Year: 2023

How to manage syndicated merchant cash advance deals

Merchant cash advance (MCA) is a loan (which is specifically a cash amount) that allows you to borrow money from a bank or other lender. MCA is a widely accepted loan form in the US market for SMBs. The credit line available as Merchant cash advance are used for business expenses, especially when there is an urgent need for cash. Usually, the repayment happens from the  credit card sales. The most common use of MCA is to help businesses get through difficult periods but don’t have enough credit lines available with banks or other lenders. The biggest benefit of the cash advance is it requires zero collateral.

What is merchant cash advance (MCA)?

Merchant Cash Advance (MCA) is unlike the traditional loan process. This type of financing offers upfront cash and that too in exchange for their future sales. This type of financing are usually designed for the small businesses that cannot arrange for the collateral all of a sudden and at the same time comes with a difficulty obtaining traditional bank loans or lines of credit.

In an MCA agreement, the lender provides the business owner with a lump sum payment upfront, which is typically a percentage of the business’s projected future sales. In exchange, the business owner agrees to repay the advance, plus fees and interest, by allowing the lender to take a percentage of their daily credit card or debit card sales until the advance is fully paid off.

The MCA credit line is used for

  • Purchasing inventory
  • Paying  bills or taxes on time
  • Making payroll and salary processing of employees 

How to find a merchant cash advance syndication partner

Finding a partner that can help you manage your merchant cash advance deals will be key. When it comes to finding the right partner, there are several factors you should consider. First, look for a company with a good reputation and history of working with merchants. This is important because not only does this indicate how much experience they’ve had managing other companies’ cash flow needs, but it also shows that they know how to work with their clients in order to get them through any issues or problems that may arise during the process of taking out a loan from one lender versus another lender (or bank).

While looking for an organization, make sure to do market research. Choose only those companies where customers have happy experiences with them too! That means finding someone who has built up trust over time – which means making sure all parties involved feel comfortable enough around each other so as not to end up feeling like strangers when trying something new together like opening up new lines of communication between themselves and/or their respective partners at both ends.

What are the benefits of merchant cash advance syndication?

Merchant Cash Advance (MCA) syndication refers to the process of multiple investors pooling their money to fund a single MCA transaction. The benefits of MCA syndication for both investors and borrowers include:

  1. Uninhibited access to big funding value: MCA syndication allows borrowers to access larger amounts of funding than they would be able to obtain from a single lender.
  2. Risk diversification: Syndicating investors can spread their risk across multiple MCA deals, reducing their exposure to any single borrower.
  3. Superb liquidity features: MCA syndication facilitates increased  liquidity available for the stakeholders  as they can sell their portions of the investment in the secondary market if needed.
  4. Faster fund processing: MCA syndication gives you more cash amount that the traditional financing methods. As a result, borrowers can access the their much needed capital quicker than the  need to grow their business.
  5. Flexibility: MCA syndication offers borrowers flexibility in terms of repayment, as the repayment terms can be tailored to their specific needs and cash flow.
  6. Potential for higher returns: MCA syndication can offer investors higher returns than traditional fixed-income investments due to the higher interest rates charged on MCA deals.

But, inspite of having so many benefits, MCA syndication comes with several risks, such as default risk, concentration risk, and regulatory risk. Investors and borrowers should carefully consider the risks and benefits before participating in MCA syndication.

When is the best time to opt for MCA Syndication

  • When a business needs to access a large amount of funding quickly and does not have time to go through the lengthy process of traditional bank financing.
  • When a business has a short-term need for capital, such as to finance inventory, equipment purchases, or marketing campaigns, and expects to generate enough cash flow to repay the advance quickly.
  • When a business has a high volume of credit and debit card sales and can benefit from the flexibility of MCA repayment terms that are tied to daily sales.
  • When investors are looking for higher returns than traditional fixed-income investments, and are willing to take on higher risk.
  • When investors are looking for diversification of their portfolio and want to spread their risk across multiple MCA deals.
  • When investors have a high risk tolerance and they are pretty comfortable with the uncertainties and risks associated with merchant cash advance investments.

But, the advantage of MCA as a financing option is situation specific. There are situations where SMBs need cash yet not in a position to withstand the risk. Borrowers and investors should carefully evaluate the costs, risks, and benefits of MCA syndication and consider alternative financing options before making a decision.

Syndicating your MCA can help you get the financing you need at a time that’s best for you

The process of syndicating your merchant cash advance deal is simple, but it does require some work on your part. You’ll need to find a lender who is willing to partner with others and share their risk in order to provide financing directly to small businesses or entrepreneurs, who may not be able to otherwise access credit due to their particular business model or industry niche .

Once they’ve signed on as an investor, they’ll want some assurances that they’ll make money off this investment; so let them know how much money has already been generated by each borrower through its own sales channel(s) (such as Amazon). You should also provide them with proof-of-funds statements showing how much has been paid out since day one—this will reassure them that there isn’t any risk involved with partnering up with someone else!

The Final Takeaway

The secret of the MCA syndication success is to find and connect with the right partner at the financing at the right time. In fact, MCA deals are really great, but only when you are able to make the most of it. It’s important that you do your research and find an appropriate partner.

Is anyone listening?

Ever heard a company say that they don’t ‘put customers first’? Probably not 😊

Pretty much EVERY business says that they put their customers first.

And they probably mean it.

But do you know how many people believe it?

12%

According to a HubSpot survey, only 12% of people believe company messaging that says it puts “customer first”.

So, what’s going on here?

In an age when businesses pitch jargons such as “personalization”, “1:1 customer engagement”, “customer-centricity” to anyone willing to listen… why don’t most people believe them?

Because businesses will be able to deliver these things only if they truly listen to their customers.

Not through some half-baked survey asking the wrong questions.

Or a lame we-value-your-feedback form on the website.

For a business, listening is all about data.

Listening is the ability to capture and analyze all structured and unstructured data across all customer touchpoints.

Listening is also about training your customer-facing staff on empathy.

And taking action on what they hear.

By communicating better.

Giving out information that customers and prospects are really looking for.

Not always easy.

But without that we risk making assumptions about what our customers and prospects are looking for.

And that guessing game is dangerous for any business.

If you would like to know more about how ConvergeHub can help you communicate better with your prospects and customers, talk to us.

Or, if you would like to check it out yourself, go ahead and create a free ConvergeHub account here.

How to Start & Grow an MCA Business?

In the world of business, financial stability is the cornerstone of success—but when cash flow runs dry, it can bring operations to a grinding halt. For growing businesses and startups, Merchant Cash Advances (MCAs) emerge as a lifeline, offering fast and flexible funding to navigate tough times. Did you know that small businesses account for nearly 43% of all U.S. GDP, yet over 80% of loan applications from these businesses are often denied by traditional lenders? That’s where MCA businesses step in, empowering entrepreneurs to achieve their goals with timely financial solutions. If you’re considering starting an MCA business, this guide will give you a comprehensive understanding of the opportunities and challenges ahead.

A Brief Overview of Merchant Cash Advance

Merchant cash advance caters to short-term funding that is typically offered at high interest, often without the need for collaterals. It helps businesses with the much-needed financial support and receive repayments through their future sales.

The MCA industry is one of the most highly profitable businesses in today’s market status. But, a successful MCA business needs sound financial status and time.

Merchant cash advances have the advantage of a unique easy repayment. The lenders receive automatic payments based on the credit card sales of the borrower and this is continued until and unless the debt is totally repaid. For owners of cash advance businesses, it’s a streamlined setup that gives you more time to focus on branding and marketing.

If you are planning to help startups realize their dreams, it’s great to start off with an MCA firm

This step-by-step guide will show you exactly how to set up your own merchant cash advance firm, from looking into the industry to registering your business and considering the most useful digital tools and services.

Steps To Start Your Own Business

1.Select an industry where you want to work

Even if you have enough financial resources and you want to finance budding entrepreneurs, you cannot provide help to anyone and everyone who is coming your way. It’s always recommended to have your niche selected well in advance. That is a much-needed step when you are new to the business. It is essential to select your industry based on your knowledge and experience while starting an MCA business. To become successful in your niche industry, try gaining a deep understanding of it. Needless to say, the more your experiences are in your industry, the better will be the chances for your business to thrive.

It might sound overwhelming or confusing at the very first stage, but you can think about it in the following way. The following tips might come to your help.

• Look for an industry where there is demand for products or services but not enough supply—for example, if people want something like cell phones but don’t have enough money available right now because they are saving up for something else (like maybe buying houses). This happens all over America every day! So, when you find a business that sells cell phones, you can consider these for providing merchant cash advance, because it gives you better returns.


• Look at trends in consumer behavior—what people buy based on price/value ratio instead of brand name recognition alone; what they commonly purchase together, and more.

2. Be aware of the industry trends as well as the challenges

When you are starting as MCA business, you need to be aware of the industry trends as well as the challenges that you might face down the line. Here’s a look at the leading trends of this business.

• Many start-up businesses opt for alternative lending sources like MCA for fast cash. This lowers the waiting time which is substantially more in traditional funding approvals.
• Such loans come with high interest rates and also high profits.
• When businesses face a crisis, the demand for alternative lending also increases. For scenarios like the Covid-19 pandemic, when businesses were suffering from a money crunch, many startups opted for the MCA loans. That was the time when the interest rates for MCA loans experienced a sharp increase.

MCA funding also needs to deal with challenges which include the following

• The standard rate is 10%.
• Overpriced startup cost
• Some SMBs who have already received cash advances often move on to another credit provider before they have even completed the full repayment of the advance amount.

3. Decide on a business model that works for you, but be prepared to adjust it as needed to meet changing client needs and market conditions

As you are developing your business, you need to remember that flexibility is the key to success. Since the market itself is extremely volatile and the client demands can change every time, it affects your business. If you want to grow your MCA business, you also have to adapt as the market changes: for example, if there are fewer people using credit cards for small purchases, then this could mean that fewer merchants need services like yours in order to get paid by accepting them.

It’s also helpful if you have backup plans in place so that even if something unexpected happens with one client (or even several), another source of income is available—and this is especially true if they’re willing–to pay more than what they owe now!

4. Craft a strong business plan that spells out your goals and outlines a timetable for achieving them

Having a business model ready means you have the probability of reaching your goals faster, avoiding pitfalls, and staying on track with what matters most to you as an MCA entrepreneur.

A good business plan has two main components:

• Goals—What are the specific things you want to accomplish as an entrepreneur?
• Strategies—How will you do this? What resources do you have available to help achieve those goals? How long will it take before each step toward achieving those goals is complete? What kind of results should be expected at each stage along the way (e.g., revenue targets)?

5. Team up with the right people who can help you reach your goals faster

The key to success is having the right people by your side, who have industry experience. While this may sound obvious, most of the successful MCA firms that have earned reputations have a wide variety of employees working together as a team. This includes financial experts, lawyers, and accountants who can help keep your firm in compliance with rules governing merchant cash advance firms and their clients.

Follow these steps for quick success!

• Keep in mind always that you are answerable to the audience.
• Keep in touch with your audience with effective communication
• Promote your MCA business—and this way you will be able to make more money if you can make your audience excited about what you do as you are! After all, the more the people know, the more the chances of your business increase.
• It’s important that when speaking with yourself (or anyone else), promote the brand thoroughly and you are all set. After all, being surrounded by a team of people who are doing amazing things every day and making your business run should not be forgotten.

Investment for merchant cash advance business

Instead of investing in a new brand name and various other things, it’s a great idea to buy a franchise from an existing cash advance firm. Such franchise fees generally cost around $100,000 but could be as low as $25,000. As a franchisee, you’ll receive training and marketing materials and be well on your way.

To start your own merchant cash advance business, you’ll likely need initial funding of $200,000, if not more. Most of your startup funds must be ready for borrowing.

Define a Profit Margin
Do your competitor research before you set your profit margin. A great way to see this is to use your competitors’ prices as a starting point for yourself. Once your business starts running, you can slowly determine your markup and final price points. Remember, the prices you use at launch are subject to market changes.

Define Your Business Structure
Before you start your MCA business, you need to define the structure of your MCA business, because that will influence your taxes, business registration, personal liability, requirements, and more.

Here are the types of business structures:

• Sole Proprietorship – Typically, the most common business structure for SMBs is that there isn’t any legal distinction between the business organization and its owner. In this structure, all income is accounted to the owner. He is the only one who is chargeable for any debts, losses, or liabilities sustained by the business. Due to this the owner has to pay taxes based on business income via his individual tax returns.

• Limited Liability Company (LLC) – This is the combination of corporations with the characteristics of sole proprietorship. In this structure, the owners do not bear personal liability for the debts incurred by the business.

• C Corp – This is an independent legal entity and unlike a sole proprietorship, the debts do not account to the owners as personal liability. Instead, the source of profits for the owners is the shareholder dividends. In this form, both corporations and owners need to pay taxes often referred to by the term double taxation.

• S Corp – Though it is a tax classification and not just a business classification, these are more like LLCs in terms of their functions. S-Corp businesses offer pass-through taxation, which means that all profits and losses incurred by the business directly account to shareholders.

However, as an MCA startup, it is better to go forward with the LLC structure because it offers the tax advantage of a partnership along with simplified management than a corporation.

Invest in MCA Software on a priority basis
MCA Software helps make the process of alternative lending easy and effortless. It comes with the following features:

• Client Data Collection

• Automation

• Marketing

• Analytics

For an MCA startup, this CRM helps in managing and streamlining the key jobs. MCA CRM streamlines front-end operations and optimizes customer lifecycle management for enhanced client retention.

With an MCA CRM software, the lending process is accelerated. Since everything is happening in real-time with data available at every touch point, the minimal approval time is for the disbursement of the fund

The Final Takeaway
Starting off an MCA business can be lucrative for obvious reasons, but make sure you have a steady source of finances so that you can provide loans to the borrowers. You can also get government grants. Also, do not forget to apply for business insurance as that can be a huge advantage for your MCA company.

What is cold calling? A Complete Know-How

Cold calling is often seen as a challenging yet potentially rewarding practice. While it can feel like a daunting task—reaching out to a stranger and asking for business—this essential sales strategy has stood the test of time. It may not always lead to immediate conversions, but cold calling is an effective way to build new connections, expand your network, and tap into potential opportunities within your industry.

In fact, studies show that 69% of buyers have accepted a call from a new vendor, proving that cold calling can still be a valuable tool in the right hands. Despite its intimidating nature, when executed with skill and persistence, cold calling can open doors to meaningful business relationships.

Almost every business, large or small, has relied on cold calling at some point to boost sales. In this post, we’ll dive deep into the intricacies of cold calling, discussing proven tips, techniques, and strategies to help you master the art of reaching out and driving growth for your business. Let’s explore how cold calling can become a key component of your sales success.

What is cold calling?

Cold calling is basically a proactive sales outreach method where a salesperson contacts potential customers who have no previous history with the company’s products or services and have shown no interest in the same. Often, such customers have no prior interaction with the company, yet have a high potential of converting into quality leads. The primary purpose of cold calling is to make the customers familiar with the company’s offerings, initiate interest, and ultimately influence the potential customer to make a purchase.

Cold calling facilitates establishing first-level connections with potential customers who might be interested in your brand in the long run but may not be actively seeking it out presently. Guidance by your sales team made through a clear conversation will help your potential customers get rid of any objections they might have to your offerings. The success rate of cold calling can depend on numerous factors such as the quality of the sales pitch, the timing of the call, and the relevance of your brand and its offerings to your customer needs.

Process flow of Cold-calling Sales

Here is a simple set of steps that are involved in the process flow of cold calling. You can follow it to get the most out of this sales technique.

Be prepared to answer questions:
There can be a number of questions coming your way while interacting with the customer. That is particularly most likely to happen when you are cold calling, i.e. you are interacting with the customer for the first time. Be prepared to answer those questions but make sure not to give away too many company secrets. Also, be honest if you don’t know the answer. That way you can retain your credibility.

Make a sales pitch:
When making cold sales calls, it’s important not only for you but also for your prospects that they feel as though they are being sold something rather than just being given information on how good your company is at what it does (which could be true). That said—and this goes back again into preparation—you need some kind of compelling reason why someone should buy from you over their current provider (or another vendor). If possible, try finding out what value each prospect sees in working with yours versus theirs so that when trying out different strategies later on down the road, these factors remain a top priority among others such as price point.

Focus on the customer:
Solving your customers’ needs is the secret recipe of a sales pitch. Do a bit of research on your customer’s business needs, and pain points. Actively listen to the customer and respond with empathy and understanding.

While cold calling may sound nightmarish (even to the most happening salesperson), it’s true that cold-calling tactics still play a key role in emotion-based sales. It’s the first step to sparking a conversation with a potential client. At the end of the day, the sale is an emotional process and without building trust, you can’t accomplish it. Cold-calling for sale is the stepping stone for the same.

Make sure to ask for referrals
A very efficient method of building new relationships and fostering loyal customers is to ask for referrals. Make sure that when you are calling a prospect, you ask them if they can refer your brand to others as well. This will show that you are genuinely making an effort to grow your business and not just asking them out of politeness.
Even during cold calls you need to have call-to-action. If you’re asking a customer for a referral, make sure that he knows you are here to make a sale. For example, you can say, “I ‘d appreciate your support to grow my business”! If your friends need any of my products or services let them know.

Working with CRM software can help
In the age of digitization, CRM has become a mandatory tool. It makes customer relationships easier than ever. Not only does it help in managing your sales pipeline, but it also provides a detailed report on the leads generated by your marketing efforts. With all the lists, your customer reps can reach out to potential leads via cold calls. Using the customer segmentation capabilities of a CRM, it’s easier to segregate customers based on their needs.

CRM software is a collection of applications used by an organization or company to collect data about its customers, suppliers, employees, and other stakeholders (or “people” as they are sometimes called). This type of system can help companies deal with issues like customer service problems or complaints from employees who feel ignored at work because there isn’t enough time spent training new hires on how things work around here!

CRM applications are focused on tracking contacts within an organization; typically this includes email addresses with associated accounts where those individuals’ information lives so that someone else can access it easily when needed (versus having everything stored locally within each department).

Cold calling can be an effective sales strategy when done properly.
Here are some tips to help you become more successful with cold calling:

Cold calling isn’t meant for aggressive selling:
Cold calling should not feel like a sales pitch; instead, it should feel like an informational meeting with a potential client who has questions about your product or service and wants to know more about what makes them different from other companies in the same industry. Remember that these people have chosen to reach out to you at this time because they trust your company’s ability to deliver on its promises—so don’t lose sight of that!

Be polite and respectful during every interaction: Remember that each person is another human being with feelings just like yours (and possibly better ones). If someone asks you why they shouldn’t buy from another company instead of yours because “it sounds better,” for example, respond with something along these lines: “Well…I guess what I can tell you is that our team has been working hard since inception on designing something truly unique within its genre.” This gives them reassurance without making them feel pressured into making a decision now–which could mean losing out on future business down the road because no one else knows about these features yet either!

Make sure that your customers never feel that you are actually trying to get the product sold and that’s it. Instead, focus on building credibility with your customer and an emotional connection. Customers, who are emotionally connected with your brand won’t mind spending a few more bucks on your product. They will know they are getting value for the money.

The best time to call!
For cold calling, time is precious. Studies reveal calls made on Wednesdays and Thursdays give the best results. Since the beginning of the week is hectic and people mostly are busy dealing with previously scheduled meetings, mid of the week they usually are free. Again on Fridays, nobody wants to deal with work on Fridays. Reaching them out mid-week means you are calling them when they are more relaxed. Also, keep in mind that 4-5 pm is the golden hour for sales calls.

What do you do with the rest of the time, then? It’s obvious that all your potential leads are cold-call recipients. Some of them have already traveled to the next step of your funnel. The best you can do is to shift your sales team’s focus and let them build and nurture relationships with the warm prospects.

Cold calling is not a sprint!
Purchase decisions are not made overnight. It takes time. Especially today, when they have more access to information and options, they take time to research and get informed from multiple sources. So, whenever you are doing cold calls, never expect that your potential customer will be interested in purchasing your product right away. In fact, a little difficulty in converting your prospect is a blessing because that gives you enough opportunity to nurture it and turn it into recurring customers, which brings long-term profit. Rather than focusing on making a sale, you can take your hot leads to the next stage of the pipeline. If you can set up an appointment or a follow-up from an initial cold call, you have won.

Wrapping Up
Be extremely creative and strategic when it comes to your cold-calling. Remember that it is a powerful tool, but not an aggressive one. You can’t convert a lead right away or maybe you can, but in general, things take time. If you are looking for guidance for cold calling and the secret recipe for success get in touch with the ConvergeHub Experts.

10 Best CRM for CPA Firm

The use of accounting CRM Software has been on the scene for several years. In the world of rapid digitization, where companies are relying on software solutions to accelerate their process and bring in organizational efficiency, CRM software is a business imperative. And, for all the right reasons, this is true for the CPA Firms. With a diverse client base and minute details of accounting ( serving as the primary data source), manual data management is difficult. Fortunately, the CRM for CPA firms solves this and streamlines everything in the most hassle-free manner. 

If you are an accountant or a CPA or running a firm that deals with a large customer base from different industrial segments, an accounting CRM is all that you need. And, if you are already in the market shopping for the best CRM product for your CPA firm, here we will be telling you about the 10 best products in the market. 

 And how do you choose the right one for your business?

1. FreshBooks

FreshBooks is a cloud-based accounting software that assists SMBs and CPA firms maintain their day-to-day accounting needs. It’s a great product for freelancers, as well. The best part of the Freshworks CRM is it helps accountants collect and organize client data to streamline their exchanges with their customers.

Key features of FreshBooks

  • Unlimited users with unlimited storage (with different pricing plans)
  • Integrates with Google Drive, Dropbox, and Box for sharing files with clients or employees

Disadvantages of FreshBooks

User limits and limitations on billable clients are FreshBooks’ biggest drawbacks. All plans include one user except for the Select tier (which allows two users); each additional user costs $10 per month. Lite and plans allow five and 50 clients, respectively.

2. ConvergeHub

ConvergeHub is the leading accounting CRM and 100% of its users plan to renew their subscription with the product. It is a high-end CRM for CPA firms that allows users to track finances from multiple perspectives, including sales, expenses, taxes, and more. The ConvergeHub Billing module is an integral part of ConvergeHub which directly relates to sales, marketing, and service platforms. It helps businesses connect payment activities to accounts and deals and take total control of the business.

ConvergeHub exclusively offers QuickBooks CRM integration, be it online or offline. If you are using QuickBooks Desktop or QuickBooks Online, you can get the help of the support team to integrate it into your ConvergeHub account. No matter whether you have subscribed for the free trial version or the professional ones, it’s easy to integrate.

Following CRM QuickBooks integration with your ConvergeHub account, you can easily access a consolidated and detailed view of your Accounting customers, products purchased, and invoices, whether recurring or one-time. So, when you subscribe to ConvergeHub CRM, you can easily leverage the integrated benefits of QuickBooks accounting software and CRM in one platform and relate them together.

Not just this, ConvergeHub also offers a bi-directional synchronization with QuickBooks, which means whenever any data is created or updated in the CRM, it gets automatically populated in QuickBooks and vice versa without any manual intervention. 

3. Birst

Birst is a cloud-based accounting software that’s easy to use and a fantastic support for accounting firms. It comes with a free trial version and an excellent support team. The intuitive user interface of Birst is one of a kind. It also offers great customer support, with high-performance mobile apps, so that you can access it from your phone. This CRM is perfect for CPA firms and SMBs who need an accounting solution on the go!

Key features of Birst

  • A business-centric approach to data management
  • The diverse range of business analytics from reports to data discovery
  • AI-powered automation reduces the volume of manual work 

Disadvantages of Birst

Users have reviewed that the architecture of the Birst dashboard is poor and not user-friendly. In addition, it is extremely dependent on command-line tasks (a few drag-and-drop) and lacks administrative views (reports and dashboards showing platform response).

4. RightSignature

RightSignature is a cloud-based signature CRM for CPA firms exclusively that allows you to manage your clients and projects. It’s perfect for small businesses, accounting firms, and anyone else who needs an easy way to track signatures.

Key Features of RightSignature

  • Client management – Client management is easier than ever in RightSignature. Using the different customized widgets, accounting firms can segregate their client base based on their industry, job title, as well as company size. It helps keep track of the clients working with your CPA firm and how you are responding to your clients, solving their queries, and more. 
  • Project management – You can assign tasks right within the RightSignature app so that everyone knows what they need to do next! It makes the process streamlined.

Disadvantage of RightSignature

According to the user reviews there is still room for improvement in terms of ease of use. Also, the timely update of the software is still lacking.

5. HubSpot

HubSpot is a CRM for marketing and sales and for CPA firms, HubSpot is the perfect CRM product. It’s a cloud-based software that you can use from anywhere on your computer, or any other handheld device. HubSpot is available as a SaaS (software as a service), PaaS (platform as a service), and IaaS (infrastructure as a service).

HubSpot offers more than 60 integrations with other products, so you will be able to connect with all of your clients’ systems in one place. The platform includes features like lead scoring, time tracking and reporting; email automation; project management tools like task lists; data visualization tools like graphs; social media management including Facebook Connect integration; content creation features such as blog posts & webinars etc.; analytics reports showing how well known each page was by visitors/customers etc, all while keeping track of what people are talking about online too!

Key features of HubSpot Accounting CRM:

  • A centralized dashboard for accessing client history.
  • Exceptional collaboration tools for connecting with teams and clients in a hassle-free manner 
  • Automates workflow management
  • The free version of HubSpot offers plenty of advanced functionalities

Disadvantages of HubSpot Accounting CRM:

HubSpot comes with annual contracts, and you have no way for early termination if you no longer need it. Also, users have considered it ineffective when used as an all-in-one tool. Also, HubSpot accounting CRM does not offer A/B testing on lower plans.

6. Zoho Books

Zoho is an all-in-one accounting CRM for CPA firms to help manage and organize finances, track payables, and manage bills and expenses. The robust functionalities of Zoho’s accounting suite streamlines the process by segregating transactions, tracking cash flows, and monitoring your financial setup.

Zoho also offers mobile apps so you can access your data on the go, as well as desktop applications for those who want to take their work offline (or don’t want to be connected 24/7). If you need help setting up your account or using it in general, there are plenty of tutorials available online via YouTube or Google search results.

Key features of Zoho Accounting Software

  • Automates workflow- Setup triggers for instant mail notification and field updates in the invoice, estimates, sales order, and credit note modules
  • Create and share invoices as per the requirement (partial, project-based, or recurring)
  • Keeping track of expenditures and payables
  • Manage customer lifecycle, trial periods, upgrades, and downgrades as well as churn

Disadvantages of Zoho Books 

According to the user reviews, setting up payment portals for customers is not at all user-friendly. Moreover the portal management is also complex. In certain scenarios, integration with the Zoho One module is still clunky.

7. Xero

Xero is widely popular among SMBs and personal accountants alike. It has a free trial, for which you can use and decide before investing. Moreover, ZERO is highly scalable. Xero offers three versions: Basic ($29 per month), Professional ($59 per month) and Enterprise ($99 per month). The enterprise version includes advanced features like invoicing, sales tracking and budgets; however, it also comes with an annual fee of $1 million USD or more depending on which plan you choose (which we’ll talk about later).

Key features of Xero

  • Work smarter with intuitive invoicing software. …
  • Bank reconciliation. Keep your finances up to date. 
  • Smart calculations of GST and accelerates business activity statements.

Disadvantages of Xero

While Xero has everything that a high-end accounting CRM offers, it’s a bit pricey for small CPA firms. Also, most of the advanced versions are available in expensive subscription plans.

8. Quicken-YNAB-Banktivity

Quicken serves as an accounting tool and budgeting app. As far as the accounts and finances are concerned, this software program helps users to keep track of every minute details. Being automated, all transactions are recorded workflow is managed without any manual labor. The software also provides reports about how much money has been spent on each item over time so that it’s easier than ever before!

Key features of Quicken

  • Set up budgets and create financial goals
  • Smart tools for managing investments and loans.
  • Split receipts across multiple spending categories 

Disadvantages of the Quicken

According to the user reviews, importing transactions is not automated, which is a big time hassle for the users. Moreover, it is not easy-to-use for most of the users.

9. Quickbooks Self-Employed/Professional Edition

QuickBooks Self-Employed/Professional Edition is a popular accounting software that is available for both Mac and PC. It’s one of the best CRM options for small businesses, self-employed individuals and freelancers. The program is compatible with various third party services such as PayPal, Google Drive and Salesforce Chatter.

Key features of Quickbooks

  • Access your account and stay organized anytime, anywhere
  • Perform smart cash flow management
  • Track billable hours by client or employee and automatically add them to invoices.

Disadvantages of Quickbooks 

According to Quickbooks users, the software lacks industry and business-specific features, which include lot tracking, eCommerce, and barcode scanning.

10. Peachtree Accounting Software

Peachtree Accounting Software is a great choice for accounting firms. It is easy to use and affordable, while still being reliable and secure. This software is ideal for small businesses that need an accounting system but don’t want to spend too much money on it. The program has a user-friendly interface that makes it easy for anyone in your organization to understand how everything works together, which means you won’t have any complaints about technical jargon or complicated processes after implementing this CRM solution into your business operations.

Key features of Peachtree Accounting Software

  • Multi-year reporting and payroll management
  • Real-time alerts and cash flow management
  • Time and expense tracking, job costing and analysis

Disadvantages of the Peachtree Accounting Software

According to the users the configuration and set up if the software for specific users is pretty complex. People with less technical expertise cannot set up the software. 

Things you should keep in mind

Selecting the appropriate CRM for CPA firms is a  business imperative, as it can significantly streamline financial processes and offer timely, precise data for informed decision-making. Nonetheless, with a multitude of options in the market, it may become extremely  challenging to opt for the ideal software that caters to your business requirements. Avoid ending up with the software that is either pretty complex or too basic for your needs by conducting thorough research.

Wrapping Up

There are plenty of options in the market and we have already made a list of the leading ones in  the  market. Accounting firms have to deal with diverse client requirements on an everyday  basis. Here’s some cool ideas in here which might help you decide what software your business needs. If there was something missing or if there’s something else, share your views in the comment.

Fear, Chaos, Uncertainty, Doubt… and Hope

2023 is shaping up to be a year of challenges.

As collectively we begin to emerge from Covid… battered and scarred… we face a new set of challenges staring at us…

Rising costs
Diminishing budgets of our customers… both business and consumer
Shrinking resource pool to hire from
Uncertain economy

The list of challenges is long
And the result is Fear, Chaos, Uncertainty, Doubt…

So, what do we do about it?

Which way do we turn?

Often during such challenging times leaders instinctively turn to solutions like:
Budget cuts
Reduction in headcounts
Curtailing employee benefits
Minimizing Customer Service

But instead of going with these obvious short-term solutions, which in the longer-term create more challenges than they solve, this is the time for business leaders to look for less obvious solutions, which may take more work to implement but will yield long term benefits for the company as well as the individuals working in it.

These long-term solutions could include:

Increasing efficiency – Looking for ways to increase efficiency in how we market, sell and serve our customers. This could include using data to identify and remove bottlenecks, introducing customer self-service, changing operating hours or mode of operation, and so on.

Automation – Using chatbots, automated emails or texts, voice-bots, etc. to preempt customer questions and provide them with the answers they need. Providing sales agents with reminders and information just when they need it. Automation takes on different forms with many benefits.

Customer Retention – As every product and service is becoming more and more commoditized, businesses need to look beyond their base product or service offering to differentiate themselves from competition. Although customers are increasingly focusing on costs, the true value of a product or service depends on how much and for how long customers are able to use the product/service to realize its benefits.

Data Analytics – Instead of focusing on cost efficiencies, businesses can use data to create better offers that appeal to their market segment, use automation to improve their outreach, better personalize their services to retain customers, not to mention improve their processes and increase productivity.

If you would like to know more about creating sales processes and how ConvergeHub can help you get through these challenging times by enabling you to implement these long-term solutions, talk to us.

Or, if you would like to check it out yourself, go ahead and create a free ConvergeHub account here.

Successful Customer Onboarding on a CRM Platform Steps, Guides & Best Practices

A positive onboarding experience results in the highest rate of customer retention, says HubSpot. It’s a way to make a great first impression and tell your prospects that they have made the right choice.  

 Today, when most of the customer churn primarily results from poor onboarding experience, hassle-free onboarding is crucial. Moreover, it creates an impression that your prospect has made the right choice. 

There’s no doubt that you have designed a winning CRM tool, but you need to help your customer get started successfully. Here’s what a successful customer onboarding looks like. Learn the steps and best practices from the experts.  

What is Customer Onboarding

Ideally, customer onboarding is more of a subtle nurturing process for new users/customers who have recently purchased your product. An exceptional onboarding experience starts with helping your new customers get started and familiar with your product. 

What it includes

  •  Step-by-step tutorials
  •  Needful guidance and support
  •  Help customers achieve success milestones with your product

Building a Customer Onboarding Strategy

Having a sound strategy in place helps streamline the onboarding process. Otherwise, you might run a risk of disjointed and ineffective onboarding. As you build the strategy, align your objective with your product and customer base. 

Make sure that your customer onboarding strategy is in line with the following three key retention strategies   

  • Get users to use the product more than once in the first week itself.
  • Educate them about the pattern of usage.
  • Make them understand the indispensability of your product.

take advantage of the customer’s business information that you have gathered during the sales process at the initial stages of onboarding. 

Keep in mind that when you make your customers understand how your product helps them at every touchpoint, retention possibility increases significantly. The more you treat your customer interactions as a holistic experience, the better.

Steps of Customer Onboarding

Customer onboarding involves several steps to help new users get acquainted with the system. Smart CRM systems like ConvergeHub are highly customizable that can tailor the process flow as per the user’s requirements.  

At this stage, your main objective is to educate and empower your customers with all the resources and materials. Once they are ready, help them set it up. Here’s a detailed step-by-step guide to the onboarding process.

  1. Welcome Email

It all starts with a welcome email. Make sure the communication messaging is a positive one. First, congratulate them for making a new purchase. Express your gratitude for they chose your products over others. Let them know how happy you are to have them onboard. 

#Template Welcome mail

Congratulations! Welcome to ConvergeHub.

We can’t Thank you enough for choosing us. But, we are even more excited to have you onboard. Gear up to reach your goals with us.

We can’t wait to help you get started. Let’s walk towards your goal.

[Sign In Now]

To Your Business Goals,

Christina at ConvergeHub

2. Greeting Message

A greeting message is different from a welcome email. It’s about congratulating your users on their first login and encouraging them to set up the account. It’s one of the best practices of customer onboarding to help users complete the next steps seamlessly. Through this email, you can ask your customers to change their password or turn on email notifications. Or, you can attach a video with this email as a guide. 

3. Product Set Up/Kick-off call

Provide your users with a guided tutorial or a setup wizard, which they can follow as a guide while setting up. Most of the companies also set up a kick-off call with the customers to guide them throughout the process. Sometimes multiple steps are involved in the process and a call helps streamline things. Guided setup is one of the important steps of customer onboarding as it goes a long way to winning customers’ trust.

4. Empty Fields

When your customer logs in for the first time, there will be many empty fields. Help your customers fill those fields with actionable content. Demonstrate the value of each field and encourage them to use this on a regular basis.

At ConvergeHub, you can schedule meetings with your team and also work with autoresponders that help you build email sequences and send out with just a click.

5. Highlight Key Features

It’s important to highlight the key features of your product to new customers. Use tip banners to introduce them to the key features of your product.   

6. Interactive Walk-Through

This is a key aspect of your customer onboarding process. It’s crucial to make your customers learn how to fetch the value from your product. Opt for an interactive walk-through and encourage your customers to use the product all by themselves and get familiar. In this stage, your users will complete the tasks one by one under your supervision. In case, the user is unable to do it, you need to show them how to accomplish the next one. It’s important to create contextual tips so that you can guide the users to complete a task.

7. Knowledge Base

Every CRM tool comes with a resource section or knowledge base. Alongside, there is an FAQ section as well, which the users can use to get quick answers to their questions. Many CRM tools come with chatbot support. It’s a great way to provide personalized support to new users, even when human support is unavailable. Chatbots are so programmed that it helps solve your users’ problems without having them search your website for an answer.

8. Routine Check-Ins

Make sure that you run routine check-ins from your end to make sure that your users are not stuck anywhere. Keep an eye on the product usage and this will make your customers feel that they are in safe hands.

9. Celebrate your Customer’s Success Journey

Your CRM tool must have customer-centric milestones. Celebrate those with your new customers as they complete each milestone. There must be in-app notifications or congratulations emails using which you can keep your customers excited. The more you invest yourself in your customer’s success, the more will be your customer retention rate. 

10. Send out follow-up emails & keep your customers engaged

Keeping your customers engaged is one of the key stages of the onboarding process. Often users do not use the newly purchased CRM tool right after it is set up. Send out follow-up emails, and offer tips and pointers as well as resources to help your customers stay engaged. 

CRM Onboarding: Best Practices

Keep the sign-up short & simple:  A lengthy and complex process frustrates your users and affects your retention rate. Instead, ask for the essential information only at this stage and ask for more when needed.

Connect the sign-up with a familiar service: Allow them to sign up using Google, Slack or social media. It helps in friction-free sign up and that too in a single click. 

 Don’t make your customers guess during the first log-in: During the first login, make sure that you guide your users to the next step and help them use the product at its best. Your customers should not keep guessing what comes next. 

Automate the process as much as possible: Automate key processes at every level, so that there is an increased level of efficiency and less manual intervention. If your customers need to fill all fields manually, it’s not a good investment. 

 Make integration optional: Not all your users require to set up integrations, invite colleagues, or import data from other tools. So the integration part can’t be left optional.

Provide support as and when needed: Provide support to your customers as and when needed, so that users are not stuck at any level. Processes like data imports, integrations, and more needed support from time to time. Many companies have a dedicated onboarding team who helps the users get started and do data integration. 

 Let your customers seek human support when needed: Sometimes, the problem is more complex, and the users need human assistance rather than chatbot assistance. Provide it whenever required.

What’s the Goal of Every Customer Onboarding

At ConvergeHub, we believe customer onboarding is the first and crucial step that lies at the head of every customer lifecycle journey. But, it creates the very first impression on your customers that defines the success journey. Remember, successful onboarding is not only about customer activation but also about retention. Gartner says that good onboarding increases the retention rate by 70%, which ideally becomes a steady revenue source for you. 

The primary goal of any customer onboarding is to help your customers get started. But, that’s not all. You need to keep your customers engaged and connect with them at every stage. When you are selling your products, you are setting up your customers for long-term success. And, you need to give the same feeling to your customers from the very beginning. The best KPI of a successful customer onboarding is whether your customers are signing in the days, weeks, and months after you set up. The more they use your tool, the more successful you are.  

Wrapping Up

CRM tools can go a long way to determining the success of your marketing efforts. No wonder, why most of the B2B enterprises as well as the SMEs are investing in it. As long as it’s perfectly used, a CRM tool can significantly increase the efficiency level of the Sales and Customer Service Departments.

So, what are you waiting for? Don’t risk the disruption of your business growth! Instead, try our ConvergeHub onboarding today!

What is Multi-Factor Authentication (MFA) and How Does it Work?

With cyberattacks becoming a growing concern lately, passwords no longer serve a sufficient amount of security to your data. Multi-factor authentication or MFA adds an extra level of safety against threats like phishing attacks and other kinds of security breaches.

What is Multi-Factor Authentication

Multi-factor authentication (MFA) is a robust authentication technique that mandates users to validate their identity by presenting two or more pieces of evidence (or factors) when they log in. One factor involves something that the user is familiar with, such as their username and password, while the other factors include something that the user possesses, like an authenticator app or security key. With MFA, user access is linked to various types of factors, making it difficult for common security threats, such as phishing attacks and account hijacking, to succeed. The MFA functionality offered in ConvergeHub can be utilized to protect customer data across channels.

Exploring Multi-Factor Authentication in ConvergeHub

Rolled out on February 14, 2023, ConvergeHub’s MFA functionality comes with strict security features. Here’s what a user needs to know:

  • Multi-Factor Authentication Implementation
    This is one of the easiest and the most effective tools for enhancing login security, and safeguarding your business and customer data against security threats. The recently rolled out MFA functionality in ConvergeHub is customized to meet your business needs.
  • Built-In Authenticator as a Verification Method
    ConvergeHub’s built-in authenticators can confirm a user via a PIN or password that the user sets up on their device’s operating system. Depending on a user’s browser and operating system, built-in authenticators can help you validate your identity before accessing ConvergeHub.
  • Text Messages as a Verification Method
    Utilizing SMS as a verification method is one of the crucial stages of ConvergeHub’s MFA authentication. Enabling multi-factor authentication (MFA) for your customer or partner Experience Cloud sites allows for the delivery of one-time passcodes via SMS text messages. To use this method, users must have a verified mobile number and access to their device during login. It’s important to note that this verification option is exclusively for external users, and other supported MFA verification methods include ConvergeHub Authenticator, security keys, built-in authenticators, and third-party authenticator apps.
  • Register Verification Methods for Multi-Factor Authentication
    When users are obligated to use multi-factor authentication (MFA) to log in, they need to register at least one verification method to authenticate their identity. This registration process links a verification method to the user’s ConvergeHub account. Users have the option to register their verification methods at any time via their profile.
  • Disconnect a User’s Verification Method
    If a user misplaces or substitutes a verification method, or departs from the organization, it is essential to disconnect the method from the user’s ConvergeHub account.
  • Generate a Temporary Identity Verification Code
    To assist users who are unable to access their usual identity verification method for multi-factor authentication (MFA), create a temporary verification code. The code’s lifespan should be set to expire within 1 to 24 hours after its generation, and it can be utilized multiple times until its expiration. This option is accessible for all products constructed on the platform.
  • Expire a Temporary Verification Code
    When a user no longer requires a temporary verification code for multi-factor authentication (MFA), it’s crucial to terminate the code’s validity. This feature is accessible for all products established on the ConvergeHub Platform.
  • Delegate Multi-Factor Authentication Management Tasks
    Grant non-admin ConvergeHubusers the ability to assist with multi-factor authentication (MFA) in your organization. This allows individuals such as your company’s Help Desk staff to create temporary verification codes for users who have lost or forgotten their usual MFA device. To enable this, assign Help Desk staff members the “Manage Multi-Factor Authentication in User Interface” user permission, allowing them to generate codes and aid end-users with other MFA-related tasks.

Is MFA different from 2FA

MFA (multi-factor authentication) and 2FA (two-factor authentication) are similar because both involve using more than one method of verifying a user’s identity during login. However, MFA refers to any authentication method that involves the use of two or more factors, whereas 2FA specifically involves using two factors.

MFA can include 2FA as one of its factors, but it can also include additional factors such as biometric authentication (such as fingerprint or facial recognition), location verification, and behavioral analysis. In contrast, 2FA typically involves a combination of a password or PIN (something the user knows) and a physical token (something the user has), such as a smart card, USB token, or one-time code generated by an app or sent via SMS.

What are the Benefits of Multi-Factor Authentication for ConvergeHub Users?

  • Stronger Security

Multi-factor authentication strengthens security levels to the highest degree. From Dropbox to Google, Multifactor authentication or MFA has been used everywhere to provide an extra layer of security to users. There are instances of breaches in the past and to do away with them, security reinforcement becomes a survival imperative. In the context of a CRM product, where the crucial customer data is stored, it’s obvious that the threat of breaching will always be there. With MFA authentication it is difficult for the attacker to access sensitive data.

  • Less Chance of Identity Theft

Multi-factor authentication not only protects against external threats but also prevents internal theft from occurring through employee negligence or incompetence (think: phishing attacks). Plus, when you combine two forms of identification into one login process—something that most people already do on their smartphones—you create an even stronger barrier against identity theft than one might expect at first glance!

  • Less Chance of Account Takeover

If someone manages to steal an account username and password combination after cracking into your CRM system, they still won’t be able access all its features unless they have access elsewhere within the company’s infrastructure as well—but multi-factor authentication makes this more difficult because only certain individuals will have those keys (for example: administrators).

What are the Cons of Multi-factor Authentication?

While MFA adds an extra security layer to our CRM product, there are several drawbacks of the feature and in no way we can ignore the fact. Here’s what you must be missing in our product with the new MFA feature. 

Complexity

While adding security is the core function of MFA authentication, it’s also true that it increases complexity.  But the entire process becomes a tad bit complex due to the double layer of authentication. Users, so far used to log in to their accounts using usernames and passwords. But with Multifactor Authentication, users need to authenticate through several steps. It is time-consuming and frustrating, especially if the user is in a hurry or using a mobile device.

Inconvenience

For many users MFA causes inconveniences. They have to access their own accounts by completing several authentication phases. This certainly causes inconveniences to the customer support team, especially when they are in hurry. It might add to their frustration.

Pricing

Implementation of MFA on the products is sometimes expensive. It demands full-fledged hardware support to accomplish the job. It includes tokens or biometric scanners, which can be extremely pricey to purchase and maintain. Other types of MFA authentication forms need specialized costs. For an SMB, the cumulative costs become huge.

Integration

Implementing this complex authentication process often causes problems because IT infrastructure does not support its integration with existing applications. While this is quite time-consuming, integration would need high-end tech support, which is not always available to SMBs at the initial stages.

Multi-factor authentication is really important to stay safe online

MFA needs more than a user id and password to let a user access CRM data. From banks to Federal government agencies use MFA as a reliable format to safeguard sensitive data. It works by sending an SMS on the authorized number or authentication code to email so that only authorized users to get access.

Types of MFA Authentication

There are three basic MFA authentication methods, which rely on different types of additional information:

Knowledge-based authentication, which involves things you know, such as a password or PIN or may be answers to security questions.

Possession-based authentication, which involves things you have, such as a badge or smartphone, USB devices, software tokens or certification, 

Inherence-based authentication, which involves things, such as biometric authentication using fingerprints or voice recognition.

Cloud Computing and MFA Authentication

The emergence of Cloud Computing has made Multi-Factor Authentication (MFA) even more critical. With the shift of company systems to the cloud, it is no longer safe to rely on physical network proximity as a security measure. Therefore, additional security measures must be implemented to prevent unauthorized access by bad actors. As users can now access these systems from anywhere and at any time, MFA can serve as an effective way to confirm their identities. By requesting additional authentication factors that are harder for hackers to replicate or crack through brute force methods, MFA can help ensure that only authorized individuals can access the systems.

What Kinds of Security Threats are Preventable by Multi-factor Authentication

As the world becomes increasingly reliant on digital technology, the need for robust security measures has never been more important. There are everyday incidents when cybersecurity breaches lead to crucial data loss. With MFA authentication, this can be prevented.  

Phishing attacks

It’s a new and emerging form of security threat. Mostly the hackers use email and text messages for this and present it in such a way that the entire process looks legitimate. Users often fall prey to this. But with MFA authentication, even if the attacker gets access to the password he can’t break open the account itself. Because the original user will get the notification almost instantly and adopt measures right away.

Password attacks

Password attacks are the most common breaches in the current scenario. Hackers try out all possible combinations in order to crack the security and get access to it. With MFA authentication, the owner will get an immediate notification every time a security breach like a password attack happens and he can take immediate steps to safeguard it.

Insider attacks:

This is the most common form of a security breach with products like CRM or any other business process management software. Insider attacks happen when someone from inside the company with legitimate access performs any malicious action for whatever reason. MFA checks this kind of action on an insider basis and provides multiple security layers at every phase.

The Final Takeaway

Today, when security risks are the biggest threat in every sector, an MFA authentication is obviously the most reliable safeguarding option for any account. Be it a CRM, ERP, or any such business process management tool, MFA is by now the best option to protect them.

 While it stands always true that no security measure is foolproof, MFA or Multifactor authentication is by far the most trusted account-safeguarding version. It not only provides the perfect cybersecurity measures but also makes potential attackers stay away from sensitive data.