altLINE by The Southern Bank

Invoice fraud detection has become an increasing priority for businesses because of how much the problem has escalated over the last few years. Medius research from earlier in 2024 revealed that 44% of businesses have received fraudulent invoices, with an average of 13 attempts per year. Even more troubling, an average of 9 of these 13 attempts are successful, with businesses losing approximately $133,000 per fraudulent invoice. Small businesses in particular can really feel the ramifications from scams like invoice fraud due to generally having lower profit margins. Being scammed by a fake invoice or another manipulation tactic can put an entire company's operations in jeopardy. That's why it's so critical to stay hypervigilant of all different forms of fraud. You can find more information about signs of fake invoice scams in our article below ⬇️ https://lnkd.in/eHCZzV23 #BusinessSecurity #DigitalProtection #BillFraud #PaymentFraud #SecurePayments #FraudAwareness #FraudPrevention #Cybersecurity

Cash flow is so top-of-mind for small business owners that it's common to take even a physical and emotional toll, according to Leigh O'Neill of Xero. Xero's recently published "Money Matters" report revealed why this occurs. According to the study, cash flow problems have caused 45% of small business owners to sacrifice their own paychecks and 43% to lose out on potential new business opportunities. "More than just numbers, these figures represent people, families and dreams," O'Neill said. "The emotional and physical toll - stress, anxiety and sleepless nights - paints a vivid picture of the challenges they face." There's no one-size-fits-all solution for cash flow problems. Each business has a unique set of challenges, leading to unique solutions. Still, below are some tips that can be applicable to most businesses struggling with cash flow. #CashFlow #BusinessSurvival #BusinessStrategy #CashFlowTips

For small business owners, feelings on the economy can be summed up with one word: uncertainty. This week, the National Federation of Independent Business (NFIB) published findings on optimism levels among #smallbiz owners. Per the report, the economic uncertainty index rose to the highest level ever recorded. While inflation has eased and hiring is up, 23% of small business owners surveyed still said inflation remains their top concern. Therefore, spending is down—the net percent of owners reporting inventory gains fell to the lowest figure since June 2020. This is to be expected, according to NFIB Chief Economist William Dunkelberg, "Uncertainty makes owners hesitant to invest in capital spending and inventory, especially as inflation and financing costs continue to put pressure on their bottom lines." You can find NFIB's full small business optimism index here: https://lnkd.in/gaTQTcH #smallbusiness #economictrends

AI's impact in the workplace will be—and already has been—far-reaching. According to Exploding Topics, 77% of companies are either using or exploring the use of AI in their businesses. While AI's introduction has been heavily debated regarding its use and ethics, it can undoubtedly help reduce the likelihood of one particular challenge in the finance industry: fraud. According to altLINE CEO Gates Little, "The detection of fraud through pattern recognition and the ability to conduct risk assessments with a broader wealth of data is just the tip of the iceberg for how AI will make our processes more smooth and secure for us and our clients. Ultimately, there will be fewer administrative headaches, less human error, and fewer opportunities for fraudulent activity overall." With a wealth of opinions and studies constantly being brought to the forefront, what are your thoughts? Do you lean toward AI being a net-positive or net-negative in the workplace?

The Federal Deposit Insurance Corporation (FDIC) released its 2024 Small Business Lending Report earlier this week, based on findings from surveying 1,300 banks nationwide. Some of the findings include: • 𝗙𝗮𝘀𝘁 𝘀𝗺𝗮𝗹𝗹 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗹𝗼𝗮𝗻 𝗮𝗽𝗽𝗿𝗼𝘃𝗮𝗹 𝘁𝗶𝗺𝗲𝘀: 30% of banks can approve a small and simple loan within one business day, 75% of banks can approve a small loan within five business days, and 90% of banks can approve a small loan within ten business days. • 𝗦𝗺𝗮𝗹𝗹 𝗯𝗮𝗻𝗸𝘀 𝗺𝗼𝗿𝗲 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝗼𝗳𝗳𝗲𝗿 𝗯𝗲𝘁𝘁𝗲𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝘀𝗲𝗿𝘃𝗶𝗰𝗲, 𝗳𝗮𝘀𝘁𝗲𝗿 𝗳𝘂𝗻𝗱𝗶𝗻𝗴, 𝗮𝗻𝗱 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝗱 𝗳𝗹𝗲𝘅𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝘁𝗵𝗮𝗻 𝗹𝗮𝗿𝗴𝗲 𝗯𝗮𝗻𝗸𝘀: Small banks report a significantly higher competitive advantage than large banks when it comes to customer service, speed of funding, and lending flexibility. This is particularly important as, per the survey, these are the three most important qualities small business borrowers look for in a lending institution. • 𝗦𝘁𝗮𝗿𝘁𝘂𝗽𝘀 𝗺𝗼𝗿𝗲 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝗿𝗲𝗰𝗲𝗶𝘃𝗲 𝗹𝗲𝗻𝗱𝗶𝗻𝗴 𝗳𝗿𝗼𝗺 𝘀𝗺𝗮𝗹𝗹 𝗯𝗮𝗻𝗸𝘀: If you run a startup, you're probably better off starting your search for #startupfunding with smaller institutions, as 66% of small banks typically lend to startups vs. 54% of large banks. This is likely due to large banks more often relying on information from credit bureaus when evaluating loan applications, which can disqualify startup owners who have a lack of credit history. For #SMBs searching for funding, it can be helpful to stay up to date with the small business lending landscape to give yourself an idea of what to expect before seeking funding. To do so, you can check out our article here: https://lnkd.in/gxUDw7pQ The full findings from the FDIC survey can be accessed via their website below ⬇️ https://lnkd.in/eEQ-PZrw

According to Yahoo Finance, the average small business has $195,000 of debt at any given time. And while traditional loans can help alleviate working capital challenges in the interim, they're a common contributor to this figure being so high. Invoice factoring is one of the few financing solutions that doesn't incur debt. Because of this, it's a common solution for business owners who need additional funds to help achieve their growth goals without having to add to their list of liabilities. If you believe you might be a good fit for factoring, reach out to us at (205)-576-7428. Our representatives will happily walk you through how the process works in an effort to determine if it's the right form of financing for you and your business. You can also read more about how factoring works in our full guide below: https://lnkd.in/gDiBMHVT #invoicefactoring #alternativefinancing #smallbusiness

If you're in the staffing industry and are looking for valuable news on industry topics such as market trends, financing solutions, and business growth tips, follow our new staffing-specific page below!

Earlier this week, the Fed announced rates will be cut by a half point to 4.75-5.00%, marking the first time since March 2020 rates have decreased. Federal Reserve Chair Jerome Powell notified citizens that the overall economic outlook is improving, but cuts shouldn’t be expected to be quite as substantial moving forward. Gates Little, President of The Southern Bank Company, acknowledged that the shift in rates could have a significant impact on small businesses. "The latest move by the Federal Reserve to lower rates should help small businesses by spurring growth in the economy. It may also lower the cost of debt," Little said. "On the other hand, a growing economy often increases job demand, giving us higher wages, and then higher prices. If I had to guess, small business owners know all of this firsthand and should be pleased with the move.” For more information on how interest rates affect small businesses, check out our blog: https://lnkd.in/gnQU3jmk #smb #smallbusinessnews #fedrates

Earlier this week, the Fed announced rates will be cut by a half point to 4.75-5.00%, marking the first time since March 2020 rates have decreased. Federal Reserve Chair Jerome Powell notified citizens that the overall economic outlook is improving, but cuts shouldn’t be expected to be quite as substantial moving forward. Gates Little, President of The Southern Bank Company, acknowledged that the shift in rates could have a significant impact on small businesses. "The latest move by the Federal Reserve to lower rates should help small businesses by spurring growth in the economy. It may also lower the cost of debt," Little said. "On the other hand, a growing economy often increases job demand, giving us higher wages, and then higher prices. If I had to guess, small business owners know all of this firsthand and should be pleased with the move.” For more information on how interest rates affect small businesses, check out our blog: https://lnkd.in/gnQU3jmk #smb #smallbusinessnews #fedrates

According to recent U.S. Chamber of Commerce data, there are 32.5 million small businesses in operation nationwide. Despite how different each of these businesses may be, they are likely to experience the same sort of challenges as one another. Often, the difference between those that successfully weave around these roadblocks and those that do not lies in preparation—knowing what these obstacles might be beforehand and putting a plan in place to address them, if they arise. To help small business owners be best set up for success, we've put together 11 of the most common business challenges, along with some ideas for potential solutions. #smb #businessplanning #smallbusinesschallenges https://lnkd.in/eRrtsFUE