Author: Complete Controller

The present business landscape exists within a rigid regulatory climate that has elevated the companies’ threshold to bear financial losses. Consequently, many businesses go under the burden of losses instead of the profits that they imagined. This loss is where the significance of external audit proves its worthiness to an organization.

An external audit grants impartiality that the internal audit team can never provide. While internal auditors can’t assist but are personally invested in the result of their findings, there are no concerns over the consequences for the external auditors if the company is not satisfied with their report.

This absence of bias is essential for strengthening the credibility of a business’s financial statements and financial health. Business entrepreneurs can hire external audits for the similar reason they appoint an internal audit.

There are significant benefits of having an external audit conducted by a professional accountant to determine your business’s financial status and reputational strength. Here are six reasons external audits can help your business.

Ensures Tax Submission

When you appoint an external audit, you’re exposing your business up for a crucial assessment of whether your company is concerned with all applicable rules and regulations for tax payment. One of the benefits of having such an audit is that the external accountant is not affiliated with your company and can determine the condition of your business without the fear of the result, even if you don’t like the consequences.

For instance, an internal accountant who has been employed in your company for years might not want to deliver distress about tax non-submission and decides to fix the issue later, which could make the situation even worse.

Grants Independent Credibility

Another great benefit that instantly boosts up the confidence of a business owner is the state when financial statements will become more credible when an external source with no stake in your success vets them.

The significance of independence in external auditing is that it provides credibility that is one of the keystones to the success of your business, especially when you’re in the process of developing a versatile reputation within your industry.

External auditors won’t work directly for you, and also, they’re not going to be impressed by any pressure you might put on them to obtain a favorable audit. However, the approval of an external auditor of your financial records is much more credible than that of the internal ones.

Allows Criticism

The significance of independence in external auditing also shows that they observe the business management with a sharp-eyed gaze and determine which parts of your company are spending their valuable money. External auditors often criticize accounting practices and routine operations and idealize efficient plans for you to implement innovative strategies for greater efficiency.

Legislative Compliance

In some cases, your business might require having an external audit due to government regulations. However, it is not necessary to associate audited accounts with an external party. An external audit can assure that you’re complying with the state or federal legislation applicable to your company. This independent review ensures that your business is complying with regulations.

Fraud Prevention

External auditors scrutinize the accounting records of the company without any personal favors or biased judgments. They help to detect any suspected fraud cases by impartial inspection. Financial statements are the unpolished truth for external auditors and protect the business from further loss.

Process Improvements

External auditors provide suggestions to improve internal controls and automate procedures to make them more disciplined. Moreover, these accountants also provide constructive professional counseling sessions related to the company’s comprehensive performance and productivity improvements.

Conclusion

External auditing is the art of considering every financial activity within the premises of an organization. Undoubtedly, it boosts up the confidence of the entrepreneurs as it provides genuine reviews about the company’s well-being and provides a measure to overcome any tricky situation.

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.

By: Jennifer Brazer

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

Fact Checked By: Brittany McMillen

Unlocking Employee Impact: Transform Your Business Success

Employee impact on business directly influences productivity, innovation, customer satisfaction, and profitability by creating the foundation for sustainable competitive advantage. Companies with highly engaged employees achieve 21% higher profitability and 17% greater productivity than their competitors, while reducing turnover costs by up to 60% per retained employee. Research from Gallup confirms that organizations prioritizing employee engagement experience four times faster revenue growth compared to those treating workers as mere resources.

As the founder of Complete Controller, I’ve witnessed firsthand how empowered teams transform ordinary bookkeeping operations into strategic business accelerators. Over my 20 years leading a cloud-based financial services provider, I’ve partnered with businesses across every sector imaginable, watching some soar while others struggled—and the differentiator almost always comes down to how they invest in their people. One manufacturing client reduced operational costs by $350,000 simply by redesigning roles to enhance clarity and autonomy, while another tech startup doubled its customer retention rate after implementing our employee recognition framework.

What is employee impact on business, and how do you maximize it?

• Employee impact on business measures how workforce engagement, satisfaction, and empowerment directly affect revenue, innovation, customer loyalty, and operational efficiency.
• Engagement drives profitability through reduced turnover (saving 50-60% of annual salaries), increased productivity (17% higher output), and improved customer satisfaction scores.
• Key maximization strategies include aligning individual goals with company vision, implementing recognition programs, and creating clear career development pathways.
• Small businesses can leverage low-cost tactics like peer recognition systems, flexible scheduling, and transparent communication to compete with larger competitors.
• Long-term success requires treating employee impact as a core business metric, tracking it through retention rates, productivity indices, and employee Net Promoter Scores (eNPS).

The Profitability Engine: Data-Backed Employee Engagement

Companies with highly engaged workforces generate 21% higher profitability because engaged employees work smarter, stay longer, and innovate more frequently. The financial impact becomes crystal clear when you consider that disengaged employees cost U.S. businesses between $450-550 billion annually in lost productivity, according to Gallup’s workplace research. These losses stem from increased absenteeism, higher error rates, and the subtle but devastating effects of presenteeism—showing up physically while mentally checking out.

The engagement-profitability connection runs deeper than simple productivity metrics. O.C. Tanner’s research revealed that companies implementing predictive recognition models saw 15% faster client payment cycles and 23% higher innovation output. When employees feel valued and connected to their work, they naturally advocate for the business, generating organic referrals and strengthening customer relationships without additional marketing spend.

Breaking down the numbers that matter

Smart businesses track engagement through multiple lenses:

• Retention savings: Each engaged employee saves $4,700-$6,000 in avoided turnover costs
• Productivity gains: Engaged teams complete projects 20% faster with 40% fewer errors
• Customer impact: Companies with engaged employees see 12% higher customer metrics
• Innovation yield: Engaged workforces submit 2.5x more process improvement ideas

Leadership’s Role in Cultivating High-Impact Teams

While 91% of employees report frustration with their leaders’ communication skills, organizations like Kemp & Lauritzen prove that leadership transformation drives measurable results. This Danish technical firm reduced turnover from 35% to 28% by training managers in autonomy-granting techniques and implementing real-time feedback systems. Their success hinged on a simple principle: leaders who empower rather than micromanage create environments where employees naturally excel.

Complete Controller’s “Ownership Architecture” model demonstrates this principle in action. By delegating financial decision-making authority to bookkeeping teams, we achieved 33% faster monthly closes while improving accuracy rates. The key lies in balancing autonomy with accountability—providing clear expectations and boundaries while trusting teams to find their own paths to success.

Practical empowerment strategies

Effective leaders implement these proven tactics:

1. Decision delegation: Grant teams authority over their workflows and processes
2. Transparent communication: Share financial results and strategic plans openly
3. Skill development: Invest in training that expands capabilities beyond current roles
4. Psychological safety: Create environments where mistakes become learning opportunities
5. Recognition rituals: Celebrate both outcomes and efforts consistently

Closing the Experience Gap: Underutilized Strategies for Maximum Impact

Most businesses miss critical opportunities to amplify employee impact by focusing solely on engagement surveys while ignoring deeper performance drivers. The Hawthorne Effect, discovered in the 1920s, proved that simply paying attention to employees boosts productivity—yet many modern organizations fail to leverage this fundamental insight. Today’s most successful companies go beyond surface-level perks to address core human needs for purpose, growth, and belonging.

Quantifying impact beyond traditional metrics

Forward-thinking organizations track “impact velocity” through:

• Innovation yield: Ideas implemented per team member quarterly
• Cross-functional influence: Collaboration index across departments
• Customer-impact hours: Direct time improving client outcomes
• Knowledge multiplication: Skills transferred through peer teaching
• Process acceleration: Time reduced in routine operations

Building psychological safety as a growth catalyst

Google’s Project Aristotle identified psychological safety as the top predictor of team performance, yet 61% of employees still hide mistakes fearing negative consequences. Organizations that master psychological safety see 47% higher innovation rates and 29% better problem-solving outcomes.

Creating safety requires:

• Anonymous error-reporting channels that celebrate learning
• “Fail-forward” bonuses rewarding calculated risks
• Cross-training programs that normalize skill gaps
• Leadership modeling vulnerability through sharing failures
• Regular retrospectives focused on improvement, not blame

Case Study: Turning Crisis into Competitive Advantage

Whatfix faced a burnout epidemic that threatened to derail their growth trajectory until they implemented radical well-being initiatives. Their “Work-Life Harmony” program introduced quarterly recharge sabbaticals and asynchronous work options, resulting in 13.5% productivity gains and 40% turnover reduction within twelve months. The transformation required initial investment but generated 3:1 ROI through reduced recruitment costs and accelerated project delivery.

Kemp & Lauritzen’s parallel success story demonstrates how data-driven approaches amplify impact. By implementing real-time HR analytics, they personalized onboarding experiences and identified at-risk employees before turnover occurred. Their onboarding satisfaction scores reached 4.0/5 while reducing time-to-productivity by 25%.

Complete Controller’s Playbook: Scaling Impact in Financial Services

Recognition-through-revenue programs

We revolutionized traditional recognition by linking rewards directly to business outcomes. Bookkeepers earn 2% of client upsell revenue generated from their efficiency innovations, creating entrepreneurial mindsets within employee roles. This approach generated 27% more process improvement proposals year-over-year while reducing implementation resistance.

Our peer-nominated “Impact Spotlight” program costs nothing but delivers substantial morale gains. Team members nominate colleagues who exemplify our values, with winners featured in company communications. The public recognition creates positive competition while reinforcing desired behaviors.

Flexibility as a retention engine

Remote teams using our “Flex-Sprint” model balance intense focus periods with recovery time. During tax season, teams work compressed 4-day weeks, then shift to distributed 6-day schedules during slower periods. This counterintuitive approach reduced absenteeism by 41% while improving accuracy by 18%.

The flexibility extends beyond scheduling. We provide:

• Choice of work tools and software within security parameters
• Customizable professional development budgets
• Option to redesign roles annually based on strengths
• Sabbatical opportunities for tenured team members

Transform Your Business Through Employee Impact

Empowering employees represents the highest-ROI investment available to modern businesses. Organizations embedding impact-driven cultures see revenue grow four times faster than competitors while spending less on recruitment and retention. The principles work regardless of industry or size—from tech startups to traditional manufacturing firms.

At Complete Controller, these strategies transformed routine bookkeeping into strategic business partnerships. Clients regularly report that our teams feel like internal advocates rather than external vendors, a distinction that drives our 94% retention rate. The difference stems from employees who genuinely care about outcomes because they’re empowered to influence them.

Start your transformation today with one simple step: survey your team about one process they’d redesign, then implement their top suggestion within 30 days. This small act of trust catalyzes cultural shifts that compound into competitive advantages. For comprehensive guidance on building high-impact teams and transforming your financial operations, visit Complete Controller to access our expert insights and discover how empowered employees can revolutionize your business success.

FAQ

Can employee impact be measured in non-revenue roles?

Absolutely. Non-revenue roles show impact through process acceleration metrics like reduced reporting time, error rate improvements, and cross-training contributions that strengthen team resilience.

What’s the simplest recognition tactic for small teams?

Peer-nominated “Impact Spotlights” shared in weekly meetings cost nothing but boost morale significantly. Team members appreciate collegial recognition more than top-down praise.

How does flexibility impact customer experience?

Teams with schedule autonomy resolve client issues 22% faster because reduced burnout improves problem-solving capacity and emotional resilience during challenging interactions.

Is AI reducing employee impact relevance?

AI enhances rather than replaces employee impact. Automation handles transactional tasks, freeing workers for strategic problem-solving—70% of managers report increased strategic output post-AI integration.

What’s the first step to build an impact culture?

Conduct anonymous “Impact Barrier” surveys identifying specific disempowerment points in your organization. Prioritize fixing one barrier per quarter for sustainable cultural transformation.

Sources

• AIHR. (2025). “HR Analytics Case Studies.” https://www.aihr.com/blog/hr-analytics-case-studies/
• Achievers. (2025). “How to Improve Employee Engagement.” https://www.achievers.com/
• Business.com. (2025). “Employees Make or Break Business Success.” https://www.business.com/
• Enrich.org. (2016). “The Cost of Replacing an Employee.” https://enrich.org/the-true-cost-of-employee-turnover-financial-wellness-enrich/
• Gallup. (2023). “Employee Engagement Drives Growth.” https://www.gallup.com/workplace/236927/employee-engagement-drives-growth.aspx
• Great Place To Work. (2025). “Creating a Culture of Recognition.” https://www.greatplacetowork.com/
• Haiilo. (2025). “Employee Engagement Statistics.” https://www.haiilo.com/
• Harvard Business Review. (2013). “What Effective Leadership Looks Like.” https://hbr.org/2013/10/what-effective-leadership-looks-like
• HR Cloud. (2025). “20 Employee Engagement Statistics.” https://www.hrcloud.com/
• HR Future. (2025). “Maximizing Business Potential.” https://www.hrfuture.net/
• Indeed. (2025). “14 Strategies To Improve Employee Performance.” https://www.indeed.com/
• Lorman. (2025). “36 Statistics on Employee Engagement.” https://www.lorman.com/
• O.C. Tanner. (2025). “How Employee Recognition Impacts Business Initiatives.” https://www.octanner.com/
• PeopleThriver. (2025). “5 Strategies To Increase Employee Experience.” https://www.peoplethriver.com/
• Randstad. (2025). “10 Strategies to Enhance Employee Motivation.” https://www.randstad.com/
• Simply Psychology. “Hawthorne Effect In Psychology: Experimental Studies.” Perera, A. https://www.simplypsychology.org/hawthorne-effect.html
• Smart HR. (2024). “The Profound Impact of Employee Experience.” https://www.smarthr.com/
• Whatfix. (2025). “How AbleTo Meets Exponential Demand for Mental Health Services.” https://whatfix.com/resources/case-studies/ableto-meets-exponential-demand-for-mental-health-services-provision-with-whatfix/
• Wikipedia. “Employee Engagement.” https://en.wikipedia.org/wiki/Employee_engagement

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.

When you are attempting to purchase a home, chances are you will need to get financing. While some can afford to pay cash for their home, in reality, most homeowners will need to obtain a mortgage loan. There are many things to understand about mortgages before obtaining one.

There are contracts, calculations, and negotiations. However, before anything can be finalized, once you have found the home of your dreams, it is essential to understand the terminology. Here are five easy-to-understand mortgage terms every potential homeowner needs to know.

Amortization

When paying a mortgage, you are paying the interest and the principal (the actual amount of the loan.) Amortization is the term for how those payments are split into monthly payments for the loan length. The first few years of the mortgage, most of the payments are going towards interest.

Once the interest is paid down, the payments will be going towards the loan balance. The amortization has to be adhered to at a minimum to maintain good credit and payment history. However, if you pay more than the set payments, you can reduce the interest and pay less for your home.

Down Payment

The money you pay upfront to lower the principal amount of the loan is known as the down payment. Some mortgage companies, banks, or lenders will require a minimum amount as a down payment. At the same time, others will not require a down payment to secure a loan.

Your credit score can affect the minimum required down payment as well. You can also lower the mortgage payments by making a larger down payment. The more you can pay upfront; the less the home will cost you overall. Therefore, you must put as much down on your home as possible. Most financial advisors and lenders will recommend you put at least 20% of the principal down, if possible, and some lenders will require that amount as a minimum.

Escrow

Escrow is an amount of the mortgage that is not accruing interest. Your lender sets up an escrow account to gather funds to pay property taxes, homeowners insurance, and HOA dues on the homeowner’s behalf. Though this account is not accruing or charged interest, it is added to the monthly mortgage payment.

Mortgages do not automatically have an escrow account. Escrow is negotiated, and if your mortgage does not include an escrow account, you will be responsible for property taxes, homeowners insurance, and other fees that the escrow account would cover. These fees are subject to change over the life of the loan; therefore, if you have an escrow account to cover these payments, your mortgage payments can fluctuate up or down accordingly.

Interest Rate

An interest rate is a percentage determined by the loan amount, your credit score, and the lender’s predetermined rates. Whether a mortgage, a car loan or a credit card, every type of credit generally has interest attached.

When negotiating a mortgage, the interest rate must be an essential part of the negotiations. The interest is where the lender makes their money. Therefore, the lender will want to get the highest interest possible to maximize their profits.

Here are the two types of mortgage interest rates to help when negotiating your mortgage.

Fixed Rates

Fixed interest rates do not change for the entirety of the mortgage loan. For example, your interest rate is a 5% interest rate on a 30-year fixed-rate loan; you will never pay more than 5% interest on the loan.

Having a fixed interest rate is a benefit when creating your budget, as it will give you a fixed monthly payment for the lifetime of the loan. However, it does not benefit you if you are making higher than minimum payments. 

Adjustable Rates

Adjustable interest rates will fluctuate depending on the current market. Many adjustable interest rate mortgages have a fixed interest rate for the first five to ten years. After this fixed interest rate period, your interest rate will be adjusted every six months to a year.

The adjustable rate can benefit if you make more significant than your monthly payments because you will be paying more of the principal. The other advantage of this type of interest rate is that there is still a fixed interest period. During this time, it can be beneficial if you refinance or sell.

Loan Servicer

The loan servicer is the company that is accepting your mortgage payments. The loan servicer will be responsible for providing your mortgage statements every month, managing an escrow account if you have one, and processing your payments.

The loan servicer will also be the company you will direct all mortgage questions and concerns to for the loan’s lifetime. If you have an issue with your mortgage, are looking to sell, or have questions about interest, payments, or escrow, you will contact the loan servicer.

Conclusion

While there are other terms that you may experience when purchasing a home through a lender, these terms are the most vital to know and understand. If you have a strong understanding of your mortgage and all it entails, you will get the best rates possible.

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.

Not every person has a budget though every financially responsible adult should. For those that do have one, if you are not meeting that budget, you are likely overpaying for some of the bills or other items you purchase. When creating a budget, you should look for ways to lower your bills rather than cutting the sources out completely. Here are three budget items you can lower your payments on and how to do it.

Cable or Satellite Dish

Entertainment is the number one area most people overpay. Many get cable packages with hundreds of channels, and studies show that people generally regularly watch about seventeen of them. There are a few ways you can save money when it comes to cable.

Get a smaller cable package: Knowing that most people only watch a handful of channels, you should assess what channels mean the most to you and get a cable package that includes those channels and as few channels more as possible.

Use cable services you can customize: A few services will let you completely customize the included channels, so you can choose to leave out channels you never watch and keep only the ones you do.

Cut out cable altogether: Many have “cut the cable” and never regretted it. You can have multiple streaming services which generally carry many of the shows you love. If you add up the monthly subscriptions with access to hundreds of movies and shows, you can have them all and still pay far less than cable. Also, you can choose when you watch the shows.

Car Payments

Many people overpay for their car and often because car salespeople are good at what they do. You can, however, beat them at their own game with a few pro tips.

Never purchase payments: Often, when in the negotiation process, a salesperson will at some point ask you what kind of payment you can afford. Never give the maximum you can afford, and be sure they don’t come back and give you only the car payment and length of the loan. Even if the payments are comfortable, you may have agreed to pay significantly more than you should because of the length of the loan. Be sure to ask for the total cost of the car and the interest rate.

Get a Loan Yourself: Many people don’t realize that they can go to their banking institution and get a preapproved loan for a certain amount if they have decent credit. They can then look to purchase a car for that amount or lower using that preapproved loan. This is a way to get a low-interest rate and no hidden costs in the car purchase because you strictly negotiate the price.

Boost your Credit: The higher your credit score, the lower the interest. Having a good or excellent credit score gives you the negotiating power to get the lowest interest rates on your car loan possible. You can sometimes save thousands on your car purchase by having a low-interest rate.

Utilities

Of course, there are so many areas of life we can save or be more frugal, but utilities are an area most of us can stop overpaying. Here are a few ways you can save on your utilities.

Cut your usage: We all have been guilty of leaving lights and electronics on when not in use, but you can also cut your usage in other ways besides remembering to turn things off. Many utility companies now offer thermostats built-in money-savers such as automatically adjusting the temperature for a few hours a day while working or less likely to need cooler or warmer air. You would be amazed at how that adds up.

Payment plans: Many utility companies have payment plans in which you pay the same amount every month at a fixed rate. This payment plan is generally an average calculated by the previous year’s usage. If you don’t use as much as you paid, you get the money back or get it as a credit on our account at the end of the year. If you overuse, you will have a balance due. Most find they will use less with this type of payment arrangement.

Conclusion

There are other areas in the budget you can cut down on, such as groceries and gas. However, these three areas of the budget are the simplest to get adjusted. While you may not be able to make significant cuts in your expenses, every little bit helps when operating on a tight budget.

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.

During the technological era, the outburst of data during the technological age has undoubtedly helped businesses grow and make decisions that have worked out positively for them in the short term and the long time. Thanks to the evolution of data collection applications and browsers, businesses now collect information about their audiences that help them make decisions driven by predictive algorithms. As the world continues to go digital by the second rapidly, these algorithms are also going rogue to keep up with the pace. 

What Are Predictive Algorithms?

Artificial intelligence (AI) has emerged and advanced into all walks of life. Robots that perform complicated surgeries to helping brands understand their audiences, AI is employed by businesses everywhere. Predictive algorithms provide essential insights, process data into understandable trends, and help humans power through the clutter of data and information present online. Algorithms are based on data collected through real-time human activity and help businesses provide quick solutions to public queries in prompt services. 

Take, for instance, the introduction of the story feature by Snapchat in 2011. Because of the popularity of this feature among its audience, all other social media applications added this interactive detail to their programs. This trend caught up that a business networking application like LinkedIn also recently introduced its story feature. 

Predictive algorithms are not a new phenomenon. Weather reports are based on data-driven approaches and have seemed to work well for ages now. With the help of advanced AI, the climate industry has performed even well. It has also helped the construction and other related industries time their projects just so, for instance, rain does not tarnish the foundation laying at the start of constructing a building. 

How Do Predictive Algorithms Work?

Before you start working with algorithms, you must have a goal in mind. Do you wish to gauge a piece of content in terms of its performance? Or do you want to drive sales through an ad? Define your outcomes before you invest in predictive analysis software. 

Once you have set a goal, the next step is to collect data from sources such as ERP and CRM systems, et cetera. Data collection is not enough because to be able to use data. Further, you need to be able to read it properly as a source of information. This step is where data mining comes, whose primary purpose is to channel all raw figures into usable facts to help with the actual decision-making process. 

The final step is to employ predictive analytics software to provide insights and statistics by interpreting results. The analysis may also recommend courses of action you can take in terms of decision trees. In essence, after you have helpful information presented to you in bar charts, graphs, and tables, you can make decisions that will most align with the need of the hour for your business. 

Examples of Predictive Algorithms

As mentioned earlier, organizations and businesses use algorithms, a by-product of Artificial Intelligence, to make all kinds of decisions. The way that some major, thriving industries use this tool for their benefit is given below. 

The Healthcare Industry

Doctors and medical health professionals, at large, come across many extensive and minor procedures, prognoses, and diagnoses, et cetera, daily. Algorithms built are based on patients treated historically, implemented to look for life-threatening perils to understand the severity of the cases and reduce the redundancy of most tasks and risks while dealing with complicated patients. 

The Manufacturing Industry

This industry uses expensive, extensive heavy machinery that could be a liability for a company if something were to go wrong. Such machinery often has sensory devices that receive and analyze real-time data to deem activities as harmful or safe. For instance, imagine using a bulldozer for a task that could be carried out using lighter machinery. 

The Sports Industry

The sports industry often uses predictive tools to gauge the performance of players in the long run. These analyses help even small-time teams set contracts for specific players, price them, and even help managers examine aspects like a player and team analysis. 

Advantages of Predictive Algorithms

• Make informed decisions that will help save essential resources like time, money, and resources
• Improve performance of employees, managers, businesses, and the organization in the face of evolving technology
• Analyze what works better for a particular business, for instance, what content will drive engagement from the audience when to run digital advertisements, and so on.
• Providing valuable insights to companies and organizations they can use to devise long-term and short-term strategies

Challenges of Predictive Algorithms

While the advantages of Artificial Intelligence and predictive algorithms are plenty, the challenges faced by users are essential to address before you sign up for the process. It is important to remember that you need to get your whole team on board. 

• Utilizing the system to its maximum capacity requires a team familiar with the statistical model of the algorithms
• Some analytic tools can be challenging to manage
• Adoption of the new tool will take time because of the constant innovation of technology
• Decisions and solutions can be biased based on historical data. For instance, if a brand happens to sell more during a breast cancer campaign, the predictive analysis might produce insights related to this event in the short term. 

Predictive algorithms and analysis are on the rise given the constant innovation technology. Businesses and people want to get instant results and hit the right nails with their devised strategies and policies. This branch of artificial intelligence leverages statistics, data mining, modeling, and algorithms to make better decisions that help businesses thrive.

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.

Business models have evolved over the years, from manufacturing and distribution to the partnership and knowledge era. The rise of artificial intelligence (AI) has profoundly changed the meaning of ideas, creativity, and technologies over the years. As a result, corporate models are changing ever further. When company sectors experience a significant and drastic change in the quantitative balance of intelligence strength, AI applications and deployment provide each business enterprise with new opportunities as it does obstacles.

AI is now changing industry and trade across borders. AI has leveled the playing field for countries and provided their businesses with a rare opportunity to step forward and expand, whether they are rich or poor, industrialized or growing, small or big. However, access to technology and software is consistent; the question is how each company uses the information — for which intent and target. While innovative technology helps to level the playing field for companies across sectors in terms of their ability to access intelligence from growing digital data and information, it is essential to consider the other criteria that will help determine individual and joint performance in improving AI capabilities for businesses.

The coming data challenges

Businesses around the world will face unprecedented obstacles and improvements in the coming years. The development led by automation is the only constant in such transitions. Development in AI-driven automation means more informative data from connected devices, social media, market data, and other sources, which increases the ability to revolutionize business models. Over the years, digital data has developed at an astounding rate across nations. It is essential to understand:

• how this modern data-driven knowledge reality opens an entirely new landscape of possibilities and threats for each sector across countries.
• What would the expected implications for each industry (existing and emerging) be?

Businesses are starting to realize the ramifications of the emerging AI-driven automation landscape, extending well beyond limited artificial intelligence applications. Although the relationship between data, knowledge, and intelligence is complex and indirect, the power and speed of AI-driven automation improvements predicted in the coming years will present each company with opportunities and challenges for its productivity. It will be fascinating to witness how AI modifies the global business power dynamics.

Business model transformation

Today, businesses can gather more data, gain the requisite information, and innovate as it becomes more connected. As a result, we are likely to see a much-needed industry evolution: quicker marketplaces, learner activities, vibrant companies, rising earnings, informed customers, and dynamic businesses.

How is AI transforming business models? Although businesses in diverse sectors and countries are at various stages of AI adoption, it appears that the current approach to AI strategy is overly limited. Companies use AI to improve customer service, evaluate data, and forecast output to automate workloads, trading, and other tasks. The current trend in AI application and adoption does not sufficiently adapt to rapidly changing intelligence capabilities. Furthermore, corporations often cultivate an atmosphere of distrust and hostility toward one another within their respective sectors and nations. Cultivation may be one of the factors preventing a standardized approach to data processing and information access.

Furthermore, countries lack basic digital data technology. In contrast, a lack of modern technology discourages data opportunities and developments, making it challenging to meet customer and knowledge needs — leaving companies with obsolete data, information, and intelligence. AI not only changes the way companies operate, but the standard thinking and sense of partnership, competitiveness, and creativity have also profoundly changed. However, most AI programs generate a competitive advantage by identifying a whole new opportunity, improving existing activities, providing a business niche that has been overlooked, or developing new markets. The connected devices that feed a continuous stream of data regarding functionality, use, demand, and more to a central location can generate even more interesting and competitive transformations. Transformations will take us to a critical point: How will integrating the Internet of Things transform market models with newly developed interfaces for brands to interact with their customers?

Bottom line

Artificial intelligence for any company is an essential part of the future. The new developments in automation led by AI represent imperative changes in the AI domain, which are about reconfiguring priorities, leverage, and investments in global enterprise policy. Although market automation provides exciting prospects quickly, it also poses significant safety risks. Given how nations manage their essential data resources through cyberspace, Squarespace, Geospace, and space (CAGS), the future of artificial intelligence-led market transformations must focus intensely on advancing data projects to collect more knowledge to develop the AI environment further.

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.

Promotion and advertising for your business is a strategic investment. Whether you are just starting or have been in business for a while, marketing, promotion, and advertising will need to be part of your business plan and budget. Before you can figure out how much to spend on marketing, advertising, and promotion, you need to ask yourself these six important questions.

1. What are the most efficient ways to communicate with the market?

The objective of advertising and sales promotion is to communicate the competitive advantages of the company’s products or services to influence consumers’ or users’ purchasing behavior. But, logic tells us that this goal must be achieved with the maximum possible efficiency: achieving the desired results with the minor investment of resources.

In this sense, to the extent that the company is directed to more extensive and more dispersed markets, the greater need will be to invest in advertising and sales promotion to communicate its messages to consumers and users distributed throughout the territory.

2. What is the decision and purchase process?

In this sense, it is necessary to take into consideration two aspects. The first of these is the weight that emotional and rational motivations have in buying a product or another within the same category.

There are products and services whose purchase decision is highly emotional; the extreme examples are refreshing drinks, alcoholic beverages, cigarettes, ice creams, chocolates, and other sweets and desserts, snacks, cosmetics and luxury perfumery, products related to fashion (clothing, watches, jewelry, accessories, etc.), exclusive tourist destinations, automobiles, and the like.

3. What is the level of knowledge of the product?

A widely known product in the market, with many years of sale and that enjoys a wide acceptance, can afford to carry out maintenance advertising; that is, invest prudently to keep the brand “alive” and prevent competitors from advancing.

On the other hand, a little-known product, new or never publicized, will need significant budgets to reach the first magnitude in the market. In this case, a large part of the decision will depend on answering the next question.

4. What are competitors doing?

Suppose your company operates in a competing market. In that case, it has to take into serious consideration what its competitors are doing, both in terms of the type of communication it must establish with its consumers and users and the ways to use it, as well as in terms of the number of your investments.

What is known as a share of voice (“voice participation,” literally translated); that is, of all the investment made in your business sector in advertising, promotion, direct marketing, etc. What percentage corresponds to your company? The principle says that your “voice participation” must be at least equal to your market share so that the existing balance is maintained. Some observations in this regard that apply in highly competitive markets:

5. Should you use push strategy or traction strategy?

These two types of strategies are applied in the mass consumption markets. The push strategy concentrates all its marketing resources in the distribution channels (prices, promotions, discounts, merchandising, etc.). The intermediaries “push” the product until they reach it. Convince consumers.

On the contrary, in the pull strategy, the company concentrates its marketing resources on consumers and users (mainly advertising, sales promotion, merchandising) to go to the retail establishments and pressure the latter to have the product or brand.

6. What is the investment and profitability strategy?

When deciding on the management of a product, service, or for the entire company, your decision centers can follow one of the following options:

Investment strategy Invest even more than what the product generates to “buy” market share and achieve high levels of profitability in the future.

Stability strategy The Company invests in the necessary product to maintain its market share, generating a stable flow of profitability over the years.

Exploitation strategy The Company sacrifices the future of the product and decides to obtain the maximum benefit in the short term.

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.

Most entrepreneurs realize the importance of using technology to achieve their business goals. They have come to understand what it takes to run a successful business operation by embracing the latest technology.

Training employees is no exception to the need to use innovation within the company. Businesses expect to develop innovative training programs and methods to meet inevitable changes as the business grows. Cutting-edge technology is used to improve how the business is done and used to train employees on the latest practices.

Training can include new hire training, continuous training, new technology training, and training for new positions within the company. Since there are multiple aspects of training within a company, innovative technology will need to be embraced.

One of the latest technologies used for training is augmented reality. The question is, should you use augmented reality technology for employee training in your company? Here are the reasons you should consider augmented reality technology for employee training.

Gaining momentum

Augmented reality is not new technology. It has been around and used for decades. It has been around for decades. Augmented reality was the brainchild of Howard University computer scientist Ivan Sutherland.

Upon its creation, the far-reaching implications and applications of this technology were evident. The development continued for decades while the technology was being used. While not yet widely used, the benefits of augmented reality technology have made it more utilized in business in recent years.

It combines hardware with software and produces a simulated environment. The visual effects are cutting edge, whereas it can use different types of software, be it gaming, training, or simulation. IDC estimates that augmented reality combined with virtual reality is an $18-billion industry and will likely continue to grow.

Steps to introduce AR

As discussed, businesses around the world are welcoming new technologies. These companies are willing to accommodate changes if necessary. Introducing new technology is as good as implementing a change. Steps will be taken to ensure the tech is correctly absorbed into the organization’s structure.

Identifying the requirements

Is there a need to introduce new technology for employee training? If old procedures were working great, then where does the new method of training fit in? These and many questions must be asked before incorporating new technology. Firstly, the company hierarchy must identify the need to induct the latest technology.

Several questions will be asked, so the hierarchy knows if there is a need to incorporate the tech or not. Managers will revisit previous methods of employee training and check for the possibility to integrate with AR. The idea is to provide better technology to pave the way for proper training. Accustoming employees to modern methods of training is equally important.

Identifying training targets

In the second phase, the management will identify the company’s targets by revisiting training regimes. Incorporating AR will improve training remarkably. It will pave the way for new possibilities and help employees learn interactively. The AR will effectively replace previous technologies for good.

Providing the AR to users

After introducing the technology for users, the next step is to continue with the assessment. Augmented reality is flexible enough to incorporate into different situations if needed. The ability to produce demonstrations to meet various conditions is where AR tech comes in handy.

It is worth noting that AR is a technology that was developed with versatility in mind. That’s why it stands out when used for negotiating with different scenarios. It is dynamic and has the flexibility to perform.

Building an innovative AR experience is essential for training. Employees will get a hold of the technology once they are familiarized with it. Trainers can help them with the tech by explaining ways to use the tech properly. Training using the VR may take some time, but they’ll love it once they get used to it. An immersive experience is where employees learn the most.

Initially, states may call for an audit of the technology necessary for removing caveats and gaps. These are common obstacles that occur every time a new technology is introduced for employee training purposes.

Each time a versatile technology such as augmented reality is used, these gaps will occur as the training program may be specific. In contrast, the technology used is dynamic and has a broader scope. Identifying this using auditing technique is a must as it will help companies properly use the tech and eliminate possible gaps.

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.

An organization’s growth is next to impossible if its employees are not focused. Look around you, and you will find that organizations that prioritize the welfare of their workforce grow faster than others. This business growth is where the actual value of human resources comes into play.

To negotiate with increasing pressure at the workplace, managers now have a more significant role to play than ever. A human resource manager is a multi-talented individual. They are responsible for keeping the upper-tier happy. At the same time, they are responsible for keeping employees satisfied as well.

Modern human resource concepts are being looked into. Business culture is evolving, so are human resource protocols. Here are six reasons every business needs human resources.

Knowledge sharing

How would you inform your team members? Will you inform them about something one by one or will you do it in a meeting? It is for you to decide, but going by modern standards, keep an eye on HR practices that will be practiced in coming years.

These modern standards mean you will have to leave those vintage practices and quickly embark on the new ones. Sharing your knowledge is an ongoing process which is something managers must often do. Being a manager must be more knowledgeable, so be forthcoming to your team and help them learn something new.

Pinpoint top performers

Evolving Human resource concepts pave the way for improving employee performance. Employees must know they’ll get excellent reviews and performance bonuses if they continue to perform well. These positive reviews and bonuses must be done without discouraging other employees.

Keep in mind that not everyone can be a star performer. Employees that fail to achieve their targets must be encouraged. HRM must avoid providing feedback openly to continue motivating those whose performance was not up to the mark. Reward those who perform better, so they continue to do so

Performance reviews

Modern HRM best practices include performance analysis and review of every employee. Efficient practices are in place that allows managers to have a close look at the performance of every team member.

The reward is based on employee performance, so it is necessary to identify top performers of the month and reward them accordingly. Nepotism and favoritism must be avoided so that employees don’t feel sad and discouraged. Make it a fair chance for all to achieve performance goals and take the reward they deserve.

Enforce a fair evaluation system

A convenient method that can help companies and employees grow together. The human resource team can achieve this goal by creating a system that allows employees to grow by achieving their targets. They can do that by individually performing better, thereby helping the company meeting business goals.

Human resources should lay down a well-defined reporting methodology. Managers must keep the evaluation process fair and unbiased so that employees know they have a fair chance to win rewards if they perform well.

Work Environment

The environment of a workplace plays a pivotal role in enhancing employee performance. A healthy, safe workplace is where employees love to work. The office must be adequately ventilated and have provisions for lighting if required.

A suffocated workplace can make employees feel tired too often without working tirelessly. On the contrary, a properly lit, well-ventilated workplace can motivate employees to work harder than usual. Employees tend to work overtime when they feel the environment is right.

Likewise, they push themselves to perform better than their colleagues if there are no restrictions at the workplace. Many corporations understand that employees don’t like to work all the time. That is why they invest in activities such as recreation and sports. Employees are free to take a break from work when they feel like it. They can play sports of their choice that allows them to relax and concentrate on work again.

Conclusion

There is a world of difference between HRM practices of today those that were practiced in the previous century. Modern HRM practices continue to evolve with more intriguing methods that are likely to change the face of organizational human resources the way we know it.

The focus of HRM practices is to improve employee performance and paving the way for the company’s growth, but there is room for more improvement. The evolution of HR continues.

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.

You use social media platforms and stay in touch with people every day, but have you thought about using them for business? If not, then now is the time to explore ways you can use it for business promotion.

There is no denying the usefulness of social media for business marketing. Nearly all notable companies worldwide utilize social media marketing for business promotion. For many, social media marketing is the cornerstone of their marketing campaigns.

Others who were late to the party and the following suit and making a late start. Despite that, it only makes sense to use social media to promote your products, services, and businesses to the world. It helps when you know ways to use this form of promotion properly. Be aware of the dos and don’ts of social media marketing before you tap into this concept.

Why use social media for promotion?

Think about it, would you forego a platform that nearly 70% of the world’s population use every day for business promotion and interacting? Certainly not! On the contrary, you would do everything to capitalize on making the most of this platform. However, there are things to consider before you decide to use it for business promotion. The following will help you maintain focus and capitalize when using social media.

The Do’s

Nowadays, it is necessary to find and hire a proficient social media marketing team for business promotion purposes. They do this by giving ads in job portals, newspapers, and many other ways. Advertising for hiring is the best thing to do as you will find good profiles that will do justice to their selection. Keep in mind that your business’s social media account will create an early impression. It is necessary to fill in all the details, so your customers have no difficulty finding your account.

Segregate business and personal accounts

Some social media executives combine personal and business accounts, thinking they will receive more ROI, which is rarely the case. Segregating business and personal accounts is a must, so discuss this with your social media team. Maintain consistency when sharing your business content so your customers, readers know which account to follow. This also helps your friends and family avoid spam as they know which account to follow for your updates.

Make regular posts

It is for you to decide how often to engage with your community using social media posts. The frequency of making posts should depend on the type of business and industry you operate in. Follow the rule of making at least two thoughtful posts weekly to ensure community engagement and interest. Posting inconsistently will result in a loss of community and readers. The

Share thoughtful content

Every post you share from a business account becomes a representation of your business. Put a lot of thought into every post you make and share. It will give you many readers and discuss your business the way you want. Take pride and own the content you share after putting an immense amount of time and effort into crafting a company as a result.

Don’ts

Posting too often on your business profile can be just as harmful as not posting at all. Too many posts can lose your reader’s interest, and they’ll soon unfollow the page. Continuing this trend for a month or two make you lose many of your business page followers. Use the following criteria for engaging with your followers and keep them interested:

• Pinterest – 10 pins per day
• Twitter – 15 tweets per day
• LinkedIn – 1 post per day
• Facebook – 1 post per day

Falling for numbers

One way of knowing where your page stands is through the numbers found in the analytics. Business page owners would lose sleep over numbers and eagerly wait to have more followers on the page. This will not work as media platforms are now separating real accounts from those found to be spam. Getting likes and comments from such accounts is now redundant as these will not work.  

Engagement bait

Engagement baits were once a great tactic to boost your page’s engagement, but this is no longer the case. Social media platforms no longer allow this type of engagement. Many clients complained about pages using spamming and baits for luring readers into becoming followers, to which social media platforms responded. Such posts will not be demoted, and page owners will receive a warning about this. If the page continues to bait, the platform will blacklist the page.

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.