5 Simple Steps to Dispute False Unemployment Claims

Filed Under: Other Voices We ♥
November 24th, 2014 by Victoria

5 Simple Steps to Dispute False Unemployment Claims

By Pam Waits, Ph.D., JuvodHR

Business owners often don’t give much thought to State Unemployment Insurance Tax (SUI) even though it’s a necessary cost of running a business. Take Idaho as an example. A 16-person firm in Idaho with the best SUI rate will pay an annual tax of roughly $3,070 per year. Add a few unemployment claims or false claims and that annual tax rate can jump to over $30,430 per year*. With a few simple changes, you can keep your rates low.

JuvodHR Cartoon

One of the strongest defenses against false unemployment claims is strong documentation. You can often win false unemployment claims when you can provide proof of the reason(s) an employee was discharged, in addition to proving that a termination was legitimate and handled fairly. If the former employee files a lawsuit or charge with the Human Rights Commission, this type of information can easily make your case.

Most states provide unemployment compensation when people lose their jobs through no fault of their own. Often when an employee quits a job they don’t qualify for unemployment benefits, unless extenuating circumstances apply. When people are let go from a job, it is most likely for misconduct or dismissal for cause. In these circumstances, unemployment benefits are usually denied.

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Need Working Capital? Here are the Best Options to Cash in Hand Fast

Filed Under: Other Voices We ♥
November 21st, 2014 by Victoria

Need Working Capital? Here are the Best Options to Cash in Hand Fast

By Meredith Wood of Fundera

Sometimes in business you need cash fast. Whether you are facing a crisis you hadn’t expected or suddenly your clients’ demand triples within a few days, as a business owner, what are your options to get that cash in hand fast? Online business loans (instead of a traditional bank loan) are going to be your best option. Here are a few options when you need access to working capital quickly:

Invoice Financing:

What is it? Invoice financing is a very easy and fast way to get cash without a credit check or collateral. Often in business there is a time lapse between when you provide a product to a customer and when your invoices are paid. Invoice financing assures that you can collect most of that money immediately, allowing you to have cash in hand quickly. Virtually any business can qualify for invoice financing if they have current outstanding receivables.

How does it work? Invoice financing companies buy your company’s accounts receivables. They can buy either a specific invoice or a set of invoices. The Invoice financing company then gives an immediate advance to you ranging from 50-80% of the amount of the receivable. They hold the rest of the money in reserve and take an “invoice financing fee”. The invoice financing company then collects from your customer. Once they receive payment, they pay you the amount held in reserve less the financing fee of 2% to 6%.

Advantages
- Quick access to cash
- No need for collateral (invoices take its place)
- No credit check

Disadvantages
- Losing a portion of profits to fees
- Higher fees than “traditional” financing
- The longer your client takes to pay you back, the more money you lose
- Less capital available during downturns

Short-Term Working Capital Loan:

What is it? A short-term working capital loan is a loan type that meets immediate financing needs. This type of loan can give you access to funds in as little as 2 days. Almost every business can qualify for this type of loan. The interest rate and maximum amount you can borrow will depend on your business history, credit rating, and business revenues. Typically, a short-term loan has a fixed interest rate and payment period and you need collateral to obtain the loan.

How does it work? You apply for a short-term working capital loan from either an online lender. You usually need some collateral, business or personal assets. The lender will review your business banking records and credit history, though it is still possible to get a loan even without perfect credit. Interest rates typically start at 14% with a variety of payment plans and terms available. Your loan term can be anywhere from 3 to 18 months.

Advantages
- Quick access to funds
- Limited paperwork required
- Get debt off your books quickly

Disadvantages
- Higher interest rates than traditional loans
- Often requires collateral
- Often requires credit checks

Equipment Loans:

What is it? If you need cash for the exclusive purpose of purchasing equipment you can get an equipment loan to finance up to 100% of the value of the equipment you need. The terms depend on the expected life of the asset. Most businesses qualify for equipment financing. The amount for which you qualify and the interest rate depends on the value of the equipment, your credit rating, and your business history. You will not need any collateral as the equipment serves as such.

How does it work? Once you purchase the equipment you make regular payments until you have paid back the loan, which is usually calculated as the expected life of equipment. The equipment serves as collateral to secure your loan. You can use this type of loan to purchase virtually any type of business equipment. You can typically borrow up to 100% of the value of the equipment you need, but this will depend on the type of equipment you are purchasing and whether the equipment is new or used. The fixed interest rate with an equipment loan is typically 8% to 30%. The terms of the loan depend on the expected life and type of equipment. The loan cannot be extended past the life of the equipment.

Advantages
- Can qualify with bad credit
- Quick cash access
- Limited paperwork
- No collateral—equipment serves as collateral

Disadvantages
- Equipment may be obsolete before the loan is fully repaid
- Because equipment depreciates, you cannot deduct the full cost each year
- It may make it harder to apply to other loans as it ties up credit

Merchant Cash Advances:

What is it? A Merchant Cash Advance (MCA) is quick way to get a cash advance for your business without collateral. Rather than a loan, it’s a short-term cash advance which is repaid by future credit card receipts. This type of “loan” is very fast, unsecure, and anyone with credit volume can be approved. Anyone who receives a large portion of revenues through credit card payments can use this financing option.

How does it work? You get a cash advance, approved and funded within 1-2 days typically. You, in turn, agree to pay back the advance plus a fee by authorizing the MCA provider to take a portion of your business’s credit card sales each day until the entire amount has been repaid. You can get a maximum cash advance of $250,000. MCA providers have a “factor fee” which can range from 1.14 to 1.48. This number is multiplied by the advance amount you receive to calculate the total you must pay back.

Advantages
- Very fast aces to cash
- Little paperwork and easy approval process
- Can qualify with bad credit
- Loan repayment is automatic with set percentage of credit card receipts
- Can be used for almost any business purpose

Disadvantages
- Expensive fees—higher than any other loan type
- Reduced cash flow because of daily deduction of credit card receipts
- Little flexibility to change MCA providers

Meredith Wood of Fundera.Meredith Wood is the Editor-in-Chief at Fundera, an online marketplace for small business loans that matches business owners with the best funding providers for their business. Prior to Fundera, Meredith was the CCO at Funding Gates. Meredith is a resident Finance Advisor on American Express OPEN Forum and an avid business writer. Her advice consistently appears on such sites as Yahoo!, Fox Business, Amex OPEN, AllBusiness, and many more. Meredith is also the Senior Financial and B2B Correspondent for AlleyWire.

We’re Hiring: Software Engineer

Filed Under: News
November 20th, 2014 by J.D. Mullin

Role: Software Engineer
Functional Area: Engineering & Marketing
Employment type: Regular Full-time

Company Description

Founded in 2006, TSheets is one of the fastest growing tech companies in Idaho. TSheets is a web-based employee time and attendance software used by thousands of companies and their employees around the world. In 2013, TSheets became the #1 rated and reviewed time tracking app in the Intuit ecosystem.

Why join us? The TSheets team lives, eats and breathes our core values, one of which is: Work really hard; play really hard. We are a dynamic, close-knit team with strong convictions. We also offer an extensive benefits package, which includes medical, dental, and vision coverage and a retirement plan. You will be joining a fun, creative, experienced, and bright team, who is passionate about what we create.

Role Description

On the surface, we build time tracking software that our customers’ employees love. Beneath the surface, you will find the development team tackling mobile technologies, web technologies, location-based services, multi-homed data centers, distributed caching strategies and generally working on providing exceptional products and keeping up with our growth.

This particular role will involve both internal and external-facing development projects:

  • Maintaining and enhancing a world-class website with tens of thousands of views per week
  • Building custom customer-facing portals
  • Designing and implementing A/B site tests
  • Creating, analyzing and acting on a number of performance and conversion metrics
  • Identifying internal software needs and building tools to address them
  • Working with internal and external graphic designers to provide the best customer experience possible

In addition to technology challenges, we are a tight-knit team that supports each other in every way we can. Joining our team means making meaningful contributions and quickly seeing those contributions come to fruition.

Requirements

  • Three years of progressive experience in software development.
  • Experience must include HTML, Javascript, CSS and at least one or more server-side technologies
  • Knowledge of SEO best practices a plus.

Qualified applicants can email a cover letter and resume to careers@tsheets.com.

 

How to Motivate Employees

Filed Under: From Matt's Desk
November 19th, 2014 by Matt

At one of my previous startups, I had an ongoing issue with an employee who was consistently late to meetings. This guy was great — he was a really hard worker, delivered some of the best numbers on our team, and had earned his way into a leadership position. But he was chronically late, and it needed to be fixed.

Because this employee seemed like a pretty direct person, I decided to address the issue with him directly. Except I made one mistake — I chose to hold him accountable in front of a group of his colleagues. And you know what? I almost lost one of my best employees that day because of it.

Being called out in public wouldn’t have bothered me personally. But for that particular employee, it was the worst thing I could have done. Had I addressed him directly but in private, we wouldn’t have had an issue. Instead, I had to regain the trust of a good employee because of a small problem that I could have handled better.

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There’s Revenue Hiding in Plain Sight. Are You Ignoring It?

Filed Under: Other Voices We ♥
November 17th, 2014 by Victoria

Why Contractors Should Focus on the Low Hanging Fruit to Increase Profits

By Todd Dawalt

Are you a service provider or contractor? Do you find yourself chasing contracts or putting together proposals without results? To determine the right amount of time and energy to spend on new business opportunities, I use a framework called The Money Tree.

Imagine that you and the family decide to spend a fall Saturday afternoon together partaking in a seasonally appropriate activity. No, not tailgating. Not picking your gourd of choice out of a field. You pack up the mini-van and head for Uncle Bob’s Pick-Your-Own Apple Farm.

Uncle Bob takes your money, hands you a bushel basket and points you out the screen door toward the apple trees in the distance. When you approach the trees you realize a few things:

1. The trees are actually much taller than they looked when you Googled “Uncle Bob’s” on your phone.
2. It’s been a long time since you climbed a tree.
3. Uncle Bob just snookered you into paying him good money to provide free labor for overpriced apples.

Believe it or not, new business opportunities available to a contractor are a lot like apples on a tree: the apples at the top require the most effort to get to and are the hardest to see, and the “low hanging fruit” are the easiest to get your hands on and the easiest to see.

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