Business Advisory – Southern Payroll & Bookkeeping

AI for Small Business: 5 Practical Ways Artificial Intelligence Can Save You Time and Money

George Wilson — Thu, 23 Jul 2026 17:08:24 +0000

Artificial intelligence is no longer just for large enterprises. In 2024 and 2025, AI tools have become genuinely accessible for small business owners — and the ones who learn to use them early will have a real competitive advantage. At Southern Payroll & Bookkeeping, we help small and mid-sized businesses throughout the United States build more efficient, forward-thinking businesses. AI is a big part of that conversation.

1. AI for Bookkeeping: Automation That Saves Hours Every Month

The most immediate impact AI has on small business finances is through automated bookkeeping. Platforms like Xero use machine learning to learn your transaction patterns and automatically categorize bank feed transactions — so reconciling your books takes minutes instead of hours.

Xero’s AI-powered bank rules get smarter over time. After you categorize a transaction a few times, Xero begins automatically suggesting and applying the same category to similar future transactions. Combined with tools like Hubdoc — which uses AI to extract data from receipts and push it directly into Xero — you can nearly eliminate manual data entry from your bookkeeping workflow.

2. AI for Payroll: Smarter Compliance and Error Detection

Gusto, our recommended payroll platform for small businesses, uses automation and AI to flag potential payroll errors before they’re submitted — things like hours that look unusually high, tax withholdings that look off, or employees who may have crossed a state wage threshold. This kind of proactive error detection is invaluable for multi-state payroll across the United States.

Gusto also automates payroll tax filings and payments in all states, eliminating one of the most error-prone aspects of payroll management for growing businesses.

3. AI for Financial Forecasting and KPI Dashboards

Tools like Fathom, Syft Analytics, and Float connect to your Xero or QuickBooks data and use AI-driven modeling to generate cash flow forecasts, profitability projections, and KPI dashboards — automatically updated as your numbers change.

Instead of spending hours building spreadsheet models, business owners can see their key metrics in a live dashboard and ask “what if” questions: What if revenue drops 20%? What if I hire two more employees? What is my runway if revenue slows? These are questions that used to require a full-time CFO. AI-powered tools make them accessible to any small business.

Our fractional CFO services at Southern Payroll & Bookkeeping include setting up and maintaining these dashboards for clients across the United States.

4. AI Writing and Marketing Tools

AI writing tools like ChatGPT, Claude, and Gemini are helping small business owners create content faster — blog posts, email newsletters, social media captions, job descriptions, client proposals, and more. Business owners who used to spend hours on these tasks are now completing them in minutes by using AI to generate first drafts and editing for their own voice.

For local businesses in Chattanooga, Nashville, Atlanta, Birmingham, and beyond, AI-assisted content creation is an affordable way to compete with larger competitors on marketing without a full marketing team.

5. AI for Customer Service: Chatbots and Automated Responses

Many small businesses are now using AI-powered chatbots on their websites to answer common customer questions, collect lead information, and route inquiries to the right team member — 24/7, without additional staff. Tools like Intercom, Drift, and Tidio make this accessible for small businesses at very low cost.

For service businesses — accounting firms, payroll providers, contractors — a well-configured chatbot can handle initial intake and qualification, freeing your team to focus on high-value conversations.

AI and the Future of Small Business Finance

The integration of AI into accounting and payroll platforms is accelerating. Within the next few years, AI will identify tax-saving opportunities in real time, flag anomalies that suggest fraud or error, predict cash shortfalls weeks in advance, and automate more of the compliance burden that consumes small business owners’ time.

The businesses that will benefit most are the ones building good financial infrastructure now — clean books, the right software, and an advisory team that understands both the technology and the financial strategy.

Work with a Forward-Thinking Financial Partner

Southern Payroll & Bookkeeping is a Chattanooga-based payroll, bookkeeping, Xero, and business advisory firm serving small and mid-sized businesses throughout the United States. We are a Xero Platinum Partner and specialists in Gusto and QuickBooks — helping you use the best tools and strategies to run a smarter, more profitable business.

? (423) 207-2497 | ✉️ info@southernpb.com

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How to Choose the Right Payroll Service in Chattanooga

George Wilson — Tue, 09 Jun 2026 18:00:00 +0000

George Wilson
June 9, 2026

How to Choose the Right Payroll Service in Chattanooga

Choosing a Chattanooga payroll service provider is one of the most critical operational decisions a local business owner can make. The right partner streamlines efficiency, ensures strict tax compliance, and gives you the confidence to focus on growth. On the flip side, the wrong provider can lead to frustrating communication gaps, costly IRS or state penalties, and major reporting headaches.

When evaluating payroll services in the Chattanooga area, look beyond the basic software features and consider how a provider impacts your daily operations.

Quick Answer: What should you look for in a Chattanooga payroll provider?

The ideal Chattanooga payroll service should offer transparent pricing, local tax expertise (handling Tennessee-specific regulations), responsive and dedicated support, seamless integration with your bookkeeping, and the ability to scale as your business grows.

5 Crucial Factors for Evaluating Chattanooga Payroll Services

1. Look Beyond the Lowest Price

Many national payroll conglomerates compete aggressively on rock-bottom pricing. However, payroll is not just an automated software subscription—it is a core operational function that directly impacts:

Employee Trust: Accurate, on-time direct deposits keep your team motivated.
Tax Compliance: Managing federal, state, and local payroll taxes without penalties.
Financial Reporting: Clear visibility into your largest expense—labor.
Cash Flow Management: Real-time awareness of cash outflows for net pay and tax liabilities.

The cheapest option rarely provides the proactive oversight needed to avoid costly compliance mistakes.

2. Evaluate Support Responsiveness

When a payroll issue or timecard discrepancy arises, you cannot afford to wait on hold with a generic call center for hours. Before signing a contract, ask potential providers these hard questions:

Will our business have a dedicated, named contact who knows our account?
What is your guaranteed response time for urgent support requests?
Who explicitly handles and resolves payroll tax notices from the IRS or the Tennessee Department of Revenue?

3. Prioritize Local Chattanooga Expertise

Partnering with a local Chattanooga payroll company provides distinct advantages that national, automated platforms simply cannot replicate:

Deep Regional Knowledge: Direct familiarity with local business challenges, Tennessee tax structures, and regional compliance.
Face-to-Face Accessibility: The ability to meet in person when complex strategic shifts or audits occur.
Stronger Relationships: You are a valued partner, not just an account number in a distant database.

4. Demand Integrated Payroll and Bookkeeping Services

Payroll operates best when it isn’t siloed. When your payroll seamlessly connects with your bookkeeping and broader financial reporting, your business gains significant advantages:

Accurate Labor Cost Tracking: Easily see how labor impacts profitability by department or job.
Simplified Reconciliation: No more hours spent trying to match payroll bank drafts to your general ledger.
Total Financial Visibility: A unified view of your company’s financial health to make real-time decisions.

5. Ensure the Provider Can Scale With Your Growth

Your Hamilton County business may look completely different in two or three years. Choose a payroll partner equipped to support your long-term evolution, including:

Rapid onboarding for influxes of new employees.
Multi-location or multi-state operations.
Advanced, customizable labor reporting needs.

Why Southern Payroll & Bookkeeping Stands Out in Chattanooga

For businesses looking for more than just a software login, Southern Payroll & Bookkeeping (SPB) delivers a comprehensive, relationship-driven solution. Based right here in Chattanooga, SPB uniquely bridges the gap between payroll execution, precise bookkeeping, and high-level financial advisory support.

Chattanooga business owners partner with Southern Payroll & Bookkeeping for:

A Dedicated Local Team: Direct access to professionals who understand your business.
End-to-End Integration: Seamless coordination between your weekly payroll run and your monthly financial statements.
Scalable, Custom Solutions: Payroll packages tailored to your specific industry, size, and growth trajectory.
Peace of Mind: Proactive tax compliance management so you never have to worry about payroll penalties.

Summary Comparison: National Software vs. Southern Payroll & Bookkeeping

Feature	National Payroll Software	Southern Payroll & Bookkeeping
Support Model	Automated chatbots & rotating call centers	Dedicated, local Chattanooga account manager
Bookkeeping Alignment	Manual imports / generic plugins	Fully integrated payroll and accounting
Tax Notice Resolution	Often self-service or delayed	Proactive handling and direct resolution
Business Context	Zero familiarity with the Chattanooga market	Deeply rooted in the local business community

Choosing Your Financial Partner

A payroll provider should do far more than just process paychecks and generate W-2s. The right partner reduces your administrative burden, mitigates tax risks, and provides the financial clarity you need to run an efficient operation.

If you are a Chattanooga business owner looking for a proactive, local partner to simplify your payroll and bookkeeping, reach out to Southern Payroll & Bookkeeping today for a personalized consultation.

Frequently Asked Questions (FAQ)

What is the best payroll service for small businesses in Chattanooga?

The best payroll service is one that combines automated technology with local, responsive human support. While national platforms offer basic software, local providers like Southern Payroll & Bookkeeping offer integrated payroll, tax compliance, and bookkeeping tailored specifically to Tennessee business regulations.

Why should I use a local Chattanooga payroll provider instead of national software?

Local providers offer dedicated account managers, faster response times, and a deeper understanding of regional tax compliance. They also integrate your payroll directly with your bookkeeping, saving you administrative time and reducing accounting errors.

Do payroll services handle state and federal payroll taxes?

Yes, a full-service payroll provider will calculate, withhold, and file your federal, state, and local payroll taxes. Choosing a provider that handles tax notice resolutions, like Southern Payroll & Bookkeeping, ensures your business stays compliant with the IRS and the Tennessee Department of Revenue.

The post How to Choose the Right Payroll Service in Chattanooga appeared first on Southern Payroll & Bookkeeping.

#TuesdayTips – Gusto’s 1099 Solutions for Compliance

Southern PB — Tue, 30 Apr 2024 14:04:05 +0000

With the rise of digital payment platforms like Cash App and Venmo, businesses are increasingly conducting transactions through these channels. While these platforms offer quick and convenient payments, they also require careful monitoring for 1099 reporting purposes.

The IRS now mandates businesses to report payments made through third-party networks, including digital payment platforms, on their 1099 forms. This broadens the reporting scope to include transactions processed via Cash App, Venmo, or similar platforms, provided they meet the reporting thresholds.

Digital payment platforms facilitate various transactions beyond traditional business payments, such as peer-to-peer transfers and personal expenses. It’s crucial for businesses to accurately track and differentiate between business-related and personal payments to ensure compliance with 1099 reporting requirements.

Failing to report payments conducted through Cash App, Venmo, or other digital platforms can expose businesses to compliance risks and penalties. Establishing robust systems for tracking these transactions is essential to ensure accurate reporting on 1099 forms and mitigate potential compliance issues.

Gusto offers comprehensive payroll solutions that include handling 1099 payments to contractors. By using Gusto for payroll, businesses can ensure accurate categorization and reporting of 1099 payments, helping them maintain compliance with IRS regulations and avoid potential penalties.

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#TuesdayTips – Bookkeeping for Small Businesses

Southern PB — Tue, 26 Mar 2024 14:59:43 +0000

In the realm of small business management, mastering bookkeeping is key to financial success. This comprehensive guide explores essential bookkeeping practices tailored for small businesses, offering actionable strategies to simplify and optimize this vital process.

Why Bookkeeping is Crucial for Small Businesses

Bookkeeping is the backbone of financial management for small businesses, providing insights into financial health, ensuring compliance, facilitating analysis, and inspiring confidence in stakeholders.

Essential Bookkeeping Practices for Small Businesses

Implement a Reliable System: Choose a suitable bookkeeping system, such as cloud-based accounting software, to streamline recording and tracking financial transactions.
Maintain Timely Records: Record transactions promptly to maintain accuracy and avoid backlog, ensuring up-to-date financial information.
Organize Financial Documents: Keep all financial documents organized and accessible for easy reference and compliance with auditing requirements.
Reconcile Bank Statements: Regularly reconcile bank statements with accounting records to identify discrepancies and ensure financial accuracy.
Categorize Expenses: Categorize expenses systematically for better expense management and analysis.
Track Invoices and Payments: Efficiently track invoices and payments to manage cash flow and follow up on outstanding payments.
Monitor Cash Flow: Keep a close eye on cash flow by tracking incoming and outgoing funds for financial stability.
Generate Regular Reports: Generate and review regular financial reports for performance analysis and decision-making.

Leveraging Technology for Efficient Bookkeeping

Embrace modern technology tools like cloud-based accounting software, receipt scanning apps, bank feeds integration, and automated invoicing to streamline bookkeeping processes.

In-House vs. Outsourced Bookkeeping: Factors to Consider

Evaluate the pros and cons of in-house bookkeeping versus outsourcing to professional accountants or bookkeepers, considering factors like cost, expertise, and focus on core business activities.

Empowering Small Businesses Through Efficient Bookkeeping

Mastering bookkeeping is crucial for small business success, offering financial insights, compliance assurance, and strategic guidance. By implementing the right practices, leveraging technology, and making informed decisions, small businesses can navigate financial challenges confidently and thrive in their industries.

The post #TuesdayTips – Bookkeeping for Small Businesses appeared first on Southern Payroll & Bookkeeping.

New “Final Rule” Announced by Department of Labor

Southern PB — Fri, 01 Mar 2024 13:55:47 +0000

Department of Labor Final Rule

Update (October 2026): This post describes the Department of Labor’s 2024 independent contractor rule. In 2025 the DOL announced it would no longer apply that rule’s analysis in its own enforcement, and in early 2026 it proposed rescinding and replacing the rule. Contact us before relying on the guidance below for worker classification decisions.

If it feels like we’ve been here before, it’s not just déjà vu…we actually did talk about the differences between a “regular employee” and an “independent contractor” a few months ago. Most of the guidance we talked about back then is still relevant, but at the beginning of this year, the Department of Labor announced a new rule that is meant to be the final work on determination of whether a worker can be classified as an independent contractor versus a traditional employee.

What Happened?

On January 10, 2024, the DOL issued a press release and published a “final rule” that becomes effective on March 11, 2024. They have revised the Department’s guidance on analyzing the status of an employee under the Fair Labor Standards Act (FLSA). This new rule “rescinds the Independent Contractor Status Under the Fair Labor Standards Act rule…that was published on January 7, 2021, and replaces it with an analysis for determining employee or independent contractor status that is more consistent with the FLSA as interpreted by longstanding judicial precedent.”

Why?

According to the press release, the misclassification of traditional employees as independent contractors will deny the workers minimum wage and overtime pay, as well as other potential protections. They are trying to reduce the chances that employees are misclassified, while at the same time giving businesses a more consistent method of working with independent contractors.

What Has Changed?

The new “independent contractor” final rule brings back the multifactor analysis that has been used in courts for decades. Employers will need to consider all relevant factors in their determination before making a final classification of employment status.

The Six Factors of the Final Rule

The Department of Labor has published a guide of Six Factors to guide determination of employment status:

Opportunity for profit or loss depending on managerial skill. This refers to if the worker has the chance to make or lose money directly because of actions they take on the job.
Investments by the worker and the potential employer. Who is paying the bill for hardware, software, and other materials needed to complete the job?
Degree of permanence of the work relationship. Is the work indefinite or project-based? Exclusive or non-exclusive of work for other employers? Continuous or sporadic in nature?
Nature and degree of control. Who determines when and where the worker completes the tasks assigned to them? This includes reserving the right to supervise or discipline the worker for performance.
Extent to which the work performed is an integral part of the potential employer’s business. If the work performed is considered critical or central to the employer’s main business, it would indicate the worker is an employee; if not, it indicates the worker is an independent contractor.
Skill and initiative. Bringing specialized skills to a work relationship is not unusual, but when a worker uses those skills in connection with “business-like initiative” it is more likely the worker is an independent contractor.

As always, being in compliance is vital as non-compliance can cost your company in fines, penalties, and back-pay. If you have questions, please reach out to Southern Payroll & Bookkeeping.

Let’s talk soon. To the books!

Southern Payroll and Benefits
4159 Ringgold Rd. #207
Chattanooga, TN 37412
Monday-Friday 8 a.m.-5 p.m.
info@southernpb.com

southernpb.com

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#TuesdayTips – 50 Incredible Freebies, Grants, and Accelerators Every Small Business Owner Needs to Know!

Southern PB — Tue, 19 Dec 2023 19:07:46 +0000

In today’s fast-paced business world, small businesses and budding entrepreneurs often find themselves at a crossroads, seeking support to ignite their growth and navigate the challenges of the entrepreneurial journey. This is where the magic happens! We’ve found a list of 50 extraordinary grants, accelerators, and free resources, each curated to empower small businesses. From financial boosts to invaluable mentorship, these opportunities are golden tickets to elevating your venture.

Tech, Finance, and Marketing Solutions for Small Businesses

American Express’ Shop Small

The Shop Small Resource Hub gives business owners access to complimentary marketing supplies and resources, while the Amex Business Savings Suite provides technology and shipping solutions for small businesses. U.S. consumers can also use the Shop Small Map to find independent retailers across the nation that accept American Express.

Apple’s App Store Small Business Program

Developers and small business owners who made less than $1 million in proceeds the prior year qualify for this program, which offers a reduced commission rate of 15% on paid apps and in-app purchases so small business owners can invest more resources elsewhere.

Dell for Startups

This program provides support and resources to small businesses that use Dell’s technology, including expertise from technology advisors and scalable solutions. The Dell Women’s Entrepreneur Network (DWEN) connects women entrepreneurs with the latest technology, access to funding resources, and best practices from a global network of members.

HubSpot for Startups

Startups can apply to receive 30% to 90% off HubSpot’s software to help them increase leads, accelerate sales, and streamline their customer service. From email marketing to sales to fundraising, startups receive master classes, templates, and toolkits to help them grow faster. They also receive discounts and perks from companies like AWS, Stripe, Segment, and more.

JPMorgan Chase’s Special Purpose Credit Program

As part of a $30 billion commitment to racial equity, this program was launched in 2022 to improve access to credit for small business owners in historically underserved areas across the U.S. Customers do not need to do anything special to qualify. If the business is located in an eligible area, then the application will be evaluated under the program.

LinkedIn for Small Business

This page connects small business owners with tips, news, and features to make their LinkedIn presence more impactful. They can become designated “service providers” so potential clients can find them. They can also find other LinkedIn resources like marketing, talent, and sales solutions.

Mastercard Small Business Resource

Mastercard has partnered with Adobe, McAfee, Stride, and Uber to bring U.S. small businesses benefits that assist with daily operations, transactions, and online security infrastructure. It also offers complimentary services like an analysis by Digital Doors Diagnostic of your company’s “digital health” in the context of industry standards.

Meta Small Business

Small business owners can use free Meta tools to find and connect with their customers on Facebook, Instagram, WhatsApp, and Messenger. They can also learn about data-proven tactics for improving their advertising results and get creative inspiration and tips about advertisements and digital presence that speak to customers.

Microsoft for Startups

This platform helps startups grow by providing them with free access to Microsoft tools and resources, as well as mentorship and fundraising guidance. The “Founders Hub” offers access to expert advice, AI services, and other technology, and businesses don’t need to have secured any funding to sign up.

Zendesk for Startups

Zendesk provides customer service, engagement, and sales CRM solutions, and qualifying early-stage startups get their services free for six months. To qualify, applicants need to have raised some outside funding and have fewer than 50 employees.

Courses and Learning Resources for Small Business Owners

Amazon

Launched in 2019, this free program gives early-stage entrepreneurs and small business owners a suite of tools, resources, and networking opportunities. The curriculum was designed in partnership with the Collegiate Entrepreneurs’ Organization and offers three educational tracks: “Start,” “Build,” and “Launch.”

AT&T

The small business resources page offers free expert webinars and educational series from business mentors like Barbara Corcoran. They also offer free “playbooks” for business concerns like going virtual or cybersecurity and protections, along with phone and Wi-Fi deals tailored to small business needs.

Bank of America

This part of Bank of America’s website offers small business owners insights and resources for managing money, applying for funding, improving credit, planning for retirement, and tracking industry trends, as well as operational assistance with HR and customer relations, and strategizing for small businesses.

Cisco

This site publishes news and technology advice to help small and medium business owners build their knowledge around security, networking, and collaboration.

FreshBooks

FreshBooks is a platform that provides accounting services tailored to the needs of many industries and company sizes. Its blog offers tips and insights for small business owners looking for guidance at different stages of growth.

Google

Google for Startups offers a range of resources to help small businesses grow. It provides guides and insights for startups at all stages of the journey, along with mentorship and funding opportunities including the Founders Academy, Accelerator, Cloud Program, Black Founders Fund, and Latino Founders Fund.

Mailchimp

Mailchimp provides an information resource for small businesses wanting to learn more about starting, running, and marketing their businesses. Browse straightforward articles like “Email Marketing 101: A Beginner’s Guide for Small Businesses.”

Shopify

The commerce company offers tools to help merchants start, scale, market, and run a retail business of any size. It has a robust blog with advice for aspiring entrepreneurs on everything from sourcing products to marketing, customer management, and more. Shopify also pledged $130 million to support the 1 Million Black Businesses initiative.

Verizon

This platform gives small business owners access to free courses and educational materials, as well as live events, mentorship, peer networking, and grant opportunities. The courses support small business owners across the entirety of their business, with a specific focus on helping diverse and under-resourced business owners. Resources are also available in Spanish.

Visa

This landing page on the Visa website gives small businesses opportunities to read about trending topics that are relevant to their industries, along with tools and resources to manage their finances, grow their audiences, take advantage of analytics, optimize their online presence, and more.

Wells Fargo

On its “Small Business Resources” page, the bank provides articles on optimizing day-to-day operations, securing financing, leveraging credit, and paying down debt, as well as networking, sales, and marketing.

Grant Programs Being Offered by Big Businesses

Barclays

The contest reviews submissions from small business owners about the challenges of building a business and making their dreams a reality. Winners share $255,000 in prize money, and the small business with the most compelling story receives the grand prize of $60,000.

Citizens

Citizens grants 30 prizes of $10,000 each to small businesses from three groups — minority-owned, women-owned and other qualified companies — that are having a positive effect on their communities.

Comcast

Started in 2020, Comcast RISE helps small businesses and their communities thrive, with a focus on economic growth. The program has awarded 13,000 small businesses $110 million in monetary, marketing, and technology grants, and this year, Comcast will award 500 recipients in five cities with grant packages. Applicants can apply on its website.

eBay, Inc.

Each year, 50 small businesses are awarded more than $500,000. Recipients receive $10,000 in cash, technology, and training.

FedEx

In its 12 years, this contest has handed out almost $2 million in cash grants to small businesses, as well as additional prizes like FedEx Office print credit, package consultation, premier customer care, and participation in the contest’s Winner Forum.

Fiserv

Back2Business launched in 2020 with a $50 million commitment to support minority-owned businesses with financial grants, coaching, and access to technology and networking opportunities. The program has since disbursed more than 1,600 grants.

Intuit

For the past two years, Intuit QuickBooks has celebrated Small Business Hero Day by awarding three small businesses $20,000 each for their commitment to serving their communities. You can find articles and resources for growing your small business on the QuickBooks Small Business Success Month hub.

LegalZoom

LegalZoom has partnered with the NBA, WNBA, and NBA G League to offer $10,000 grants and up to $500 in LegalZoom services for small business owners in underserved and underrepresented communities. Applications are open during the NBA and WNBA seasons.

Lenovo

This initiative is designed to champion and promote small businesses across North America by offering grants and technology donations. This year, the Lenovo Evolve Small grant provided 30 small businesses with $10,000 in funding, a Lenovo laptop, and business support.

Progressive

This fund provides $25,000 towards a commercial vehicle for 10 entrepreneurs to accelerate their business. Eligible businesses must be owned by Black entrepreneurs, have a demonstrated need for a commercial vehicle, and have a commitment to their local community.

Uber

In 2023, Visa and Uber Eats will provide 100 restaurants in select cities in the U.S. and Europe with $10,000 (USD or local equivalent) in credit toward more sustainable packaging.

UPS

With a $1.25 million investment, UPS Ignite will fund access to education, resources, networks, and capital for over 250 underrepresented small and medium business founders over the next three years. UPS Ignite is partnering with the Accion Opportunity Fund, The Lonely Entrepreneur, the Kellogg School of Management at Northwestern University, and others to offer these services.

Venmo

This program awards 20 eligible small businesses $10,000 in free funding annually — plus public promotion on the Venmo and PayPal websites and social media accounts, as well as professional consulting services.

Accelerators Designed to Fast-Track Small Business Founder Success

Accenture

This program builds collaborative relationships with small, veteran-, and minority-owned companies to provide technology solutions to the federal government while helping small businesses establish new credentials for long-term growth.

Airbnb

Operating in 11 different countries, the Airbnb Entrepreneurship Academy partners with local nonprofits, academic institutions, development banks, small business centers, and more. It develops education programs that introduce people, including those from diverse and historically underrepresented communities, to hosting on the Airbnb platform.

Ernst & Young LLP

Founded in 2008, this program selects women founders in the U.S. and Canada who have built profitable small companies (with at least $2 million in sales) and are looking to scale sustainably. It connects participants with an evergreen community and provides advice, resources, and access they need to grow.

Expedia

This six-month, remote, nonequity accelerator program advances innovation in the travel industry by fast-tracking the growth of small and medium businesses through Expedia Group products and expertise.

GoDaddy

This four-week to 10-week accelerator program works with entrepreneurs in underserved communities to build their confidence and skills to strengthen their small business’s digital presence. Entrepreneurs work one-on-one with GoDaddy volunteer coaches and local mentors and gain access to wraparound services, in-kind products, and networks to boost their success.

Goldman Sachs

This program provides education and pathways to capital for small business owners. Participants develop actionable growth plans with the help of advisors and a network of like-minded entrepreneurs. The free program has served more than 10,000 businesses, deployed $879 million in capital, and claims that 66% of graduates increase revenue within six months of graduating.

Intel

Launched in 2019, this global acceleration program is for early-stage deep-tech startups. Companies that have gone through the 12-week program have raised $1.7 billion.

Macy’s

Macy’s Inc. offers a vendor accelerator program for women-owned and diverse-owned small businesses. Since its launch in 2011, over 220 companies have gone through the program, and applications for the 2024 class are being accepted through November 30.

Mondelēz International

This 12-week startup engagement program is part of Mondelēz International’s venture investment hub, SnackFutures. It provides early-stage brands with resources, mentorship, and networking opportunities to grow while building an investment pipeline for the snacking company. Additionally, CoLab Tech focuses on businesses with emerging tech capabilities.

Morgan Stanley

This 12-week, virtual, instructor-facilitated learning experience focuses on helping diverse small businesses leverage their competitive advantages, strengthen their business knowledge, and build their professional networks. The academy is followed by a yearlong mentorship program.

NVIDIA

This free program provides tech startups of all stages with access to the latest developer resources, along with preferred pricing on NVIDIA software and hardware and exposure to the venture capital community.

PepsiCo Foundation

This program aims to bolster small, Hispanic-owned food and beverage businesses that are beloved staples in their communities. All applicants will have access to business training from Accion Opportunity Fund and local nonprofit partners, and a select 100 will receive a $10,000 small business grant, as well as personalized one-on-one career and business coaching.

Plaid

A fintech accelerator for early-stage founders of color, this five-month program helps innovative startups accomplish critical milestones, launch new products, accelerate growth, grow their teams, and raise funds. Since launching in 2021, 12 fintech companies have completed the program.

Sephora

This brand incubation program focuses on founders of color in the beauty space. Chosen applicants participate in a six-month educational journey with digital and in-person resources and a curriculum directly correlated to helping founders succeed at Sephora. Founders have the opportunity to launch with Sephora.

Target

Consumer packaged goods (CPG) startups are invited to apply annually to Target Accelerators programs, which offer coaching, a curated curriculum, and connections to retail leaders, partners, and industry experts. “Target Forward Founders” is for early-stage companies, and “Target Takeoff” is for mature CPG companies.

Tory Burch

Women founders with early-stage companies can apply to The Fellows Program, a yearlong growth accelerator program that accepts 50 women business owners each year. Anyone can also find free tools, educational resources, and funding options at the foundation website.

As your entrepreneurial journey evolves and your business flourishes, the complexities of managing finances can become a formidable challenge. That’s where our expertise comes into play. Southern Payroll & Bookkeeping offers comprehensive bookkeeping, payroll, and tax services tailored for small businesses like yours. Let us handle the numbers, so you can focus on what you do best – growing your business. Our team is dedicated to providing seamless financial solutions, ensuring you stay on track and compliant. Partner with us, and experience the peace of mind that comes from having a reliable financial ally by your side. Together, let’s turn your business aspirations into enduring successes!

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#TuesdayTips – Understanding BOI Reporting: A Quick Guide

Southern PB — Tue, 21 Nov 2023 20:45:02 +0000

Hey folks! Wondering what BOI (Beneficial Ownership Information) is and how it affects your company? Here’s a breakdown:

What is BOI?
- BOI helps identify individuals owning or controlling a company.
- Part of the Corporate Transparency Act to combat hidden gains through shell companies.
Reporting Deadlines:
- Companies created before Jan 1, 2024, report by Jan 1, 2025.
- Companies registered after Jan 1, 2024, report within 30 days of creation.
Reporting Companies:
- Domestic: Created in the U.S.
- Foreign: Registered in the U.S. but formed under a foreign country’s law.
Exemptions:
- 23 entity types are exempt from reporting requirements.
Beneficial Owners:
- Individuals with ≥25% ownership or substantial control over the company.
Company Applicants:
- Reporting for companies created on or after Jan 1, 2024.
- Up to two individuals involved in the filing process.
Reporting Requirements:
- Legal name, trade names, address, jurisdiction, and TIN for the company.
- For beneficial owners and company applicants: Name, date of birth, address, and acceptable ID.
Acceptable IDs:
- U.S. driver’s license, state/local government ID, U.S. or foreign passport.

Stay informed, stay compliant! #BOIReporting #CorporateTransparencyAct #ComplianceMatters

Remember, this is just a quick overview. Check the link for detailed info and consult with legal experts for your specific case.

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Perspective: What’s In A Job Title?

Southern PB — Thu, 10 Nov 2022 14:46:44 +0000

Quick answer: A job title is the official name of a position. It tells employees, customers and recruiters what the role does and where it sits in the company, for example Payroll Specialist or Bookkeeping Manager. A clear title helps with hiring, pay ranges and career paths. A title alone doesn’t decide whether a job is exempt from overtime, though. Under the Fair Labor Standards Act, that depends on the actual duties and the salary paid.

Employees and employers alike often ask themselves, “What’s in a job title?” Say you’re a business owner…if you’re reading this, there’s a good chance you are. You’re looking through social media or reading an article that an employee has written for some other organization when you notice that they are using a different title than the one that is officially on their company stationery. Is it confusion on their part as to what they should be called? A strategy to build themselves up artificially in the eyes of others? Or perhaps just a better way of describing their job to those outside the company? More importantly, what do you do about it?

We’re more than just our job titles or our list of professional accomplishments. – Arianna Huffington

Let’s be honest and say that a lot of job titles don’t make much sense outside the confines of your company’s organization. “Administrative Assistant 2,” “Creativity Analyst,” and “Transparency Enhancement Engineer” may sound lofty in some ways…or they may just be mundane jobs (that last one is “Window Cleaner”). Either way they don’t exactly scream “these are my job duties” on LinkedIn.

If someone is altering their job title to be more descriptive of what they actually do, it’s probably not that big of a deal that they are using something other than the company’s official verbiage outside the company. As long as it’s not altering the meaning of what they do…if someone is a “Marketing Manager” but they describe themselves as “Senior Vice President of Marketing” you probably have something to discuss.

Job titles don’t matter. Everyone is in sales. It’s the only way we stay in business. – Harvey Mackay

If you decide that the issue is not something you can ignore, it’s best to go into a conversation with a neutral approach. Mention that you saw that they altered their job title on social media or a blog article, then ask why they felt the need to change the title officially given them by the company. Maybe they have a good reason!

Listen…we’ve talked about communication before, right? Listening is an important part of the communication process. Give some weight to what they say and see if they have sound reasoning for using an alternate job title. You have a couple choices to make when they’re done.

You can insist that they change the title to what is on their business card (you still do those, right?). Make sure you’re not just doing it “because I said so.” Again, that reasoning works with your kids, but with other adults you should generally be able to say why. If you can’t say why…

Then maybe it’s time to reconsider your company’s job titles to be something more descriptive of what a person does.

Either way, if you see this becoming a problem for the future, it’s something new to add to the employee handbook or official company policies. After all, your employees are representing your company on certain social media platforms or in some articles they may write for other organizations. And it’s always in your best interest to have a say in how your company is represented.

Need help with job descriptions and pay structure? Southern Payroll & Bookkeeping handles payroll, HR compliance and bookkeeping for small and mid-sized businesses. See our payroll and HR services, book a free consultation or call (423) 207-2497.

The post Perspective: What’s In A Job Title? appeared first on Southern Payroll & Bookkeeping.

#TuesdayTips: Payroll Made Easy

Southern PB — Tue, 18 Oct 2022 16:15:06 +0000

Small businesses often struggle with the various aspects of payroll – basic processing, payroll taxes, payroll compliance, and reporting at both state and federal levels – but do you know how easy it is to process fail proof payroll with Gusto?

It’s SUPER simple!

First, log into your Gusto payroll admin account and click on Payroll; then, you will select Run Payroll. You will want to be sure that the correct payroll bank account is selected if you have more than one bank account for payroll.

Next, you will scroll down to the team member’s name. Enter the regular hours and OT hours, if applicable (if you are utilizing Gusto’s time-tracking, hours will automatically sync over). You can also add personal notes and reimbursements/bonuses/commissions/deductions.

Once all hours and additional information are entered, click Save and Continue. On the next page, you will enter any PTO, sick time, or holiday, if applicable; then, click Save and Continue again.

At this point, you will be directed to a screen that will allow you to review all of the information you have entered. Additionally, you will have the ability to download a full payroll summary to review and review your payroll debit amount, debit date, and pay date for employees.

Once you see that all information is accurate, you will click Submit Payroll. From here, payroll has been completed and you will have the option to print checks for employees that do not have direct deposit set up.

YOU DID IT!

The post #TuesdayTips: Payroll Made Easy appeared first on Southern Payroll & Bookkeeping.

#TuesdayTips

Southern PB — Tue, 04 Oct 2022 13:49:53 +0000

For those of you that are new to Payroll, the Gusto software that we offer and use at SPB makes it easy to onboard your new employees. To help you understand just how easy it is, our Payroll team has put together a quick tip to show you the process. To onboard employees through Gusto:

Sign into your Gusto Admin Account.
Go to the People section and select Team members.
Click the green bar on the right side of screen that says, Add a team member.
Find the Employee tile and click Add.
Enter your new team member’s basic information:
- Full name
- Start date
- Department (if applicable)
- Manager (if applicable)
- Work address
Add their compensation information:
- Job title (choose from your existing set of jobs or create a new one)
- Employee type (salary, hourly, etc)
- Compensation (pay rate)
- Employment status (this is for benefits eligibility, if you offer benefits with Gusto)
- Any special tax exemption status (if applicable). 7) Click Add employee.

From there, you will be taken to the Onboarding team members tab. Find the new employee’s name and click the action menu to begin their onboarding and add them to payroll .

After you add your new employee to payroll , Gusto will email them an invitation to set up their account and complete their onboarding tasks . You also have the option to add them to PTO, Sick, and/or Holiday pay policies, if applicable. If you offer benefits with Gusto, they will be automatically invited to enroll in benefits once their new hire waiting period is complete.

When the employee has finished their onboarding, you will receive an email notification to review their profile to be sure it is complete.

Now, you’re ready to run their payroll!

The post #TuesdayTips appeared first on Southern Payroll & Bookkeeping.