Small Business and Business Software

Small Business Financial Solutions Llc

Small Business Financial Solutions Llc – Join M’Ballou Conde-Kouyate, Vice President of M&T Bank for a presentation on the financial challenges of COVID and solutions to help small businesses.

The FACC Women’s Leadership Committee has launched the 2020-2021 Lunch and Learn Series to spotlight leaders in our community who are spearheading initiatives that advance women in business, inspire our local networks /global with innovative ideas and act as agents of change. Respond to local, binational (Franco-American) and global needs.

Small Business Financial Solutions Llc

Small Business Financial Solutions Llc

The coronavirus (COVID-19) outbreak has caused unprecedented financial and operational disruption, especially for small businesses. Under the CARES Act signed into law on March 27, 2020, $376 billion in relief financing options and solutions are available for small businesses. We’ll discuss how to access the Payroll Protection Program (PPP), which is designed to help businesses retain employees through loan forgiveness to maintain operations instead of closing. Other business solutions and flexible financing options will be showcased, including deposit/payment programs, as well as investment and insurance options to help small businesses navigate the complexities of doing business during these challenges. economic.

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We will hear from our FACC Women in Leadership member, MBallou Conde-Kouyate, Vice President and Director of Corporate Banking Relations at M&T Bank.

M’Ballou Conde-Kouyate is Vice President and Director of Corporate Banking Relationships at M&T Bank. His career includes over 14 years of leadership, management and banking at a minority-owned bank and one of the Washington, D.C. metro area’s Top 500 financial institutions. In his current role, MBallou is an advisor to trust for segments of the business in Washington, D.C. and suburban Maryland. MBallou holds an MBA from the University of Quebec in Montreal and is fluent in French and 4 other foreign languages. Above all, his greatest assets remain his passion for superior customer service and his desire to be involved in the community.

Sarel Gross, Vice President and Commercial Payments Sales Consultant, M&T Bank. – Ilisa Clay, Vice President and Senior Private Banker, Wilmington Trust (M&T Bank Company). Host: Managing finances can be a challenge for any small business owner. Often the reason your small business succeeds is because of the skills you have in developing your product or delivering your service. If you don’t have a lot of experience managing a business’s finances, it can feel like a chore and you could pick up bad financial habits that could one day harm your business.

The most important step for any business owner is to educate yourself. By understanding the basic skills needed to run a small business, such as performing simple bookkeeping tasks, applying for a loan, or preparing financial statements, business owners can build a stable financial future. and avoid failure. Along with education, being organized is a key part of sound money management.

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“There’s nothing scarier, more expensive, or riskier than showing up at your accountant’s office with a shoebox of year-end receipts and your last 12 bank statements,” Ryan said. Watson, co-founder and director of Upsourced Accounting. . “The importance and benefits of properly tracking your financial information throughout the year cannot be overstated.”

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Key Step: Managing your business finances is important to creating a stable financial future in which your business is less likely to fail.

Here are some things you should do as a small business owner to stay on top of your finances.

Small Business Financial Solutions Llc

If you run a small business, it’s easy to try everything in your day-to-day operations. After all, that extra capital can often help your business grow. Alexander Lowry, professor and director of Gordon College’s MSc in Financial Analysis program, says small business owners shouldn’t ignore their role in the business and should compensate themselves accordingly. You want to make sure your business and personal finances are in good shape.

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“A lot of small business owners, especially in the beginning, neglect to pay themselves,” he said. “They [believe] it’s more important to start a business and pay others. But if the business doesn’t work, you’ll never get paid. Remember that you are part of a company and you should be paid the same as everyone else.

In addition to paying yourself, it’s important to put money aside and explore opportunities for growth. This will allow your business to grow and move in a financially sound direction. Edgar Collado, chief financial officer at Tobias Financial Advisors, says business owners should always keep an eye on the future.

“Small businesses that want to continue to grow, innovate and attract the best employees [must] demonstrate that they are ready to invest in the future,” he said. “Customers will appreciate the increased level of service. Employees will appreciate that you’re investing in the business and in their careers. And in the end, you’ll create more value for your business than if you spent all of your profits on personal things.”

Loans can be scary. They may raise concerns about the financial consequences of failure. However, without an influx of capital from loans, you may face significant challenges when trying to buy equipment or grow your team. You can also use loan proceeds to increase your cash flow so you have fewer problems paying employees and suppliers on time.

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As your business grows, you may want to buy more commercial real estate, take out additional insurance policies, and take out more loans to support all of these things. With bad business credit, getting approval for all those transactions and purchases can be more difficult. To maintain good credit, pay off all your debts as soon as possible. For example, don’t let your business credit cards carry a balance for more than a few weeks. Likewise, don’t take out loans with interest rates you can’t afford. Only look for financing that you can repay quickly and easily.

Every business owner has a customer who is consistently late with invoices and payments. Managing small business finances also means managing cash flow to ensure your business is operating at a healthy level day-to-day. If you’re struggling to collect from certain clients or customers, it might be time to get creative with how you pay them.

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“Excess cash from unpaid invoices can lead to cash flow problems, one of the leading causes of business failure,” said James Stefurak, editor of the Invoice Factoring Guide. “If you have a client who is chronically late, which we all do, instead of sending them bills and repeated phone calls, try a different approach. Change the payment terms to “2/10 net 30”. This means that if the customer pays the invoice within 10 days, he will receive a 2% discount on the total invoice. Otherwise, the terms will be paid in full within 30 days. [Read related article: What to do when customers don’t pay their bills]

Small Business Financial Solutions Llc

If you’re struggling to save on your estimated quarterly tax bills, make monthly payments instead, said Michele Etzel, owner of Bayside Accounting Services. This way, you can treat utility bills like another monthly operating expense.

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Editor’s note: Need a small business loan for your business? Complete the questionnaire below to have our reseller partners contact you for free information.

This is an obvious practice, but very important. Try to set aside time each day or month to review and monitor your books, even if you work with an accountant. This will give you insight into your company’s finances, but will also give you a window into potential financial crimes.

“Don’t neglect bank reconciliations and spend time each month dealing with overdue invoices,” said Terence Channon, director of NewLead LLC. “To get it wrong, especially if accounting is involved, exposes the business to waste or even wastage.”

Measuring cost and return on investment will give you a clear picture of which investments make sense and which don’t. Deborah Sweeney, CEO of MyCorporation, says small business owners need to be careful where they spend their money.

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“Focus on the return on investment that comes with every expense you make,” he said. “If you don’t, you can lose money on irrelevant bets or bad spending. Know where you’re spending your hard-earned money and how that investment is paying off. If that doesn’t work, reduce your spending and spend a little more on initiatives that work for you and your business.

Establishing internal financial protocols, even as simple as setting aside a designated time to review and update financial information, can go a long way in protecting the financial health of your business. Tracking your finances can help reduce fraud or risk.

“As a small business, we’re often constrained by time, money, and very poor technology capabilities, but that shouldn’t stop a small business owner from putting some kind of internal control in place,” Collado said. . “This is especially important if you have employees. Weak internal controls can lead to employee fraud or theft, and you can potentially land in legal trouble if you or an employee violates certain laws. “

Small Business Financial Solutions Llc


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