Author: Complete Controller

Knowing how to delegate

One of the main difficulties for a manager is in the delegation of tasks. For some managers, the delegate is a synonym for losing control over the project. That is why they end up doing many tasks that do not correspond to them or bothering their team doing micromanagement.

Coordination and collaboration capacity

The ability of a manager to promote these behaviors is essential if you want your team to achieve the objectives without wasting time or resources.

Coordination and collaboration help avoid overlapping work, align efforts in the right direction, innovate more, identify problems more quickly, and find the best solutions for them.

To encourage coordination and collaboration, the leader must establish the techniques and tools to channel such coordination. Until recently, the possibilities were small; teams communicated through meetings or email, but in recent years platforms such as Slack, Tribe Scale, or Basecamp have emerged as more advanced technological alternatives.

Strategic planning

Strategic planning is the ability of a leader to know the company’s current state, the human team, and the resources available to develop a “route” that allows your team to achieve the objectives set for the project.

Strategic planning is composed of various skills such as intuition, creativity, and of course, strategy. If a manager is immersed in his day-to-day purely executive tasks, he may lose the company’s general vision and therefore cannot develop this planning. For this reason, it is important that from time to time, you move away from these tasks and take time to contemplate the situation from a bird’s-eye view.

Communication skills

Without good communication skills, it would be difficult to develop other skills. Great leaders have always been differentiated by having great oratory skills but make no mistake; communication is as important as knowing how to listen.

Pay attention, be concise, or have good control over non-verbal language, are some of the keys to improve our communication skills.

Empathy

Empathy is the ability to perceive what another person feels, that is, the ability to put yourself in the place of other people (psychologically speaking). A good leader should always be an empathic person since, thanks to this, he will be able to modulate and adapt his speech depending on the person or persons with whom he is communicating.

If we can put ourselves in the shoes of our colleagues, clients, or potential users, it will be easier for us to understand their situation and to be able to develop good communication with them aimed at achieving our objectives.

Motivation and Inspiration

A motivated team is not only a team that works at a superior performance but is also happier and helps attract and retain the best talent. There are cases such as the open contracting war between Tesla and Apple in which the salary is no longer a sufficient reason to retain talent. It is the motivation inspired by the projects and the people who lead them who determine who is left with this talent.

One of the objectives of a good leader is to motivate his team and to assume an inspiration important enough for the rest of the members to follow his example. A manager who is not capable of transmitting this inspiration will never become a true leader.

Value

Courage is one of the skills that differentiate a manager from a leader. A leader demonstrates value when he makes difficult decisions, when he assumes the responsibilities of his mistakes and those of his team, or when he must leave his comfort zone to perform tasks that are beyond his duty.

A courageous leader does not imply that he must make decisions lightly; he will always make an exhaustive calculation of risks, but what he will never do will remain blocked before an important decision or a complicated task.

Commitment

The commitment manifests itself in many ways; commitment to the company not to leave in good times or bad, commitment to the team to lead effectively, commitment to customers to offer greater value in the product, and commitment to continue to improve.

The individual commitment of a manager will be amplified when his team also acquires that commitment and works hand in hand to take the project to success.

Problem resolution

A manager must also be a decisive person, a person with resources and knowledge to unclog and solve problems. And sometimes, certain blocks can only be solved by a manager, and that is where the problem-solving ability comes in that allows the team to keep moving forward.

Resilience

Finally, although we have talked about the ability to solve problems, it is always inevitable that problems that cannot be solved will arise. For example, if our team arrives late to the delivery of a project and we cannot avoid it, we will have to be able to manage the consequences, absorb the responsibility and not let it splash on our team if he has not been at fault.

Resilience is precisely the ability of people to overcome adverse situations and quickly recover from them. A good manager cannot allow problems and adversities to prevent him from working; he must overcome them quickly and continue working in difficult situations.

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 everything is easy

As in other investments, you must be realistic about returns and how they balance with funds invested. Real estate investments are not get-rich-schemes.  They take time and effort, so be thoughtful and cautious when deciding to invest in real estate.

Do not leave anything to chance

Complete an analysis of the market and think about when you are going to lease or sell the property.  This will let you know if you can find renters or buyers in the area and receive the offer you want for the property.  It is better to do research early and appropriately price the property than be unrealistic and be burdened by a mortgage if you cannot lease or sell it.

Check with experts

Get advice from experts on each aspect of real estate investment.  They can make projections and inform you according to different variables as to whether the investment is a good decision or not. If you ask the right people the right questions and complete the necessary research, you are more likely to have a good return on your investment and not be surprised by the investment process.

Below are some questions to consider before investing in real estate:

Is it possible to lease a property taken with a lease?

Many people who consider sub-leasing wonder if, as tenants, they can rent the property since they are not yet owners of the property.

According to reliable sources: Leasing is a financial system where the person is paying a monthly fee for housing, including the payment of capital and interest. To make use of the real estate lease, which can be applied for new or used housing, you must first cancel an ‘initial fee’ equivalent to 20-30% of the property’s value.

What happens if a written lease was not made?

Decades ago, business agreements were generally made verbally where a person’s word was respected, and only a handshake was required to authenticate the agreement. While times have changed, a landlord and a tenant can still make a verbal contract where the concept of good faith prevails.  However, experts recommend having a lease agreement made in writing for probatory reasons. According to Law 820 of 2003, in article 3, “The lease for urban housing can be verbal or written. In either case, the parties must agree on at least the following points:

• Name and identification of the contractors.
• Identification of the property object of the contract.
• Identification of the part of the property that is leased, when applicable, and the areas and services shared with the other occupants of the property.
• Price and method of payment.
• List of services, things, or related and additional uses.
• Term of the duration of the contract.

Designation of the contracting party in charge of the payment of public services of the property object of the contract.”

At the end of a lease, what condition should the tenant deliver the property?

When leasing real estate, and to avoid future complications, you initially make an inventory of the property accompanied by a film or photographic record.  This inventory is proof of the state of property elements, such as the state of the walls, windows, doors, ceramics, and others. This document should be part of the lease to validate the condition of the property and must be signed by both parties, who can each keep a copy.

Should the landlord paint the property?

According to the Civil Code and Law 820 of 2003, the owner must maintain the property in optimal conditions for the tenant’s enjoyment, including the condition of the walls if they are damaged due to humidity, dilatations, rainwater, or deterioration.

Obligations of the tenant

According to the provisions of Law 820 of 2003, in article 90, the lessee is committed to taking care of the property and the things received in the lease. In cases of damage or deterioration, other than those arising from normal use or wear over time and attributable to misuse of the property, timely repairs or replacements may fall to the tenant to complete.

Obligations of the landlord

In the Civil Code, in chapter II in its article 1985, the obligation to keep the leased property in good condition consists in making, during the lease, all the necessary repairs, with the exception of the leases, which generally correspond to the lessee.

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.

There are times in the year when the business stability is lower compared to the other days. Some months are weaker than others in terms of activity for companies in specific sectors. However, you still must keep paying your expenses!

Here are five tips to restart the quarter energetically:

Decide on Your Strategy

Defining a strategy is not just a financial plan, a marketing plan, or a business plan. Profitability is not a strategy in itself! To determine your strategy, start by asking yourself this question: How could I maintain and develop a definite advantage over my competitors in my field of activity?

Then to know the answer, here are other questions to ask yourself. Do you know the long-term mission of your business? Have you identified your competitors and your market to highlight your advantage? Does your offer attract new customers?

So many questions to ask yourself to restart calmly and confidently to achieve your goals. To ensure the sustainability of the business, you must define and review your general policy regularly and define your business mission.

Your overall strategy will then begin to take shape. Indeed, before embarking on the action, you must know where and why to go!

 Set Clear Goals

It is essential to set clear objectives and measure them over time to implement a competitive advantage in your field of activity. A spreadsheet can be an excellent place to start if you do not have a system to measure your goals.

Start by defining the main actions to take to reach your goal: to develop the business. Then plan each goal and assign tasks to a member of your team.

At this point, you will have an action plan with goals to follow. The nature of the actions may be based on direct marketing, web marketing, and prospection. You can also consider training to have an advantage over your competitors.

Inspire and Motivate Your Team

The richness of your business rests on the diversity of the people who compose it. As the head of a department or business manager, you must inspire your team and find and act on the motivational levers of each. To do this, start by taking an interest in them!

Welcome and Value Your Customers

5-star customer reception – that is what your customer deserves! As soon as your client comes face to face or on the phone, it would be best if you made every effort to listen to him, welcome him well, and meet his expectations.

You must be wondering how your current customers perceive your products and services. Are they satisfied? What can you improve in your welcome? Will your customers recommend your products?

Communicate New Ideas

Developing your business requires regular communication with your employees. Give new ideas on the company’s direction to meet your customers’ expectations. It will help you to deal with new challenges to be taken up to develop the spirit and the culture of the company.

Keep Financial Score Good

Some small businesses are experts in maintaining their routine tasks, and they know what financial trends your business is practicing. They spend all their vital time on improving cash flow. If you do not have the financial skills, hire an accountant, as you should stay very much in the loop.   

Use Social Media

Social media lets you catch infinite clients’ attention and introduce your business to the world. You can get valuable insights through social listening. This listening lets you find clients’ reviews about you, gain insight into their behavior, and recognize keywords and trends. All these sources appeal to your targeted audience, and then your client service improves. This way, you can publicize your business profile and drag new clients.

Initiate a Blog

Today, most people prefer the internet to find any knowledge. People love the variety of e-Commerce websites that helps them in any way, whether by gaining information or purchasing something. Here, using blogs and publishing them on e-Commerce serve the same purpose. According to Impact learning center, the blog using the activity of B2B marketers achieves around 67% extended leads as compared to those that don’t have blog sections.

Website visitors move towards a blog section right after landing on the eCommerce website. First, they will read all your blogs and then decide what to purchase. Having blogs on the website or any other digital platform means conveying your message and defining your enterprise. Hence, there is no excuse to initiate blogs for businesses. Take out some time and write high-quality content that pertains to your enterprise. This practice can consume your time, but the payoff is worth it.

 

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.

Sexual harassment must be considered a serious offense. Whether it is a flirting activity or a touch on the should, if inappropriate, should be considered as harassment. Sexual harassment, along with other harassment, should not be allowed in any workplace. No matter what type of harassment is there, it must not be found in the office. An employer subject to federal anti-discrimination laws is bound to keep its workplace free from insult, intimidation, mockery based on gender, religion, color, race, or national origin. An employer must also be concerned with stopping harassment as it could lead to getting sued in state courts depending on the state’s laws. Many companies ruined their image by neglecting the sexual harassment cases going on in their company. 

Any employer must keep such things under check if there is any sexual or other harassment present in the workplace. It affects the tendency of employees to work and might put an employer under legal manners. 

What is The Definition of Harassment?

Harassment can be physical or verbal behavior that shows negativity or rudeness towards a person due to his skin color, religion, age, race, birthplace, disability, or for any other reason and that:

1. It has to do with the creation of an unfriendly, offensive, daunting working atmosphere.
2. It has to do with the creation and unpleasant behavior of the office worker.
3. Puts a negative effect on the employment opportunities of a person. 
4. Harassment can be a negative behavior towards an individual’s privacy.  

What Involves in the Definition of Sexual Harassment? 

Unwanted sexual advances, demand sexual favors, and different kinds of physical or verbal issues of sexual nature give rise to sexual harassment when any one or more of the issues stands true:

1. An individual feels dominated by the burden that if such demands aren’t fulfilled, it would be hard to keep up with the job or get the job. 
2. An individual thinks that such conduct is the cause of promotions, demotions, increments, and necessary for the job.
3. The approach affects an individual’s work performance or builds an offensive, hard to resist environment for an individual.
4. Few important points to keep in mind about sexual harassment include:
5. Both male and female can be a victim of such conduct.
6. A male or a female can be the harasser. In some cases, the conduct can be from the same sex. 
7. The conduct is not necessarily taking place with the complainer; it might be directed to another individual.
8. Such conduct can take place at workplaces, events sponsored by a company, or even between colleagues away from the working environment. 
9. The conduct can take place anywhere from the working place, and it has multiple situations to occur.
10. The harassment being conducted is of many different types.

Common conditions that might include sexual harassment are:

1. Pinups in the office: Pinups might be passed personally having sexual material, which is liable for creating an unpleasant surrounding for working. Don’t let such things take place.
2. Asking a colleague for a date: These are not considered harassment. If the offer is refused by an individual, it can become one when continuous pressure is forced on the person to go on a date even after a complaint is made. 
3. Treating women rudely: A supervisor treating women unjustly or rudely and always puts women down and criticizes their ability to work can be guilty of offending women sexually as hostile actions are being taken based on the gender of the employee.
4. Abusing verbally or through jokes: Passing statements about the appearance of an individual or jokes being passed down of a sexual nature can build harassment, especially when such actions are not being appreciated by the individual. 

What is gender-based harassment?

Harassment against women is a common practice in companies. Such an unethical act is mainly based on gender s gender-harassment. It is the job of an employer to make sure such actions are not being conducted in the workplace. Gender-based harassment is the one that is conducted on the sex of the individual has no such sexual motives. Such type of harassment lacks the explicit sexual content by is usually raised on the gender of the person it could be conducted on a male or a female.

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 world, the advancement of technology is ever on the rise, and no country goes without feeling the effects of this new age revolution. Smartphones have been integrated into our lives as a valued tool that can help with a multitude of activities, such as controlling personal finances or investing in property online. Technology has been so integrated into modern society that a study conducted by eMarketer showed that in 2016 a total of 7.9 million civilians have smartphones and laptops, which translates into 45% of the population. The country with the highest penetration rate was America, with the forecast for 2018 predicting an increase by 52% of the US population. This data has led to the development of many apps and software that help people control their personal finances. Listed below, we have the best mobile applications and software to plan and manage finances.

1- Fintonic

This is one of the most famous applications to control finances and is totally free. Fintonic allows users to record the movements of their accounts, check your available balance, and matches you with a personal assistant who advises on how to dispose of your finances. It is available for iOS and Android.

2- DollarBird

If you are looking for a mobile application that manages money along with a personalized calendar, this is the app for you. The personalized calendar helps with programing and totaling expenses and income depending on the date. This application is also incredibly user-friendly. It is available for both Android and iOS.

3- MoneyWiz 

This application allows you to control your accounts, create expense receipts, form budgets, record income and expenses, manage balance transfers between accounts, and provides you with insight into financial behavior in the future. This is one of the most complete and efficient applications to manage personal finances with ease for many people. It is available for both IOS and Android.  

4- iGasto 

This exclusive application functions on an IOS operating system and allows you to organize personal finances through its simple design. The user can organize expenses and receive daily, weekly, monthly, or annual summaries.  

5- Spendee 

This application allows users to record expenses on a timeline, which facilitates the management of income and expenses more visually and caters to people who have less than perfect financial knowledge and wish to organize their accounts. This app is available for both iOS and Android.

6- Control of expenses 

This totally free application is available for Android and allows the users to optimize control over daily expenses. The differentiating detail of this app is that users can attach images that justify or relate to each of their expenses, which assists in building awareness of personal financial habits.  

7- Whallet  

This app assists in managing finances easily and quickly. With it, users can organize expenses and income to categorize them and compare their evolution month by month. It can be downloaded from iPhone or Android phone.

8- WiseBanyan

WiseBanyan is a free (with paid extra features) computerized robo-advisor. This software administrator is awesome for new investors and business owners who wish to contribute while keeping tabs on their development. Wisebanyan’s central goal is to enable users to handle investments and finances in a better way. WiseBanyan provides users with many options and advises them on monetary objectives and business plans. This software balances everything from adjusting your investment portfolio to profit reinvestment, with an individually valued menu featuring additional highlights. This service is a totally online investment management service, and it is not intended to handle daily income or expenses. The free version of WiseBanyan includes the following features:

• Investment management
• Trades
• Dividend reinvestment
• Portfolio rebalancing

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.

Even if you can see a pile of cash being generated from your business as a result of success, you are still not safe from making financial statements. You need to show the proof to the creditors, investors, and the tax authorities. Moreover, no matter how much money you receive in your bank account, you will need to see the figures and facts in a reported manner to get the peace of mind that your business is on the correct path. A financial statement is formed following the formats and principles mentioned in GAAP and IFRS. It is created for its users to serve different purposes;

• Managers require the Financial Statements to measure the performance of the company’s current procedures and take important decisions.
• Shareholders use the company’s financial statements to analyze the return they will receive upon the investments they have made in the company. It also helps them in making future investment decisions in the company.
• Prospective Investors need financial statements to make sure that they are investing in the right place. They need an estimate of the return they will be receiving from their investments in the company. Moreover, they need financial statements to analyze the risks associated with the company’s investments.
• Financial Institutions need financial statements to assess the credibility of the company. Whenever a company approaches a financial institution to borrow a loan for its project, it assesses the company’s credibility. The company’s current standing and the risks can be assessed through the financial statement. By lending the loan, financial institutions are technically investing in the company. Therefore, they need their financial statements to assess whether the loan will be beneficial for the institution and whether the company will repay it.
• Suppliers need financial statements to assess the creditworthiness of a business where they are going to supply goods on credit to the company. Suppliers formulate the terms and conditions based on the company’s financial standing as specified in the financial statements.
• Customers use financial statements to make sure that they can rely on a supplier (the company) to provide them the specialized component of their production process regularly. The customers use it to sign the contract where they assess and evaluate the standing of the supplier company.
• The government uses financial statements to check the credibility of the tax declared by the company. It also helps the government keep track of the country’s economic progress by assessing the rate of growth of the companies.

As a whole, it also profits the company in several ways. Some of the major uses of financial statements are listed below.

• Better Decision Making: Financial statements provide you the ease of making a proper decision related to businesses where all the information is reported in front of you. All the main information is used in making the appropriate decision.
• The Tax Time: Through financial statements, you have control over the finances of the company. It helps you to report your profit in return easily and accurately. You do not need to make the efforts of gathering the receipts of expenses to claim the deduction. Everything has been done for you. You will only need to fill out and submit the return.
• The Proof of Your Success: Even if you know or the world knows that your business is flourishing, you need financial statements. Why? Because you need proof of your success. You cannot simply tell people that your business is a success and attract them to it through words only. Facts and figures support your claim more than anything else.
• Catching the Mistakes: Financial statements help you in catching errors, fraud, and mismanagements. It helps you identify the theft that is being done in your company. The department of finance does not always contain faithful people. Financial statements help you with that.

There are several other benefits of a financial statement. However, these are the major ones. Financial statements help a business in every way possible. It holds a business together and helps the business owners in getting the attraction of the public.

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 restaurant industry is filled with owners who fall into the trap of “staying small” by playing it safe and not growing. While it may seem easy to open a restaurant, managing the operations initially requires exceptionally long hours and a great deal of work.  In addition, the financial rewards may be very modest, making expansion difficult.  Below are few handy tips that a new restaurant owner may use to improve their standards and increase their chances of success:

Considering it as a franchise?

By working hard to ensure that your restaurant is the next big franchise, you have already begun to overcome one biggest issue most restaurant owners face: standing apart from the competition. Construct your business by creating an atmosphere and process that future franchise owners can successfully replicate and implement. Think big, know that your restaurant is the next big thing to hit the industry.

All aspects of restaurant operations, even minor details such as staff uniforms or table layout, must be analyzed and tested for effectiveness and efficiency. There is no such thing as a detail too small. 

These procedures can then be followed by anyone wanting to model your success by opening their own location. This will also allow store owners to focus on overall operations instead of worrying about the technical aspects, such as cooking or service procedures. This allows for uniformity throughout the franchise. 

Examining the personality

Before you can become ready to franchise your restaurant, you must first establish your long-term goals while also considering your own personality and passions.  

If a person has a passion for preparing food and serving customers, they will innately become somewhat of a performer. Their happiness is found in the service side of the restaurant, and they may not be fulfilled operating a full chain of restaurants. However, if a person has the temperament and abilities of a manager, they will be content focusing on financial management and logistics. Consider how this applies to your situation. As an entrepreneur, you will spend a lot of time planning and organizing the restaurant chain without worrying too much about day-to-day operations.

To be successful, a franchisor must possess the characteristics of a manager and contractor. Like we said, opening a restaurant with the goal of franchising requires a great deal of dedication and time. 

Identify and codify the processes

When it comes to opening a new restaurant, a system of procedures must be created to ensure efficient operations. Establishing clear expectations for staff will free up your time, allowing you to focus on big picture issues, such as attracting investors.

Nowadays, a restaurant must invest considerable capital in things like proper equipment, fancy and stylish decor, and qualified well-mannered staff in the foodservice industry. Those who provide funds, such as investors or lenders, require the restaurateur to be knowledgeable and productive. The owner must describe all processes in detail and effectively codify them in a business plan to meet this requirement.

Join a franchise

If you are considering starting up a franchisee of established restaurant chains, most of the tasks mentioned above must be already accomplished. Understandably, franchise networks are generally much more successful than independent restaurants. While running an independent restaurant may be very fulfilling and moderately successful, a single location offers less earning potential than a full franchise. Therefore, when considering opening a commercial franchisee, it is the restaurant owner’s responsibility to determine whether the franchise network of interest is able to meet all of the requirements listed above. You must also consider whether the primary franchisor provides extensive restaurant operation training.

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.

Financing a business can be a daunting task, especially when initially starting up your company. Every detail must be carefully planned and developed beforehand. Having an accurate and realistic financing plan is essential for running a successful business. The revenue of the business largely depends on your thoughtful finance plan.  There are several sources available to secure capital to open a business, each with its own limitations. It is important to consider that a financial plan should be relevant to the type of business. Some business plans are only applicable if the business is a sole proprietorship, while some are relevant to partnership-based businesses only. It is vital to have an accurately prepared financial analysis included in your business plan. This will help ensures that you choose the financial plan that is the best fit for your specific needs.  

Basic of financing a business

Financing a business can be quite a complex topic. Some of the basics to be aware of are mentioned below.  It is especially important to have all business records and data organized and up to date. If the finance plan involves obtaining a loan from a bank, then every detail should be provided to the bank. Banks will usually ask for documents as evidence. If the business owner has previously acquired a loan and made their interest payments on time, the bank would feel more comfortable approving a much larger loan amount. Having organized and complete data is also necessary when filing taxes.  Choosing a financing model that meets your business’ needs is of vital importance. If there are any gaps in the financial plan, the company may lose its ground and suffer from financial loss. If the business is developed through a bank loan or has debt, more precautions should be taken. This is similar to obtaining a mortgage or loan for a new home. Other sources of capital can also be acquired through a private investor, as many financing plans are available.

Getting a bank loan

Securing a bank loan can sometimes be a complex task. First, you must craft an application and submit it to the bank, along with all the supporting documents. If the bank loan requested is for starting a new business, the bank reviews your personal credit and other details before accepting or rejecting the application. Bigger companies in the corporate structure have more complex details, which may require the bank to take more time reviewing these applications. Companies that already have an established market presence and have been operating for a longer period of time must submit their account details, credit history, and account books, along with the application.

Debt Financing

Debt financing refers to financing a loan. With this type of loan, you would pay the principle, with interest, back to the financer. In terms of repayment methods, debt financing is more multifaceted than traditional business loans. The easiest kind of debt loan is a traditional-term loan. The terms of these loans are easier to understand. 

Advantages of debt financing 

The bank or any other source of financer has no control over how the business is run and, therefore, cannot interfere with any business revenue. Once the credit is paid, the relationship with the financer is terminated. It is important to pay back the amount borrowed as soon as possible to terminate the agreement once it is completed. The interest that is paid for financing debt is tax-deductible, as it qualifies as a business expense. Interest rates and payment schedules are filed during taxation, and it is crucial to understand and adhere to the legality of the codes required.  

Disadvantages of debt financing

Obtaining funding through financing does come with disadvantages. The additional burden of debt repayment may cause immense amounts of stress on all involved. Repaying debt is a huge responsibility that can bury your business if not effectively managed.  If debt financing is the chosen plan for financing your business, repaying the loan as quickly as possible should be a top priority.  For any businesses still in the startup stage, it can be rather difficult to manage debt financing, along with the interest rates involved, since a fixed income is not guaranteed. 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.

There are several types of financial ratios that are applied to business. They contribute to the business’s financial health and are applied for different reasons and in various situations. Here is everything you need to know about financial ratios.

Liquidity ratios

Liquidity ratios measure the ability to pay off short–term obligations. In day–to–day operations, liquidity management is typically achieved through efficient use of assets. Common liquidity ratios include:

Current ratio

The current ratio expresses current assets concerning current liabilities. A higher ratio indicates a higher level of liquidity, and a lower ratio indicates less liquidity, implying a greater reliance on operating cash flow and outside financing to meet short–term obligations. The current ratio implicitly assumes that inventories and accounts receivable are indeed liquid.

Quick ratio or acid test ratio

The quick ratio is more conservative than the current ratio because it includes only the more liquid current assets. A higher quick ratio indicates greater liquidity and vice – versa. This ratio also reflects the fact that inventory might not be easily and quickly converted into cash.

Cash ratio

It is the most famous ratio to analyze the liquidity position of any company. The cash ratio normally represents a reliable measure of an entity’s liquidity in a crisis as only highly marketable short–term investments and cash are included.

Activity ratios

Activity ratios are also known as asset utilization ratios or operating efficiency ratios. Activity ratios are analyzed as indicators of ongoing operational performance – how effectively a company uses assets. It also reflects the efficient management of both working capital and longer-term assets. Since efficiency directly impacts liquidity, some activity ratios are also useful in assessing liquidity. The different types of activity ratios are given below:

Accounts receivable turnover

The accounts receivable turnover facilitates a comparison of the company sales and uncollected bills from customers. A relatively high receivables turnover ratio might indicate highly efficient credit and collection. Alternatively, a high receivables turnover ratio could indicate that the company’s credit or collection policies are too stringent, suggesting the possibility of sales being lost to competitors offering more lenient terms. A relatively low receivables turnover ratio would typically raise questions about the efficiency of the company’s credit and collections procedures.

Days of sales outstanding (DSO)

Days of sales outstanding represent the elapsed time between a sale and cash collection, reflecting how fast the company collects cash from customers to whom it offers credit. A lower number of days of sales outstanding are beneficial for the company and vice – versa.

Inventory turnover ratio

Inventory turnover ratio is also known as inventory turns ratio or stock turnover ratio. It indicates the resources tied up in inventory (i.e., the carrying costs) and indicates inventory management effectiveness. A lower inventory turnover ratio implies that inventory is held for a longer period which is harmful. In contrast, a higher inventory turnover ratio implies a shorter period than the inventory is held.

Days of inventory on hand (DOH)

Days of inventory on hand indicate the period inventory is held. A higher inventory turnover ratio a shorter period than the inventory is held, and thus a lower DOH and vice – versa.

Accounts payable turnover

The accounts payable turnover ratio is computed by account payable to sale. It measures the tendency of a company credit policy whether it extends account payable or not. The accounts payable turnover ratio measures how many times per year the company theoretically pays off all its creditors. If the ratio is high relative to the industry, it could indicate that the company is not making full use of available credit facilities; alternatively, it could result from a company taking advantage of early payment discounts. A meager turnover ratio could indicate trouble making payments on time or exploiting lenient supplier terms.

Accounts payable turnover in days

The accounts payable turnover in days reflects the average number of days the company pays its suppliers. A lower accounts payable turnover in days and high payables turnover ratio relative to the industry could indicate that the company is not making full use of available credit facilities.

A higher accounts payable turnover in days and lower accounts payables turnover ratio could indicate trouble making payments on time or exploiting lenient supplier terms. Suppose liquidity ratios indicate that the company has sufficient cash and other short–term assets to pay obligations, yet the day’s payable ratio is relatively high. In that case, it will favor the lenient supplier credit and collection policies as an explanation.

Fixed asset turnover ratio

This ratio measures how efficiently the company generates revenues from its investments in fixed assets. Generally, a higher fixed asset turnover ratio indicates a more efficient use of fixed assets in generating revenue. A low ratio can indicate inefficiency, a capital–intensive business environment, or a new business not yet operating at full capacity. Also, the fixed asset turnover ratio would be lower for a company whose assets are newer than the ratio for a company with older assets.

Total asset turnover ratio

The total asset turnover ratio measures the company’s overall ability to generate revenues with a given level of assets. A higher ratio indicates greater efficiency, and the lower ratio indicates the business’s inefficiency or relative capital intensity. Also, inefficient working capital management can distort overall interpretations.

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.

When it comes to stagging your business, the hiring process can be daunting. Many owners or managers have issues when it comes to hiring the right employee(s) for the available position. There are some apparent steps and qualities you would use or look for in the hiring process, and there are others that the person doing the hiring may forget. Here are nine surefire steps to hiring the perfect employee.

Define the Job

Before you post the job online, you must do a job analysis and have a thorough list of job requirements. It would be best to break these into job descriptions, required skills, education requirements, and environment.

When formulating the job posting, you should use concise wording and bullet points and have a job summary, attitude, and environmental expectations. Chances are you will have many people apply that are not qualified, but having defined job requirements, detailed job descriptions. The environment and attitude will help pull out applications and resumes of those who match your keywords.

Plan Your Recruiting Strategy

A team in the human resources department is generally dedicated to posting jobs, conducting interviews, and hiring employees in a larger company. However, in a small business, this is usually done by the owner or a trusted employee. Because a smaller business is more intimate, it may be necessary for all employees to input the hiring and recruiting process.

Create a Checklist

Creating a checklist may seem like a simple process, and in most cases, it is. However, having a list of what you need and expect in an employee will help you streamline the hiring process. Also, creating a checklist can help keep all current employees involved in the hiring process on the same page as far as expectations and recruits have potential.

Recruit the Right Candidates When Hiring an Employee

If possible, create the largest talent pool to choose from when hiring a new employee. Use available online tools such as hiring sites and social media to widen your talent pool as much as possible. The more potential candidates you have, the better chance you have of hiring the perfect employee.

Review Applications, Resumes, and Cover Letters Carefully

Have an effective system in place to review cover letters, resumes, and job applications. This process starts with a well-written job description and bullet points, and your checklist. Screen all potential candidates against your list of skills, characteristics, job experience, and other essential hiring points. Having this part of the process precise and streamlined will ensure that you can narrow the field of suitable candidates down to great ones.

Prescreen Candidates

While many candidates will look great on paper and have a compelling cover letter, they still may not be the right fit for the position or your company. Before taking the step to set up a face-to-face interview, you should do a phone interview to get an idea if they are still in the running before you go further in the process.

If you feel a candidate isn’t the right fit through the phone interview, you can eliminate them from the process at this point and not waste anyone’s valuable time.

Ask the Right Questions

The hiring team or business owner should develop standard interview questions that will be identical in each interview. This way of designing the interview questions will help you make a side-by-side comparison.

When formulating the questions, make sure every question you ask has value. There should be no throw-away questions to fill time. Organizing the questions will also ensure the interview stays focused and on track.

Do Background Checks and Check References

After conducting interviews and having further narrowed down the best candidates, you must do thorough background checks. Once candidates have passed these checks, you must check with their references.

In most cases, all of the candidates who have made it this far in the process will also pass these checks. However, there could be candidates in the running that are eliminated because something negative comes up in these checks.

Extend a Job Offer

Once you have the final selections made, it is just as important as any other step to extend an enticing job offer. Use a professionally written job offer to explain why they want to choose your company over other job offers they might have. Include the salary and benefits and any further detail to sweeten the deal. Getting the right quality employee in the position is crucial, and if you find the right person, you have to make it enticing.

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.