Archives for June 2019

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A new report highlights how small businesses turn to their accountants for technology advice. AndZoho partnered with AccountingWeb on the report. It shows small businesses are asking for this advice 83% of the time. And 40% of the accountants say they are asked tech questions up to 20 times a month.

Small Business Trends contacted Andy North at AccountingWeb to learn more. North put the survey together with Zoho. And he started by talking about the kinds of technology accountants most often answer questions about. First, 62% answer questions on desktop accounting software. And 46% answer questions on software training. While 46% answer questions on support services. And 57% answer questions on data security.

North filled in some detail on these numbers.

“By far the most common (according to the survey) is desktop accounting software along with related third party apps and integration. That’s followed closely by the same for cloud software,” he wrote. “Software training and overall needs analysis was also a common area in which businesses sought advice.”

The U.S. Bureau of Labor Statistics reports almost 20 percent of SMBs fail in their first year. Half do the same by the end of year five. Technology is a partial answer to higher success rates. Small businesses are turning to accountants for tech help and more than just bookkeeping.

The report shows that business owners see their accountants as much more than just number crunchers. North said the challenge for accountants is to keep pace with the demand. He outlined the reasons he thought accountants are good at this.

Trust is Important

“ First, one of the most important factors when seeking expert advice is trust,” he writes. “Hopefully, the accounting partner has already earned that trust, so it’s a smaller step to ask for advice about technology. ”

The second is the common notion that accountants know everything about how a business functions financially.

“Finally, tech systems are integrated with accounting solutions on the web. The person who knows the accounting system is in a good position to advise on technology.”

Clients Ask For It

Thirty eight percent of accountants supply technological advice because clients ask for it.  Still others (21%) reported answering these questions allowed them to use their passion for technology.

Even though they are being encouraged to charge for their advice, some accountants still have misgivings.

Some reported they felt they were out of their depth (22%) while others (19%) worried about liability.

North said there were some consequences for the SMB/accountant relationship.

“It is a shift from being a relatively passive partner focusing on what happened in the past, to a proactive partner focusing on the future,” he wrote. “A major conundrum here is ‘What are accountants actually charging for? The time spent completing a task or the knowledge and advice added to that? Furthermore, firms have to become much better at packaging and selling these services to their clients.”

He also talked about where he sees the trend going.

“I think, ultimately, accounting firms will develop more mature business models. We will see firms across the board offering clearly defined and priced technology consultancy services.

It may eliminate some of the variables and therefore risk,” he said.

Industry Leaders

He pointed to Zoho as one of the industry leaders. They offer a wide range of the kind of technology needed on one platform. North said this simple platform will make it easier for accountants to provide this type of advice.

“Zoho helps accountants overcome the challenges of giving business advice by providing an all-in-one suite of apps. It connects an accountant’s core focus, finances, with nearly every tool that their client may need,” said Raju Vagesna, Zoho’s Chief Evangelist in a company release.

AccountingWeb conducted the survey in North American with over 400 firms.

Image: Depositphotos.com

This article, “83% of Small Business Owners Ask Their Accountant for Tech Advice” was first published on Small Business Trends

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Laptops continue to increase in popular for business use. And not only do they allow you and your team to get work done from anywhere. But many also provide all the power, storage and speed that you really need. And this allows you to perform your day-to-day functions.

However, with the increasing popularity of laptops, there are also more devices to choose from than ever before. Wading through all the brands and specs can get complicated, especially for small business owners who already have tons of other tasks on their plate.

How to Choose a Laptop

Whether you’re looking for a laptop that you can use personally in your home office or a selection of devices to supply to a small team, here are some helpful tips for those who aren’t sure how to choose a laptop for business use.

Evaluate Your Workload Needs

Every business owner or profession is going to use their laptop slightly differently. So that means their specific feature and spec requirements are going to vary. Before you get started comparing specific models, you need to figure out what it is you need from a laptop. And that starts by looking at the tasks you regularly accomplish on your device.

Jason Harrison of Harrison Technology Consulting LLC said in an email interview with Small Business Trends, “What you need depends on the workloads you plan to tackle with it. If you are doing typical tasks (Email, word processing, spreadsheet work, basic presentations, web surfing, etc.) Then a mid-priced mid-powered device will do you well. If you plan on doing some heavier compute tasks like video editing, heavy image rendering/manipulation, coding, or music production, then you’re going to want to invest in as much as you can afford to get enough power and other system resources to do these tasks in a reasonable amount of time.”

Avoid Really Low Cost Equipment

Of course, you need to find a laptop that fits within your company’s budget. However, opting for bargain basement devices can often cost your business more in the future with extra repairs, loss of productivity or more frequent replacements.

Harrison says, “Most of the time you get what you pay for. Typically, the higher quality equipment from companies like Apple tend to hold up well, last a really long time, and be less trouble.”

Don’t Get Weighed Down by Tons of Specs

When shopping for laptops, there are tons of different specs you can look at. You might see terms like CPU, screen resolution, 4G cards and hard drive storage. Some of these things might impact specific businesses. For example, if you work with high res graphics, a high screen resolution may be important.

However, many of these aspects are fairly comparable within specific price points. So Harrison cautions against getting bogged down with minutiae unless it’s a very specific need for your company.

He adds, “These days most mid-priced and up computers are more than capable and specs mean a lot less. Obviously, if you plan to do audio or video work, then you’ll want to pay attention to the devices video and audio hardware. For basic computing needs, most specs are often more than enough.”

Look into RAM

However, there’s at least one spec that is relevant to pretty much any computer buyer. RAM impacts each device’s performance based on how much memory and storage it can hold.

Harrison explains, “That said, RAM is still one key spec to pay attention to. While most basic configurations are at least in the 8GB range, I typically suggest 16GB as a minimum to help provide a bit more performance when running many apps and to provide a bit more longevity in the devices life without the need to worry about upgrading the RAM anytime soon.”

Consider Getting Help from a Professional

If you want to invest in a quality laptop that’s perfect for your business, but don’t want to do all the research and comparison shopping on your own, consider hiring an IT consultant. To ensure that you get unbiased advice, Harrison recommends going with someone who does not resell hardware or software products from specific vendors. That way, you can be sure they’re actually going to recommend you the products that are right for your business, rather than trying to earn some extra money.

He says, “These pros are hired by you and work for you and are out to help you get the best solution for your business. These pros often pay for themselves many times over. They can also be a very valuable resource to assist with ongoing needs such as developing a solid security plan for your system and helping maintain the system. Computers and like devices are not appliances. They are complex devices that do require proper software management, security management, and ongoing attention to keep them running securely and smoothly.”

Image: Depositphotos.com

This article, “How to Choose a Laptop for Your Small Business” was first published on Small Business Trends

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When it comes to a business loan, applicants want to start and expand their company, or they need funds to get out of a financial jam. But the application process is not uniform across the board, which leaves room for inefficiencies small business owners inevitably face.

How Long Does It Take to Get a Business Loan

A new survey conducted by Lending Express reports inefficiency runs rampant. A number of small business applicants (7.5%) say they had to wait more than 6 months to hear back about a loan application. Another 16.3% said they had to wait more than a month.

The waiting process varies from institution to institution, but this length of time can be detrimental. If a small business owner has to wait up to six months or more, opportunities will go by the wayside.

As stated by Lending Express, a single loan can make all the difference in the world for a small business. With just a single loan, 61% of owners said they were able to turn profitable.

In the emailed report the company said, “Funding for small business owners is vastly important. It allows them to start, boost and even keep their businesses afloat. Luckily, though at times a trying experience, this survey found that most small businesses can become profitable after receiving just one loan.”

The survey was designed to determine the current business lending landscape. With a representative sample of more than 1,000 small business owners, Lending Express conducted the Google survey in April 2019.

Business Lending Landscape

Small business owners have a wide range of views on the current lending landscape. But the one common theme is they want their loans processed as soon as possible. So much so, 17% of Gen-Zers are willing to clean toilets for a two-day loan process. Another 14% are willing to go through a root canal for that speedy loan process.

It might sound comical, but the need to get the funding quickly highlights the anxiety small business owners are facing.

The anxiety is further exasperated with each loan denial. Because one in eight or 12.6% of owners say they have been turned down twice. Another 9% said it was three times. This has crushed the confidence of a segment of the small business sector.

More than a third or 36.5% say not all deserving small business owners get the funding they deserve. For Gen-Zers, the disillusionment is even deeper as 43.6% say they have no confidence in the integrity of the lending process.

When it comes to gender, millennial females are disenchanted with the lending process. Close to 9 in 10 or 89.5% millennial females feel there is gender-bias in lending. But only 58.7% of their male counterparts perceive gender bias.

The perceived gender bias is high across all ages. While 83.4% of all females say there is some level of bias, it goes down to 70.6% for males.

Key Takeaway

This survey offers some interesting insights into the current business lending landscape. It shows business owners have some predetermined understandings about the lending process. If this is not based on fact, it can deter them from applying for a loan altogether.

Whether you are applying for your first business loan or you are looking for some capital to expand, talk to the lender. Even if you are well informed, the information you have may not apply to this specific lender.

The more informed you are, the better you will be prepared to come up with the requirements the lender wants.

Image: Depositphotos.com

This article, “Some Small Businesses Had to Wait Longer Than 6 Months to Hear About a Loan Application” was first published on Small Business Trends

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Baby boomers have begun delaying their retirement. And this creates challenges for small businesses. But it creates opportunities too.

The experience baby boomers bring to the table is undeniable, but employers are overlooking them. And according to a new study by iHire, 53% of respondents say they have experienced age discrimination. In addition to age discrimination, 44.5% also say their generation is unfairly stereotyped by today’s employers.

As older workers delay their retirement and compete with everyone else, the challenges are undeniable. But there is also great opportunity, especially for small businesses. The experience and knowledge of these employees can be used to guide new startups so they can avoid the many pitfalls of the business world.

This is exactly what Steve Flook, iHire’s president and CEO pointed out in the press release. Flook said, “As the talent shortage and tight labor market continue to complicate hiring, employers should put their bias aside and consider what seasoned, eager, reliable, and highly qualified baby boomer candidates can offer.”

The purpose of the survey is to find out the job search experiences and expectations of baby boomers. To that end, iHire surveyed 1,265 baby boomer job seekers in April 2019 across 56 industries.

Hiring Baby Boomers

The biggest problem organizations face now is the lack of qualified applicants. According to the 2019 State of Online Recruiting report, 53.5% of employers say this is their predicament.

At the same time, baby boomers are actively and passively looking for new employment opportunities. In the survey 40.8% said they are unemployed and looking for a job. According to iHire, this is a sign of growing interest by baby boomers to go back to work, and it can also mean there is an uptick in the number of layoffs.

No matter the reason, they want to work. And they don’t lack confidence when it comes to their qualifications. The majority or 82.9% feel they are very qualified or over qualified for the jobs they are applying for. Only 5% say they are somewhat or not at all qualified.

In addition to getting hired, baby boomers are looking for solid compensation. Most, if not all, are looking to pad their retirement savings. In the survey 73.5% chose fair salary/compensation as one of their primary criteria from an employer.

Beyond a good salary, they want health benefits, work/life balance, 401(k) options, and flexibility. The flexibility is telecommuting and setting their own schedule. And this is where a small business can seize on the opportunity of hiring a baby boomer.

While it may not be possible to hire someone with so much experience on a full-time basis, it can be possible as a part-time or freelancer. This will allow baby boomers to stay in the workforce longer, and small businesses to use their expertise as needed.

The Opportunities

The iHire report concludes by saying baby boomers are retiring faster than employers can fill the positions they leave behind.

For those who don’t want to retire, they offer organizations solutions to the hiring problems in the current employment market. With the right hiring strategy, businesses can have a good balance of young and older employees to create the perfect working environment.

There are far too many intangibles older workers bring to the table. Businesses who are able to see this and capitalize on it will experience surprising growth and productivity.

Image: Depositphotos.com

This article, “53% of Baby Boomers Say They’ve Experienced Age Discrimination in the Hiring Process” was first published on Small Business Trends

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