Everything You Need to Know About Investment Banking: What It Is, How It Works & More

Since the advent of electronic checking, paper checks have become less common. While banks and financial institutions still process them, knowledge of how they work is ebbing among the population. We simply don’t use checks to the same degree as we did. Indeed, 93% of Americans today receive direct deposits instead of physical paychecks. However, there are still situations in which you need to know how to void a check, particularly when you want to issue checks to employees paid by direct debit or set up direct deposit accounts with vendors.    Instructions to Void a Check Voiding a check is incredibly simple. It involves just writing the word “VOID” on the check itself.  There are two accepted ways of doing this:  Writing “VOID” in large writing on the front of the check, making sure the letters cover all lines but don't hide the check and account numbers Writing “VOID” separately on the signature line, amount box, payee line, amount line, and date line Following are more detailed steps to create a voided check: Step 1: Start with a Blank Check Banks don’t require you to include any additional information on the lines when voiding checks. All you need to do is take out a blank check from your checkbook to proceed.  Step 2: Void a Check with Blue or Black Ink The next step is to take a black or blue ink pen and write “VOID” in capital letters across the front of the check. By writing “void” on a check, you prevent anyone else from filling out the remainder of it and cashing it to a different account.  Make sure that as you write the word “VOID,” you do not cover the account and routing numbers. If you obscure them, bank clerks won't be able to identify your checking account.  Step 3: Make a Copy The last step is to copy the voided check and send it to the relevant party, such as your employer. You should hold onto the original copy to make sure that the check number is not used at a later date.   What Situations Require You To Void a Check? There are many situations in which you may want to cancel a check. Voiding a blank check lets you share your account information while preventing anyone from using the check. Mistakes It is common to make mistakes when writing checks, mainly if you do it by hand. However, you should never throw the half-completed check in the bin. If you do, there is a risk that somebody might find it and cash it with a different bank account from the one intended. Writing “VOID” on it prevents anyone from using it in any way.  Automatic Payments You may also need to void a bill payment check if you set up automatic or recurring payments that are deducted from your checking account. Direct Deposits Lastly, learning how to void a check for direct deposit can also be helpful when you want to get the money directly into your account. Sending a void check to employers lets them view your account details to set up payment.    What Happens if You Don’t Have a Checkbook? If your account does not have a checkbook, how can you provide a voided check? First, you can ask businesses and employers who need your account and routing numbers to connect to your account directly. Many establishments can do this, so you might not need to provide a voided check that could get lost in the mail.  However, if connecting to your account is not an option, you may want to try accessing a preview of your checks online. You may then be able to print these, write “VOID” on them, and send them to the relevant parties. Always check if receivers accept the previews, as it's not always the case. The other option is to get what's sometimes called a “counter check” at your local bank branch. Instead of handing you a large checkbook, they provide you with only one check that you can then void. You may have to pay a fee for this service.  Of course, if you are trying to prove your account details, you don’t necessarily need to use a check. Any formal documentation from the bank should suffice. Banks, for instance, may be able to draft an official letter with your account and routing numbers that you can use instead of the regular voided check.    How to Send a Void Check by Email If you’re trying to void a check via email, don’t send it as a pasted image or an attachment. Instead, do one of the following:  Put it in a password-protected file Create a link to a file in a protected folder Put it in an encrypted file Better yet, send it as a physical copy. That way, there is no risk of a hack.    How to Void a Check Lost in the Mail Voiding and reissuing a check is sometimes necessary, for example, when the check gets lost in the mail. You will need to contact your bank or credit union to do this.  Start by checking your bank statements to see if the check has cleared. If it hasn't, you can issue a stop payment order. This order instructs the bank not to clear the check.  Next, collect the information you will need to speak to your bank. You will require an account number, the exact amount of the check, and the check number. You may also require details of the payee – the person receiving the check – and the name of the person who signed it. You should have this information on your checkbook stubs.  Next, contact your bank directly, either via telephone, online or in writing to tell them to stop processing the check. Most banks and credit unions provide contact information on their credit and debit cards.  Once you contact the bank, they will put the stop payment order into effect. Orders typically last six months to prevent anyone from cashing the check out without your consent. After that period, most banks will not cash the check anyway because it is more than six months old.  Fees Some banks and credit unions allow you to cancel checks for free, but they are few and far between. Most charge fees, sometimes up to $30, to cancel a check that would otherwise be debited from your account. Furthermore, there may be differences in tariffs when you pay over the phone and online.   Voiding a Check in Quickbooks If you use Quickbooks accounting software and you need to void a check, you can. Here’s what to do:  Click Banking and then Use Register, then click on the account that wrote the check. Click on the check entry number that you want to void. Click Edit and then Void Check. When prompted to void the check in the current period, click Yes. Click Record to make a permanent record of the void. Voiding a payroll check in Quickbooks is also straightforward: Click the Payroll Center or Employees, depending on the system you use. Click the arrow to Related Payroll Activities and select Void Paychecks. (If you are not using a payroll service, simply click Void Paychecks). In Show Paychecks From and Through, specify when you wrote the check. Select the paycheck you want to void from the list and click “Void.” Once you click Void, make sure that the amount on the check goes to zero.  Click Done and exit the screen. Wrap Up In this post, we explored how to cancel a check. The process is surprisingly easy, but understanding why you need to do it might be more complicated. You may need to void checks when proving your bank details to utility companies or employers, or when you’ve made a mistake writing them. It is also important to know where to write “VOID” on a check. You can write it in a small script in the amount line, payee line, amount box, signature line, and date line, or in large writing across the front of the check covering all fields except the check and account numbers.

Fittingly, cold calling is a method of telemarketing that sends shivers down the spines of many new salespeople. A LinkedIn report found that 63% of sellers cite it as the worst part of their job, while it’s fair to say people don’t appreciate receiving the calls either. Nonetheless, cold calling is one of the longest-standing marketing traditions. When done right, it can deliver stunning results. This guide discusses the questions “what is cold calling?”, “what are prospects?”, and “how can you achieve the best cold calling success rate?” so that you are ready to master it. What is Cold Calling? Oxford Languages defines cold calling (often stylized as cold-calling) as when you “make an unsolicited visit or a phone call, in an attempt to sell goods or services.” It is a sales outreach approach in which sellers target potential buyers with whom they’ve had no prior interactions. It contrasts with warm calling when the seller follows up on the previous prospect’s interest. Cold calling in sales is a practice that has been utilized for decades and remains one of the most commonly used strategies. It allows companies to reach a vast audience in minimal time, keeping the cost per acquisition low even when conversions are not. Some key facts about cold calling worth mentioning are: 57% of C-level decision-makers prefer to speak with a seller via telephone, while 51% of directors feel the same. 28% of cold calls are answered, while 69% of buyers (B2B and B2C) have accepted a call within the past 12 months. Cold calling has an average success rate of 2% across all industries. Companies that write off cold calling as ineffective have a 42% slower average growth rate than those that still champion it. Including both cold and warm calling, 92% of sales interactions occur via telephone, according to Salesforce. While outbound cold calling may have a limited conversion rate, there is clear evidence that it still works. A fast and affordable marketing approach allows you to reach B2B and B2C prospects not available by other methods. Moreover, people are familiar with this selling practice, and many buyers feel more comfortable speaking to a sales agent via telephone rather than a screen.  A Quick Look at the Key Features of Cold Calling Understanding the meaning of cold calling is one thing, but understanding how it works is another. Cold calling involves reaching out to hundreds or thousands of people hoping for a respectable return of leads and conversions. While cold calling can extend to door-to-door sales and in-person visits, it usually refers to telemarketing. It can be a practical part of an offline marketing strategy, and the average salesperson will make dozens of sales per day. Some other key questions to ask are: What are prospects? What is cold canvassing?  What are discovery calls? Prospects are simply the recipients of the phone call, and they could be B2B decision-makers or direct consumers. Forming a successful seller-prospect relationship during the conversation is crucial. Discovery calls are the first telephone interaction after a prospect has shown interest in the product or services via email, web contacts, or social media marketing campaigns. The next thing to understand is the meaning of cold canvassing. It is a process in which a salesperson contacts a list of target prospects to collect more information. Sellers can subsequently use collected data to qualify prospects. It can help sharpen your future cold calling techniques, which is essential, as you can make the most impact at the start of the conversation. Understanding the buyers’ pain points can be pivotal to successful conversion. After all, they want to feel that your products and services can solve their problems.  The Challenges of Cold Calling Solicitation When considering what cold calling means for your sales team, the acceptance of repeated rejections and building a sense of resilience are crucial for sellers. Supporting salespeople through rejections (and possible verbal abuse) is vital for business owners. Otherwise, your employee attrition rate could soar, which will cost you a lot of money in the long run. Unlike email marketing, getting rejected in telesales can be demoralizing. It could lead to a loss of enthusiasm, reduced productivity, and lower conversion rates as buyers pick up on the negative vibes. There are many other challenges that you will face during this process. Many people who pick up the phone won’t have interest in the products you’re selling or even fall into your target market. Before making a call, salespeople will often have minimal information on their prospects. 96% of buyers enjoy a product or service's value proposition, which can be tricky to explain when cold calling. Many people change their numbers when upgrading to a new handset, meaning a lot of dialed numbers could be outdated. It often takes multiple touchpoints to gain a sale, meaning that even an excellent initial outbound cold calling action won’t guarantee a conversion. Another challenging aspect is that companies must now adhere to the National Do Not Call Registry. Launched in 2003 by the Federal Trade Commission and the Federal Communications Commission, it essentially allows consumers to opt out of receiving cold calls. Over 200 million people have signed up for the scheme, preventing sales teams from approaching those prospects. Failure to comply can lead to significant fines and lawsuits.  The National Do Not Call Registry only applies to individuals and does not extend to businesses, which is excellent for B2B sellers. How to be Better at Cold Calling Marketing & Sales The fact that cold calling is still commonly used as a sales strategy shows that it works. If you want to make the most of it, though, you must ask the following questions: Is it the right situation to use cold calling? How can the costs be made more affordable? What techniques can be used to boost cold calling conversions? How To Manage the Costs As with any marketing strategy, you must focus on the expenses. There is no point in generating $1m of sales if the campaign costs you $2m. One of the best things you can invest in is your team's virtual number system. The great news is that modern tech opens the door to remote working if situations dictate it, while you can also change regional numbers. The correct numbers can reduce the rate of rejected calls, while call clarity will also mean that recipients are more likely to stay on the line. Reduced waste and costs should serve you well - virtual calls will cost less than traditional telephone line call plans. When to Utilize Cold Calling When making cold calls, you want to gain the best response rates. It may be better for sales teams to focus on other selling campaigns like social media marketing when working outside specific time frames.  Research shows that 10 a.m. (15.53%) and 2 p.m. (15.01%) are the best times for cold calling, especially B2B, although all work hours are good. People generally do not like to be contacted in the evenings, on weekends, or during holidays. It seems that Wednesday is the best time to call, while Monday and Friday show worse conversions than midweek calls. While cold calling is helpful in many situations, some industries show better returns than others. Real estate cold calling can be beneficial, especially if there have been a lot of sales in the area, as homeowners will naturally have spiked interest levels at this time. It can take six to eight calls for a prospect to convert, but most outbound cold calling strategies can quickly identify whether there is any interest or not. Other services like investments in stocks or crypto are popular cold calling choices, with brokers regularly using this method. When dealing with products for B2C markets, commonly used goods such as household items can work well, as most people need the products. B2B cold callers can target businesses from a niche where their products will perform well. How to Get More Out of Cold Calling It would be easy to see the 2% figure when cold calling in sales and get discouraged. However, there are ways to take your cold calling success rate to the next level. So, as well as asking “what is cold calling?” all business owners should ask “how can my cold calling marketing campaigns do better?” before launching one. Here are some simple tips that can help supercharge your cold calling activities: Use cold canvassing to gain valuable insight into potential prospects. Getting through to people by understanding their pain points can help you work more effectively. Consider using SMS marketing to reach out to new prospects. Those who respond positively can be considered qualified prospects, likely to embrace your subsequent warm calling. Think about building rough sales scripts. Confidence, clarity, and cohesion will go a long way and create a more powerful impact. It doesn’t guarantee success, but it may boost your positive responses. Aim for a talk-to-listen ratio of 55:45. You should speak a little more than the prospect to ensure that your points are heard while still learning enough from them to tailor the offerings. Focus on the next step. In most cases, cold calling is used to arrange the next call or an in-person appointment, although there are situations where you can get the sale right away. Do not let yourself become distracted. Last but not least, all call teams should be familiar with the products and services while maintaining a friendly approach. Do these things, and success will follow. The Final Word You should have a pretty good idea of “what is cold calling?” and how to use telemarketing and cold calling solicitation to win new leads. While you will need to appreciate the National Do Not Call Registry regulations, it can still be an effective way to improve B2C sales and B2B interactions.  When used in conjunction with warm calling, your telesales efforts can yield truly magnificent results - just remember that your sales team must implement a winning strategy to showcase what your products and services can do for the prospect.

While every business owner likes to think that their employees come to work solely to be in the company of a great boss, the truth is that getting paid is their main incentive. Therefore, their payment stub (also called payslip or paycheck stub) is one of their priorities - and must become one of yours too! Whether using payroll software or the manual method, it’s imperative that you can answer key questions like “what are pay stubs?”, “why are paystubs important”, and “what should be included on an employee pay stub?” as a part of your successful HR scheme. This quick guide will provide all you need to know. Pay Stubs Explained Merriam-Webster defines a pay stub as: “a piece of paper that is given to an employee with each paycheck and that shows the amount of money that the employee earned and the amount that was removed for taxes, insurance costs, etc.”, although it can now be an electronic file instead of an actual paper stub. In essence, it’s an attachment that is connected to the paycheck. It details key information relating to the specific pay period (weekly, biweekly, or monthly) in one column while also specifying the year-to-date (YTD) figures for the tax year.  Payment stubs are not technically a legal requirement for employers under federal law. However, most states have them factored into their regional legislations. Meanwhile, the Fair Labor Standards Act states that all business owners must record the number of hours worked by each employee. Why Are Pay Stubs Important? From a company’s perspective, pay stubs are a key tool for recording employee gross wages and managing tax requirements. Moreover, they can help you quickly rectify any mistakes noticed by an employee or disprove false allegations and disputes. When used as part of the onboarding process, it encourages optimal organization from the start while also making the individual feel like they belong. Other benefits for all workers, new or otherwise, include: Having a better understanding of their earnings Gaining clear insight into their deductions Knowing that they are fairly treated Seeing how their taxes and 401(k) contributions are handled Proving thier income when applying for mortgages and similar Pay stubs are a simple yet powerful tool for recording all relevant info for the employee pay period. Statistics show the correlation between happy workers and increased productivity; a defined pay slip strategy will ensure your employees get paid correctly, which is one of the keys to worker satisfaction. All companies across all sectors should take this into consideration. What’s Included in an Employee Pay Stub? When using the best payroll and HR software providers, it’s likely that the majority of payslip data will be clear. You simply need to fill in the appropriate fields. In many cases, you need to enter the hourly rate of pay and the number of hours worked. All subsequent calculations relating to taxes and deductions for calculating your paycheck can be automated. Likewise, YTD records can be instantly calculated from the individual's files and previous pay slips. Many businesses and workers also ask “what kind of paper are paystubs printed on?". While the attachment is often connected to the check with perforation, the type of paper used can be standard - as well as business checks or software-friendly stubs - as there are no specific requirements. Ultimately, all pay stubs should be clear, as the content is far more important than the format. Employers and employees should know what to look for on a payment stub. Firstly, there will be two separate columns: current pay duration and YTD. As for the items included under each, below is an overview of the key features. Basic Info  Every paycheck should contain general information relating to both parties (company and worker) as well as the time frame of the employee pay period. The company name and address will be added, along with the name, address, and Social Security number of the employee. It can be a part of the onboarding process to gather all relevant details right away. Many software packages allow employees to update their info as and when required. Wages A gross wages section should be the first main section under the general info. It sets out the gross income earned by the employee during the given period. The employee gross wages will set out the person’s hourly wage as well as the hours worked during this time. Those figures are then multiplied to produce the correct figure.  Where applicable, overtime pay will also feature under this section. Many employees have a different hourly pay for overtime hours, so it needs to be shown as a separate row. It also ensures that employees have accurate pay slips when applying for credit. Additional earnings and accrued time off will also be listed in this section. Deductions Deductions are the next group of items to feature. Voluntary deductions pay stub items and involuntary deductions pay stub elements are covered under this section. All deductions should be listed in an itemized fashion, with clear information for the individual pay period and YTD. Income tax deductions will include federal tax, state tax withholdings, and local taxes, as well as Social Security, Medicare, and other relevant features. The majority are involuntary deductions. While employees are forced to pay them, it is the employer’s responsibility to withhold them and subsequently pay them on behalf of the employee. Other deductions can cover employee benefits like health insurance or retirement savings, while charitable contributions fall under the umbrella of voluntary deductions. Wage garnishments for outside issues like child support payments are involuntary. Employer Contributions Employer contributions are items that the company has paid in relation to the worker’s employment and taxes. An employer’s portion of the Federal Insurance Contributions Act (FICA) is the most common item to appear in this section. However, other items like matched pension contributions may feature. Insurance premiums can also be added here. While they are not a form of paycheck stubs taxes or deductions that reduce a person’s overall pay, these items must always be listed. It provides transparency for the employee and ensures that the company’s files and accounts all sync up. It’s another reminder of the support you provide your workers, which could otherwise go unappreciated. Net Pay Pay Stubs Finally, the bottom of the employee’s pay check will show the net pay, also known as take-home pay. This figure is the money that they actually receive during the employee pay period after their income tax deductions and other commitments have been taken into account.  When calculating your paycheck, it’s important to know the gross and net pay, along with all the details of deductions. It’s essential for allowing workers to know exactly what they are paid, how much they will take home, and understand how much they’ve been taxed. In most cases, this is the figure that employees will look at as soon as they receive their paycheck. Conclusion The significance of handling payment slips should by no means be overlooked by any employer or HR department due to their role in maintaining a happy workforce. After all, a content and productive team of employees is the greatest asset a company can have. Now that you can answer key questions like “what are pay stubs?” and “what should be included on a payslip stub?”, there’s no excuse for getting it wrong. Whether using payroll software or not, the results for your business will be excellent.