Category: Brandpoint Business & Finance

2024-04-10T10:33:00

(BPT) – By Holly O’Neill, President, Retail Banking

Social media has become a hub of personal finance advice, giving rise to countless trends from soft saving to loud budgeting to cash stuffing. On TikTok alone, #FinTok has amassed over 4.9 billion views. If the abundance of content is any indication of people’s curiosity around personal finance content, it’s clear consumers are eager to build healthier financial habits.

The sheer amount of content can make filtering through the noise a challenging task. This spring, welcome the beginning of a new season and take part in America Saves Week (April 8-12) by reviewing a few tried-and-true savings tips that will make you more financially savvy. Here are a few to get you started:

1. Build a budget.

Budgeting is a life skill that puts you in control of your finances. If you’ve fallen behind in some financial areas or you’re just not sure where to start, creating or reassessing your budget will never steer you wrong. A realistic budget that changes and grows as you do will help you plan, save and achieve your financial goals.

The first step is to get a handle on reviewing your monthly spending and determining where you’re overspending and ‘undersaving.’ After you get a better understanding of your cash flow, start and set a budget using the 50/30/20 rule. Begin by taking 50% of your after-tax income to cover needs, like rent and utilities; 30% to wants, like those new sneakers you’ve been eyeing; and 20% to be put into savings. If this method doesn’t fit your financial lifestyle, adjust your percentages to fit your current priorities.

2. Save toward a goal.

Saving without a purpose can feel overwhelming. Whether you want to put your kids through college, purchase a home that you can grow into, save up for retirement or check a destination off your travel bucket list — the best way to achieve any of your financial goals is by understanding your why.

Set specific savings goals with a plan for how to meet them. Break up long-term goals into short-term milestones to focus your efforts on more reachable targets, while bringing you closer to your overall goal. And don’t forget to reward yourself and celebrate your wins along the way!

To get started, you can take the America Saves Week pledge by identifying a savings goals and create a simple saving plan that works.

3. Automate your savings.

While saving money takes discipline and there are no “get rich quick” schemes, you can make things easier by automating your savings. After all, the key to building savings is to make it routine. By setting up automatic transfers, you can consistently grow your savings without even thinking about it.

Once you’ve identified your desired savings amount (see tip number one), ‘pay yourself first’ by automatically diverting a portion of your paycheck directly to savings. Consider digital tools like the Bank of America Keep the Change^® program — it rounds up the price of every debit card purchase to the next dollar and automatically adds that to your savings account.

4. Embrace a learning mindset.

April is Financial Capability Month, and there’s no better time than the present to refresh your financial knowledge. Break through the noise on social media and take control of your financial well-being by getting a little bit smarter every day about budgeting and saving, paying down debt, investing and more.

A strong foundation of financial literacy means you don’t have to worry about money on a day-to-day basis and that you can pursue your goals and take advantage of opportunities — all while living within your means. Bank of America’s Better Money Habits^® is a free financial education platform that provides practical, easy-to-understand knowledge about smart money habits.

Building good financial habits is a continuous process, so while you may not find your footing overnight, it’s important to celebrate small achievements along the way! Starting the spring season with a refresh and sticking to tried-and-true savings strategies will put you well on your way to financial success.

2024-04-09T08:01:00

(BPT) – By Nicola Soares, president, Kelly Education

Chronic absenteeism has become a pervasive issue across multiple employment sectors driven by several factors, including personal and family health challenges, stress and burnout. This problem is notable in the education sector, where consistent, strong educator-student relationships are crucial.

The 2023 Kelly Global Re:work Report revealed that nearly one-third (28%) of surveyed talent was ready to leave their jobs within a year, highlighting a mismatch between workforce expectations and organizational realities that may worsen absenteeism. This holds particularly true in the education sector — a field predominantly staffed by women, who often shoulder additional caregiving responsibilities for children or the elderly. Educators are increasingly taking time off to prioritize their personal responsibilities as well as their health and well-being. Such dynamics raise absenteeism risks and mark a pivotal moment for educational workforce stability.

A Heritage Foundation report illuminates the significant learning loss affecting students due to chronic teacher absenteeism, which impacts academic and nonacademic student development. This trend paints a troubling picture of the cascading effects of teacher absenteeism, highlighting the need for strategic, proactive measures to address this growing concern and safeguard the future of education.

For school administrators, it is challenging to find positive ways to address frequent absences, but adopting proactive strategies from the business sector can help mitigate absenteeism, underscoring the need for adaptability and preparedness in maintaining educational excellence amidst challenges.

Provide a culture of support

In an urgent call to combat the educator shortage, it is essential to highlight the critical role of a supportive work environment. Research across sectors underscores that employees, including teachers, are more engaged and consistently present when they feel valued by their organizations. Embracing a “whole educator” approach, akin to the holistic “whole child” perspective in education, schools should consider implementing comprehensive wellness programs, providing mental health resources and creating a more inclusive community that fosters a sense of belonging and participation in decision-making. Such measures bolster educator well-being and enhance the overall educational climate, leading to improved student outcomes.

Foster open communication

Open communication between school administrators and educators is critical in addressing the root causes of absenteeism. Encouraging educators to voice their concerns and challenges allows school leaders to identify patterns and implement targeted interventions. Regular check-ins and feedback sessions further nurture a sense of community and commitment. Moreover, adopting a supportive stance towards staff members’ personal hurdles, coupled with facilitating more compassionate and effective solutions, cultivates an environment of trust, effectively reducing stress and burnout. Such flexibility is vital, especially in today’s job market, where flex time is increasingly becoming standard. Employees should have access to both passive and proactive channels of feedback and communication.

Be prepared for absences

Even in the most positive, supportive workplaces, absences will happen. The Re:work Report underscores that resilience in businesses — and by extension, educational institutions — often hinges on the strategic employment of contingent workers to introduce much-needed flexibility.

Schools can tap into a vast pipeline of qualified substitute teachers, paraeducators, tutors and therapists by forming partnerships with specialized staffing providers such as Kelly Education. This eases the administrative strain of managing and recruiting specialized personnel and ensures the continuity of high-quality education. This approach addresses the immediate challenges posed by teacher absenteeism and contributes to a broader solution, emphasizing the urgent need for collaborative efforts between the education and private sectors to navigate the current educator shortage crisis more effectively.

Encourage continuous education and upskilling

The key to retaining and attracting talent is the investment in continuous professional development, which offers educators opportunities such as online training, collaborative projects and mentorship programs. These initiatives enhance educators’ skills and boost their job satisfaction and commitment, which is crucial in combating absenteeism and ensuring a dedicated workforce. Moreover, integrating stress management and resilience training prepares educators for how to handle professional pressures more effectively.

In an era where Artificial Intelligence (AI) is revolutionizing industries globally, lies another example of a lesson education leaders can learn from the business sector. By training educators to master AI tools, we can dramatically alleviate administrative tasks, thereby unlocking opportunities for deeper, more meaningful educational interactions. This approach does not only streamline operations but also fosters the adoption of innovative teaching techniques that significantly enhance student learning outcomes. This strategic focus on upskilling underscores the urgent need for a modernized professional development framework that aligns with the evolving demands of the education sector.

The challenge of teacher absenteeism is significant, but not insurmountable. It is paramount to recognize and value educators by creating an environment that respects their needs and addresses their challenges. Through such concerted efforts, we can build a more robust and adaptive educational workforce equipped to offer high-quality, uninterrupted learning experiences. In doing so, we not only safeguard our children’s futures, but also affirm our collective commitment to nurturing the next generation of leaders, thinkers and innovators.

Learn more about ways to make school administrators’ days easier at https://www.kellyeducation.com/youreasyday.

2024-04-04T23:01:00

(BPT) – Whether you are in the market for a new home or ready to upgrade your current residence, investing in energy-efficient home improvements could help you save money thanks to the Inflation Reduction Act.

Signed into law in August 2022, the federally funded Inflation Reduction Act includes a record $370 billion reserved spending for energy initiatives, including significant tax credits, rebates and other incentives for homeowners who replace or upgrade their HVAC systems, appliances and insulation. Combined with additional state, local and manufacturer’s programs, these energy-efficient home improvements can help you save considerably at tax time — and lower your utility bills in the long run.

When you’re ready to enhance your home’s efficiency, here’s what you need to know:

Energy-Efficient Home Improvement Credit: Beginning with products installed on Jan. 1, 2023, and extending through the end of 2032, energy tax credits have been expanded from previous programs with increased cost-saving values. They now offer homeowners a rebate up to 30% of eligible expenses up to $1,200 per year each year that the program is active. Homeowners considering an energy-efficient heat pump can save even more money with an additional rebate up to $2,000 available. Eligible upgrades include:

• Home energy audits
• Heat pump HVAC or water heaters
• Biomass stoves and boilers
• High-efficiency gas furnaces
• High-efficiency central air conditioning
• ENERGY-STAR certified doors and windows
• Insulation enhancements
• Electric panel and wiring upgrades
• Clean energy equipment installation

High-Efficiency Electric Home Rebate Program: The High-Efficiency Electric Home Rebate Act, or HEEHRA, is a 10-year program that provides homeowners with rebates up to 100% of the cost of eligible projects up to $14,000. HEEHRA rebates are based on income and can help to fund home improvements such as switching to electric appliances, installing a heat pump or updating your home’s circuit panel. The value of each rebate varies by project and includes up to $8,000 for eligible households to install heat pumps.

State and local rebate programs: In addition to federally funded programs, many state, local and utility rebates are available to incentivize energy-efficient home improvements. These offers can vary so it’s best to speak to a local expert such as your HVAC contractor, or use this zip code-based HVAC savings database at York.com/residential-equipment/rebates-and-savings as a point of reference.

Manufacturer rebates and financing options: When it comes to your home’s efficiency, heating and cooling often account for the most energy consumption — and the highest utility bills. Because of this, upgrading the HVAC system can often provide the greatest payback.

Regardless of your home comfort needs, manufacturers such as YORK have an extensive offering of energy-efficient systems, including electric heat pumps, that may be eligible for certain rebates. Plus, your contractor can discuss available financing options to help with the upfront equipment costs to maximize savings.

2024-04-04T08:13:00

(BPT) – A single day in construction can prompt just about every emotion — the pride of seeing a project near completion, the frustration of project delays and the anxiety that comes with accidents and injuries. Safety controls help mitigate risk, but accidents can still occur. If something goes wrong, insurance can help protect your livelihood.

“Fluctuating material costs, weather changes and staff shortages are a few of the many things outside a contractor’s control,” says John Lack, former general contractor and current construction consultant at Acuity Insurance. “Given the industry’s unpredictability, it’s important to manage what you can. By not being adequately insured, many contractors are leaving themselves vulnerable to the potentially business-ending impacts of accidents and injuries.”

If it’s been a while since you’ve reviewed your insurance coverage or you are not sure what’s in your commercial policy, consider the following coverages and whether it’s time to call your agent to discuss.

Workers’ Compensation Insurance

When an accident occurs, you want to get your staff healthy and back to work. Choosing an insurance partner equipped with additional services can help your employees get back to work sooner, have better outcomes and save you money. Acuity Insurance offers a nurse helpline that helps streamline access to nonemergency care for injured workers. Acuity also reviews every bill incurred to make sure the treatment is applicable to the injury and charges are billed correctly. This means you’ll only be incurring costs for what you should. These services help ensure employees are cared for and reduce expenses.

Liability Insurance

General liability policies help protect a business when someone takes legal action against it. Acuity’s general liability policies apply the policy aggregate limit separately for each project and each location, satisfying your contract requirements and protecting your interests. Contractors’ errors and omissions coverage protects your business if someone sues you for work performed incorrectly. Voluntary property damage coverage applies to accidental damage to customer property you are not working on left in your care or control at a work site. These coverages provide financial protection if things go wrong.

Commercial Auto Insurance

Any business that owns or leases vehicles or has employees drive their personal vehicles for business purposes should have commercial auto insurance. Commercial auto insurance covers many business vehicle types, from cars to semitrucks. Commercial auto insurance covers your vehicle’s liability you assume while driving. Unfortunately, accidents happen, and they can get expensive quickly. Commercial auto coverage can help you get back to work after an accident.

Property Insurance

You have a lot of things worth keeping safe. Your building is your home base, and we know you rely on your tools and equipment to keep your work going. Working with your insurance company to tailor your coverages and limits should give you peace of mind that you can quickly return to work if something goes wrong.

Insurance is an important way to secure your business’s financial well-being. Choosing the right coverages and partner can make the difference between being able to rebound from financial loss and having to shut down.

“Construction is a challenging, rewarding and sometimes risky industry,” Lack says. “It’s wise to work with an independent insurance agent who understands your business and can help to ensure ongoing protection for your business.”

2024-04-02T16:27:00

(BPT) – As spring blooms and summer approaches, it’s prime time for consumers and small businesses to leverage the power and convenience of credit cards for their spending habits. In a society where digital payments thrive, credit cards emerge as essential tools, offering many benefits for both retailers and consumers.

Here’s why credit cards are a frequent payment choice, catering to the needs of consumers and small businesses:

Credit card perks for consumers:

1. Spring break and summer getaways: With warmer weather on the horizon, many consumers are gearing up for their summer vacations. Credit cards come with enticing rewards programs like cashback, points or miles, enabling consumers to save on travel expenses. More than half of Americans rely on their rewards programs. Whether it’s booking flights, accommodations or rental cars, these rewards make dream vacations more affordable and within reach.
2. Protection against fraud: Data security is a top priority as consumers embark on their spring and summer shopping sprees. Credit cards offer robust fraud protection measures, giving consumers peace of mind when booking travel arrangements. New legislation could jeopardize consumer data security by leaving banks with little control over transaction routing systems that protect consumers when they swipe their card.
3. Convenient shopping experience: Amid the excitement of spring break and summer vacations, convenience is vital for consumers. Credit cards facilitate hassle-free transactions, whether pre-booking hotel rooms, renting equipment for outdoor activities, or indulging in seasonal wardrobe upgrades. The ease of payment with credit cards helps ensure a seamless shopping experience, even amid limited stock or fluctuating inventory due to market uncertainties.

Benefits for small businesses:

1. Seamless payment options: Accepting credit cards is non-negotiable for small businesses catering to spring breakers and summer tourists. Consumers are more likely to have their cards on hand, offering small business owners the flexibility to accommodate various payment preferences, whether in-store or online.
2. Building brand loyalty: Offering branded credit cards can be a strategic move for small businesses to foster customer loyalty and drive repeat purchases. These cards serve as a transaction tool and offer insights into consumer behavior, allowing small businesses to cater their benefits to meet the needs of their customers.
3. Streamlined financial management: Amid the hustle and bustle of the spring and summer seasons, small businesses benefit from the financial control of credit card transactions. From tracking expenses to ensuring timely payments, credit cards streamline financial management processes, contributing to improved cash flow and overall business stability.

Credit cards help consumers and small businesses, offering security, rewards and convenience. Some lawmakers are advocating for a credit card routing bill that could potentially eliminate rewards programs and reduce data security every time consumers pay with their credit card. Lawmakers should thoroughly examine this bill’s potential impacts on the economy, small businesses and American families.

2024-04-02T14:37:00

(BPT) – As the longer and sunny days quickly approach, your credit card can be a valuable ally in navigating the seasonal spending spree wisely. Beyond being a convenient and safe payment method, credit cards offer many benefits for consumers to leverage during their spring travel and shopping. Whether you earn travel miles or cashback rewards through your credit card, spring break is a great time to maximize your credit spending while also ensuring financial responsibility. Take a look at the three best ways to use your credit card during the spring season!

1. Maximizing Credit Card Rewards

We’re sure you’ve heard of a multitude of options available in terms of rewards when applying for a credit card. Choosing a credit card that offers generous rewards for purchases allows you to gain points and miles, which can then be redeemed for discounts or freebies. These credit cards present a valuable opportunity to offset spring expenses, effectively turning your spending into savings!

By strategically choosing when and where to use your card, you can maximize these rewards, ensuring you get the most value for every dollar spent. It’s a smart and savvy way to make your shopping not only enjoyable but financially rewarding.

If you’re planning to travel, using a credit card that offers great miles is also extremely beneficial. Nowadays, many airlines and payment networks collaborate on co-branded credit cards that offer great perks. You can beat the spring break rush by having access to security lines and airport lounges.

2. Utilizing Cash Back to Your Advantage

Cashback programs offered by credit cards can help savvy shoppers harness the power of these programs to add a sprinkle of savings to their seasonal splurges. Whether it’s for that perfect spring formal dress, beach gear for your getaway, or ingredients for a family gathering, you’re not just spending; you’re earning back a percentage in cold, hard cash or statement credits.

Choosing the right cashback rewards program can help you save money and ensure your credit score stays high. As you embark on your spring shopping sprees or plan your spring break adventures, remember: with the right cashback rewards program, every purchase becomes an opportunity to save.

3. Building Your Credit

Building your credit by using a credit card during spring shopping can be advantageous for consumers in several ways, such as improving your credit score, establishing a good credit history, and enhancing security measures.

Responsible credit card usage contributes positively to your credit history, demonstrating to creditors that you can manage credit responsibly. Timely payments on your credit card can boost your credit score over time, opening doors to better loan terms, lower interest rates, and increased financial flexibility in the future.

Credit cards often come with robust fraud protection measures. Using your credit card for spring travel or shopping can enhance security, and if unauthorized transactions occur, you are typically not held responsible for fraudulent charges.

Overall, as you declutter for spring cleaning now is a great time to prioritize using your credit cards to ensure a financially rewarding and responsible experience. By maximizing your rewards and cashback opportunities you can make larger purchases for your friends and family, while also building an effective credit history.

2024-04-02T14:33:00

(BPT) – With spring finally here and summer right around the corner, this means one thing for a lot of people: vacation! As we enter the warmer seasons, many people are prepping their summer plans and travel arrangements.

While it’s fun to see a new place or visit family and friends, there are already plenty of costs that add up during this time of the year. Vacation costs can pile up with airfare, hotels, car rentals and more, but you can alleviate some of these costs with your credit card rewards. These programs allow you to make the most out of your travels. Rather than worrying about the price tag, you can focus on enjoying your getaway.

There are so many types of credit cards out there, so it’s important to look at the variety of rewards that different cards offer before you decide on which one to get. For instance, several credit cards offer signup bonuses, different earning rates and redemption options by simply choosing the card. Once you’ve signed up for the card, you can start using all the great benefits!

Many different credit cards cater toward travel expenses and offer a long list of deals that you wouldn’t have access to otherwise. Not only can you use rewards points toward your flight, but there are also other travel perks with credit card rewards that you may not have even known about, such as airport lounge access, travel insurance or baggage protection, to name a few.

Additionally, there is usually a list of hotels, car rentals, restaurants and more that partner with these different rewards programs to give you access to low-rate stays and premium options for less. Depending on what you value as a traveler, there is a reward card to meet every consumer’s needs. If you haven’t already, take advantage of your credit card benefits, maximize the value of your travel rewards, and start packing for your next vacation!

But things could change in the future. Proposed legislation could impact credit card rewards, potentially limiting these travel benefits. Learn more about the Credit Card Competition Act and how it might impact your credit card rewards.

2024-04-02T09:01:00

(BPT) – By: Konda Pollard and Brent Suriano, Synovus Bank

According to recent research, while 74% of Americans engage in financial planning, only 15% have a written plan and 30% lack any long-term financial goals. With April being Financial Literacy Month, many people are seeking advice on how to get their finances in order. With a well-laid and continually updated financial plan, people can feel more in control of their financial future and more confident in meeting their goals.

Over the past few decades, financial products have become more accessible to the public, which has led individuals to have more bank and investment products than ever before. Between bank accounts, credit cards, auto loans, mortgages and multiple investment accounts, it can be tough to begin organizing. Together with a financial advisor, taking a holistic look at where your money is going may help you find places to cut down on spending and save money toward your goals.

To implement a financial plan that works for you, consider the following:

• Find the right advisor for you. Start by asking yourself, “Do I have the time and energy to be the best financial advisor for myself?” The answer may be no, which is why experts are readily available to help. A Synovus financial advisor can help you build out a goal-based plan. It is simple to aim to “save more, spend less,” but a trusted advisor can help you highlight specific goals to work toward, which will strengthen your emotional connection to achieving those goals. For example, envisioning saving up for a tropical family vacation or buying a luxury item can strengthen your commitment to a financial goal more than aiming to save a certain dollar amount.
• Work backward to arrive at a plan. Consider where you want to be in 5 or 10 years, and then discuss what you need to start today to get yourself on track. Discuss short-term and long-term priorities with your advisor, and work toward setting realistic goals. Planning for retirement, which may be several decades away, can feel daunting, but working with the end goal in mind can provide perspective for the short-term goals.
• Consider your life stage. There is no “one size fits all” plan for achieving financial goals. Someone who is fresh out of college will have vastly different goals and cost outlays than a 50-year-old with a family. Working with trusted experts will help craft a plan that is unique to you, your life stage and your individual goals. Once you have your financial plan in place, make sure it evolves with your lifestyle, needs and family dynamics. Aim to meet annually (or more often) with your advisor to ensure your plan is staying up to date with any lifestyle changes, such as a new job, new home, marriage or children, and is maximizing your money given the economic conditions at that time. Having regular check-ins to make small updates will be much less mentally taxing than updating a financial plan that hasn’t been reviewed in several years. And remember it is never too late to get started.
• Celebrate wins. Create milestones in your financial plan and celebrate when they are achieved. Big or small, recognizing progress will give you an emotional boost to keep striving for the next goal.

Life is full of uncertainties, but your financial future doesn’t have to be one of them. Financial Literacy Month is a great time to take a closer look at your finances and assess your goals with a trusted advisor that can help set you up for success in April and beyond.

Konda Pollard and Brent Suriano are directors of private wealth at Synovus Bank.

2024-04-02T08:01:00

(BPT) – By Irana Wasti, Chief Product Officer at BILL

Building a business is an incredible journey — and like all journeys, every stage is different. Running a startup, for instance, is very different from running a midsize business.

As your business grows, your needs evolve too. Scaling a business often means navigating different types of risks, expanding product or service offerings, and executing more complex operations. The tools or technology solutions you had as a startup may be different to the resources you need now to help you manage a larger team, support more customers, or solve more complexities in your business.

Just one example: when it comes to thinking about finance tools or technology, there are so many different choices on the market that it can be difficult to understand which is the best one for your growing business.

If you’re ready to take your business to the next level, here are four finance-focused tips to help your growing business continue thriving.

As your business grows, you need full visibility into your evolving company budgets and how your employees are spending. Adding new employees and departments makes it harder to fully monitor organizational spending, opening your business up to the risk of overspending or fraud (whether intentional or not). Finding efficiencies in the overall spend and expense process can also deliver valuable time back to employees so they can focus on your business and customers. Automating your spend and expense management can help.

Stay agile with budget management: Scaling up means more budget complexity. Adopting a spend management solution helps to keep you nimble and can allow businesses to approve and delegate budgets adeptly, ensuring control over financial health without the hassle.

Automate your expense processes: For every business owner, streamlining the approval and reimbursement process is a game-changer as you scale. Automation in expense management can significantly reduce the administrative burdens, enhancing efficiency and allowing for a smoother financial workflow. For example, BILL customer Marine Layer, a growing retail apparel brand that focuses on sustainability, saved at least three to four hours per week on expense management. “BILL gives us more up-to-date expense reporting. It’s just a real time saver and definitely speeds up our financial close. Not having to manually code for our monthly close really saves time and makes the close more efficient,” said Kelly Ransom, Financial Accountant at Marine Layer.

As your business grows, you might also be looking at partners and vendors you’re working with to ensure they can help you scale the operations for your business needs. At this stage, many small and midsize business (SMB) owners will look to expand their vendor network, both domestically and internationally, in order to improve cost, quality, and business efficiency. But to do that, SMBs need safe, secure and efficient financial platforms that can handle vendor payments, whether domestically or internationally. This is particularly important as traditional international wire transfers can be expensive and complex. Leveraging integrated financial automation software for international payments can help ensure a faster, more secure and effective process.

Choose the right global payment partner: It’s important to look for a technology partner that will simplify operations, offer competitive exchange rates and provide comprehensive data management. The right financial platform can provide seamless global payments integration and robust features to process international payments quickly, securely and easily. I also always encourage businesses to look for a global payment solution that grows with your business.

Diversify payment methods: Payment preferences vary depending on what part of the world your sales or services are coming from. It’s helpful to offer a variety of payment options to your vendors, such as credit or debit card payments, contactless payments, and digital wallets. The right technology partner can allow you to offer multiple options for international payment needs.

Sync with accounting software: I also encourage businesses to leverage payment partners that integrate with major accounting software providers to ensure seamless management of both domestic and international payments, by streamlining your workflows and eliminating the need for double data entry.

New York-based apparel brand Bombas sends roughly 50% of their payments to 10 international vendors, even more when they need to bulk up their inventory to prepare for the holiday rush. However, Melissa Harris, Director of Accounting Operations at Bombas, isn’t worried about making international payments because they use BILL. “BILL Accounts Payable does it all in one shot, using the same process for both domestic and international payments. It’s been a much more seamless process with BILL than it has been with other AP systems I’ve used,” said Harris.

A frequent challenge for businesses is they don’t typically have large teams of finance professionals to provide analysis, insights, data and forecasting. Financial Planning and Analysis (FP&A) technology is changing that. With FP&A, SMBs can predict future cash flow, understand trends and opportunities, and make better business decisions, faster. Timely data and analytics can help you make the best decisions to help take your business to the next level.

Implementing rewards programs: Similar to consumer rewards programs, virtual cards with rewards programs are a powerful tool for businesses. Choosing financial tools that offer cashback, points or other incentives transforms everyday expenses into opportunities for savings or investment. It’s a great way to turn routine transactions into opportunities that add value to your business.

5. Choose Technology Partners that Can Increase Operational Efficiency

According to The BILL 2024 State of Financial Automation Report, SMBs are increasingly looking to AI and automation to improve efficiency and productivity. In fact, 85% of SMBs are enthusiastic about using AI for their financial operations.

One of the most important considerations is which company you choose to partner with to deliver these AI capabilities for your daily operations. You want to work with technology partners that understand the opportunity for you to harness the use of AI for your business to drive impact. For example, AI can help you improve customer experiences, gain efficiencies, or scale. This in turn can free up your valuable time, allowing you and your staff to focus on more strategic tasks that can foster innovation and growth for the business.

While AI technology is still developing and will continue to evolve, there are great technology partners that can help your business maximize AI. Choose a partner that is innovation-forward, already innovating with AI, and is an early adopter with your unique needs and interests top of mind.

At BILL, we’re dedicated to helping businesses get more control, visibility, and efficiency in their financial operations. Automating financial operations can be a game changer for your business, saving valuable team time on inefficient manual processes, and enabling you to focus on high-value strategic business needs instead. To find out more, visit Bill.com/Signup to start your risk-free trial.

2024-03-27T06:01:00

(BPT) – Filing taxes online has made an often-dreaded task easier and more convenient. However, it’s important to be aware of heightened cyber security risks during tax season that could lead to identity theft. In 2023, the IRS flagged over a million tax returns for possible identity theft and found a 31% increase in fraudulent returns from the previous year.

With a large majority of taxpayers opting to file electronically, the threat of cybercriminals using your SSN to file and steal your return is real. The experts at LifeLock have pro tips on how to safeguard your identity by learning about common scams and the steps to take to keep your information safe during tax season.

Online criminals that prey on taxpayers seek ways to obtain personal and financial information to steal your identity, file tax returns under your name to steal your refund, or convince you to send them money, gift cards or cryptocurrencies.

While you may not think you’re vulnerable to obvious tax and IRS imposter scams, criminals are using convincingly sophisticated tactics. And they love to prey on late filers. So, it’s vital to stay alert when it comes to your personal information as the tax deadline approaches.

Watch for these tax scams

Here are four common tactics you may see, and how to avoid falling for them.

1. Phishy IRS schemes

These scams are designed to convince you that a message supposedly from the IRS is legitimate, tricking you into clicking an embedded link in an email or text. These links then lead to fake IRS websites created to record information you input. Or they contact you by phone or text pretending to be from the IRS and rope you into a scam. Some fraudsters will use phishing scams to get your personal information, threaten or trick you into paying a “balance you owe” using gift cards, cryptocurrency or wire transfers.

Pro Tip: The IRS will never contact you via email, text or phone without reaching out by mail first. The IRS does not accept payments via gift cards, cryptocurrency or wire transfers. For concerns about your taxes from this year or any year, go straight to IRS.gov.

If an email looks “phishy,” it probably is. You can flag the message as phishing or junk and/or simply delete it. Get a threatening or suspicious phone call supposedly from the IRS? Hang up.

2. Ghost tax prep services

When hiring someone to do your taxes, make sure to use a reputable tax preparation service. A legitimate tax preparer must have a valid Preparer Tax Identification Number (PTIN) and sign your return once complete. Refusing to sign is an indication they could be a ghost tax preparer, only interested in collecting the fee. Another warning sign is requiring a cash payment.

Pro Tip: You can check the credentials of legitimate tax preparers by using the IRS Directory of Federal Tax Return Preparers.

3. Social media scams

Fake tax advice groups and profiles lure people by promising insider tips and bigger refunds, only to phish for sensitive data. These groups often appear legit, and may contact you via direct messages, comments or through seemingly harmless quizzes or surveys. Phishing links disguised as helpful resources or urgent notifications trick users into revealing critical information or downloading malware.

Pro Tip: Privacy settings are your first line of defense against identity theft on social media. These settings control who sees your posts, personal details and even friend lists, which can all be used by cybercriminals. Learn more about staying safe on social media and other tips on LifeLock’s blog.

4. Tax identity theft

Scammers can use information like your SSN, birthdate and employer to file a fraudulent return in your name. Then they can collect your refund and use your information to open credit cards and accounts.

Pro Tip: Get an IP (Identity Protection) PIN, a six-digit number known only to you and the IRS, each year before filing as an added layer of security against thieves. Filing with an incorrect or missing IP PIN will result in the rejection of your e-filed return and it may be flagged for potential fraud until it can be verified. The easiest way to get an IP PIN is to register on the IRS website.

How to protect yourself

Regularly monitor your financial accounts, credit cards and credit scores for unusual activity and fraudulent transactions. If you try filing and are notified that a tax return was already filed in your name, you can complete a paper return and include form 14039 (Identity Theft Affidavit) that provides all the necessary details for the IRS to open an investigation. Request a copy of the fraudulent return to help understand what information was used by the thief.

For additional safeguards during tax season and beyond, consider identity theft protection and restoration services from LifeLock. LifeLock detects and alerts people to possible identity threats, and its dedicated U.S. based Identity Restoration Specialists help people restore their identity if they do become victims. Learn more about protecting your identity at LifeLock.com.