Author: Complete Controller

Digital marketing is the promotion of products that use consumer electronics and the internet. Digital marketing applies technologies and multiple channels that help an association analyze content, campaigns, and strategy to recognize what’s working and what isn’t.

How does it work?

Digital marketing works by enticing potential customers towards a website, blog, or articles and encouraging them to purchase the products. You can use either SEO or PPC to attract the target spectators to your website and make leads and inspire them to buy from your website.

You must have heard the terms; “influencer marketing” and “outbound or inbound marketing.” These are the same concepts of digital or internet marketing that have proven to work. The ideas, coupled with analytics tools, can do wonders for your business.

Most businesses slide away, including digital marketing in their advertising or brand promotion efforts, mainly because they don’t know that they can accomplish it, where to begin or how far to go.  Each digital marketing category can help bring imperative because it will help you decide when to focus on your resources.

Types of digital marketing

• Search Engine Optimization (SEO)
• Social Media Marketing (SMM)
• Pay Per Click (PPC)
• Email Marketing
• Content Marketing
• Influencer Marketing
• Mobile Marketing
• Viral Marketing
• Electronic Billboards
• Radio & TV Ads

Let’s talk about the strategies

Let’s start by talking about guest blog posts. A guest blog post is a lengthy but informative post over something you know. The blog must be in your niche and not your rival competitor. You are wondering why it’s an effective strategy?

• Usually, blogs in your niche have a high readership, which leads to loads of free promotions for your website. Also, get an endless supply of free traffic, get a partnership, and collaborate with someone who offers excellent content.
• The more awesome content you post, the more reputation and your value will increase, and all of that will lead you to become an expert on your theme.
• Another highly effective digital marketing strategy can be Viral eBook Marketing. This strategy can do wonders for your business. This way, you get to write a free eBook on a topic in your niche and have it available for download on the website. Set up a link to the site all around and ask the readers to use it as a form of free content and maybe have it passed around to their friends.
• Consider this as a fantastic free traffic tool since the more people who download it will have the ability to use it and offer it for free or recommend it to others. And soon, when you have enough people downloading the free eBook, it’ll turn into significant traffic itself without causing you any trouble. If the content you post is good and benefits the people reading it, have it on your site and let it do the magic.
• Not just that, but you may submit it to free eBook directories that store your eBook for people to download and read or use for promotional content on the website. Also, some of the lists require a direct link that gives high value and an appropriate backlink to your site. Call this digital marketing 101. Once you put it out to use, you will see how well it works for your business.

These two strategies are highly effective in digital marketing that can help you improve your sales, profits, and traffic. You can use more techniques and boost your sales, but these two alone can put you above your competitors.

But remember, it takes repetitive efforts and daily work to maintain or make any digital marketing strategy work. You won’t get results if you’re lazy. So, pull your boots up and get on the internet because there are immeasurable options for you to take your business to the heights of glory!

So, stop wondering and start doing because success is right around the corner! And the Internet is your saving grace.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Due to the fast growth of social media, social media marketing has gone from a new idea to a must, especially for business owners and marketers. With time, social media marketing has surpassed all the older marketing strategies. Social media allow a potential customer to interact with a business directly in many ways.

According to a recent study, 80% of today’s successful businesses get most customers from social media-related platforms. Below is a list of effective ways that a person can use to promote their business on social media:

Choosing the Appropriate platform

The internet is full of social media-related sites that allow one to share their content. Using the right platform can make a difference between success and failure. The first thing about using social media as a promotional tool is identifying what type of customers are attracted to that specific business. Conducting profound research will help a person determine what sites their potential customer preferences are and then make an account of them to promote their business. A business owner must also consider what social media platform suits their company the best. For example, if a person is running a video production, they should consider YouTube as an obvious choice. 

Making a Calendar

Anything that happens too fast or in a rush is primarily low quality. Repentance of posts can also lead to a downfall of an otherwise running business. Therefore, a business owner needs to create a proper calendar that will lead towards better/ more efficient posts.  These calendars will also help a person maintain goals and develop new strategies etc.

Encourage Engagement

Another significant aspect of using social media marketing is that social media should be socially interactive. A business owner needs to encourage social interactions to promote their business successfully. Feel free to post stuff that makes people interact, ask a question, and give a suggestion. Again, a person must research to find out exactly what type of posts will react to their audience. 

Avoid Over-Promoting

Many companies failed because they were using the same kind of strategies repeatedly. Social media is a fantastic marketing tool, but it can also derail a business if the promotion is unfavorable. A person must post stuff that their audience likes and want to see.

Share Video

According to a recent study, video content seems to grab more people’s attention than others. Videos are more engaging, and people are more likely to view them while scrolling down their Facebook page or Twitter news feed. Another great thing about videos is that a person can say more in a video than in writing a post. Creating catchy and exciting videos to promote a business is another great strategy that is worth a shot.

Dealing with Negativity

Most of the feedback a person gets on social media is mostly positive. Occasionally, a person will be unhappy or pessimistic about the products or the brand. Therefore, it is crucial to catch issues before they attract any unwanted attention. Every time someone is unhappy about the product, apologies to them while offering a flexible solution.

Create a Community

Instead of focusing too much on getting tons of followers, focus more on attracting interested people from the same field of interest. These people are likely to become customers in the future.

Providing Value

Providing value to the followers is feasibly the essential thing a business owner can do. Create a brand that people enjoy and find helpful or introduce something new, anything to attract their interest. There are around three billion users currently active on social media, which makes it a pond full of potential new customers.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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 today’s business world, every organization is undergoing automation, and every entrepreneur is looking forward to digitizing their core business processes. The field of IT is undergoing constant changes and evolving daily since its inception. Therefore, business owners keep updating their business processes to blend in with striving to keep their businesses updated enough to keep up with this technology-driven system. Moreover, constant changes in consumer behavior are also demanding for a business system to watch out for these changes in real-time and produce feedback firsthand. In this way, an organization will never lag and constantly be updated about its consumers’ choices. Also, such changes guarantee the necessary adjustments in an organization’s offering according to the market shifts.

The productivity void and how to fill it

The world is currently seeing a massive contraction in the state economies. Businesses are going down, which is a threat for many entrepreneurs. People are going through a dilemma of whether continuing with their companies is beneficial for them or not. Large corporations may still be able to work their way through such harsh economic conditions and may be able to bear these losses. Small and medium enterprises that are living on monthly cashflows are the ones suffering. But there are still hopes and a bit of a silver lining. During such difficult times, manufacturers want to find out the loophole and where the fundamental shortcomings occur. They have found out the cause of this downward slope of productivity.

Automation of SCM – a solution

Entrepreneurs and manufacturers are trying to streamline the production and manufacturing processes to see an increase in the productivity of their businesses. One of the common answers to where these productivity loopholes are occurring is the outdated supply chain management system. You can counter many productivity issues by automating supply chain management.

One of the significant benefits of automated SCM is that it increases the rate of productivity and distribution. It is achieved by increasing the pace at which products are being manufactured. Automated SCM also increases the supply rate of the products to end-users. It is precisely the reason why many successful and thoughtful entrepreneurs are shifting towards mechanical SCM methods. In this way, the manufacturers can also reduce their fixed and variable costs. Automation makes the entire production process smarter, which means less input yielding more output. In such circumstances, fewer resources get used, and entrepreneurs fetch the maximum benefit from bulk production.

There are many benefits that manufacturers can derive from automating the supply chain management of their organizations. Several reasons as to why the COOs of any organization should implement the automation of SCM are:

• A reduction in operating costs – through intelligent working, you can reduce operational costs significantly.
• Increase in productivity – Automation always speeds up any process and reduces the probability of errors. Through its implementation, entrepreneurs can increase the productivity of the manufacturing department of their companies, which in turn will boost revenues.
• Precision – As discussed earlier, automation reduces the possibility of errors and increases accuracy in the processes.

It is beneficial for any organization to implement automation in its supply chain management department. ERP software coordinates central business procedures, for example, client orders, planning tasks, stock records, and financial information. It will significantly speed up all the processes and positively impact the organization’s overall profitability. We can never discuss automating business processes without mentioning the use of Enterprise Resource Planning (ERP). An ERP software sits at the very foundation of the entire automation process. The whole process is achieved through the implementation of suitable and reliable ERP software. Enterprise Resource Planning can drive tremendous upgrades in the adequacy of any association, including fabricating, circulation, account and detailing, and examination.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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 department of supply chain management holds great importance within an organization. People often see much of it since it is at the backend of business and has lesser or no interaction with the market or consumers. But often, entrepreneurs consider this department as the backbone of an organization. Supply chain management refers to bringing in the raw materials to create products, finished goods to placing those finished on the shelf of a sale store. There are a few major and unique elements of supply chain management. Following is a brief discussion on all those SCM elements.

Planning

It is fundamental to plan the procedures and set them up since it is the essential stage. Checking the interest for the item or administration, checking the suitability, costing, benefit, and labor, and so forth. Are essential. Without a legitimate arrangement or system set up, it will be well-near outlandish for the business to accomplish assertive and long-haul benefits. In this way, you must give enough time to this stage. Simply after the conclusion of the plans and thought all things considered and cons, would one be able to continue further. Each business needs an arrangement or outline or a guide dependent on which the systems are made. Planning and accounts help recognize the interest and gracefully slants in the market, thus assisting with creating a practical supply chain management framework.

Integration

Planning is the most vital and fundamental part of doing something. Before someone begins with any task, you should plan first if succeeding is the only goal. Without planning, the chances of success are reduced significantly. But before starting to plan for something, especially within an organization, the first step that leaders take is integration. By integration, it is meant that everyone on board takes part in the cause. Everyone who is part of the project gets a say in it and communicates and shares their ideas. In this way, they collaborate on the task and add value to it. Instead of working separately, when people work in teams, the outcome improves, and the odds of success increase.

Operations

One of the strategies for keeping the supply chain management department of an organization strong throughout its tenure is to keep the daily routine operations of the organization up and running and in a proper flow. Especially for manufacturing organizations, operations serve as the foundation of the whole structure. Higher management level assigns supervisors and mid-level managers to check on the processes that they are going smoothly. One of the strategies in the present-day business is a lean manufacturing strategy where managers keep on evaluating the day-to-day operations and keep on checking where You can make improvements.

Purchasing

Purchasing sits at the heart of an organization’s supply chain management department since nothing can be created out of nothing. Managers must keep track of the raw material purchases that they are sufficient at the production satellite. Their sufficiency ensures that the manufacturing sector will keep on working and operating. A proactive approach is required in this regard, and managers responsible for checking this department must arrange raw materials in advance. Hence, the production never stops due to a lack of resources.

Distribution

The distribution process sits at the end of supply chain management, and it occurs when the product is ready to be released into the marketing. Many companies have their distribution channels, while some also outsource this department to external distributors. The final distribution stage is when a product lands on the retailer’s shelf, waiting for the customers to make a purchase.

There are two of the most significant parts of a business, namely supply and demand. For any business to be fruitful, requests and flexibility patterns should be concentrated while actualizing a viable execution arrangement. A suitable framework related to supply chain management is required not only for the timely production of merchandise; it is likewise a basic framework for guaranteeing those customer necessities are met successfully.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Economic recession refers to an uncertain situation when people start losing their faith in the credibility of the financial market. It usually happens when few market players start using bogus monetary schemes to make some quick money. This way, people start losing their money and feel shy about making investments. The decline in confidence of the consumers adds up to the decrease in demand. That is where the money regulation within an economy comes to a halt, and the whole economic system begins to freeze.

The mechanism behind the economic recession

An economic system works like a well-oiled machine, and if even one of the factors stops working, the whole system crashes. The lack of money regulation saturates all the money in one place, and businesses start to go bankrupt due to a lack of sales. Consequently, GDPs go through a decline, and so does the global economy. This phenomenon is known as the economic recession. An economic slowdown occurs by the saturation in the growth of businesses. When they don’t keep up with the changing market trends and fall behind, that is where they start seeing a decline. That is the downfall of a business, which can lead to its failure. A country experiences an economic recession when multiple companies fail.

Here are a few causes of the economic recession discussed.

Piquing interest rates

High-interest rates in a monetary system are considered the primary cause of an economic recession. Due to high-interest rates, companies refrain from making investments in the money markets, and the money flow in an economy slows down. In many cases, certain financial institutions owned by the state are responsible for such abnormal fluctuations in the interest rates. They control the interest rates as per the requirement of evaluation or devaluation of the state currency. Such events might be helpful in some ways, but it mainly creates grounds for the economic recession in the bigger picture.

Stock market bubble

One of the leading causes of stock market bubbles is the rise in the demand for equity investments, and the costs of stocks are driven higher than a target valuation would direct. With no evident advantages for back the elevated prices, the stock costs, in the long run, can’t hold up to themselves, and the whole market rectifies back to a sensible valuation. Financial specialists pull back cash out of the question needs when this occurs over an expansive range of stocks, destabilizing them further. Farther along in the cycle, certainty will gradually return once speculators accept that the stocks have hit their least possible point.

Decreased confidence for investment

According to the theories of consumer behavior, sometimes, consumers don’t feel like spending or investing their money. This behavior arises due to decreased confidence in making investments in the market. Different market uncertainties are usually behind this lack of confidence in people. When people are uncertain about returns, they will never invest and will keep their money with them. Lesser investments mean lesser circulation of money in the market, which creates a lock within an economy. As a result, the whole system begins to crumble, and an economic recession begins.

Increased unemployment

Increased levels of unemployment can result from a monetary crisis in real life or can be one of the reasons for it. A financial emergency can happen when high loan fees, tight loaning, and reduced customer spending bring organizations relinquishing representatives to endure the monetary downturn. It transforms into an awful descending winding as jobless shoppers don’t spend openly, affecting organizations further and prompting more cutbacks. Expanding joblessness can likewise be secured when organizations redistribute positions to different nations. This kind of joblessness is progressively lasting in nature and can produce long-term monetary insecurity.

There are other causes for the economic recession, such as the stock market crash, deregulation, lack of manufacturing orders slowing down the process

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

E-commerce has been a thriving market for several decades. Several individuals and professionals have also chosen to join this type of business. For a successful online sale, delivery is essential. However, things start to get worse when the recipient lives abroad. The seller must ensure the delivery of the article or product relatively quickly to ensure its sustainability. Here, you will learn everything that helps you manage the transferring parcels around the globe.

Package preparations

After the conclusion of a sale, it is necessary to pack your products before shipping the package. The sender can choose boxes or envelopes, padded or not. To protect the item, the shipper should also consider incorporating padding equipment. The size of the packaging should be as small as possible to save. For information, the cost of the packaging must add to the number of items sold. Otherwise, the seller’s profit margins will be lower.

Sending the parcel to the postal services

The sender can choose to send the parcel through the postal services. However, the package must be light.  The postal services carry out the weighing to know the weight before sending the package to its destination. Once at the destination, the postman puts the package in the receiver’s mailbox. The customer can also come to the post office to pick up his package. The solution does not require signing a receipt document. Postal services allow you to track your parcels using various mobile applications.

General terms related to global shipping

Trading invoice – Exporter makes this document that proves your ownership.

Customs – It tells us the government assesses imports, export, and lets you know the transit-related laws of the country.

De minimis value – is a threshold that means you will have to pay duties for imported goods.

Duties – payment of tax or tax

Fulfillment center – you can receive all your incoming orders from affiliated locations. This center process or fill your orders and work independently with the specific industries.

HS – It is the Harmonized System (HS) by which you can apply for duties, implement trade agreements, and gather trade statistics.

HS classification code – With it, you get fundamental product parameters to evaluate customs duties and taxes.  

Zone for free trade – traders have ports that allow them to enter non-prohibited products without paying their duties.

What products prohibit international delivery?

Several products are not allowed for national or international delivery. You can consult the prohibited products with delivery companies or postal services. Specific rules govern each country in terms of sending parcels. In principle, analgesic products and animals do not permit delivery. Likewise, sellers cannot also ship chemicals and explosives. Concretely, it is forbidden to send products that present health or safety risks.

How to secure the product?

When delivery happens abroad, it is important to ensure the package. It will make it possible to recover compensation in the case of loss of the package. For information, the postal services only reimburse the amount of postage. Also, products must be packaged with the unique packaging of certain postal services to receive a refund. Therefore, it is important to know the conditions of sending to posts or courier companies. To ensure the article, you would need to take out additional insurance. Indeed, the amount of compensation is much lower than the actual price of the product on the market. Taking out insurance will also depend on the delivery method.

Customs declarations

Once the goods have arrived on the soil of a foreign country, packages must receive approval by customs before delivery to the customer. Customs clearance procedures are not compulsory when deliveries happen in the European Union and overseas countries. Otherwise, you should include customs documentation with your package. Customs documentation is available online or at post offices. It is enough to give information concerning the product to facilitate the work of the customs agents. Payment of customs fees is the responsibility of the customers. The seller must include this information in his online sales site.

Warehouse management and order fulfillment option

Order management and fulfillment warehouses also become possible solutions for ensuring delivery. The method consists of entrusting the delivery management to a partner. The goods stay at partner warehouses. Therefore, the seller will not need to have a physical warehouse to save on storage costs when the seller receives an order from a customer. The order will be transferred automatically to the partner. The seller will receive the amount of the article. For its part, the partner will prepare the package and send it through its delivery channels on your behalf. However, handling and shipping costs are first collected.

One of the challenges that many E-commerce retail shops face when dealing worldwide is broken packages and damages to the goods while transporting them overseas. Make sure you manage the inventory and ensure their safety while handling. Many users end up leaving complaints about the packages after receiving them and eventually ask for chargebacks. Chargebacks cause an additional cost burden on your company and may even drive losses to your business if your products are not insured.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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 enchanting world of business is touching new skies with each passing day. Who and what have businesspeople in the industry do? There are a lot of questions in the minds of the people who are facing unemployment. The answer is that these businessmen bootstrap. They create their own business. Most of them had no means to earn a single coin, but the only way they use is “hard work.”  It’s not an easy way. Of course, it isn’t easy.

Many of us have no means to earn money. Even people do not have a single source of income that can support them. Their hands are tied, and they are tired. Where there is disappointment everywhere, there is a way of hope, and that is “bootstrap the business.”

What is ‘bootstrapping’

What is “bootstrap”? Many people don’t know what that means. Bootstrapping isn’t a machine that makes money, or neither can it earn money without any effort. It is a way of hardship. It is a self-preparatory course. People thinking about starting a business without any external aid can surely take advantage of this business-enhancing phenomenon called bootstrapping. Businesspeople who use this concept have a significantly higher success rate than those who don’t.

How one can bootstrap his business

It’s a famous proverb, “Where there is a will, there is a way.” According to experts, a person doesn’t need capital to start a business, but how? Even though it is complicated but certainly not impossible. Anything is possible if a person is willing to put their willpower, tears, blood, and sweat into their work. History is full of examples of people who tried and found success. Many famous and huge business personalities in the world today started from scratch and got the unlimited win. They faced many challenges, but they didn’t give up until they finally bootstrapped their way towards an established business.

Try again

Nowadays, people are full of fear. They are afraid that they might fail. According to Guthery’s point of view, so what if they fail? Failing is a huge part of success. The key is to keep trying to succeed. When a person starts bootstrapping, they will face many problems at first. They may even have to bear a loss, but they will be successful one day if they continue to try.

Passion is one of the essential factors of bootstrapping

Only a person with a limitless amount of passion about there will never give up. According to experts, people who are more passionate about their business and work are often more successful than others.

Evade loan

If a person wants to start a business and is short of cash, they might consider taking a loan. However, that can translate into a mistake later. Most people who take loans are unable to pay them back, which leads to debt. People should avoid taking loans unless they have a stable income pattern or a proper backup plan.

Make phone calls

One who is going to bootstrap will face a lot of rejection. Rejection is a massive part of bootstrapping, especially in the first few months. Feel free to make countless phone calls and knock on as many doors as possible. Do whatever it takes to get your name out there. 

Make relations with other successful business people

Joe Polish is another successful businessperson who thinks that one who wants to be successful should surround themselves with other triumphant public. According to a student, the human brain adapts a lot faster than we think. Having other successful and intelligent businessmen around will automatically enhance a person’s mindset.

Negotiation is the key to bootstrapping

Never be hesitant to the brain. People who ask the most question always have the most answers. Feel free to look at other prices and options when buying something. People who negotiate usually get the better deal.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Effective Management of Cash flow is essential for the smooth running of businesses because it determines how much money is coming in and going out of the company. It is crucial for all sorts of companies but is very central to the performance of small and medium-sized enterprises. For SMEs, it is necessary to have enough money to pay their creditors and avoid extended cash shortages, mainly caused by a massive difference between cash inflows and cash outflows.

Cash flow issues generally arise when your payables are due before your receivables. In return, you won’t have enough cash to pay off your monthly payroll or subscriptions until your next payment arrives. Subscriptions are why it is crucial to managing cash flow in a small and medium-sized business. 

Here are some of the top tips that will help you manage your business cash flow statement better. 

Lease all the equipment from banks: Many business owners believe that leasing equipment, real estate, or supplies are more expensive than buying them. It is quite the opposite. While you might have to pay a bit extra markup over leased items, it usually doesn’t take a significant toll on the regular cash-flow statement since the payment breaks down into installments. By leasing, you pay in small increments, which helps improve cash flow. A bonus is that lease payments are a business expense.

Prioritize debts – Pay off debts with high interest rates first: One of the most common things that disrupt a new business’s cash flow is having debts with interest rates piling up. It would be best if you prioritized the repayment of your debts such that any debts with mounting interest rates paid off.   Having high debts causes difficulty in managing the cash flows and is a common problem that a company faces especially new and small businesses. The leading cause of this problem is usually a high-priced loan with higher interest rates taken from the bank; because of this, the net inflows reduce, which causes you to pay the debts from your profits and retained earnings which can further lead your business to go in deficit. The best solution to having extensive debts can be refinancing your loans. Refinancing the loans means replacing the high-interest rate loan with a lower interest rate loan, reducing the payments by decreasing the interest rate. Moreover, if the business must make higher payments, you can also consider cutting other overhead expenses, such as finding a cheaper supplier to reduce your cost of sales.

Optimize your costs: Usually, for small businesses, debts aren’t too high either, or most likely, you are only spending on things you need to run your business. However, if your debts are getting out of control, it’s about time that you look at your financial statement and analyze your costs. Start by looking at the subscriptions you rarely use. Unsubscribe from all such subscriptions. Cut down the office decorations and other expenses that add to your budget. Negotiate the payment terms with vendors and agree on a discounted or flat rate to minimize outsourcing costs. You can also get rid of any assets, such as that delivery van that you rarely use. Another significant component that takes up a lot of additional budgets is the marketing costs. Optimize your advertising campaigns and switch to more cost-effective methods of marketing such as social media. 

Reassess your customer payment terms: If your payment terms give your clients the leverage of several weeks in making payments for products/services purchased, now is the time when you might want to reassess those payment terms. Reduce the payment time by half, so you get payments earlier, thus helping you boost your company’s financial standing instantly. 

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Financial and accounting management is the key to the success of any business. Whether a start-up or a fully functioning company, having a proper financial infrastructure is essential to keep your business operations running smoothly.

Small business owners often make the mistake of ignoring the importance of accounting functions and manage the business accounting and bookkeeping themselves. Therefore, they sometimes miss recording crucial data or pile up the accounting tasks until the end, making it difficult to finalize taxation or record business projections in time for closing.

This missed data often leads to debts, increasing interest rates, reduced finance optimization, and eventually increased losses. It is essential to adopt proper bookkeeping and accounting practices from day one so that your company’s financial records remain straight and your business is ready for an audit or expansion.

You don’t have to hire a full-fledged team of accountants or a highly paid chief finance officer right from the start of your business. However, it is vital to dedicate a resource or time from your schedule to the bookkeeping tasks. Here are steps to managing the accounting function of your company.

Start-Up Phase – Setting-Up the Key Accounting Structure: In the start-up phase of your company, it is not necessary to have a complete team of bookkeepers, accountants, and tax managers. However, it is crucial to have at least one person manage these tasks with focus and efficiency.

You can achieve this either by hiring a simple accountant for your business, someone with limited qualification but enough knowledge of bookkeeping so that they can record day to day transactions and maintain a regular record of your business finances, or you can outsource the task to an accounting service or hire a part-time accountant.

If you have an in-house finance manager, be it full-time or part-time, it is also essential to have the appropriate accounting and bookkeeping software to help you conveniently record all the transactions and minimize the risk of human error. Most SMEs utilize QuickBooks for essential accounting functions. However, there are tons of other options available online to help you manage your accounting functions.

Here are some extra tips for setting up you’re accounting in the start-up phase for your business

1. Ensure Fraud Protection: Keep periodic checks on all your business transactions, record data regularly, and always tally the receipts and payments to evade any fraud.
2. Never Deal in Cash: Set up a bank account and only accept payments through credit cards or wire transfers. Don’t deal in cash, as that can disrupt your taxation and cause leakages in your finances.
3. Review All Transactions: Make sure you review all your payments regularly.
4. Don’t Take Taxation Easy: you should hire a tax lawyer to prepare your taxes. While accountants might do the job for you, it is best to have an expert on taxes to file your payroll, sales taxes, and quarterly estimated taxes.

Growth State – Get a Part-Time CFO: Once your company starts growing and the revenue starts coming in, you might come in the position to plan your expansion in terms of products or clientele. In either case, this means increased transactions, more businesses, and more workload on your bookkeeper.

If you were outsourcing your bookkeeping tasks, it is time to hire a full-time bookkeeper and a part-time  CFO to oversee your financial management. While the bookkeeper continues to do the day-to-day job of recording transactions, the CFO will be responsible for projections and analysis based on revenue figures. This added function will help make well-informed financial decisions and better taxation.

Settled Business – Get a Full-Time CFO with a Finance Team: Once your company has grown and the income has become stable, it is essential to set up a proper finance department overlooked by the CFO. If the number of employees in your company has significantly grown, it is better to have multiple people in the finance department.

Each person in the department should have a hand in the financial management of staff, clients, and operations. The CFO would oversee the department and ensure that the company’s financial health is managed through the work of the staff.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

After the technological advancements and pandemic last year, the entire world has switched to the digital realm. Businesses now prefer digital marketing over traditional. The divergent variety of innovations is taking digital brand marketing to the next level. Artificial Intelligence (AI) has changed the concept of branding and enhanced it effectively.

Now, companies leverage AI to enhance data-driven branding as their primary goal and mission of digital marketing. With the help of AI, companies want to ensure a great customer experience. It is cost-friendly and more effective as compared to high costly branding campaigns.

Artificial Intelligence helps in interacting with customers to optimize the best future of the company. In addition, companies with AI strategies report that they saw a 39% boost in revenue in 2020, and it also deducted their 37% cost.

Let’s glance at the reasons briefly how AI plays the role of game-changer to take brand marketing to the next level.

AI Enables Best Product/Content Recommendations

Some renowned companies like Netflix, YouTube, Amazon, Spotify, and many others have utilized AI technology. These brands have provided the best product offerings in terms of produce and content recommendations. AI-based customer data creates genuine customer profiles that include their likes, dislikes, interests, and preferences.

With the use of AI, companies provide a personalized experience to customers. When customers experience a personalized approach from the brands, they take more interest and purchase more.

Smart Search Functionality

A decade ago, when you searched something on a search engine, it wouldn’t appear authentic results quickly. You needed to insert correct spelling, or else searching on the internet would be a difficult task. This complexity no longer disturbs today. With the use of AI, marketers utilize way more intelligent and more advanced search functionality.

Google is the top search engine that has advanced searching experience. After Google, e-commerce websites have also advanced their search features by incorporating modified auto-suggest corrections. When you type something on Amazon, you might have noticed that various suggestions pop up on your screen.

AI has improved the experience of AI, due to which brands are more likely to get more leads, higher number of sales, and ideal online visibility.

Programmatic Advertising

Programmatic advertising is one of the advanced choices of marketers. It is due to buying and selling ads. The launch of AI in the marketing industry has made programmatic advertising more efficient and advanced. Now advertisers and publishers are connected to exchange their advertisements for a specific price.

Additionally, AI strategies also identify customers’ behavior, and marketers may effectively utilize this data. For instance, customers who provide a better chance of conversion are our targeted clients. AI also determines the best time to post an ad. As a consequence, the impressions will convert to effective leads.

Enhanced Targeting and Segmentation

The first step of marketing includes better targeting and segmentation. Marketers effectively want to reach their target audience and provide them personalized offers that they might need or want. You need accurate data to segment your audience and target efficiently. However, AI technology can make it possible and easy.

With advanced AI segmentation, you can classify your audience in simple variables, such as gender, age, locality, and complex ones, such as past interests, buying personas, etc. In addition, AI has also developed dynamic segmentation, which can identify customers’ constantly changing behaviors.

For instance, a person may want to buy a gift for his parents, and he may also be interested in purchasing a car. So, the dynamic segmentation may quickly identify accurate data with constantly changing buying behaviors.

Sales Forecasting

Artificial Intelligence also helps predict sales, including important information, such as past sales data, customer base expansion, economic trends, and industry-wide comparison.

Consequently, companies can easily track their performance and predict future analysis in the short and the long run.

Real-Time Customer Support

Customer support is the essential need of companies to escalate the height of success. Quick responses and fast resolution have become the main requirement of the customers. However, Artificial Intelligence also provides an excellent customer support service with the help of AI-driver chatbots. As a consequence, companies may offer excellent customer service.

Chatbots are crucial in modern-day marketing. It works in both efficient ways – keeps customers engaged and responds quickly to the customers’ concerns.

The Bottom Line

AI is the new way to targeting customers and provide the best customer service. Artificial Intelligence is the future. It can lead digital marketing to the next level.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.