuickBooks Time.
Tick is project-based time tracking software. It integrates nicely with tools like Trello, Asana, and Basecamp, helping managers keep projects on time and on budget.
In Tick, you create projects made up of tasks. Then, employees select the appropriate project and task, entering time from their desktop, mobile device, or even their Apple Watch.
You can set budgets for individual tasks within Tick, so managers have a better idea of where time is being lost within the larger project.
You can also create recurring projects, which can close at the end of the month and auto-duplicate for the next one. This is great for individuals and companies that use retainers or provide routine services for their clients.
The reporting capabilities in Tick are helpful for budget analysis and forecasting. Searching through data is really easy, by client, employee, project, or billable versus non-billable.
A lot of users like Tick’s auto-fill search, because they don’t have to browse for what they need.
Quite simply, Tick simplifies time management. With very little work on the user-side, those in control of the budget can make decisions based on accurate, real-time information.
Other key features of Tick include:
A word about these last two features: It used to be that editing time entries in Tick was a real pain. They’ve since updated it so you can edit time directly in reports, as well as move all entries from one task or project to another.
Tick pricing is based on the number of projects you can create:
With every tier, you get unlimited users, clients, and tasks. It’s super affordable for any business.
I mean, if Tick saves you 2 hours, it’s already paid for several months of service.
I really recommend this product to teams that are using Trello, Asana, and especially Basecamp, which has really tight integration. It also integrates with Zapier and more than 750 other web apps.
There’s a 30-day free trial of Tick. If you think it could work for your business, you owe it to yourself to give it a try.
Lathem is an employee time tracking software platform. Tracking employee time is made easier even with remote teammates. You can manage employee hours and attendance from any location, anytime.
In Lathem, employees can use the digital time clock, their smartphone, or online time clock to log time and access their time card data whenever they choose.
Payroll processing is facilitated by the simple integration of all employee time card data with payroll software such as Intuit QuickBooks, ADP, Paychex, and others. With the help of our technology, you may stop employee time theft, lessen unauthorized overtime, and guarantee compliance with wage/hour laws and the Affordable Care Act.
Other key features of Lathem include:
Lathem’s pricing is based on the number of projects you can create:
For being a customer, loyalty discounts are available to you. So, it actually pays to be loyal to Lathem. With every tier, you get free setup & install support as well as a 30-day money-back guarantee.
You can really get the most out of this product, from online to physical on-site software options. Lathem hits the mark for what your business needs in employee time tracking software.
If you have searched for time tracking software before, there’s one thing you’ll notice right away.
All of the popular products deliver way more than simple time tracking.
Trying to keep track of all these additional features would be difficult, but they break down into four highly-recognizable areas:
Does your time tracker need to be connected to some or all of these areas?
Finding the best time tracking software is all about knowing how you want it to sync with your business. Let’s dive into the core features in each area.
To track your employee’s clocking in, time tracking software automatically logs their hours. In most cases, users fill out a timecard that says what project or client they are working for.
All of that information gets tracked in a timesheet.
In this example timesheet from Clockify, you can see how all the time entries are automatically mapped out over the week.
Some time tracking software comes with built-in scheduling tools that let you assign shifts and alert users when there’s a change in plans.
Time tracking software that’s light on native scheduling features usually has tight integration with the best project management solutions.
Look for the product that has what you need out of the box or connects with the tools you already use to manage your schedule.
Time tracking software will let you monitor productivity and forecast budget problems well in advance.
The products I like pull all your data into clear visualizations.
In this example from Toggl Track, it’s easy to see how work is progressing and the impact that has on revenue:
Good tracking platforms also let you drill down into the specifics of each client, employee, and project.
The more advanced tools will let users and administrators add more detail, but all of the products on this list come with tools that will help you stay on budget.
A lot of companies use time tracking software to streamline payroll and invoicing. By integrating with services like Quickbooks and PayPal, these tools can handle the job in a few clicks.
You can forget about long spreadsheets and good ol’ human error. Whenever you generate an invoice or make a payment, there’s a clear record of the work that was done.
Some time tracking software comes with monitoring features that let you check up on employee productivity.
These include location-based monitoring—such as GPS tracking—which ensures that employees are where they are supposed to be.
Time tracking software can also be downloaded to a specific tablet or desktop that serves as a time clock kiosk.
Like a punch card system of old, the kiosk lets employees enter a PIN or takes a picture to prove they clocked in on time.
There are also digital monitoring aspects to time tracking software, which can record the websites and applications a user visits while they are clocked in.
Some task management-specific software can also take screenshots at random intervals, to ensure that people are staying on task.
One quick, important word about monitoring and tracking software.
Before you deploy your new solution, have an open conversation with employees about what’s happening and why. Find alignment in the fact that tracking and monitoring will protect employees as much as the company.
Of the time tracking tools I mentioned throughout this guide, my top recommendations for time tracking apps are:
Both apps are easy to access for SMBs or freelancers. This is helpful for management to be more efficient and hands-off while employees autonomously keep track of their work.
All the software is compatible with PC and Mac devices. You don’t have to miss out on the best tools for you and your team when everything can be handled in the same software on any computer. This also means when your employees are reporting hours or project times, they have access to do so from anywhere.
Professional service providers, institutions that use hourly workers or freelancers, and companies that use cost-plus pricing all need time tracking software for logistics purposes. Your team members should be able to simply add time entries to tasks using project time tracking software. This is how you’ll know you are meeting a need for your company before adding another expense.
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Both apps are easy to access for SMBs or freelancers. This is helpful for management to be more efficient and hands-off while employees autonomously keep track of their work.
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I don’t like to just hit expectations; I always want to over-deliver.
But my work has to be on time and on budget. It’s not possible to sustain a consistent level of service without a clear sense of how my time is spent.
The same holds true for both blue-collar moving companies and white-shoe law firms. Time is money.
Take control with time tracking software. Here’s a complete list of my top recommendations:
Individuals and small businesses should check out Clockify, Tick, and Toggl to see how far they can get with a free forever product.
Looking at those three options and thinking about larger teams and paid plans, Clockify is going to offer the best in-house reporting features. This can be really helpful for teams that are trying to track revenue and expenses across many projects.
For time management, SMBs are going to find that Tick has everything they need within an intuitive interface. It delivers a similar experience as Toggl at a lower cost. Choose Toggl if you want employee monitoring features, which you won’t get with Tick. You can’t go wrong with Lathem either – plus they offer online and hardware access that can be used to track time at your on-site location with 24/7 support.
If you really need robust employee monitoring features, Time Doctor is the product for you. You get a lot more insight into how users are spending their time that you will with other time tracking software.
In the field, QuickBooks Time outperforms the competition. The GPS tracking features work beautifully, and the mobile app keeps remote workers up to speed.
Which time tracking software features do you need for you and your employees?
The post 6 Best Time Tracking Software Options appeared first on #1 SEO FOR SMALL BUSINESSES.
The post 6 Best Time Tracking Software Options appeared first on Buy It At A Bargain – Deals And Reviews.
Why is time tracking still a source of stress for employees, supervisors, and management?
There are only two reasons, really. They’re not using time tracking software. Or, they’re using a solution that doesn’t fit with their business.
There is no third reason.
I can say that with total confidence because there are so many good time trackers out there.
Because no one should suffer any longer, I’m going to share the top six time tracking software options on the market today.
Time Doctor has rich monitoring features for employees who are at their computer all day. It’s a full-service time tracker that you can use for payroll and project management software, but it really steps away from the competition by giving managers insight into what their employees are doing.
Once employees download Time Doctor, they create tasks and begin tracking time. Supervisors can see what tasks people are working on, as well as get insight on mouse and keyboard activity.
They may also enable screenshots taken at random intervals to confirm people stay on task.
Website and app monitoring is another really helpful facet of Time Doctor for both users and supervisors. You can quickly generate reports that show exactly how much time each person is spending on a website or application.
For supervisors, reports surface unproductive behaviors. With Time Doctor, you can set automatic alerts when users spend too much time on problematic websites and apps, or block them altogether.
Moreover, users can better understand their work habits and where they are losing time.
There’s a lot more than just monitoring features included with Time Doctor, as it can handle:
Pricing for Time Doctor breaks down as follows:
With people working in the office, remotely, and on the go, managers lose out on a lot of the context that goes into how employees spend their time. The number of minutes worked doesn’t tell the whole story. Time Doctor can help you fill in the gaps, even if the whole office telecommutes.
There is no free version of Time Doctor, but you can sign up for a 14-day free trial.
Clockify is a wonderfully simple solution for time tracking and project management. The free version is generous, and its paid plans are very reasonable.
What I really like about Clockify is how easy it is for users to get a bird’s eye view of their time entries for the day, week, or month.
Once they clock in—which they can do from anywhere—they see a complete list of their time entries.
From there, they can easily check if anything is missing or incorrect. Without having to open a new window, they can edit times and add information or tags to projects. They can also use the time sheet to quickly confirm that everything is correct each week.
The reporting features in Clockify are quite good, bolstered by users’ ability to put so much information into their timesheets.
Administrators can get a real-time view of project budgets and see exactly what each person is working on.
There are many different reporting filters available to slice the data however you like. Get a quick read of how things are progressing for every individual, team, and client.
Clockify is loaded with features to help users stay on track like:
The free version of Clockify allows unlimited tracking, users, projects, and reports. It has all the great viewing and editing capabilities that makes Clockify easy to use.
The paid plans, which are still a bargain, come with features that give administrators more control over who can see what, as well as advanced alerting and reporting features.
Here’s a breakdown of the Clockify pricing:
Integrations with Salesforce, G Suite, Freshbooks, and more than 50 other web apps make it easy to use Clockify for scheduling and payroll.
Shortlist Clockify if you need a budget-friendly time tracking solution with really helpful reporting features.
It’s not at the level of ERP software, for sure, but compared to other time tracking software, Clockify is fairly robust and really easy to navigate.
Toggl Track has a surprisingly feature-rich free forever version. For a freelancer or a consultant, this free time clock software can be used to track and invoice all their billable hours.
It’s an excellent app for personal accountability. To maintain focus, there’s an idle detector, automated reminders, and Pomodoro timer, which may change the way you work forever.
For teams, the paid plans are a little more on the expensive side, but that is because it’s able to collect and report so much information. I especially like Timeline, Toggl Track’s background tracking feature, which records time entries for any app or website you use for more than 10 seconds.
It’s an easy way to see how you’re really spending your time, and you can configure alerts to suggest tracking for specific actions, such as every time you join a certain call.
Automated alerts let you know when projects are nearing their estimated completion or are in danger of running over budget.
You can also automate email reminders for users who aren’t tracking their hours.
Toggl also has a really useful time auditing capability that helps you detect incorrect or unassigned time entries.
Some of the other features that help users save time include:
Some nice features, like time audits and being able to set required fields, are only available with paid subscriptions of Toggl Track.
In addition to the free plan, which is good for up to five users, there are three tiers to choose from:
The appeal of Toggl is that it really helps people hold themselves accountable. Between the automation and the robust monitoring, everyone is reminded of how they are spending their time.
QuickBooks Time is a rebrand of a super popular time tracking software called TSheets. It used to be that TSheets was separate software that had really great integration with the QuickBooks stack–now they are one and the same.
Nothing foundational has changed about TSheets now that it’s QuickBooks Time. It’s still a great choice for employee time tracking, especially if you have many people working in the field.
This is why it’s a favorite for property developers, construction companies, and other field service-oriented businesses. It’s totally fine for shift work and salaries, but the GPS tracking features are where QuickBooks Time shines.
Employees clock in from the mobile app and managers can see exactly where they are in the Who’s Working window.
You can use geofencing to set specific areas for employee clock-in and they can upload pictures and a digital signature to confirm that everything’s done.
The real-time GPS data is also a boon for company coordination.
Quickly figure out who’s closest to the job site for optimal deployments. Any changes to the schedule will trigger alerts to let everyone involved know about the new plan.
Some of the other really handy features include:
QuickBooks Time has dozens of integrations on their App Marketplace. This will make it easy to incorporate your time tracking solution with other tools, even if you aren’t using purely QuickBooks products.
Pricing for QuickBooks Time is very reasonable:
Premium doesn’t have geofencing, digital signatures, and the advanced reporting features, but it has literally everything else.
In terms of a project management app, QuickBooks Time doesn’t let you get too granular, but you’ll be a master of the entire platform within a week. For workers, there’s not a lot of education needed to use it, which makes getting buy-in a lot easier.
Get a free demo of QuickBooks Time.
Tick is project-based time tracking software. It integrates nicely with tools like Trello, Asana, and Basecamp, helping managers keep projects on time and on budget.
In Tick, you create projects made up of tasks. Then, employees select the appropriate project and task, entering time from their desktop, mobile device, or even their Apple Watch.
You can set budgets for individual tasks within Tick, so managers have a better idea of where time is being lost within the larger project.
You can also create recurring projects, which can close at the end of the month and auto-duplicate for the next one. This is great for individuals and companies that use retainers or provide routine services for their clients.
The reporting capabilities in Tick are helpful for budget analysis and forecasting. Searching through data is really easy, by client, employee, project, or billable versus non-billable.
A lot of users like Tick’s auto-fill search, because they don’t have to browse for what they need.
Quite simply, Tick simplifies time management. With very little work on the user-side, those in control of the budget can make decisions based on accurate, real-time information.
Other key features of Tick include:
A word about these last two features: It used to be that editing time entries in Tick was a real pain. They’ve since updated it so you can edit time directly in reports, as well as move all entries from one task or project to another.
Tick pricing is based on the number of projects you can create:
With every tier, you get unlimited users, clients, and tasks. It’s super affordable for any business.
I mean, if Tick saves you 2 hours, it’s already paid for several months of service.
I really recommend this product to teams that are using Trello, Asana, and especially Basecamp, which has really tight integration. It also integrates with Zapier and more than 750 other web apps.
There’s a 30-day free trial of Tick. If you think it could work for your business, you owe it to yourself to give it a try.
Lathem is an employee time tracking software platform. Tracking employee time is made easier even with remote teammates. You can manage employee hours and attendance from any location, anytime.
In Lathem, employees can use the digital time clock, their smartphone, or online time clock to log time and access their time card data whenever they choose.
Payroll processing is facilitated by the simple integration of all employee time card data with payroll software such as Intuit QuickBooks, ADP, Paychex, and others. With the help of our technology, you may stop employee time theft, lessen unauthorized overtime, and guarantee compliance with wage/hour laws and the Affordable Care Act.
Other key features of Lathem include:
Lathem’s pricing is based on the number of projects you can create:
For being a customer, loyalty discounts are available to you. So, it actually pays to be loyal to Lathem. With every tier, you get free setup & install support as well as a 30-day money-back guarantee.
You can really get the most out of this product, from online to physical on-site software options. Lathem hits the mark for what your business needs in employee time tracking software.
If you have searched for time tracking software before, there’s one thing you’ll notice right away.
All of the popular products deliver way more than simple time tracking.
Trying to keep track of all these additional features would be difficult, but they break down into four highly-recognizable areas:
Does your time tracker need to be connected to some or all of these areas?
Finding the best time tracking software is all about knowing how you want it to sync with your business. Let’s dive into the core features in each area.
To track your employee’s clocking in, time tracking software automatically logs their hours. In most cases, users fill out a timecard that says what project or client they are working for.
All of that information gets tracked in a timesheet.
In this example timesheet from Clockify, you can see how all the time entries are automatically mapped out over the week.
Some time tracking software comes with built-in scheduling tools that let you assign shifts and alert users when there’s a change in plans.
Time tracking software that’s light on native scheduling features usually has tight integration with the best project management solutions.
Look for the product that has what you need out of the box or connects with the tools you already use to manage your schedule.
Time tracking software will let you monitor productivity and forecast budget problems well in advance.
The products I like pull all your data into clear visualizations.
In this example from Toggl Track, it’s easy to see how work is progressing and the impact that has on revenue:
Good tracking platforms also let you drill down into the specifics of each client, employee, and project.
The more advanced tools will let users and administrators add more detail, but all of the products on this list come with tools that will help you stay on budget.
A lot of companies use time tracking software to streamline payroll and invoicing. By integrating with services like Quickbooks and PayPal, these tools can handle the job in a few clicks.
You can forget about long spreadsheets and good ol’ human error. Whenever you generate an invoice or make a payment, there’s a clear record of the work that was done.
Some time tracking software comes with monitoring features that let you check up on employee productivity.
These include location-based monitoring—such as GPS tracking—which ensures that employees are where they are supposed to be.
Time tracking software can also be downloaded to a specific tablet or desktop that serves as a time clock kiosk.
Like a punch card system of old, the kiosk lets employees enter a PIN or takes a picture to prove they clocked in on time.
There are also digital monitoring aspects to time tracking software, which can record the websites and applications a user visits while they are clocked in.
Some task management-specific software can also take screenshots at random intervals, to ensure that people are staying on task.
One quick, important word about monitoring and tracking software.
Before you deploy your new solution, have an open conversation with employees about what’s happening and why. Find alignment in the fact that tracking and monitoring will protect employees as much as the company.
Of the time tracking tools I mentioned throughout this guide, my top recommendations for time tracking apps are:
Both apps are easy to access for SMBs or freelancers. This is helpful for management to be more efficient and hands-off while employees autonomously keep track of their work.
All the software is compatible with PC and Mac devices. You don’t have to miss out on the best tools for you and your team when everything can be handled in the same software on any computer. This also means when your employees are reporting hours or project times, they have access to do so from anywhere.
Professional service providers, institutions that use hourly workers or freelancers, and companies that use cost-plus pricing all need time tracking software for logistics purposes. Your team members should be able to simply add time entries to tasks using project time tracking software. This is how you’ll know you are meeting a need for your company before adding another expense.
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Both apps are easy to access for SMBs or freelancers. This is helpful for management to be more efficient and hands-off while employees autonomously keep track of their work.
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I don’t like to just hit expectations; I always want to over-deliver.
But my work has to be on time and on budget. It’s not possible to sustain a consistent level of service without a clear sense of how my time is spent.
The same holds true for both blue-collar moving companies and white-shoe law firms. Time is money.
Take control with time tracking software. Here’s a complete list of my top recommendations:
Individuals and small businesses should check out Clockify, Tick, and Toggl to see how far they can get with a free forever product.
Looking at those three options and thinking about larger teams and paid plans, Clockify is going to offer the best in-house reporting features. This can be really helpful for teams that are trying to track revenue and expenses across many projects.
For time management, SMBs are going to find that Tick has everything they need within an intuitive interface. It delivers a similar experience as Toggl at a lower cost. Choose Toggl if you want employee monitoring features, which you won’t get with Tick. You can’t go wrong with Lathem either – plus they offer online and hardware access that can be used to track time at your on-site location with 24/7 support.
If you really need robust employee monitoring features, Time Doctor is the product for you. You get a lot more insight into how users are spending their time that you will with other time tracking software.
In the field, QuickBooks Time outperforms the competition. The GPS tracking features work beautifully, and the mobile app keeps remote workers up to speed.
Which time tracking software features do you need for you and your employees?
Even the worst markets are supposed to have havens. Some unnerved investors are wondering if this one doesn’t.
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Even the worst markets are supposed to have havens. Some unnerved investors are wondering if this one doesn’t. The post Investors Stay Put, Because They Can’t Think of Better Options first appeared on Online Web Store Site.
The Small Business Administration works with lenders to guarantee loans to small businesses. These SBA loan options are available to businesses that would not be able to get them otherwise, due to the government backing.
Due to the SBA guarantee, lenders are able to offer lower rates and better terms than would otherwise be available. However, there is typically a lot more red tape, making the approval process longer than non-SBA loans.
The SBA uses FICO SBSS (Small Business Scoring Service). Scores run 0 – 300, and you will typically not gain approval if score < 140. Yet, a typical cutoff can be as high as 160. In addition, you will usually need to show some time in business, and if you have more than a 20% ownership, you will need to provide a personal guarantee.
#1 SBA 7(a) LoansTo get a 7 (a) loan you’ll need to first demonstrate need for funds and have a sound business purpose in mind. You’ll also have to meet SBA size standards for a small business. Additionally, a business must do, or propose to do, business in the United States or its possessions. You also have to try to use other financial resources before applying, including personal assets.
The SBA offers 4 CapLines, each designed for a different type of business.
#3 SBA ExpressThis is a faster way to get a SBA loan options of up to $250,000. Typical rates are 2-4% above prime rate.
SBA lets banks charge up to 6.5% over their base rate, and loans over $25,000 require collateral.
These are often to buy land, equipment, or real estate. You can get a loan of up to $1,000,000, and the typical borrow contribution is 10% of equity.
The business must be a for profit operating in the United States or its territories. Same as a 7(a) loan, you must try to use other financing before applying. Average net income must be less than $5 million after taxes for the last 2 years. Also, you have to be able to repay the loan on time from projected operating cash flow.
#5 SBA Microloan ProgramThese loans are for working capital and growth. As the term “microloan” indicates, they are for smaller amounts averaging from $10,000 to $13,000. However, you can get up to $50,000. These funds are made available through specially designated intermediary lenders. They are nonprofit community-based organizations with experience in lending, management, and technical assistance.
This program has been extended to 9/30/22. The goal is to promote economic growth in underserved areas and markets. It allows those that make credit decisions to overlook certain factors. So, things like poor credit or low revenue do not have as negative of an impact on approval. This is for businesses that have potential to stimulate the economy or create jobs in underserved areas.
#7 SBA Export Working CapitalThis program provides financing for suppliers, inventory, or production of export goods during long payment cycles. In addition, it allows for financing for stand-by letters of credit used as a bid for performance bonds or down payment guarantees.
SBA loan approval is not subject to the luck of the draw. They have strict standards that you have to meet, but the required credit score is typically lower than non-SBA loan options, and the interest rates are usually lower. These benefits outweigh the longer application and approval process for many business owners.
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Video conferencing isn’t going anywhere. It’s been growing in popularity for years, and COVID basically caused the industry to explode. Now, everyone’s doing it and there are tons of options. The only question is, which video conference meeting option is right for your business.
When it comes to choosing a video conference meeting option for your business, you need to consider a number of factors. These are factors that all businesses need to think about, regardless of type or size. Consider the following:
Answering these questions before you start your search will make it much easier to decide. Let’s look at the top options.
Slack upped its game in the video conference meeting arena over the years. It’s pretty basic, but if you already have it and use it for other things, definitely give it a shot for video conferencing. There is no need to add something else if what you have will already work. However, if you find it just doesn’t fit the bill, you have plenty to choose from. Also, don’t get Slack just for video conferencing. That isn’t it’s main selling point.
Prices start at $8 per month for the standard plan that includes video calls along with unlimited chat archive and priority support.
Now part of Verizon as of April 2020, the cute name is still hanging on. It bills itself as “the meetings platform for the modern workplace,” and the name comes from the desire of the founders to make it as comfortable and casual as possible. They focus on instant connections. The platform uses a mobile or desktop app straight from the browser. There is no download requirement.
After the acquisition, Verizon lowered prices and added a lot of new features. There is background noise cancellation, integration both with conference room systems that are hardware based and options like Microsoft Teams, Slack, and Facebook Workplace. There are also plenty of collaboration tools including screen sharing and whiteboarding.
There’s a free trial. After that, there are 3 plan options that you can pay monthly or annually if you want a 20% discount. The standard plan is $12.49 per meeting host per month and supports up to 50 in attendance. It also supports 5 hours of meeting recording, but does not integrate with message apps like Slack. Prices and features go up from there.
The big pull for Webex is the virtual whiteboard feature. It also has crisp audio, but is known for usability issues. It can be a good fit, but with options like the virtual whiteboard Miro that you can use while you are on a call, it’s really not necessary for most to use Webex solely on the basis of the whiteboard option.
Prices start at $14.95 per host per month for up to 50 people per meeting and 5GB of cloud storage.
This option is top notch for Google users. Its deep integration with other Google apps can be useful. Just create a meeting in Google Calendar and get a link that you and other attendees can click to join the call instantly.
Live captioning is also a big plus on the accessibility side. It works well for English, but not so much for any other languages that may be on a call.
It’s free for up to 100 participants for up to 60 minutes. For more than that, packages start at $6 per month as part of Google Workspace Basic.
Zoom is arguably the best known video conference meeting option in this post-COVID era. It was making headway before, but when the world was sent home to work where possible, Zoom was thrust into the spotlight virtually overnight.
It boasts a wealth of features, including free 1:1 calls with no time limit. Group calls are free for up to 100 people for up to 40 minutes. Then, the paid plans allow up to 1,000 on a call at one time. The best part is that Zoom is super reliable. Even with a bad connection, it can usually keep the video going.
Those on a call can text chat with the whole group or talk individually. Screen sharing, call recording, and advance scheduling are also part of the package.
Zoom is free for up to 40 minutes if you have 100 people or fewer on the call. The pro plan is $14.99 per month per host.
One thing you do not want, if you can help it, is to get everyone used to one option then have to switch. Also, don’t think about which one is best for just right now, but which one works now and will keep working into the future as your business grows. Consider each one carefully in light of the questions above, do your own research, then take the leap. And remember, if you are already using video conferencing, you may already have what you need. Don’t fix it if it isn’t broken.
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Cash flow based lending options can be great for fast funding. Both PayPal and Square offer these types of options. Credit Suite has similar options as well, including:
Using these types of funding allows you to get the funds you need based on income and without good credit. Repayment is typically based on cash flow as well, meaning the more you make, the faster you repay the loan.
Cash flow based lending options are those that are extended based on a company’s expected cash flows. This refers to the amount of cash that goes in and out of a business within a specific period of time. The amount of cash flow is what lenders use to make approval decisions. Repayment comes from this amount as well.
Typically, you will need to have a few years in business to qualify. You may also need to meet a certain minimum credit score requirement. Mostly, you will need to prove historical cash flow, and present your accounts receivables and accounts payables. This is how the lender will determine how much to loan to your business.
There are a number of cash flow based lending options available. Some service providers offer this type of funding, such as PayPal and Square. There are also funding types through other lenders that are closely related, such as those that rely on your accounts receivable or open invoices.
Here’s a little about each one to help you decide if this type of funding is right for you.
You can get a loan from PayPal if you already have a PayPal business account. There is no personal guarantee requirement, and loan amounts and eligibility depend on your sales via PayPal. Also, applying will not result in a credit check.
To be eligible, you must:
Repayment is automatic as a percentage of each PayPal sale. As a result, the amount you repay each day changes with your sales volume. The more you sell, the more repayment progress you’ll make that day. On days without sales, you’ll make no payments. Yet, there is a minimum repayment requirement every 90 days.
Depending on the loan terms you choose, you have to pay at least 5% or 10% of your total loan amount, that’s the loan plus the fixed fee, every 90 days. The 5% minimum applies to loans estimated to take 12 months or more to be repaid, based on your business’ past PayPal sales and other factors. The 10% minimum applies to loans that should only take 12 months or less to repay.
You can get similar business loans through Square, and they also will not affect your personal credit score. Eligibility is based on a variety of business factors, including its payment processing volume, account history, and payment frequency. Square will send a customized offer to users based on their card sales through Square, up to $250,000. There is no interest per se. Rather, you’ll pay an ongoing flat fee.
The fixed fee is the difference between the total owed amount and the initial loan amount. The fixed fee will never change, regardless of how quickly or slowly you pay off the loan. Just like PayPal, if sales are up one day, you pay more. Consequently, if you have a slow day, you pay less. A minimum of 1/18 of the initial balance must be repaid every 60 days.
They don’t require collateral for business loans of $75,000 or less. In contrast, for loans over $75,000, they take a security interest in your business assets. Then they will file a UCC statement with the Secretary of State where your business is organized. There is no personal guarantee requirement.
With a similar basis for getting funding, business revenue lending is another of the cash flow based lending options.
It involves raising capital from investors, who then get a percentage of the enterprise’s ongoing gross revenues in exchange for money invested. Investors get a regular share of business income until the agreed upon amount is paid. Often, this amount is a multiple of the principal investment. It is usually between 3 – 5 times the original amount.
Since repayment of the loan is based on revenues, the time it takes to repay the loan will fluctuate. The faster revenue grows, the quicker you’ll repay the loan, and vice versa. The percentage of monthly revenues committed to repayment can be as high as 10%. Monthly payments will fluctuate with revenue highs and lows and will continue until you pay the loan in full.
AR financing is another of the cash flow based lending options available. It allows you to use outstanding account receivables as your collateral for business financing. You can get as much as 90% of receivables advanced, and you get the balance after the invoice is paid in full.
PO financing is also closely related. This is funding to a business with a large purchase order or contract, but the business is unable to fulfill it. A lender loans the money to complete the order, and charges a percentage for the service. The company can then fulfill its order or contract.
The difference between purchase order and accounts receivable financing is, purchase order financing involves a company lending you money to fulfill purchase orders. Accounts receivable financing involves a company buying outstanding invoices. However, when you get to the center of it all, both are based on cash flow.
For approval, lenders will typically review your outstanding purchase orders that need to be filled. They want to be sure the purchase orders are legit and the suppliers you are dealing with are credible.
If so, then you can get approval regardless of personal credit history. Rates tend to range from 1-4%. Furthermore, in some instances, you can get 95% of your purchase order in advance.
The beautiful thing about cash flow based lending is, you can get funds even without a strong credit score. If you are making the sales, you can get the money. That makes it easier to fulfill orders and keep making sales, which in turn allows you to grow your business bigger and stronger than ever.
The post 5 Cash Flow Based Lending Options to Take Your Business to the Next Level appeared first on Credit Suite.
When we talk about building business credit and fundability, we do so with an end in mind. If you start working the process from the beginning, by the time you have been in business for 3 years or more you will have access to all the business funding you’ll need. That includes $20k loans or even higher.
If you follow the steps in order and handle credit responsibly, by the time you have reached this point you will be eligible for the best rates and terms available.
What are these options available to companies that have been in business for 3 years or more?
Banks are often the first place we think of when we consider financing. Yet, big banks only sign off on about 25% of the small business loan applications that come their way. Term loans often have lower interest rates than many other funding options. They also tend to be for higher loan amounts.
Generally speaking, the companies banks end up funding have:
You are more likely to meet these qualifications if you have at least 3 years in business and have been working on fundability and building business credit during that time.
A bridge loan is a short-term loan that a business or individual can use until they secure more permanent financing or remove an existing obligation. It allows the user to meet current obligations by providing immediate cash flow. Bridge loans are short term, up to one year. They have relatively high interest rates. Collateral such as equipment or inventory is common as well.
Three years or more time in business will help make SBA loans a real possibility. It’ll be easier to get an SBA loan the longer you’re in business. This is because you can more easily show your business is established and making money consistently.
If you can show profitability and responsible credit and bank account management, your chances of getting an approval for an SBA loan will improve drastically.
SBA loans have great terms, so it’s worth it to work toward building eligibility.
The SBA 504 loan program is an economic development loan program that offers small businesses an avenue for business financing, while promoting business growth, and job creation.
This program provides approved small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization. Use it to buy currently existing buildings, construct new buildings, and more.
For corporations, anyone with a 20% ownership stake (or more) must fill out the application. This includes swearing they are not under indictment for any criminal offense. In general, the SBA provides 40% of the total project costs, a participating lender covers up to 50% of the total project costs and the borrower contributes 10% of the project costs.
Under certain circumstances, a borrower may have to contribute up to 20% of the total project costs.
This is the SBA’s most popular loan. The SBA guarantees 85% for loans up to $150,000 and 75% for loans greater than $150,000. The SBA makes the lending decision, but qualified lenders may be given authority to make credit decisions without SBA review.
Businesses must provide Articles of Organization, business licenses, documentation of lawsuits, judgments, bankruptcy, or other pertinent documentation. Also, lenders do not have to take collateral for loans up to $25,000.
For loans in excess of $350,000, the SBA requires that the lender collateralize the loan to the maximum extent possible up to the loan amount.
Online lending works well for those with less time in business, or in situations where traditional lenders will not work. Still, they will offer better terms and rates to those companies in business longer and with strong fundability. That means, it is best to not discount them even after you reach this point.
Some of our favorite online lenders are listed here.
If you are here looking for options for $20k loans for your business, and you have been in business for 3 years or more, you are probably going to be okay. This is especially true if you have been working to build strong fundability and business credit as part of that.
If you are struggling to find $20k loans, start now building fundability, including strong business credit, and you’ll get there in no time.
The post Top Options for $20k Loans If Your Company Has Been In Business for 3 Years or More appeared first on Credit Suite.
New businesses and startups face plenty of unique challenges when it comes to financing options. For example, lack of business credit history, no or low business credit score, and not being set up properly can all lead to reliance on personal financial resources.
There are financing options that can work despite these challenges however. We have a list of both general and specific resources to ensure you can get the funds you need to start and grow your business.
There are a number of possibilities here. Which one will work best for your business depends on your individual circumstances and situation.
Of all the financing options most consider when it comes to new businesses and startups, traditional loans are the most common. They can take many forms.
Choices include:
Traditional term business loans require a good personal credit score. This is regardless of whether you have business credit history, or even a business credit score at all.
If you have either collateral, a good personal credit score, or both, term loans may be the first and best option for you when it comes to new business funding. That is, unless you want to avoid using your personal credit or collateral. If that is the case, there is another choice which in some instances may be better.
Retirement plan financing is not a loan from your retirement plan. As a result, you will not have to pay an early withdrawal fee. You will not have to pay a tax penalty. There will not even be any interest.
The type of financing we are referring to here is a Rollover for Working Capital program. The IRS calls this type of program a Rollover for Business Startups (ROBS).
According to the IRS, a ROBS qualified plan is a separate entity, with its own set of requirements. The plan, through its stock investments, owns the business, not an individual.
If a traditional loan option is not going to work, and you do not have a qualifying retirement plan, it may be time to consider alternative lenders. They often have less stringent requirements than banks and credit unions.
Here are some options to consider.
BlueVine offers both invoice factoring and lines of credit.
For invoice factoring:
For the BlueVine line of credit:
Due to regulations, they cannot provide lines of credit to the following states: Nevada, North Dakota, South Dakota, or Vermont.
OnDeck requires a personal credit score of 600 or more to qualify for funding. Also, you must be in business at least one year and have an annual revenue of at least $100,000. They report to the standard business credit bureaus, and they also cannot lend to businesses in Nevada, North Dakota, or South Dakota.
Fundbox requires a minimum time in business of 6 months. In addition, your accounting or invoice software must be compatible and must be in use for at least 3 months. Your credit score must be 600 or above, and you need at least $100,000 in annual revenue.
While most alternative lenders, including these, have less stringent credit requirements, many do require a minimum time in business and minimum revenue. If you do not meet these requirements, there are other financing options available.
A credit line hybrid is a form of unsecured funding. Our credit line hybrid has an even better interest rate than a secured loan. Not only that, but you can get some of the highest loan amounts and credit lines for businesses, and sometimes with 0% interest!
This is a credit card stacking program, and many of these cards report to business CRAs. That means you can build business credit at the same time. This will get you access to even more cash with no personal guarantee.
You or a guarantor need a FICO of at least 680 to qualify. No financials are required, and you can often get a loan of up to $150,000. Be aware, some cards may report on your personal credit.
Crowdfunding sites allow you to tell thousands of micro investors about your business. Anyone who wants to donate, or invest, can do so. They may give $50, they may give $150, or they may give over $500. In contrast, it might just be $5.
Most entrepreneurs offer rewards to investors for their generosity. Usually, this comes in the form of the product the business will be selling. Different levels of giving result in different rewards. For example, a $50 gift may get you product A, and a $150 gift will get you an upgraded version of product A.
Keep in mind that a crowdfunding campaign can easily become another full-time job, and that there are no guarantees of success. We suggest only considering crowdfunding if you realistically believe your chances of succeeding are over 50%.
There are a lot of crowdfunding platforms out there. Here are a few to consider.
This is the largest crowdfunding platform, and they require a prototype. Projects cannot be for charity, although nonprofits can use Kickstarter. Equity cannot be offered as an incentive.
Taboo projects and perks include anything to do with:
There is a 5% fee on all funds which creators collect.
The minimum goal amount for an Indiegogo campaign is $500. There is a 5% platform fee and 3% + 30¢ third-party credit card fee. Fees are deducted from the amount raised, not the goal you set. So, if you raise more than your goal, you will pay more in fees.
A flexible funding option allows campaigns to keep any money they receive even if they do not reach their goal. This is notably different from some other platforms.
RocketHub is specifically for entrepreneurs who want venture capital. The platform is exclusively for business owners working on projects in these categories:
If you reach your fundraising goal, there will be a 4% fee, and there is a separate 4% credit card handling fee. If you do not reach your goal, the fee increases to 8% plus the credit card handling fee.
While it is much harder for new businesses and startups to get funding, there are options out there. Remember, the best way to ensure you have access to the financing options you need in the future is to build a fundable business. That starts now. Contact us today for a free consultation on how to do it.
The post Overcome The Unique Challenges of Financing New Businesses & Startups with These 5 Financing Options appeared first on Credit Suite.