Author: Jennifer Brazer

Trustworthiness, expertise, attractiveness, respect, and similarity are the essential components of the TEARS (Trustworthiness, Expertise, Attractiveness, Respect, Similarity) model. These productive dimensions are illustrated in this article regarding production and entertainment.

Trustworthiness

It is the initial aspect of the TEARS model and the initial aspect of the credible endorser. It can be referred to as the productive perception and belief of the production and entertainment that can be shaped efficiently through believability, integrity, and honesty of the endorser. The lavish lifestyle of the celebrity (production and entertainment) is reflected through various means of media, which creates a positive perception of the celebrity that the endorsing corporation efficiently utilizes to attain the trust of the targeted audience.

Trustworthiness is a crucial aspect of the potential credibility that allows brands to influence the behavior of the targeted consumers. It is vital for the brand to have this potential dimension of trust. An absence of this aspect will make another dimension of credible sources ineffective and unproductive and will not be able to transform consumers’ perceptions. Production and entertainment houses tend to be more honest than the non-celebrities, as they live a transparent life due to the high interference of the media. This trait of celebrity allows them and endorsers to create trust between the brand and the consumers. This allows various advertising entities to attract potential consumers to their products.

Expertise

Expertise is another vital dimension of the source of credibility and the second potential aspect of the TEARS model. It is a crucial aspect that refers to the ability of the endorser that is enhanced with the potential aspects like knowledge, information, skills, and experience regarding the endorsed brand’s product or services. Production and entertainment firms are termed experts when they can endorse a product to the targeted audience in a productive way.

The affinity between validity and expertise of the celebrity as it assists the brand in transferring appropriate and accurate information regarding the endorsed product. The star needs to share appropriate and accurate information regarding the product innovatively, as a maximum number of individuals is attracted towards the products due to the celebrity.

Attractiveness (Physical attractiveness)

Attractiveness is another potential aspect that is comprised of physical attractiveness, similarity, and respect. Attractive is an essential component that allows the brand to attract various consumers and effectively shape their behavior.

Physical attractiveness is a part of the TEARS model that is referred to various physical aspects from production and entertainment houses. Personality, characteristics, lifestyle, and skills are the potential attractive traits that perceive the attention of media. It is evident that endorsers having attractive traits proves to be productive. One of the biggest reasons for this positive result is that consumers will have traits like the endorsers. Only excellent and attractive traits are insufficient to produce productive results, as communicating appropriate and accurate information is more vital. Production and entertainment firms effectively associate celebrities with endorsing products efficiently. In this process, involvement of a high amount is observed. Physical appearance and attractiveness are essential components that tend to drive the need of the consumer and transform their purchase intention.

Respect

Production and entertainment houses and celebrities are often respected for their effective and productive work in their respective field. For instance, the actor is appreciated for their acting, politicians are appreciated for their work, and sportsmen are appreciated and respected for their abilities. Their audience’s personalities who are respected and appreciated tend to become more productive endorsers, as they already have a fan base that follows them.

The influential association between the respected and appreciated celebrity with the advertising entity or brand allows them to enhance the brand’s equity. It tends to transfer traits of celebrities to the brand from which consumers provide the same respect and appreciation to the band. It is vital for the production and entertainment agencies to have an affinity with respected celebrities, as it tends to transform the behavior of the consumers most productively. One of the reasons for their productiveness can be their constant productive appearance on the media that tends to increase their fan base, which is eventually converted as potential consumers by various endorsing agencies.

Similarity

Similarity can refer to the similar aspects observed in the targeted audience and the selected celebrity endorser. Those similar aspects can be age, ethnicity, religion, gender, etc. It allows the targeted audience to find some similar traits in the personality or life of the endorser, which tends to attract the consumers positively and productively. The ethnicity of the celebrity endorser plays a vital role in the effective endorsement of the brand as various individuals of the same ethnicity tend to connect with the endorser and the brand in an efficient manner. Effectiveness in this process can enable endorsers to attract a maximum number of audience members because product branding will produce valuable results.

Ethnicity is an aspect that the endorser efficiently utilizes; most of the endorser treats this aspect as a valuable and operative resource. It provides productive assistance to the advertising and marketing entities to create an operative factor of trust. Trustworthiness is an operative tool that the endorser can use to manipulate the behavior of consumers and production and entertainment houses in a positive way.

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.

Do you want to invest in real estate, or do you plan to invest in real estate in the near future?

When investing in real estate, everyone thinks they have the recipe to get there:

• Buy a property
• To rent
• Use rents to repay the bank

If the method were so simple, everyone would be rich. Of course, it is a little more complicated than that, and most investors make mistakes that prevent them from achieving dazzling success.

Mistake # 1: Buy as a couple

It can be tempting to buy as a couple to reduce the investment.

Without going into the apparent human relations problems, know that legally, “No one is forced to remain in indivision.” This means that if the other wants to sell, he can demand it, and you cannot stop it.

In addition to limiting potential problems, you can maximize your profits with your spouse if you do not buy as a couple. 

Mistake # 2: Do not negotiate your sales agreement.

With the sales agreement, the seller and the buyer formalize their arrangement:

• The seller agrees to sell at the agreed price, to the buyer, within a given time.
• The buyer agrees to purchase at the agreed price, from the seller, within a given time.

The sales agreement can be signed at the notary or the real estate agency. In any case, it should be written by a professional and should be included in the agency fees and the notary fees. The sales agreement must consist of “conditions precedent,” which are clauses that protect you as a buyer. The most common is the suspensive clause for obtaining a loan. If you cannot secure your mortgage, you no longer have to buy the property. You can disengage without consequences, and the eventual escrow is returned to you. In the sales agreement, you can include a rate. For example, “subject to a suspensive condition of obtaining a real estate loan over 20 years at an interest rate of 3% maximum”. If you get credits, but at 3.1%, then you can opt-out anyway. You can also include any suspensive condition. For example, you can indicate that you will only buy if your contractor sets the amount of the work unless you pay it (x Dollars), or that you will buy only if the co-ownership, or the town hall, according to the case, gives you the right to do such or such work.

The only limit is what the seller will accept but protect yourself to the utmost. See what is essential to you, and your notary can transcribe it as a condition precedent.

However, you can negotiate the price down with the seller, saying that you sign without a suspensive condition, but that means you are obligated to buy even if the bank does not lend you money. Therefore, it is a weapon to use with great care, but it can be effective because the seller will know that you will not waste time. 

Mistake # 3: Do not use a construction broker

Finding contractors to renovate a property is a headache, especially when you are not in the business yourself. Construction brokers visit your property, know the prices, and find the contractors themselves at the best price. These brokers are helpful when you do not know much about construction or do not have time to get quotes from all trades.

Mistake # 4: Thinking that you have to pay the notary fees

The notary fees are the buyer’s responsibility, but it is not a legal obligation. With the seller’s agreement, you can therefore ask to make an “act in hand.” In this case, the seller will pay the notary fees. The main interest of this type of act is to avoid paying large sums of money in notary fees. Furthermore, banks often refuse to finance these costs.

For example, you want to buy an apartment for $200,000, but the notary fees will be $16,000. As we have just commented, banks do not like to integrate notary fees into credit, so your note will only be $200,000. Fortunately, because you do not want or cannot pay $16,000 cash, offer the seller $216,000 “act in hands.” This will allow the bank to lend you $216,000 because it will consider that it is the property’s price, and the notary fees are the seller’s responsibility. For the seller, it does not matter; he will pay $16,000 to the notary and will have $200,000. 

Mistake # 5: Buy at Multiple

It can be tempting to buy a property for couples, of course, but also by partnering with another investor because it is reassuring. Without going into the obvious problems of human relations, know that legally again, “no one is forced to remain in division.” In short, if you buy two properties because you have an investor, you will be committed to the full price of the property. On the other hand, you will only receive half of the rent. Therefore, your debt capacity will be limited when you want to buy another property. Do not invest in more than one property if you cannot do it without the other investor. 

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.

To ensure your business succeeds in the long run, you must set some strategic goals. Focusing on the nature of your business strategy should be aligned with revenue goals. Once you’ve identified your goals and recognized a specific target that helps sales and revenue, you can focus on the strategies leading to achievements. Here are five surefire business strategies to increase your profit.

Make it Attractive

Determine your customer preferences and identify the choices they make. Be creative when you think of your organization. Sales collateral, product data listing, the structure of your website, brochures, and pictures will draw more attention and excitement in the process. Keep checking your website traffic and improve your customer’s online experience. Focus on where customers are lacking and give them a reason to buy.

Expand Your Market

Smaller businesses serve a limited area assuming the competitors already hold the rest of the market. Do your research and take a tour of other markets as well. Make notes, and introduce your products, address your audience’s concerns and make it convenient for them to buy by setting affordable charges for longer distances.

Collaborate with other business organizations or add complementary services to your product. This will help you gain new clients and retain the previous ones. For example, a floor vacuum company might add swimming pool maintenance with little additional cost. You can also contact companies who deal with complementary products and services, request them to sell your product as well. For example, Home renovators also offer household items to sell.

Set Prices Wisely

Pricing is the most critical factor in your business to identify your profit. Before setting any profit strategy, determine how your customers feel about your product so that the price change can influence the market behavior in your favor. The prices game in the market often changes, so consider your prices as ‘Temporary’ and be prepared to adjust your prices to meet the targets and market situation.

An immediate increase in prices may bring additional revenue with a decreasing rate if it hits the sales. The price decrease will raise a lot more sales and drift the market share away from the other suppliers. Study your product from the buyer’s point of view, comparing them with similar products and the competitor’s prices; it gives you room to determine our market prices efficiently.

Once new prices are effective in the market, this might shake things up; wait for the customer’s reaction. If it’s positive, you can make further adjustments, including going back to the old prices. A small change in prices may look insignificant when you compare it to a full price change noticing customers rarely react to it, but the impact it gives on the increase of profit is magnificent sometimes.

Hire Resourceful People

Focus on the basic qualifications before hiring employees for your organization. Keep them engaged and make the work environment pleasant. This will motivate them and increase productivity, reflecting good results in profit. Take advice from expertise or hire them to train your employees. Generate good packages for employees to encourage and inspire them to work.

Track every movement in your organization by using the Human recourse database. Maintain performance records of your employees accurately. This will enable you to monitor each worker’s weaknesses and be open to ideas to improve productivity.

Enhance Customer Service

Implement a rule “CUSTOMER IS ALWAYS RIGHT,” they deserve excellent services whenever they come to knock on your door, be patient, and you must listen to what they have to say. Acknowledging their concerns and making them feel valued will buy your organization a loyal customer.

Conclusion

When starting a business, the risk is an essential factor. According to many businesses, theorists’ business is a roller coaster ride; the graphic presentation also fluctuates. Keep your heads up and take the necessary steps; these strategies are strong revenue generators in the right circumstances, but your understanding and knowledge of your customer’s preferences is a powerful key to success. If you keep your business records, you’ll know where your company financially stands and help you face challenges confidently.

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.

“Adaptability is the ability to be creative and flexible in the face of new situations.” – Laurie Leinwand.

Coronavirus came with a bang and shook the world at large. Turning our lives upside down, halting day-to-day operations like never before, it didn’t take for the pandemic to creep into our everyday routine. Whether it’s regular business operations or the virus affecting our careers, there isn’t any domain – pandemic hasn’t affected yet.

Across the globe, humans have seen and witnessed an extraordinary situation because of the pandemic. The chain of events followed by a complete lockdown of festivities, business operations, weddings being postponed, and most schools and colleges taking their routine classes to online platforms, Coronavirus has played us like a soccer ball on a playground, and there’s no wondering why.

Living through the post-era is of utmost significance to grasp precisely how the pandemic has affected us. The idea is, in history, whenever a closer situation to the pandemic hit our world, most analysts could find opportunities in even the most exciting times. Some companies rose to fame, gaining a competitive advantage, and the others couldn’t even manage to continue with their regular operations.

That said, though post-COVID-era is slightly different from how our life used to be earlier, things have changed to quite an extent. Companies are still in their struggling phases, trying to make ends meet with their routine operations.

However, considering not quite long ago – the UN officially called Coronavirus the New Normal, it must be regarded as one. For example, you can’t remain at the mercy of Coronavirus, waiting for it to leave our world and then proceed with your work-life struggles. The reason is, we don’t have our accounts flooded with a hundred million, and even if most of us seem to have some, we are sure to use them all in a flash. So, adapting your business to change after the effects of the Coronavirus is the need of the hour, and below are the reasons why.

The Effects of the Coronavirus

There can exist opportunities in even the darkest of times. At least, that’s what most of us are raised to believe in. Every cloud has a silver lining – haven’t you heard? If you have, congratulations, you are not living under a rock – and now that you are not living down there – as we would like to believe, you might as well know that there have been downside(s) to the pandemic –  especially when it comes to the business world. Still, some businesses have managed to generate larger-than-life profits even in these times. Applications like zoom made profits unlike before, and its brand awareness surpassed their forecast – all during the deadliest times in history.

Changes in the Business Model

There have been changes in the way businesses are operating after Coronavirus hit us by and large. These businesses are adapting to new business models and growing overall performance. The idea is to operate and function when businesses are only thinking to halt their operations – adapting to new business models and strategies has become mandatory now more than ever. That is to say, to retract your business’s potential – it lost along the way. It is crucial to devise new strategies and action plans so that your brand gets to achieve milestones even in the post-pandemic era.

Survival of the Fittest

One of the most crucial concepts that are quite relevant to a situation like this is ‘survival of the fittest..’ Our world has evolved, and there’s no denying that. However, our world still follows the aged old concepts as the mighty always seems to win the race. The same goes for the business working in today’s situation. With advancements taking over, it has become of utmost importance that your business adapts to the latest tools and techniques to survive the pandemic’s consequences. Again, if your brand wishes to survive, it should stay fit.

The Bottom Line

In case you are still confused, be sure to adapt to the new normal if you wish for your business to keep working in the long run. Otherwise, the competition will only take over it, and you’ll find it quite a challenge to have your business continue with its routine 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.

Business coaching is an individual or collective support for company staff. This process not only optimizes the productivity of each employee but also motivates the staff of the Company. Business coaching also helps business leaders to make better decisions.

The business coaching process

Business coaching allows the coach to achieve the objectives set by the Company. During the coaching, the coach helps the coach overcome the various blockages that he might encounter in their professional life. Any problems will be dealt with throughout the process. The experienced coach will teach the coach to develop their skills during the coaching sessions. The potentials of the coach will then be assessed. Business coaching aims to improve the performance of the coach by stimulating their know-how. On average, business or professional coaching lasts one year in the order of four sessions per month. 

What is business coaching? It is a general and complete approach allowing the improvement of the entrepreneur and their Company’s performance. It includes training, advice, and coaching. One of our objectives is to make the most autonomous companies for greater satisfaction for managers and their employees. Long reserved for large companies, support for companies is becoming more and more popular with companies of a smaller size. It is a market that has a growth rate exceeding 10% per year.

Career management and motivation

You can notice, as quoted by the site Forbes that business coaching allows the coach to manage their career. Indeed, it will be called upon to target and develop its assets. Once the coach has determined their strengths, he can improve them to build better levers in the future. The business coach will guide the coach so that he can have a vision of their professional future.  Thus, he will become the master of their future. He will make sure to identify their weaknesses to eliminate them and determine their strengths to improve them. Professional coaching also helps the coach to have more motivation and more self-confidence. The more motivated he is, the more he will be convinced to achieve society’s objectives.

Increase business profit

 Business coaching is also intended for business leaders and directors. By benefiting from special managerial or mentoring coaching, managers will be able to make appropriate decisions. They will have to improve their listening skills and management method to increase the Company’s turnover. Although the leaders are at the head of the business, their decisions will have serious impacts on the general functioning of the business. Business coaching also helps business leaders manage stress. Leaders need more confidence and motivation given the Company they deal with daily. They must have a positive attitude to lead their team well. Know that professional coaching helps business leaders in conflict management,

Concretely, what will the business coach bring to an entrepreneur? The business coach will bring a very structured approach, knowledge, and an external perspective that will allow companies to be much more efficient.

We start with a diagnosis that will guide the main actions and focuses. We are working on:

• Mastery of fundamentals: vision and objectives, financial management, time and priority management as well as operations,
• Marketing: identification of the target market and levers for advancing profitability
• Systemization: implementation of easily reproducible processes
• And team management with one objective in mind: to build a company capable of operating efficiently even in its leader’s absence.

What can a business coach bring in a time of serious crisis like that of the coronavirus? It is, of course, a worrying and challenging period. Small structures are strongly impacted. But it is also a period of opportunity to structure, organize, plan, and prepare for a smooth resumption of activity.

During this period, entrepreneurs express a greater need for support. The profile is varied, but all those who join us have acquired professional experience they wish to share; they have the will to continue developing it and want to have a high level of personal satisfaction.

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.

In the beginning, you may make some urgent decisions about your funds or financial matters. Those decisions describe the money-managing tendency you shape within you that continues to affect you throughout your life. It is imperative for you to manage your regular spending to restrain yourself from making financial mistakes.

Money-related decisions can be challenging to manage, and any mistakes we make can become even harder to resolve. Only by understanding and avoiding some money management errors can you financially prosper. When you try to understand and avoid the common financial mistakes on a daily basis, you build better money-related habits for later on, and good money management habits can save your time, money, and a lot of stress.

Here are some widely recognized financial mistakes we make that must be avoided if you want to create a better financial future:

Getting Late on Your Expenditures

When it comes to handling payments or installments, if you delay the payment, a vicious cycle formulates that becomes difficult to break. You wind up paying late fees and extra charges each time you delay the return.

The foremost thing to do is to speed up repaying your installments to avoid this situation. Similarly, you need to uncover and manage your budgeting, planning, and payment issues that have caused the delay. By speeding up in your late installments, you can get rid of the payments that caused you stress.

Utilizing the Credit Card for Everyday Payments

In a short time, you can run into major debt if you keep on using your credit card for everyday expenses. Many people think it is easy to pay using a credit card, but they do not realize that they are spending more money using a credit card. They do not pay attention to the ongoing add-on fees, and interest amounts to their account while using the credit card.

You have to quit paying via credit card for your everyday purchases. It is a better option to begin following a financial plan than shopping with your credit card every time.

Borrowing Money from Friends and Family

Many people prefer to take cash from their friends or family during times of tight financial circumstances. In doing so, they create tension and pressure on their relationship with those closest to them.

People do not realize that when they borrow money from their loved ones, they give them the authority to begin examining their purchases and financial choices. They are given permission to remark on your ways of managing money.

This could be the worst and most common financial mistake someone can make. Many financial experts advise that you should never take any sort of money loan from your loved ones. Doing so can spoil your good terms with them, so avoid any cash borrowing from your family or friends and save that relationship.

Neglecting to Budget

You cannot have any sort of control over your accounts if you do not have a financial plan or budget. Neglecting to make and maintain your budget implies that you are ignoring your money-related problems. Your business could be profiting, but you would still struggle to get by if you do not have a budgeting or spending plan.

You need to understand it can become hard to achieve your financial goals when you do not have a strong spending plan in place. So, it would be best to take time now to set up a financial plan and keep monitoring it consistently. Doing so will enable you to choose when to begin contributing to your cash retirement or other money-related objectives like a college fund, buying a house, or taking an international vacation.

Budgeting helps you make better financial choices, and it helps you know precisely where your cash is going every month.

In Conclusion

It is best to try and avoid the common financial mistakes mentioned above and take advantage of the opportunity to create a budget and achieve your financial goals.

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 Bookkeeping?

Bookkeeping is the process of recording all financial transactions that take place in a company. A company makes various financial transactions through expenses incurred and the revenues generated, which all must be recorded. This recording helps the company understand the patterns of costs and sales while also aiding in forecasting and decision-making. The financial data recorded by a bookkeeper is used to develop financial statements such as a profit and loss statement, balance sheet, income statement, cash flow statement, and others. Bookkeeping is an integral part of every company and must be done with great care. The following are some bookkeeping basics that should not be ignored!

1. Cash

Cash accounts include all the money that is in-hand and has been received from various sources. Be sure that the account includes only the amount that has been received, not transactions that are pending. For example, a check that has yet to clear cannot be added to the cash account. Bookkeepers generally maintain two journals: Cash disbursements and cash receipts.

2. Accounts Receivables

Some customers do not make payments immediately. Some business operations require that the customer pays at a later date. Accounts receivable includes the amount yet to be received reflected against the products or services that will be delivered to the customer. Simply put, this is the money due from customers who have received products. It is important to note that accounts receivable only include the income that the company is guaranteed to receive.

3. Inventory

A company must always have raw materials and finished products present to meet unexpected demand. This stock is called the inventory. These items are tracked, and their value is included in the inventory account. A bookkeeper must calculate the worth of all inventory efficiently. This assists in reordering raw materials at the proper times and ensures that goods are not lost or forgotten in the warehouse.

4. Accounts Payable

Accounts payable is a company’s money to an outside source, such as a supplier. This money is paid for a service received. For example, a company has ordered raw material from a supplier, and the goods have been received. The company now owes money to the supplier, which is added to accounts payable. Think of this record as the reverse of accounts receivable. An accurate representation of accounts payable helps the company clear payables on time, ensuring strong relationships with suppliers.

5. Owner’s Equity

An owner’s equity account is one of the most important accounts, as it includes the amount pooled by each owner into the company. One person typically owns small businesses, and the profit is enjoyed by him only. However, for large-scale companies, the company must pay dividends to shareholders. This account includes the funds invested in the businesses and tracks all money that has been drawn out. It is crucial that his account be carefully managed as it determines the profitability of the shareholders.

6. Retained Earnings

After paying the dividends and clearing the payables, the company may be left with some money which is called the Retained Earnings. It is a cumulative account which means the value shown on the account is the total money retained by the company since its start. The account is easier to manage because it does not require any clearing. It is an essential account as it is of interest to potential investors and lenders who may want to invest in the company.

7. Sales

The sales account is of utmost importance to a company. It includes all incoming revenues from product and service sales. It is vital to record sales on time because busy companies often lose track of receipts. The sales account determines a company’s ability to sell its products to target customers. Additionally, the sales account may be credited against cash or accounts receivables, depending upon the terms of the sales.

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.

How much money should you save each month? There are many ways to answer this question. The short answer is that you must save a minimum of 20% of your income every month. At least 12 percent to 15% of which should go to the retirement accounts. The other 5%  to 8% of that should go towards a combination of building an emergency fund, creating other long-term savings, and repaying the debt. Although this is a good rule of thumb, it is not the only answer. If one wants a more in-depth answer, read on.

What are your financial goals?

To take a deep dive into determining how much one should save each month, start by looking at your goals. Roughly speaking, the financial goals break down into four buckets:

• Expenses that are coming in less than a year
• Expenses that arrive in less than a decade
• Long-term/ten years or so away
• Short-term financial goals

Expenses coming in less than a year are things like taking a vacation to the beach, buying holiday gifts, making sure that one has enough money on hand to pay all the taxes, and maintaining the savings for a birthday party. Another example of a short-term financial goal-saving is the value of six months of spending from an emergency fund. One can do it in less than a year. If you want to save $5,000 in nine months, you will need to put in $ 555 a month to achieve this goal.

Long-term financial goals

Long-term financial goals are more than five years but less than ten years. They include expenses like replacing appliances, making major repairs at home, buying a new car (ideally by paying in cash for it), or making mortgage payments for the house.

Extremely long-term financial goals

Under the ambit of over ten years, one’s goals could include building a sizable education savings fund for your children or buying a second home. Of course, one must also include the ultimate goal of long-term savings, aka retirement.

Create a list, plan, and Calculate

People have already covered the subject of retirement, so this list of expenses includes stuff that one is currently saving and everything else, such as weddings, home repairs, vacations, travel, and education savings. Then divide this amount of time by the amount of money that is needed for each goal. For example, assume that a saving amount of $10,000 is required for a wedding, and the plan is to get married in the next two years. One will need to save $416 per month over the next 24 months to reach the $10,000 target. Apply this calculation over all the goals mentioned on the list. To get a better view of the current situation.

What to do if a person has high saving goals?

If you set goals that are outside your means, you will defeat the purpose of making goals. When it comes to savings or budgeting, you have to modify or cut some of the goals. Can a cheaper car be bought? Have a more affordable wedding. Buy a cheaper house, which will require a smaller payment. Then look at how can the current expenses be reduced. Canceling cable TV can save an extra $50 or $60 a month that can be put toward one of the many savings goals. Then see if the deadline for one of the goals can be extended. Is it necessary to replace the kitchen appliances this year, or the current appliances are bearable for at least the next few years? Finally, look for ways to make more money, for example, by freelancing on the side. 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.

No matter how big or small the company, it is always vulnerable to fraud. From the smallest of starter businesses to the largest of established corporations. Fraud may cause losses of at least 5% to 10%. Industries incur significant losses and setbacks due to fraud each year. Nearly 35% – 45% of the fraud cases were related to private sector companies. Approximately 30% of the frauds were reported from public offices and 15% in government agencies, with only 8% from non-profit organizations. The medial loss of fraud was around $24,000. Could your business handle a $24,000.00 loss due to fraud?

Some companies are more prone to fraud and top the vulnerable list. Some examples of these companies and businesses are stated below:

Fraud affects every industry at some point in time but in different ways. For example, there are vigilant departments in larger companies and industries to track fraud attempts, while smaller companies might not have this capacity. />

1. Banking & Finance Industry: the banking and finance services face fraud often. Last year, 17% of the fraud cases were reported from the banking and finance industries. The fraud ranges from cash stealing and larcenies to unauthorized check payment and check kiting. The frequent use of credit cards, plastic money, and online payment methods has given rise to electronic fraud. 
2. Government Sector: Government offices and services are extremely vulnerable to fraud-related discrepancies mainly due to the number of employees. The next highest number of cases of fraud were reported from the government sector at nearly 10%. Government offices fall prey to every other kind of fraud, including billing fraud, purchasing of substandard or low-quality products, expense reimbursement fraud, asset misappropriation, and payroll fraud.
3. Manufacturing companies: Manufacturing companies have a high risk of fraud ranging from 10% – 12%. Non-cash frauds are more frequent and include stealing products and goods from employees or visitors, inappropriate use of company goods, and billing fraud. In addition, reimbursement fraud is common and occurs due to sales forces and territory sales managers’ misconduct.
4. Healthcare Industry: Healthcare businesses are prone to billing schemes that account for 35% – 40% of fraud. The healthcare sector is run most of the time through insurance companies. People get to spend more as they age, and hence the chance of fraud increases. The average amount of fraud that happens within the healthcare industry is around 7%.
5. Educational institutions account for 7% of frauds. The most common kind of fraud in the educational industry relates to educational loan exemptions, billing, and reimbursement schemes. Corruption, skimming, and payroll fraud are also prevalent.
6. Retail Industry: The retail sector encounters almost 6% of fraud cases. The most common types of fraud in the retail industry are inventory theft and cash stealing. However, the overall rating of fraud in this sector is lower than in the others.

How to be Protected from the Risk of Fraud?

Every industry faces the threat of fraud, making it essential for companies to protect themselves as thoroughly as possible. It is crucial for businesses to plan and implement safeguards to reduce risks and prevent both fraud and financial loss.

 

To address fraud threats effectively, all companies should prioritize adopting both internal and external controls. The mechanisms used to detect and identify fraud should be tailored to the specific needs of each business, as different industries are susceptible to various types of fraud. 

 

With the help of technology, companies have strengthened their controls against fraud. Each process, from issuing purchase orders to processing payments to vendors, is now being carefully checked and verified. Businesses are also encouraged to invest time and resources in training their employees to recognize and report any attempted fraud they may encounter.

 

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.

Running a food service business is challenging. Foodservice requires more management skills than any other business. It is essential to have a proper cost-controlling plan for running a successful business.

Some of the most common reasons for foodservice budget concerns are losses that occur in the kitchen, unfortunate thefts by someone from the team, inattention to stock, or inappropriate menu pricing.

This lack of cost control can eat the profits of the restaurant, and no matter how much food is sold at the end of the month, the numbers are not going to be what one expects to see from a successful restaurant.

As such, it is impossible to manage and control the menu prices if the costs of supplies are not monitored. Likewise, it is essential to know precisely how much food is stocked and how much it costs, so it can be easier to calculate and project the business’s revenue.

Inventory Management:

When preparing cuisine, a restaurant needs a constant supply of ingredients or raw materials. Previously it was a hectic task to keep track of inventory, but now there is software that is exclusively designed for managing restaurant inventory. Some valuable tips for maintaining the inventory are below:

• It is wise to do stock engineering by following the technique of FIFO (First In First Out), as the items that are used in the kitchen have the shortest expiry date.
• Do not overstock: Once the business becomes stable, the stock managers know the exact number of items they need per day or per week. It is useless to overstock the food. Follow the usual demand and supply method for cutting stock expenses.

Recipe Management:

People look for a restaurant that serves food that tastes good and is consistent. Large restaurants keep a Standard Operating Procedure (SOP) for their recipes. It also helps them track the required amount of ingredients. Stocking unnecessary ingredients leads to unwanted and avoidable expenses.

Menu pricing:

The menu should be built on a strategy that requires prior planning and thorough calculations based on ingredients necessary for each dish, seasonal items that are required, and prices that can fluctuate (like gas prices, fuel prices for delivery services, etc.). Menu prices should not be changed for a long time because it would be unethical to raise the prices quickly. If the prices have to be raised, it is better to offer smaller portions or different cuts of meat to still be profitable. Remember, food costs should be around 25-35% and should remain constant to generate profit without any intrusion.

Staff training:

It is imperative to have a trained staff in the food business. The staff that works in the kitchen should be highly trained to control costs since they are the ones who work with the product. If the kitchen staff makes mistakes, then it directly affects the expense. Make sure they understand the appropriate portion size because if portion size varies, expenses will increase.

Waste Sheet:

In addition, the kitchen staff should keep a record of waste on a Waste Sheet. It should be reviewed periodically and easily maintained using the software. If software cannot be used, then a manual sheet should be used by staff.

Pilferage:

Restaurants lose money due to theft, and it can be difficult to identify. An easy way to monitor theft is to assign roles to each worker and stop unauthorized access.

Final words:

When establishing a successful food business, cost control is crucial. It is important to strategize the menu and hiring and closely monitor other miscellaneous expenses.

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.