Does Your Business Need Updated Bookkeeping Software?

Jul 24, 2014

It doesn’t matter the size of your business; the most important element is the bookkeeping software and basic bookkeeping applications.

Embrace your bookkeeping department; even consider a bookkeeping merchant account, to ensure you are taking care of the financial side of your business. Updating your system, or starting from scratch is the main option you need to consider, but whatever option you choose it is important that you record all the business’s financial details.

If you are not using your financial department, then you could be missing a resource; it can tell you important information about your current financial situation, but looking back over a period can indicate your future performance, too. The bookkeeping department can also point you in a better direction financially, with reports that software programs are able to provide.

It can allow a company to see what is around the corner, so they can plan the future financial status of the company and its development, too. Training staff is costly and this is just one reason why some businesses choose to outsource the bookkeeping aspect to a bookkeeping merchant account.

These companies are able to provide you with a service that allows you to look after the business, but at the same time know the financial state too. You will get reports from the company and they will keep you up to date with how your business is growing and what the future holds. These companies take away the pressure that is felt in a small business in making sure they get the taxes right; errors are costly and avoiding them makes great business sense.

This is not your only option; you can opt for a software system that allows you to have control of your business, it is important that you have staff training to ensure effective running of the department, as well as allowing the accounts department to become a crucial part of the business and together making the stronger company.

Therefore, the bookkeeping department is one underused area in many businesses, it has the potential to unlock more than you could have possibly imagined, not just keeping the business afloat, but to help generate forecasting development and growth for the business.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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