Erica Seppala

Xero and QuickBooks Online are both cloud-based software with accounting features you’d expect like invoicing and inventory management. However, Xero stands out for its strong security and supported users, while QBO is easier to use and has better mobile apps.

One form of relief offered to small businesses is the Employee Retention Tax Credit. First introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, this tax credit could be claimed by eligible employers on quarterly tax returns. This program was expanded by the Consolidated Appropriations Act signed into law in December 2020, making the credit accessible to more employers.

Xero’s advanced features, numerous integrations, and support for unlimited users make it a top choice for mid-to-large-sized businesses that are willing to put in the time and effort to learn the software. FreshBooks is a better fit for smaller businesses that want easy-to-use software equipped with basic features such as invoicing.

There are business grants out there that give small business owners and entrepreneurs access to capital. However, it isn’t as easy as pulling out your credit card and receiving a magic list in your mailbox. It takes work to find grants that you qualify for, and even then, competition is pretty stiff. That doesn’t mean you should automatically write-off business grants, though.

The EIDL is a low-interest, long-term loan for small business owners that have been impacted by COVID. These loans offer low, fixed rates and repayment terms up to 30 years. Businesses with fewer than 500 employees, certain nonprofits, and agricultural businesses can apply and be approved if they meet all criteria set by the SBA.

You will need to apply for forgiveness through the lender that serviced your PPP loan, not the SBA itself. To do this, you’ll need to submit one of the three available forgiveness application forms, depending on your circumstances: SBA Form 3508, SBA Form 3508S, or SBA Form 3508EZ.

Ever wondered what the difference is between a 1099 contractor and a W2 employee? Believe it or not, the answer is both easier — and more complicated — than you might expect. It all boils down to this: If you tell your workers both what to do and how to do it, then they are probably W2 employees. On the other hand, if you only control the results and not the process, then they are probably 1099 contractors. Read more about the 1099 VS W-2.

If you need a way to cover gaps in cash flow while waiting for your loan disbursement, which can take weeks to receive, there’s an option called a commercial bridge loan. Bridge loans are handy for several types of situations but remember that the terms are short and interest rates are high, so make sure this is really the option for you.

Instead of wasting time, energy, and office supplies sending out invoices and cashing checks, consider an online invoice payment solution. Sending invoices and accepting payments online is beneficial to you and your customers. And the best part? You can get paid faster — so why not give it a shot?

The Square debit card lacks a traditional application process that might harm your credit score. Plus, it bundles in tidy savings on certain purchases and lets you access the money your business earns through Square instantly. Plus, this card features 2.75% off purchases made at other Square merchants.