Erica Seppala

Small businesses with more employees and more complex payroll needs (think: multiple pay rates and schedules, remote employees across different states, etc.) may need payroll software to save time, money, and reduce the chance of expensive payroll errors.

The difference between gross pay and net pay is simple: gross pay includes all employee earnings prior to any payroll deductions, while net pay is the earnings left over after payroll taxes and deductions are subtracted from an employee’s gross pay.

At its most basic, a business insurance quote is a document that shows what you could expect to pay for a policy from an insurance provider. Each business quote will be different due to the unique needs of each business and factors such as industry, number of employees, past insurance claims, and deductibles. 

Your business loan may be denied for reasons including low credit score, not enough revenue, lack of collateral, or an incomplete loan application. Your lender should provide written notice as to why your loan was denied. However, you can also reach out to the lender directly to learn more about why you weren’t approved.

Bank statements are important for personal and business finance for a few reasons, including tracking income and expenses, identifying fraud, applying for funding, and tax purposes. 

Social Security taxes are the federally mandated contributions employers and employees must pay into to support the Social Security program, which provides retirement income for American workers aged 65 and over.

A bank routing number is a 9-digit number that uniquely identifies your bank account. Also known as American Bankers Association (ABA) routing numbers or routing transit numbers, these numbers were originally created by the ABA to make the check transaction process faster and more efficient. Routing numbers are also used for direct deposit forms, apps like Venmo and CashApp, or payments through services like PayPal.

A bank small business loan is a loan that a business owner receives from a bank. This can be a traditional loan that provides a lump sum of cash, or a more flexible option like a business line of credit. Bank loans typically offer low rates and long repayment terms but may be more difficult to qualify for than other types of business funding.

Online banking works similarly to traditional banking; there’s just no physical location for you to visit and sometimes fewer products (loans, different accounts, etc.) to choose from.

From mobile payment apps to wire transfers to good old-fashioned checks, the right money transfer method for your situation will depend on how much money you want to transfer and how quickly you need the transfer to be made. Let’s go through your transfer options. Afterward, check out our guide to business banking if you’re curious about other aspects of business financial management.