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Business Advice Blog Posts

By First American Merchant

Feel free to give us a call for more info 1-800-210-5649

Top 4 Accounting Software for Small Business Owners in 2021

When you planned on becoming a small business owner, your thoughts were likely filled with your big idea, the people you hoped to surround yourself with, where to open your shop and how to reach your customers. To this day, the last thing you likely want to spend time on is accounting. But understanding your finances is critical if you want to ensure your business continues to run smoothly. To lessen some of the burdens, there are many software options that can help you automate all the tedious tasks you wish to avoid. Below, you will find a list of […]

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6 Tips to Help Your Struggling Business Get Back on Track

Owning and operating a small business has always been challenging. From insufficient cash flow and poor business practices to a disengaged team and no customers, there are many reasons why a business might find itself on the road of no return. Regardless of the cause, if you’ve found yourself on this path, it’s time to get some guidance. You’ve now started the real test of entrepreneurship: the ability to make it through tough times – and we are definitely living in a time of uncertainty and obstacles. If this year has left you with a struggling enterprise, here are six […]

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Are Unpaid Invoices & Customer Debts Slowing You Down?

Monitoring and maintaining cash flow is an essential part of running a thriving business. Unpaid invoices and bad debts can lead to a business’s downfall. You need money to maintain operations, replenish stocks, and so on. A slight delay in cash flow can cause financial constraints and interrupt activities. The ongoing pandemic has further resulted in many cash flow hitches. Firms are struggling to stay open. And to counter these challenges, businesses have begun paying closer attention to cash flow issues by prompting their clients to pay on time.   A business is more likely to reduce bad debts by developing […]

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The Consequences of a Bad Credit Score to Your Business

A good credit score is a pivotal factor for businesses that want to acquire loans. Most businesses usually need additional funds to invest, thrive, and expand their reach. During such times, your credit rating may determine the lender’s decision.  What Leads To A Poor Credit Score?  A low credit score can be a result of various factors. For example, failure to cultivate your credit when the business was developing, financial struggles, or low revenue incomes. One must first learn the roots of their poor credit score to fix the issue. Lenders typically use details about your FICO ratings, which is […]

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A Step-by-Step Plan for Restructuring Your Business Debt

According to a 2019 Small Business Credit Survey conducted by the Federal Reserve Banks, 70% of small employer firms had outstanding debt last year – and then 2020 rolled in. Due to the changes that have taken place over recent months and the continued uncertainty, many businesses (if not most) are scrambling to figure out how to manage day-to-day costs, preserve their financial goals and manage existing business debt. For many, the answer is coming up with a plan to restructure business debt. If you’re not familiar with how this process works and think it might be a solution for […]

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5 Tips for Choosing the Best Remote Collaboration Tools for Your Team

The pandemic came as a shock to everyone. It was swift, and the changes to how things are done – personal and business – have been hard to keep up with. To stay afloat, businesses across the globe have had to make abrupt changes, both big and small. One of the top challenges has been how to keep workers and teams connected. Many took the leap and invested in various tools and basic technology. As businesses have begun to reopen a surprising number of these companies have decided to accept remote operations as a long-term arrangement. If you are one […]

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4 Tips for Understanding Your New Business’ Finances

Each year, over 627,000 new businesses are opened by eager entrepreneurs with big hopes and dreams for the future.  While their reasons for taking this leap may vary, they all share at least one thing in common: a desire for freedom. Who doesn’t like the idea of leaving their current job for the last time, giving their resignation and becoming their own boss? In reality, there is a huge amount of planning that needs to be done long before a business venture ever gets off the ground. These foundational steps will help ensure your business does not end up like […]

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Everything You Need to Know About Calculating Cost of Debt

When you’re on the path to becoming a business owner, it’s easy to get overwhelmed with the flood of financial information you receive and research. You might have heard terms like cash flow, APR and cost of debt. But what does it all mean? How much do you really need to know to run a successful business? How do you ensure your business’ future is secure? The following information should help provide some clarity on one of the most important topics: calculating the cost of debt. What is the Cost of Debt? At one point or another, every business owner […]

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How to Build Business Credit, and Why You Need It

Are you a new business owner who has yet to establish business credit? If so, don’t worry! Yes, it can take some time to build a stellar credit score. But it is possible to build both a successful business and business credit at the same time. The following tips and information will help you get started. What is Business Credit, and Why Do You Need It? Essentially, business credit is a financial tool. It allows your business to access loans and other forms of financing, qualify for better terms from vendors and build good relationships with other business-to-business (B2B) sellers. […]

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5 Money Management Tips to Keep Your Business Afloat

Tough times come and go. Of course, you want your business to be permanent and strong. To muscle through uncertainty and economic downturns, your business will need to adopt and maintain solid money management. If you find handling cash flow difficult and time-consuming, you’re not alone. In fact, nearly half (42%) of small business owners admit managing cash flow is a big challenge. But maintaining working capital is a must if you want your business to succeed, rain, or shine. The following tips will help you learn how to manage your small business’ money effectively and develop good financial habits: […]

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