Author: Jennifer Brazer

Answering this question can be effortless, transparent, and objective in the following ways: You should take out international travel insurance because unforeseen events and accidents happen to anyone. Or else you should buy travel insurance because it can save your life and financial life.

But not to leave the answer superficial, I will talk more specifically about which situations are helpful. Thinking about these things before traveling can be daunting, but this is a necessary asset. Flights are delayed and canceled, and luggage is lost; the local cuisine may not go down well, spraining your foot. At the same time, hiking is not uncommon, and wisdom teeth always manifest themselves at inconvenient times (like on vacation).

These things can happen to a first-time traveler or someone who has traveled the world. But regardless, the fact is that good travel insurance can help you in all these situations. In addition to unpleasant surprises, it is mandatory to present proof of your insurance at the time of immigration in many countries.

It is the case of countries that signed the Treaty of Schengen in Europe, Cuba, students who will exchange in Australia (there is a specific one for this), and others.

How does Travel Insurance Work?

There is no same rule that works for all travel insurance on the market; it depends on the plan and the insurance company you hire. Many procedures are similar or even the same between different companies. However, the vast majority have some characteristics in common.

This purchase plan will cover various types of expenses and services that you may need during your trip. Depending on your destination, you will take out insurance for your trip (including the day of departure and return). They work like this.

After the contract is complete, the insurance company will send you all the necessary information on continuing in the event of an emergency. A copy of your contract/policy describes all the items your plan covers. I recommend that you take all these documents in print while traveling. In addition to making it easier when looking for information, it is necessary to present them at immigration in some countries.

Tips for choosing the most suitable travel insurance for YOU!

• There is also no general rule in this item. Every plan has its advantages and restrictions.
• No perfect travel insurance works for everyone and all types of travel.
• Okay, there probably is. But it must cost much more than most of us are willing to pay.
• I mean that there is an insurance plan best suited for each type of trip.

For example, suppose you travel for work, and your biggest adventure will be inside a meeting room. In that case, you do not need to take out international travel insurance with coverage for accidents while practicing extreme sports.

This analysis and common sense are essential when choosing your insurance. Whether to know what your plan covers or to save money.

Below are some items that I consider essential to analyze when purchasing travel insurance:

• Service
  • 24 hours?
• Coverage
  • Total policy amount
  • Maximum amounts for medical and dental care
  • Are all the countries I will visit covered?
  • Lost luggage
  • Will I practice extreme sports or high-risk activities during the trip? Does the plan cover it?
  • Repatriation in case of disability or death
  • Cancellation, interruption, and early return of the trip
• Europe
  • Am I going to a country that is part of the Schengen Treaty?
  • Does the insurance have a minimum coverage?

Which Insurance Company to Hire?

Do a Google search for the words travel insurance, and you may be confused by the number of options it will show you.

Yes. There are many insurers and plans available to you. There are so many that it is difficult to choose for those who have never used any.

Fortunately, I never really needed to use travel insurance, but I always ended up hiring one of the companies I will mention below.

The reasons?

The Price of service at the time of hiring, ease of renewal, comprehensive coverage, and good service (this item comes from the experiences of other bloggers I trust and who have already used the services of these insurers).

• Assist Card

The insurance I took out during my 10-month trip to Latin America, I had an excellent discount for being part of AIESEC, and it was the best cost-benefit I found at the time.

• Promo Insurance

The Insurance Promo is not an insurance company. It acts as a platform that offers and sells travel insurance from several companies. In addition, it acts as an intermediary between you and the insurer in loss cases. 

Seguros Promo has a tool available to anyone to compare values, plans, and benefit costs among the best insurers in the country (including Assist Card). It is the company that I have used the most. It always presents me with the best business proposal.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The main idea of a budget is to allocate resources to achieve the company’s strategic goals. Furthermore, some companies also use their budget to keep costs under control, determine bonuses, and set sales targets. The strategic guidelines of the budget decide which expenses are valuable and necessary to achieve the goals. A budget is a management tool based on costs, revenues, prices, and quantities standards. Reality is compared with the norm, resulting in differences that we try to explain and after which we adjust—six benefits of working with a budget.

A Budget Gives You More Control

Most entrepreneurs make a budget at the start of their business, including their expected income and expenses. The budget is often part of the business plan. When applying for financing, the average entrepreneur makes several budgets (mandatory). Still, as soon as the funding goes through successfully, he no longer cares about it, and that’s a shame. We name six advantages of using a budget.

1. Know the financial feasibility of your plan

A budget is nothing more than calculating methods. It makes weak spots and risks visible. It is good to clarify what is and is not feasible in advance. You can set priorities based on this. Unquestioningly, steering towards an unattainable goal can cause you significant damage.

2. There is more chance of credit

Based on a well-thought-out plan, you can determine how much external financing you need and whether you can get it through the bank and an alternative financier. The bank and other financiers will require a (multi-year) budget before financing. With a budget, you show the lender what you will do with the borrowed money in advance. An entrepreneur who can demonstrate that he consciously manages his company with a budget shows that he is a good entrepreneur in whom financiers can have confidence. Good entrepreneurship is important because it is getting increasingly difficult to get credit.

3. Adjust in time

Although a budget is never (exactly) realized, it is better to try to achieve it. You can adjust where necessary by comparing the recognized figures with your budget every month. Sometimes, circumstances will force you to change the budget positively or negatively. If you consciously manage, you can often see possible problems coming early; you can make timely adjustments and thus prevent more significant issues.

4. Liquidity forecast and seasonal financing

Companies that need higher financing for a limited period of the year arrange a bank overdraft. It is expensive (now about 10 percent interest). Therefore, keeping this credit as low as possible is essential. Planning the income and expenditure (liquidity budget) in this period is necessary. You can use this to calculate how much seasonal credit is needed (limit). You can intervene quickly (exhort debtors, postpone payment of creditors) if reality deviates too much from the budget. It is also possible to request an extension of the credit in time if you have a liquidity forecast as a guideline.

5. Cost and budgeting

A budget provides insight into the costs a business incurs. Based on a budget, you, as an entrepreneur, can better determine which expenses are desired or necessary. With a budget, financial decisions can also be made more transparent. For example, when determining budgets.

6. Determine the correct cost price

The market determines selling prices for products or services. A company makes a profit if its cost is less than its selling price. Therefore, controlling the cost price and keeping it as low as possible is essential. You can determine the price by adding direct costs (purchase and other direct costs) to any indirect costs and risks. The budget, which contains this information, is the basis for the cost price calculation and is essential for your business operations.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Net worth (equity) is crucial to remember whether we are discussing the financial life of a corporation or a person.

Essentially, the notion pertains to your financial outcomes.

When we talk about a company’s management, for example, having control of the financial accounts and stock exposes the business’s health and economic progress.

The worth of everything you possess, your financial and non-financial assets, less the total outstanding liabilities, is your equity (your debts).

There are numerous techniques to calculate your net worth, which may indicate your financial health.

It would be best to examine equity in terms of the firm’s financial health in which you wish to invest by those who support it.

Consider investing in a business with negative equity; the chance of future financial troubles is relatively high, contributing since the firm may go bankrupt, and the investor would lose all the money.

As a result, while investing, it is critical to determine if the firm has exhibited an excellent development in equity or increasing debts in recent years. This analysis allows you to be more forceful in deciding where to put your money.

Fundamental analysis, as discussed in this article, is a process of evaluating an asset’s inherent worth and studying the variables that may impact its price in the future. And equity is a critical component of fundamental analysis.

There is no magic number of net worth that you should target regarding financial health. However, it would be best to use equity to monitor the company’s progress or finances and assess its progress over time.

Keep the Balance

It is simple to govern the allocation of equity when we join the investing universe, but as you start to amass more and more assets along your trip, be sure to retain a concept of what the larger picture of your finances looks like. We can’t manage what we can’t measure, after all.

A solid stock allocation keeps you from being too exposed to any asset class. Understanding the benefits and drawbacks of each asset type you possess is also critical to weighing the potential for risk and profit.

Calculating a Company’s Net Worth can Tell You Many Things

If the company’s equity value is negative, it signifies that it owes more than it possesses. If there is a positive number, it means you have more money than you owe. For example, if your assets total R$200,000,000 and your liabilities are R$100,000,000, you will have R$100,000,000 in positive equity (R$200,000,000 – R$100,000,000 = R$100,000,000).

If your assets are BRL 100,000,000 and your liabilities are BRL 200,000,000, your negative equity will be less than BRL 100,000,000 (BRL100,000,000 – BRL200,000,000 = − R$100,000,000). Negative equity indicates that you (or the organization) have more obligations than assets.

Businesses and individuals alike commonly assume that equity will rise when the firm expands and profits.

Here are some reasons for the importance of your net worth:

• Equity is the most accurate measure of wealth. Wealth is what’s left over after you pay all your bills – and that’s what net worth is all about. There is no other way to know exactly how rich you are without knowing your net worth.
• Track your financial progress. As equity is a specific number you can accurately track, it allows you to assess your monetary gain from the first month or year to the next.
• A rise in equity is the best sign of your progress.
• Avoid overemphasis on asset value. Some people focus exclusively on the value of their assets as a measure of their wealth.
• It puts your debt level in proper perspective.
• Equity can be significant when applying for a loan. Since equity is the best measure of overall financial strength, lenders are generally interested in knowing what it means to determine whether they will approve you for a loan.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Make an Analysis of Expenses and Income in Your Financial Planning

Ideal financial planning starts with analyzing monthly expenses and income. To plan, it is essential to know exactly how much you earn per month, how much you spend, and where you spend it. Analyze all your sources of income, fixed or variable. Then, list all your monthly expenses and in what categories (Housing, education, leisure, etc.) to see if you earn more than you spend and identify potential savings.

 After analyzing your expenses and income, use the 15-35-50 rule to organize your expenses. According to this model, 50% of your income should be allocated to essential expenses necessary to maintain yourself daily, such as food, health, transport, etc.

Another 15% of income goes to financial priorities: paying off debts or saving for the future. The remaining 35% must be used for all other expenses related to fun and leisure, such as gym, restaurants, shopping, etc.

Spend According to Your Current Standard of Living

Today’s society encourages unbridled consumption, which often causes people to spend far beyond their means. The ideal financial plan provides expenses aligning with your current living standard. Spend more than you earn? To balance your finances, try to reduce your lifestyle-related costs, such as shopping, a salon, and a bar.

Specify Your Goals

Plan to start by specifying your goals. How much would you like—and could you—spend on each area of ​​your life? Then, think about how you will achieve each action. For example, you may need to reduce energy or gas consumption to have an expense X on residential bills.

Even those on a tight budget do not have to discard leisure. It can reduce the amount allocated to this area and replace expensive outings with free or low-cost activities.

Use a Financial Spreadsheet

The financial spreadsheet will be your best friend when doing financial planning. With the help of the tool, you can track all your expenses, analyze whether you are within the stipulated goal, and, if so, step on the brakes so you do not blow the budget.

Compare Product Prices

A simple habit that helps financial planning is to compare prices before buying a product or using a service. With the help of the Internet, search various establishments for the values ​​available for a particular item or activity, see if it fits your budget, and look for the best possible price.

Change Your Habits

Financial planning is a matter of habit. If you do not have a good relationship with your finances, changing is essential. See what negative behaviors do not allow you to have a healthy relationship with money, like buying too much when you are depressed, overspending on leisure, etc., and work to change these attitudes.

Buy Only What You Need

One of the great enemies of healthy finances is impulse buying. Avoid it by including all the purchases you need to make that month in your financial planning and stick to them. Be conscious and put on your list only what you really need.

Pay in Cash Whenever Possible

When the possibility of a discount is offered, paying in cash is an advantage. You buy the product at a lower price and do not fall into the trap of dividing an item several times and, in the future, being unable to pay.

Set Financial Goals

In addition to creating monthly spending goals, setting larger, medium to long-term financial goals is essential. Do you want to study for an MBA in two years? Search the course prices and save money to make this dream come true.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

What is QuickBooks?

QuickBooks is an accounting software package that Intuit develops. This software is an assisting program that helps you carry out various accounting solutions with ease and organization. The software targets small to medium-sized businesses to help with their accounting services. It is now also available with cloud-based versions complete with payroll, pay, and manage bills functions.

How is QuickBooks Beneficial for Your Business?

QuickBooks is your ultimate accounting tool if you are a small business or a start-up. Some of its unique features and benefits it could bring to your company are as follows.

Money management

QuickBooks has features that help small and medium-sized businesses manage their finances and money. This software allows you to keep track of transactions, pay timely bills, and record each transaction for audit purposes.

Expense billing

The accounting software allows you to record and tally your expenses, whether big or small, to track your money better.

Sales invoices

QuickBooks allows you to create and print invoices at the touch of a button. Hence, it helps you track your inventories properly and ease your business operations.

Why You Cannot Buy a Used Copy of QuickBooks

Intuit and all partners licensed for the sale of QuickBooks are strictly against buying and using old copies of this software. Customers who purchase used copies of the program and try using it always face problems and issues, leading them to not get the best results from the software. This dissatisfaction causes customers to cease using the software, wasting a lot of money and resources. All customers are strongly recommended to buy new copies for a better experience and smoother performance.

The most common problems faced by those who buy a used copy of QuickBooks are listed below.

Installation

QuickBooks could be installed using a CD or buying an online version and downloading it to your system. However, as the installation process progresses, the software asks you to provide a certain license and product number.

If your copy is original and new, the license and product code are provided, allowing you to continue the installation. However, if your copy is used or comes from an unauthorized dealer, you will not have the correct license and product number. As a result, you will not be able to install the program and, in turn, lose your money and time to do something tunproductivefor your start-up or small business.

The customer help desk is always available to sort out your issues if you face a problem when downloading an original program.

Registration

If, by any chance, you have the original license and product code for a used copy of QuickBooks, there is a considerable chance that you will have issues registering the software.

Intuit verifies if you have a genuine version of the original software by asking you to enter your Intuit account details. Furthermore, you are requested to put in contact numbers and mailing IDs. If a used copy is installed, Intuit will detect the software version you are trying to use and recognize it as registered under a different name already. In that case, it will deny you access to your program or access only limited features of the software.

Usage

Even if you somehow manage to get through the process of registration and installation, the limited features that Intuit would allow you access to will not provide you with the results that a new software would. Hence wasting valuable resources such as time and money and a disgruntled customer experience.

It is suggested that buying a used copy of the software and installing a new version of QuickBooks for your small business or start-up is a bad idea. is better

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Start-ups have been the hyped-up success story of the former decade, with a few new companies hitting it big and changing the face of business development. But for every successful start-up, countless others fail, sometimes mysteriously and often unobserved. No one goes into business expecting to fail, yet many new start-ups do. To understand what causes failures, listed below are the top five reasons why start-ups tend to fail.

Market problems primary reason new businesses fail is that they run into the issue of there being little or no market for the product they have built. Here are some typical indications:

1. There is no convincing enough value proposition to cause the buyer to commit to procuring. Good sales reps will tell you that to get an order in today’s challenging circumstances, you must find buyers with their “hair on fire” or are “in thrilling pain.” 
2. The market timing is not right. You could be ahead of your market by a few years, and the public may not be ready for your specific resolution at this step.
3. Luckily, you may have had the funding to last through the early stages, but the market size of people who need your services and have funds to come to you is not large enough.

Business Model Failure

One of the most common causes of failure in the start-up world is that entrepreneurs are too optimistic about how easy it will be to acquire customers. They assume clientele will beat a path to their door because they will build an exciting website, product, or service. That may happen with the first few customers, but it quickly becomes expensive to attract and win customers if you do not have a proper business model in place.

The capital efficiency “rule”

 If you want a capital-efficient business, it is believed to be essential to recover the cost of acquiring your customers in less than 12 months. Wireless carriers and banks break this rule but have the luxury of access to cheap capital.

Poor Management Team

A weak management team is a widespread problem that causes start-ups to fail. A good management team will be innovative enough to avoid Reasons 2, 4, and 5 in the business. Weak administration teams make errors in multiple regions:

1.  They are frequently weak on strategy, building a product that no one wants to buy, as they failed to do enough work to validate the ideas before and during development.
2.  They are usually poor at execution, leading to issues with the product not getting built correctly or on time. The go-to-market execution will be poorly instigated.

Running Out of Cash

A fourth primary reason that start-ups fail is that they run out of cash. A vital job of the CEO is to understand how much money is left and whether that will carry the company to a milestone that can lead to successful financing or cash flow favorable.

Product Problems

Another reason that new businesses fail is that they miss the mark in developing a product that meets the market’s needs. This can be due to simple execution or a far more strategic problem, a failure to achieve Product/Market fit. Most of the time, the first product a start-up brings will not meet the market need. The market needs a few revisions to fit the product/market right in the best cases. In the worst cases, the product will be way off base, and a complete re-think is obligatory.

Conclusion

Some start-ups prosper, yet so many fail. And it is failure that teaches us the best lessons. There are many other reasons start-ups fail, but these five were the most common when inquiring about the founders and team members involved in the start-up ecosystem. Should your start-up fail, it is worth trying to understand what went wrong and learn from your mistakes to make it the next time. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Budding entrepreneurs are often attracted to places that offer them better infrastructure, entrepreneurial connections, and resources. Networking events, investor meetups, and demo days provide opportunities to find good advice and investment opportunities. Finding solid connections is one of the initial aims of any entrepreneur, and these valuable connections help them slowly integrate into the ecosystem of the corporate world.

Hub Culture

The idea of start-up hubs is one thing that reduces the worries of an entrepreneur by a bit. Here, you can find all sorts of resources in one place – from necessary connections to valuable information. There are a variety of hubs available depending upon the region you are willing to operate in. There are multiple start-up communities. You may also be able to find a virtual start-up hub.

However, a choice comes in deciding which hub will yield better results here. Virtual hubs are convenient and can be accessed by an entrepreneur from an area that does not have many entrepreneurial resources. However, brick-and-mortar hubs allow entrepreneurs to meet mentors and investors in person, better grasp information, and present their ideas. It is better to meet your investors in person; this will help you build stronger relationships.

Virtual vs. Brick and Mortar

The basic idea of both kinds of hubs is the same. However, there are apparent differences between the two. The number of goals you have already set and the guidance you require can be significant factors in choosing between the two. Suppose you are clear with your business plan and have specific requirements (for example, requiring a professional for accounting tasks such as bookkeeping). In that case, you may be able to go to an online or virtual hub to get a contract that will help you in fulfilling that requirement. However, if an entrepreneur needs more guidance, going to a brick-and-mortar hub is recommended to grasp information from experienced entrepreneurs quickly.

The two main reasons for entrepreneurs to opt for a virtual hub are:

1. Obstacles like geographic location hinder access to a brick-and-mortar hub.
2. The entrepreneur has a late-stage, well-settled start-up and seeks contacts to help start operations or growth.

A brick-and-mortar hub has its benefits. Interacting with investors and mentors in person can achieve a lot. Moreover, a physical hub allows the entrepreneur to join a community. Sharing knowledge can help grasp a better understanding of the entrepreneurial world.

Both types of hubs have the same aim, which is to help budding entrepreneurs. Many entrepreneurs believe the kind of hub they choose does not make a difference. Most believe their location is the only significant factor in determining the two. Most entrepreneurs say they would prefer to go to a physical hub in a big city with a lot of resources. Meanwhile, if they are in a remote location far from a big city, a virtual hub would be where they can access the resources they need.

Some entrepreneurs emphasize that both kinds of hubs have a different impact concerning the start-up’s geographical location. Meanwhile, other entrepreneurs believe both types of hubs are essential and that utilizing both is necessary for success in different start-up stages. They also believe that to build a solid company; the entrepreneur must attend a brick-and-mortar hub for guidance and mentorship while using virtual services for contacts necessary to achieve goals. Now, you can decide on virtual vs. brick-and-mortar for your start-up needs. 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

One of the most crucial tasks in the manufacturing industry is determining per-unit cost. It requires professional handling and technical accounting knowledge. Calculating the costs of materials, labor, and overhead expenses involved in manufacturing a specific product is a challenging task that demands the utmost brilliance and perfection. To determine the total cost incurred in producing a good, you must carefully evaluate the production process at different stages. Work In Process (WIP) is commonly used in production and supply chain management and holds immense significance in the manufacturing and distribution industry.

What is Work in Process?

When analyzing the production process, tracking all costs associated with goods that are still in production is essential. This includes raw materials, labor, and overhead costs. At each production stage, it is crucial to document all expenses carefully. This information helps determine the exact unit cost of the goods being produced. Accurate bookkeeping is vital as it ensures all costs are accounted for, and the final price reflects total expenses.

As far as the calculations are concerned, the formula for calculating work in process is:

Work in process = (operating inventory goods in process + raw material used during the period + direct labor during the period + factory overhead for the period) – ending inventory.

WIP–in light of Automation and Technology

We are fortunate to live in an era of revolutionary accounting and bookkeeping practices. The advent of state-of-the-art automation and technology has made these procedures more accessible and efficient. Thanks to cutting-edge accounting software and solutions, complex calculations take mere seconds, are astonishingly precise, and are far simpler to oversee. It’s truly mind-blowing!

Great news! Thanks to modern accounting and manufacturing software, calculating work in process is now a breeze. With these tools at our disposal, we can easily manage and control the manufacturing process. Plus, we have access to expert accounting and bookkeeping professionals who can lend their expertise at various stages of production, helping to reduce costs and further streamline the process. The future of manufacturing is looking bright!

Benefits of Reducing Manufacturing Work in Process

Good news! There are many benefits to reducing manufacturing work-in-process costs, such as improved cash flows, higher liquidity, and decreased business risks. But don’t worry; achieving these benefits is entirely doable with a well-executed strategy. We know that every manufacturing establishment wants to minimize costs, so it’s essential to integrate innovative procedures and techniques to eliminate bottlenecks. Although it might seem daunting to calculate work-in-process costs initially, breaking down each cost piece by piece can make it much more manageable. With a positive attitude and thoughtful approach, you can easily streamline your manufacturing process and reap the rewards.

Strategic Forecasting and Planning: The Need for Calculating Work in Process

Planning for the future and making informed decisions are essential for any business to succeed. It’s crucial to involve yourself in reducing per-unit costs to save more money at the end of the day. It’s essential to clearly understand your production requirements and specifications To determine the number of units that should be produced, raw material costs, labor costs, and overhead costs. Strategic thinking involves having a realistic vision, mission, and out-of-the-box approach to make future projections related to manufacturing and production.

Moreover, strategic planning and analyses will define where your company is heading and what the company aims to achieve in both short and long-term periods. Machines can be added or integrated into the manufacturing process, and the workforce can be educated with newer and advanced techniques for optimal utilization of resources to attain ideal results. Calculating work in the process must be handled carefully because it directly influences your profitability index.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Partnering with outsourced services to acquire the highest quality planning and strategy for a fraction of the cost is pivotal to success. Small or big businesses no longer prefer hiring in-house teams to manage specific tasks that can be outsourced to third-party service providers. The reason is apparent: they desire to seek specialized expertise from the gems of the industry. Moreover, start-ups and small businesses usually have scarce resources: time, labor, and money, which restricts them from hiring in-house accounting and bookkeeping professionals. It is safe to say that time and cost-effectiveness are the major driving forces behind the motivation to hire business accounting and bookkeeping consultancy services for start-ups in today’s time.

The Evolving Needs of Start-ups and Small Businesses

From small businesses to large companies, every business establishment needs someone to manage their financial accounts, pay bills, send invoices, reconcile bank statements, and manage debtors promptly and effectively. Maintaining separate finance departments to tackle financial matters is a hassle and a considerable expense. That is why most businesses outsource their economic issues. Looking at the bigger picture, most start-ups lack the wisdom to tackle complex bookkeeping and accounting-related matters, which means they cannot manage to look after their books and finances on their own. For them, hiring the professional expertise of an accountant and bookkeeper is more of a need than a desire.

Business Accounting Consultancy Services for Start-ups

Many success stories directly result from hard work, toiling, commitment, and sincerity that guarantee a secure future. An experienced and qualified accountant or bookkeeper can serve the suitable needs of a business with creative wisdom like no other, all the while making better financial decisions. Beating your competitors with numbers is quite different, so you must employ the right accounting tools and strategies to get ahead of others. Business accounting and bookkeeping consultancy services are the need of the hour as they provide you with valuable insights to help you improve your business’s financial health.

Whether you are starting a new business venture or acquiring an established business, the need for professional accountants and bookkeepers never dies. Many start-ups or established businesses used to feel reluctant to hire professional accounting or bookkeeping services for fear that the integrity of vital data highly prioritized by the company would be compromised, for example. Other concerns would be qualification or experience dilemmas that a client is unsatisfied with.

What do Business Accounting Consultancy Services do on Your Behalf?

Most start-ups lack ideal cash management skills, so they fail to make their mark and successfully manage their business operations. This kicks them out of the competitive race, which creates room and gives others a chance to capitalize on the vacant space. Therefore, businesses try to fill this vacuum and acquire the services of professional accounting consultants to help them understand various financial aspects for better decision-making.

Accounting and bookkeeping professionals can help you in many of the following ways:

• Financial forecasting and planning
• Analyze financial statements on your behalf and recommend ways to overcome cash flow issues.
• Determine the profitability of your business.
• Monitor the influx and outflow of cash and help you achieve the right strategic fit.
• Expand your business with critical financial insights and knowledge.
• Save a lot of time and money and help you focus on the core of the business.
• Tax reductions, debt repayments, and more

Putting the Right Business Accounting Consultancy Services and Practices in Place

Accounting and bookkeeping professionals certainly have a better understanding and knowledge than most. They know the tricks of the trade and are masters of the game, as they can solely change the entire fate of a company with better financial decision-making. When you task them with authority, they are expected to live up to expectations and carry out their duties in the best possible way to the best of their abilities.

Thus, if you expect to grow your business in a competitive business environment, you must have the best possible business accounting and bookkeeping consultancy services and practices to equip and enable your business for success. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

For many years, people have asked this question? Choosing an independent dealer or a mechanic is tough for people because of the pros and cons associated with both. We hesitate to take a side as we find benefits in both. Whether you consider the professionalism of your dealership or have taken your vehicle to a local mechanic for years, you have a level of gratitude and satisfaction associated with both that makes you consider their service.

What exactly each of them has to offer us? Before making your next big decision in car repair, look at the pros and cons of each.

Dealer vs. Mechanic – The Difference

At first glance, the difference between a dealer and a mechanic looks purely financial. Those with newly purchased cars will consider the perks offered by their dealership. On the other hand, car owners also jump from mechanic to mechanic to find a trusted and reliable service.

However, there is more to all this than it seems.

Dealers have the expertise for a specific brand; for example, they specialize in BMW or Ford. They provide warranties backed by the manufacturers and utilize high-quality parts straight from the company. The mechanics at a dealership have the training and expertise to handle current issues in the specific brand.

Independent mechanics, on the other, provide personalized services. These mechanics offer scheduled maintenance, customer service, and better pricing. Unlike a dealership, you can establish a relationship with a mechanic and communicate with them for better rapport. Building a relationship with a mechanic goes in your favor, as customers who visit local mechanics have a better experience and can go for discounted pricing.

Benefits of Dealership

Dealerships provide a trained staff of mechanics and technicians specializing in a specific brand. They work on hundreds of vehicles every month, so there is no shortage of expertise with a dealership. Besides quick and efficient service, they also use high-quality parts specific to the make and model of your vehicle. Dealers also have the authority to inspect the car using the manufacturer’s methods, so you can rest assured that your vehicle is in the right hands.

Most modern vehicles require diagnostic equipment that only dealers possess. It is more beneficial to visit a dealership to handle the issues rather than pay a mechanic to understand. Whether your car has a complex mechanical or recurring electrical problem, a dealership has the resources and expertise to keep it updated and restored.

Ultimately, you have an advantage in the dealership if you possess a manufacturer’s warranty. Think of it as health insurance, where your warranty covers the repairs if it remains active. After it expires, you can either extend it or pay for the needed repairs.

Benefits of an Independent Mechanic

Although they are just smaller than dealerships, independent mechanics have skills equal to dealers in terms of services and repair. They usually staff former technicians working with dealerships, so they have diverse expertise. Unlike a dealership, customers can directly contact a mechanic and discuss the details of their repairs. Additionally, mechanics have expertise in various brands and can handle issues of almost every vehicle. They have a specialty in multiple brands due to their diverse experience and, in some cases, also provide a third-party warranty.

Nurturing a relationship with a mechanic is also advantageous for better pricing. Most people trust the skills of a mechanic to delve deep into an issue and mitigate it accordingly. Mechanics usually rank higher in terms of price, quality, and customer satisfaction.

Disadvantages of Dealers

• Dealers excel in prestige and expertise but not in pricing.
• They have time constraints because of factory-made equipment. If stock is unavailable, dealers must ship that item and make repairs. It usually takes more time to complete and further inflates prices.
• You cannot interact with or contact your dealer mechanic as they have a pool of technicians. There are difficulties in establishing relationships with dealers.

Disadvantages of Mechanics

• Honesty and reliability are the main factors when finding the right mechanic.
• Mechanics use both local and factory-made parts for repairs. If you go for factory parts, you must pay for them and wait for shipping time.
• Finding the right mechanic with trustworthy services is rather tricky if you live in a large city.

Which is Better?

In the end, the type of car repair service depends on your needs and preferences. If you consider pricing, an independent mechanic is a better option. On the other hand, if you prefer quality and durability, then choose a dealership. Consider their pros and cons before approaching a service for your car repairs. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.