Month: August 2020

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Blog Business Personal

Loan Deferral Customers

Thank you for choosing Pinnacle Bank for all of your loan needs. If you participated in Pinnacle Bank’s “Loan Payment Deferral Program,” which we rolled out in late March 2020, the four-month Payment Deferral Period has now expired. Therefore, we are reminding participants to resume loan payments as usual under your loan agreement.

We understand the consequences surrounding the COVID-19 pandemic, and we are here to assist our customers in any way necessary. If the resumption of loan payments presents an issue for you, please contact your loan officer immediately at 877-759-7939 to discuss your situation. We are here to assist you within reason for any additional requests you may have. Contacting your loan officer as soon as possible helps to ensure your loan remains in good standing.

As always, thank you for being a customer of Pinnacle Bank.

Your Pinnacle Bank Team

 

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Blog Cash Management Managing Your Business

Take the Pain Out of Payroll

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Whether your business is a one-person shop or you have 100 employees, payroll is an essential element of your company. But it’s not always convenient and is typically very time-consuming. Using a payroll service can help you take the pain out of payroll so you can spend more time doing what you enjoy.

What Payroll Service Options Are Available?

Payroll services offer you as much help as you need. Here are two common types of payroll service options:

  • Outsourced Payroll Service. When you use an outsourced payroll service, you move your payroll process offsite – they handle everything for you. Plus, you’ll have access to payroll experts to ensure your payroll process is compliant.
  • Online Payroll Software. Using payroll software, you can manage your payroll process 24 hours a day and even automate most of your payroll tasks. 

What Are The Benefits of Using Payroll Services?

The following are some of the key reasons you should consider moving from a manual payroll process to a payroll service: 

  • Saves Time. Using a payroll service will cut down the amount of time you spend entering data, checking reports, paying taxes, or processing your payroll.
  • Saves Money. If you currently use an employee to process your payroll, it may be cheaper to outsource this process. Additionally, you may find that using software or an outside service will eliminate mistakes, which can also help you save money in the long-run.
  • Provides Greater Security. Many times, embezzlement or tampering with company records occurs among those who handle payroll. By outsourcing this process, you can eliminate this threat because a guarantee of privacy and security should back the payroll service you select.
  • More Compliant. As a small business owner, you have enough to worry about with your day-to-day operations, so staying up-to-date on payroll and tax requirements may almost seem impossible. By using a payroll service or software program, you can avoid mistakes and stay compliant with all government rules, regulations and tax rates.

What Option Is Best For Your Business?

Only you can decide which option best suits the needs of your business. If you’re looking for a hands-off, turn-key approach to payroll, a full-service payroll company is your best option. You may pay a little more for this service each month, but for many it’s worth it because you don’t do a thing.

On the other hand, if you don’t mind paying your taxes or printing checks (or setting up direct deposit) every other week, using payroll software may make sense for you. It will be less expensive than using a payroll service company and safer than doing it manually.

Choosing A Payroll Services Provider.

When you’re ready to choose a payroll service provider, we can help. Pinnacle offers payroll services with your needs in mind. Give us a call at 877.759.7939 to get started.

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Blog Managing Your Business

Do You Really Need Business Insurance?

Running a small business can be both exhilarating and daunting. And no matter what size your company may be, the risks feel great simply because it’s your money, time and reputation on the line every day. That’s why having the right type of business insurance (with the appropriate coverage) is a critical way to alleviate your risk should something unexpected happen.

Here are answers to two common business insurance questions asked by small business owners:

Is There Insurance Specifically Designed For Small Businesses?

Most small business owners choose to open a Business Owners Policy (BOP), which generally provides the following coverage explicitly designed for small businesses:

  • Property Damage – covers damage to your office building (whether owned or leased), equipment, fixtures, inventory, displays and any furnishings you have.
  • Liability – covers any legal costs you incur if you’re sued or held liable for accidental bodily injury or property damage on your premises.
  • Business Interruption – protects you against lost income after a covered peril affects your business, such as theft, fire, wind, falling objects or lightning. 

What Other Types of Insurance Should I Consider?

Your business may need to carry more than one type of insurance, depending on the kind of work you do, the size of your company, and where you’re located. For example, an attorney may be required to carry professional liability insurance, or your state may require that you carry workers’ compensation insurance. Here are a few of the standard insurance options small businesses will carry in addition to BOP:

  • Professional Liability Insurance – usually required for those offering professional services, such as doctors, lawyers, accountants, among others. This type of insurance covers any losses relating to liability claims from mistakes or lapses of professional duties. 
  • Commercial Auto Insurance – any company-owned vehicles should be insured through a commercial auto policy.
  • Cyber Insurance – provides additional cyber protection against data breaches and malicious computer intrusions. Many internet-based businesses or companies that store their records online may choose to add this insurance.
  • Commercial Umbrella Insurance – provides additional coverage in the case of catastrophic events.
  • Worker’s Compensation Insurance – provides benefits to employees who suffer a work-related injury or illness. It will help pay medical care, wages from lost work time and more.

Get The Insurance That Makes Sense.

We recommend that you discuss your individual needs with a trusted insurance agent to make sure you get the right coverage at the best price possible. As your business expands, you may require more protection; therefore, review your coverage annually to make sure you have the best coverage available.

Categories
Blog Managing Your Business

Hiring Remotely – What You Need to Know

More businesses are hiring remote employees to help manage their companies. Whether you’re looking to hire a freelance accountant or need extra help answering phones, you’ll want to find candidates with the skills and characteristics required to succeed at your company. Here are five tips for hiring remote workers who fit your business needs:

  1. Discuss why the employee wishes to work remotely. Everyone is different. Take the time to talk about why candidates desire to work remotely. Maybe they need flexibility due to child care, or they don’t have jobs in their field within their community. Knowing “why” a person desires to work remotely can help you present the right benefits to attract him or her to your company. Plus, it will help you make a more informed hiring decision.
  2. Know where to look. Don’t use traditional methods to find remote employees. Harness the power of social media to help you find candidates, particularly looking on sites such as LinkedIn to find quality remote job candidates.
  3. Be flexible. If you want to find a strong candidate, you’ll need to develop a flexible work policy that appeals to the remote worker, including flexible workdays and hours. Then, post your policy within your job listing to attract top remote talent.
  4. Focus on soft skills. While many candidates may appear to look good “on paper,” some may not have the ability to work remotely. As you interview candidates, look for soft skills, such as time management, project management, and the ability to communicate smoothly via phone, video, or email. You should also discuss how the individual intends to work from home – office space, access to and comfort with technology, etc.
  5. Bring out the perks. With so many companies hiring remote employees, flexibility alone may not be enough to entice a strong candidate. Discuss your company’s culture, dedication to worthy causes, and even the ways you celebrate success. All of these things can help your hiring process by attracting candidates who would be a good fit for your company right from the start.

Ideally, once you hire a remote employee, you should put them on probation for up to 90 days to make sure it’s the right fit. Additionally, it will give the employee time to learn more about your company and allow you to define expectations further. If it doesn’t work out, you can part ways professionally and amicably.

 

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Blog Managing Your Business

How to Stay Connected to Your Customers – at a Distance

Running a business during a pandemic isn’t something you planned to do in 2020, but it’s a reality we’re all experiencing. As you continue to move forward, how can you stay connected to your customers during a time when you’re supposed to stay at a distance? Here are five tips to consider:

Communicate, Communicate, Communicate.

One of the best ways to connect with your customers is to continue communicating with them as though you were seeing them face-to-face. Use your social media channels more often to discuss things that relate to your business. Email your customers the “latest and greatest” happenings at your company and how you continue to respond to their needs.

Make It Easy for Customers to Buy Online.

During this time, it’s essential to make your products and services more accessible online. You may want to send an email or post a video discussing all the ways customers can buy your products and services online – and even incent them to do so.

Get Creative With Your Offerings.

Offer discounts or credits customers can redeem now or later, whether online or in person. You may even promote your gift cards to gain sales and maintain positive interactions with your customers. It may also be an excellent opportunity to encourage long-term subscriptions or memberships at a discounted price.

Post-training Tutorials or Fun, Entertaining Videos.

Now’s the time you may need to get a little creative with your business. Let’s say you’re a personal trainer. You may want to create a daily workout for your clients to use to stay in shape. Or maybe you own a local restaurant. Start a fun cooking show on YouTube to give new recipes to try or share your “secret recipes” for your customers’ favorite entrees. Have fun finding new and unique ways to communicate with your customers. You may find that some of these ideas will stay with you even after the pandemic ends.

Keep Things Clean and Sanitized.

If customers can visit your store or office, be sure you’re maintaining proper hygienic practices. Deep clean your business every night, and before you open, wipe everything down to ensure cleanliness. Check your bathrooms several times a day to ensure they are clean and sanitized. Keep hand sanitizer available for customers to use and consider offering complimentary masks (or charge a nominal price). Try to urge customers to maintain social distancing protocols for continued safety as well.

In these unprecedented times, you’ll need to connect to customers in unusual ways. Talk to customers and employees to learn what matters most to them and find ways to meet their needs. Don’t be afraid to try new things. You may find that some of the things you implement right now may stick and drive in business better than you would have imagined.

 

 

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Blog Fraud & Security Managing Your Business

How to Protect Your Digital Life

Nowadays, we do nearly everything virtually – from having staff meetings to purchasing supplies and paying bills. It also means that protecting your personal information is more critical than ever. Here are some things you should do to protect your digital life:

Keep security software current.

Be sure every computer your business owns is properly protected with the latest security software, web browser and operating system. Turn on automatic software updates (if that’s an available option) to defend against any known or unknown risks. You should also scan USB and any other external devices to ensure they aren’t infected by viruses or malware.  

Use secure passwords and authentication options. 

Because you use online accounts for many purposes, you must fortify them with the most robust authentication available, such as biometrics, security keys, or two-factor authentication. Additionally, you should update your passwords regularly – make sure they aren’t easy to detect (and ask your employees to do the same). You may also consider using a password manager to keep track of your passwords and those used at your company.

Be smart with your connections.

You should avoid using any type of Wi-Fi hotspot to conduct any financial business. While some places may say their Wi-Fi is secure, don’t take any chances. Either use your mobile network to conduct your business or wait until you return to a safe location. Additionally, never open a link in an email or social post when you are unsure of who the sender may be. Even if you know the source, if something looks suspicious, delete it.

Back up your business and personal information regularly. 

Every day you work on things that matter to your business. Protect your valuable work and financial information by making an electronic copy and storing it safely. Many business owners use external hard drives or the cloud for this purpose. Additionally, secure your storage location with strong passwords and keep them updated regularly.

Keep your online presence private. 

Be thoughtful about who gets your personal information and how it’s collected through apps and websites. Set privacy and security settings on web services and devices to limit how and with whom you share information. And think before you post anything about yourself or your employees on social media – you want to ensure privacy is protected above all else.

Taking these precautions can help protect your digital life so you can feel more at ease as you continue to help your customers and employees. If you do find any unauthorized transactions in your Pinnacle Bank checking account or another account, contact us at 877.759.7939. We’ll help resolve your issue immediately so you can move on to what matters most.

 

Categories
Blog Fraud & Security Managing Your Business

Protect Yourself From COVID-19 Fraud

As COVID-19 continues to impact the U.S., there has also been an alarming increase in fraudulent activity related to the pandemic. As of June 2020, the FTC reported receiving more than 103,000 fraud complaints due to COVID-19, totaling $68.11 million in total fraud loss. To help you safeguard your money, we’ve highlighted five scams and how to avoid them: 

Scam #1: Expedited Stimulus Checks

The IRS began distributing economic impact stimulus checks on April 13 through direct deposit, on April 24 by mail, and they will continue distribution through September 2020. If you have yet to receive your stimulus payment, you may receive an email or phone call stating you can expedite the delivery of your payment or increase your stimulus check amount. Please don’t fall for any request like this as it’s a scam. Instead, if you have questions, visit https://www.irs.gov/coronavirus/get-my-payment. You can see the amount you’ll be paid, an estimated time when you should receive your payment, and how it will be paid to you (direct deposit or mailed check).

Scam #2: Miracle Cures

You may receive emails, calls, or find a site online that claims to provide a “cure” for the coronavirus. While it may be tempting to try it out, it’s a scam. There is no cure or treatment for the virus at this time. Unless you receive advice from your health care professional or the Center for Disease Control and Prevention (CDC), ignore it.

Scam #3: Government-issued Online COVID-19 Testing

The Food and Drug Administration recently approved the first “at-home” test for COVID-19; however, if you find someone selling these tests online, it’s likely a scam. To stay safe, consult your health care professional before taking any COVID-19 test and follow the instructions carefully.

Scam #4: Product and Service Claims

When COVID-19 hit, many essential household supplies, such as toilet paper and sanitizing wipes or sprays, became hot commodities. Unfortunately, many fraudulent businesses claimed to have these products in stock and charged significantly marked-up prices to obtain them. And in some cases, consumers or companies that purchased these products never received them.

Additionally, you may have received texts or phone calls about product offers touting low-priced health insurance, student loan payment plans and debt consolidation solutions. All you need to do is provide your financial information upfront to accept a special offer, defer payment, or use the solution provided.

How can you avoid being a victim of this scam? Follow these simple rules:

  • If it sounds too good to be true, it probably is.
  • Don’t pay more for an item online than you would in a store (excluding shipping).
  • If you receive information asking for your financial information via text or email, it’s likely a scam. Call your health insurance provider or lender to ask about options available to you.
  • Never click on a link or attachment via email or text.
  • Hang up on anyone calling you for personal financial information, especially if you didn’t initiate the call.

Scam #5: Fake Charities and Donations

Fake charities always pop up during times of crisis, and the pandemic is no different. One of the best ways to counter this type of fraud is to donate only to familiar charities or groups. That way, you can be sure your money is going where it should go to help others in times of crisis.

Report Any Fraudulent Activity on Your Account

If you have any questions or concerns about your account, please feel free to contact us. We’re here to clear up any issues you may have and help you manage and protect your finances in our changing economy. If you believe you’ve been a victim of fraud, or you notice an unauthorized transaction in your account, please notify us immediately at 877.759.7939.