Author: Jennifer Brazer

Likely, your afore is not enough to survive only from your pension. If you want a good retirement, it is best to build an investment plan. We give you some options.

Retirement implies the finish of acquiring a period for some, except if one decides to function as an expert. For retirees, utilizing their retirement corpus that would assist in keeping charging risk under control and give a standard pay stream is of prime significance. Building a retirement portfolio with a blend of fixed salary and market-connected ventures remains a significant test for some retirees. The test is not to outlast the retirement reserves – one resigns at 58 or 60, while the future could be eighty.

If the Retirement Savings System remains unreformed, those whose savings are managed by an afore will face a complicated reality in their retirement since their pension will be equivalent to only 26% of their last salary.

The above is a scenario in which life expectancy has increased. By 2050, the number of older adults will increase to 32.4 million from 10.06 million in 2016, according to estimates from the National Population Council.

The task of saving and investing seems complicated in an environment in which 61% of workers earn between one to three minimum wages per month, that is, $2,695 at $8,085 and only 4.6% enter more than five salaries a month, that is, $13,475, according to INEGI figures.

However, if you can allocate a percentage of your income to invest for retirement, it is best to plan it now.

Currently, two out of ten people of retirement age must receive help from their family or acquaintances to pay their expenses, according to the 2015 work history survey conducted by INEGI for the National Commission of the Savings System for Withdrawal (CONSAR).

If you already have savings, the first step is to know the different investment products in the financial market and advise you with a specialist, such as an independent investment advisor certified by the authorities or with a stock exchange intermediary.

Both should help you know your risk profile to make the most appropriate investment decision. Below, we list several options:

 

Investment Plans with Life Insurance

Insurers sell it, this instrument deducts a monthly amount from your bank account, and options range from $1,000 per month.

 

Personal Retirement Plans

All financial institutions offer it; like the insurance investment plan, it is tax-deductible. The asset they have is forcing you to save; it is one of the big problems that negligence beats us.

 

Investment Funds

This instrument charges you a commission; you can buy and sell it whenever you want.

 

Exchange-traded Fund, or ETFs

They replicate some value or index behavior; you can access them from the Stock Exchange. Although the amount of contract opening depends on each stock exchange intermediary, some electronic platforms open them from $100, while in others, the minimum ranges from $10,000 to $25,000.

 

To Open an Account at a Brokerage House

They will build a portfolio according to your profile if you take this option. Suppose you do not have the appetite to tolerate the risk of shares. In that case, it can be a combination of stocks and bonds and obtain a return that will be a little more moderate,” says Ezquerra, who indicated that, although this option used to open generally for investors who already have $1 million, there are currently electronic platforms to invest in the stock market, which can be operated with an account starting at $1,000.

When one resigns, and there is a probability of the non-gaining period reaching out for an additional two decades or more, at that point, contributing a part of the retirement assets in value-supported items accepts significance. Remember that retirement salary will be dependent upon swelling in any event during the resigned years. Studies have demonstrated that values convey higher surging balanced returns than different resources.

Naming your business may seem like an effortless thing to do, but it is not. You must produce an impactful name, as a firm business name greatly helps lead generation. Customers are unconditionally attracted to solid business names and prefer to shop from them more often. One must think it through before producing their business name.

When a business starts, most plan a lot of details but always leave one of the most critical factors for the end, choosing the venture’s name, and at that moment, there is total panic. You must have several things in mind, such as the sector in which you will specialize, if you want it to be striking or personal if it will have a significant meaning behind it, or if you want people to identify it quickly.

Do not worry anymore. Here, we will leave several tips that can help you greatly in this crisis where you do not know what to do and think everything is lost.

Tips for Choosing the Name of Your Enterprise

Having a good name makes the difference between boosting the business and slowing down the success process; sometimes, it can lead to failure. Do not be scared after having read that because we are going to tell you everything you need to know to avoid catastrophes; you must follow all the tips that we give below:

1. Must sound aloud

When you are writing your multiple options, be sure to tell them several times aloud, on separate occasions, or as if you included it in a conversation, so it will be easier to notice if it is suitable for the purpose you have in mind.

An excellent technique to achieve this is using a compound that begins with the same letter, as is the case with Coca-Cola. It does not make any apparent sense, but it sounds good when you pronounce it several times, besides not being too much. It is complex to remember and avoid confusion with other products; it is understood in any language and is easy even for people with speech problems.

2. Avoid the 3.0 syndrome

Indeed, you do not understand what we are saying, but understanding is effortless. At some point, you have seen on social networks or web pages that the names are missing several legal words and vowels, to the point that they seem written by a dyslexic person. An example would be VSCO Cam, a popular Photo retouching App that very few influencers understand how to pronounce.

3. Forget the initials

We will not deny that some brands, such as 3M or IBM, have achieved enormous popularity, but this is due to their significant effort and quality. The reality is that using acronyms is not very striking. It limits creativity in advertising and does not say anything about you or your business.

You will only have a small business, not a great international company. Having realistic ambitions, trusting the most notable names, and attracting potential clients is essential.

4. Make sure you can register it

If you want a sizeable long-term brand, investigate whether it exists in the market. It does not matter if it is in another continent and you believe nothing will happen. Plagiarism is not a good option in any case. For this, you can get a handy tool, Google AdWords, to see the local and global searches like your chosen name.

In addition, you will know if, when searching, your company appears between the keywords or in similar phrases in a different heading. You can also find out if making a slight change in the name that this consideration can give you a better position on the Internet and even take the first step necessary to be the first SEO of your future online site.

Creating the name of your endeavor may seem extremely complicated at first, but you should not despair or start thinking about the worst. You should just take a break and follow all the advice we have given you in this post. You will see how you do much more quickly to find the best option for your business.

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.

Victorious bookkeepers instantly identify that client satisfaction should be their topmost priority as it’ll ultimately prosper their company. For business owners, bookkeeping can be a tremendous hassle, and multiple issues arise during the entire process just because of the lack of general comprehension. Therefore, companies always consider their client relationship as a partnership, even when their journey is challenging.

Many clients are calm and easygoing and appreciate the efforts made by bookkeeping advisors. Also, they acknowledge the dynamics of the trade. In this regard, clients usually compensate the bookkeepers based on mutually agreed-upon policies before working together. 

However, there are times when bookkeeping firms must deal with complex clients, but the ratio of their appearance is low. These clients are demanding and become rude or angry even on the slightest issues. At times, they can consume much of a bookkeeper’s valuable time.

For these reasons, differentiating between the potential clients is of pivotal importance. Here’s a short guide for understanding the nature of such clients.

1. Aggressive personality

The aggressive clients intend to impose their perspectives on bookkeepers and are very strict about deadlines. Such clients get angry instantly and are often verbally abusive.

2. Over-efficient

The kind of client who appears to showcase his wisdom about a bookkeeper’s services as if he knows everything better than him, and in the wake of displaying such services, such a client becomes highly arrogant.

3. Complainers

The clients who are always unhappy regardless of satisfactory services are the complainers. It is because they feel like they are being treated unjustly.

4. Confused clients

The confused clients kept asking the same questions about a particular service and couldn’t decide on their own.

Top four strategies to handle bookkeeping client issues:

Undoubtedly, dealing with demanding clients is tough, and the main challenge is dealing with their superiority. Usually, we reciprocate the behavior we get. However, this would lead to losing valuable clients and the goodwill of your bookkeeping firm. To solve any conflict, we must deal with them gently and patiently.

The following ways can help you resolve the issues with the bookkeeping clients.

1. Listen to the client’s queries

In case of disturbance in providing the services, clients often get frustrated. However, there are situations when the issues don’t arise from your end. In such cases, clients expect bookkeepers to listen to them attentively, and they also want the problems to get resolved without any delays. As a bookkeeper, you must answer their queries with utmost patience and vent their exhaustion.

2. Comprehend and apologize

It is a significant part where many bookkeepers falter. When a bookkeeper faces a complicated client, he usually starts challenging the client or makes excuses. He tries to end the dispute instantly to ease his distress. Remember that when clients get irritated, they expect an apology from the advisor to put things right for them. For this purpose, identifying what has disappointed the client instead of making excuses would be more feasible.

3. Analyze the problem by asking questions

The most appropriate way of handling a rude customer is by showing compassion. A cordial speech would be enough to mellow down the client’s anger. Once he gets calmed down, ask him questions regarding the current issue. This activity will present your concern about the challenges faced by the client.

However, the questions must be relevant, and you should also provide reasoning. Also, keep the conversation precise and positive. If you can’t handle the case single-handedly, you can always opt for better professional advice.

4. Generate creative strategies for their cases

Since demanding clients behave incorrectly, they won’t hear your explanations, even if they don’t occur on your platform. They don’t care if you’re stuck, too; they want to get their problem resolved. As a bookkeeping consultant, you need to acknowledge their concerns and develop effective solutions. There is a possibility that you must go the extra mile for their contentment, which includes asking for their suggestions and ideas.

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.

If you want to keep your account records clear and straight, you should record all the purchases made during a specified period. While recording inventory purchases, keep a few factors in mind: original purchase price, trade discount, purchase return and allowance, transportation cost, and ownership and transfer fee. Inventory is a significant aspect of almost any company or business. Buying and selling inventory is very important. You should track the primary activity, purchases, and sales of your inventory items with the unit’s inventory accounting system. In the language of business, the term inventory describes the products and materials held by a company for the ultimate purpose of resale.

• Inventory entries

Inventory works as a kind of asset. An asset refers to any property a company owns, physical or non-physical, that helps add value to their business. Assets increase if you have debits and decrease if you have credits. Debits and credits considerably impact many accounts that record journal entries for inventory—such as accounts payable, finished goods inventory, raw material inventory, and merchandise inventory.

• Manufacturing of a product

While manufacturing a product, you have to look at multiple inventory journal entries. You should review physical inventory levels at the end of the year to calculate the cost of the goods sold. It is advantageous to make a physical inventory list at least once yearly, write down the date the transaction was completed, and mention it in the left column of the given account’s balance sheet.

• Establishment of inventory controls

The most critical step when managing inventory levels is safeguarding your inventory from theft and damage. Ensure that those workers who perform your financial management, manage inventory controls, and perform accounting entries know those inventoried items well. Make access limited for inventory supply and apply specific procedures for shipping and receiving products. Also, label inventory before storing to access the items quickly. Lock areas where you hold products when operations are closed. Being overly organized will help you access these items when needed and minimize losses to theft or carelessness. You must keep damaged products separately and keep a record of damaged products on the waste sheet.

• Goods for resale

Implement purchasing and receiving procedures because you must add goods intended for resale to inventory through the receiving process. When receiving the goods, make sure that the packing or receiving slip matches the invoice and materials. Debit the inventory account to record the inventory purchases. If a person knows about COGS accounting, he should understand that COGS is how much it costs to produce goods or services. The cost of goods available for sale equals the starting value of inventory plus the cost of goods purchased. The cost of goods sold also equals the cost of goods available for sale, less the ending value of the merchandise.

• Physical inventory

Perform physical inventory audits on an annual basis. While conducting a physical inventory audit, it is of great importance and very vital to create an accurate balance sheet. Physical inventory reserves directly impact units’ cost of goods sold, profit, and revenue. Also, it affects the information on the financial statements. There are two systems to account for inventory. These include the perpetual system and the periodic system. So, the company uses one of these two systems to make a journal entry for inventory purchases. In the journal entry of inventory purchase, the difference between the perpetual and periodic systems is just on the debit side. The amount of inventory purchased in the perpetual system is posted to the inventory account while it is assigned to the purchase account under the periodic inventory system instead.

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.

An official audit is a documented explanation of whether or not a company’s financial statements are materially accurate, along with the standards, assumptions, and evidence used to conduct an audit. Suppose the IRS audits your business tax return. In that case, the platform carefully examines whether your business included the total income or applied only the tax deductions and credits allowed by the law.

The IRS audits are not random but a planned procedure. IRS selects such tax returns with errors based on complicated criteria. After filing a tax return, the IRS has three years to begin and finish an audit. However, these officials are professionals, so they consume less time than expected to complete the process.

During this time, the IRS will require financial information and documents explaining the position of your business tax return. So, providing them with the correct details is your responsibility.

Internal and External Audits

As an entrepreneur, acknowledging the differences between internal and external audits is paramount. This is because both the audits serve different purposes.

A CPA consultant has to perform an external audit, and it is only responsible for the auditing process and doesn’t involve taxation matters. However, many consider them to be a more reliable platform than others.

On the contrary, the employed accountants or bookkeepers double as internal auditors. They might perform the same activities as the external ones but also handle minor financial tasks. In some cases, the external auditors rely on the internal ones to manage monetary functions.

For a sound auditing procedure, you must take every step attentively. Here’s a step-by-step guide for managing your firm’s finances, ultimately leading to a smooth auditing procedure.

Step 1: Strategizing

For the successful execution of an audit procedure, creating a strategy would be the most feasible option. The planning phase might include scheduling and group meetings with your audit officials. In most cases, the department manager must provide all the necessary information.

Step 2: Reviewing procedure

Next, the assigned internal auditors will review your generated policies and financial management/ the purpose of this activity is to ensure that your written strategies perfectly align with your company’s standards. To avoid any inconvenience, you have to identify the departments ignoring the imposed policies made by the organization.

Step 3: Fieldwork

During this period, the auditor physically visits your company to examine if you’re working legally or not. Your workforce must follow the rules and regulations to pass this audit. If any employee alters roles within the platform, you must adjust immediately. Fieldwork includes meeting with the management and employees and enquiring them about the regular activities and tasks.

Step 4: Follow up

During the report inspection, the auditor often finds missing information. For instance, if any notice gets misplaced, the officer will ask for it immediately.

If an employee fails to provide an authentic justification, he must clarify it in the board meeting. However, most auditors explain the situation before submitting the findings.

Step 5: Reporting

Once your auditor examines all the provided information and completes the review process, he will issue a draft report, which delivers audit results.

The reports include an independent evaluation of your company’s strengths while stating the weaknesses and recommendations for corrective execution. The internal auditor will make sure that the information has no additional issues. After reviewing, the auditor proceeds with the final report.

Step 6: Looking for errors

If you find any hidden issues within the report, you need to track the source immediately and implement accurate internal controls to alleviate the problem with written documentation. It appears to be a simple process. So why do companies find it hard to make audits a priority? This is because an audit is a highly time-consuming process, which makes it a draining procedure. 

The demands of managing a business can be pretty overwhelming, and it might not be easy to prioritize among tons of tasks. Hiring an accountant to review your finances is a significant decision. Undoubtedly, auditing is an exhausting procedure and consumes valuable time and cash, but the benefits of this process outshine everything. 

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

In the wake of COVID-19, work-from-home (WFH) has become the norm for most organizations in the corporate world. Working from home may sound like a dream to many, but the fact is that it comes with its fair share of problems that require using the right tools to overcome.

We have narrowed down the list to a total of 7 tools you must have to ensure the smooth functioning of the work you carry out. These tools are essential and could ultimately make or break your productivity.

Internet Calling System

Working remotely requires you to always stay in contact with your coworkers. That is the only way to promote efficacy within the organization. You need to have a system of communication that allows you to stay in touch with your coworkers.

Open communication is incredibly efficient in international parties because it makes completing tasks very easy.

Nextiva is excellent for internet calling.

Project Management Tools

As the name suggests, companies use project management tools to track and manage ongoing projects.

It can often be difficult to manage many projects all at once, which would add to the complexity of the already strenuous task. Project management tools allow the user to keep track of all the functions at hand and meet all deadlines.

The tools also can send reminders when a deadline is close, which would be very convenient for those working remotely.

Hive and Monday are great options for those looking for project management tools.

Help Desk Tools

Companies use Help Desk Tools to help all the clients and customers affiliated with the organization.

Customer service plays a significant role in how your business or company is received in the public eye. Your organization will likely flourish if the customer service is quick and apt. So, these help desk tools will make the task easier regardless of your location.

Guru focuses on problem-solving while also making the job easier.

Internal Knowledge Base Tools

Although less used, these tools could completely upscale the functioning of your operation by creating a communication system, especially when onboarding, to give out instructions and ensure that all the group members can communicate effectively.

A confluence is a good option for this purpose.

Video Call Tools

Video conferencing is the most crucial part of working from home. These virtual meetings ensure the workforce discusses all agendas and you distribute information to the correct people.

These tools are a quick but secure way of getting into conference video calls so that these meetings can take place virtually and the work does not lag, no matter what.

Zoom quickly rose to fame after the onset of COVID-19, which makes it a good option.

Collaboration Tools

The primary purpose of these tools is to allow you to collaborate and share with your teammates.

These tools are excellent for handling projects that require working with their group members.

For this purpose, collaboration tools are used by those who need to work in a team.

Discord and Slack are well-liked options in this area.

Time Tracking Tools

This one is a no-brainer.

These tools allow the user to keep a proper check while they work. Such devices are used mainly by the managing staff to keep track of the rest of the employees, assisting them in tracking the working hours of all employees so that they receive payment accordingly.

The primary purpose of these tools is to prevent any dodging on the employees, which can sometimes be the case in the corporate world.

TimeDoctor is an excellent tool that gets the job done.

Using these tools would improve and upgrade your working experience. Working from home is often associated with low productivity levels, but you won’t complain once you have these excellent tools to assist you.

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.

Embarking on a new business venture may seem like a daunting journey, especially without prior experience. Yet, the dedication and long hours invested will undoubtedly yield rewarding results once the business takes off. It’s crucial to pursue a business idea fueled by passion. It’s a proven truth that individuals who love what they do tend to achieve greater success and happiness. Stay motivated and inspired, as the journey toward establishing a thriving business will be immensely fulfilling!

The entrepreneurial spirit is a common aspiration among many individuals. The desire to establish and run one’s own business is a goal that resonates with countless people. The first thing a person needs to do is choose what kind of business they can do. Finding the right business can be challenging, so it is always better to pick something currently in demand in the market. Once the idea is there, it is time to start implementing that properly.

Below are a few handy tips that will teach a person how to choose the right business for them:

Identifying Strengths

Embracing your strengths is the key to thriving in any endeavor, especially when launching a new business. Although venturing into entrepreneurship may seem daunting, it’s an exciting opportunity to explore uncharted territory. Before you embark on this journey, it’s crucial to confidently recognize your strengths and pursue an endeavor that truly resonates with your abilities. Let’s leverage your strengths and passion to make your business dreams a reality!

Passion vs. Consumer Need

Pick something exciting is one thing. However, to be truly a success, a person needs to choose something that is in high demand. A person needs to ensure the business is about something people want and will pay to get.

Choosing the Right Market is Important

It is very important to choose the right market when starting a new business. If the business is about cars, make sure it is located near a car market. If the business is about food, make sure it is located near a food marketplace. If a person feels like the space they are located in is not a good spot for their business, switch immediately.

Knowing Financial Limitations

Regardless of how great a business opportunity is, a person should never go above their financial limitations. According to experts, it is better to calculate the main startup cost for a business and the time it will take to start earning. A person should only start a business that fits under their financial capabilities.

Always Think Long-Term

A good commercial chance should only be based on a long-standing tendency instead of a short one. Do the research and look at that business from every angle. Is that a growing industry? How much competition is there? Once a person has everything properly evaluated, it’s time to go for it.

Test a Business Idea Before Fully Implementing It

Regardless of how much experience a person has, they should do whatever they can to take their business idea through the trial phase to find out whetherthat idea is worth a shot or not. Sometimes, an idea looks great at first, but after it is properly implemented, it seems dull or fails to meet expectations. It is cheaper for a new business first to try it and see what happens before jumping in with both feet.

Conclusion

Embarking on a new business venture is a thrilling adventure, brimming with exhilarating highs and invigorating challenges. It’s natural to feel a mix of emotions, but the key is to embrace the excitement and face the fears head-on. Every aspiring entrepreneur will encounter tough days, but it’s essential to stay resilient and take ownership of both the successes and setbacks. It’s okay to consider the worst-case scenarios, but it’s equally important to harness your passion, ambition, and unwavering dedication.

Experts affirm that successful businesses are born from the perfect blend of passion, determination, and hard work. Trust your instincts and let your inner drive guide you, but ensure that it’s supplemented with strategic planning. Establish clear business goals and methodically work towards achieving them. By embracing this advice, you are certain to enhance your chances of success. Stay focused, believe in your dreams, and enjoy the journey towards achieving your goals!

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

Challenges in the Current Mining Landscape

The global mining industry is under immense pressure with the current economic climate and worldwide challenges. In the short term, commodity prices are falling, slowing down the cash flow for mining companies.

Existing mining businesses face declining ore-body-replacement rates in the long term, while new mine-development rates are increasing. The overall statistics of mining operations have fallen 28% from their productivity in the last decade.

The mining industry is now focusing on improving productivity by utilizing existing assets, but how long will that last? Mining will need to transition into new operating methods to thrive and grow. Sound technological innovation is essential to achieve this transformation.

Technological Transformation in Mining

The technological advances that can be used in mining are affordable and will improve productivity, propelling the long-standing industry into the future. This new technology must be comprehensive, understand the resource base, materials optimization, and equipment flow, and anticipate failures in the system.

These technology advancements are only possible through reliable automation and real-time performance monitoring. The technology must also incorporate the high safety standards required by law for mining businesses.

Current State and Future Outlook

The present analysis shows that global mining operations have significantly decreased by 3 to 5% last year. This analysis covers mining across all geographic areas, commodities, and mining businesses. Researchers cannot agree on the cause of the decline. However, they all agree that the decline is occurring and that something has to be done to save the mining industry.

The overall deterioration in the mining industry has caused most companies to have reduced operations. This reduction could be the only way to save a mining company suffering from the current economic climate and any future economic issues.

To improve productivity and save the mining industry, companies have to improve productivity by embracing current technology. Mining businesses are severely behind in technology, so to bring companies into the modern age, they must embrace mining technology and automation advancements.

Technological Advancements and Operational Challenges

Mining differs from other industries in that it continues to use heavy machinery and core resources to operate. Also, mining occurs in extreme and remote environments, adding to the dangers other industries don’t have to face.

Because mining requires heavy equipment and often operates in these dangerous and remote locations, transporting the necessary equipment involves bringing it in by roads that are not ideal and sometimes by air. This type of transport can be costly and time-consuming, causing financial strain on mining companies.

Equipment maintenance can also be challenging because of the extreme environments in which mining occurs. Therefore, modern technology can provide better equipment and transport and automate some processes, making it safer for workers, the equipment, and the environment.

Smart Planning and Advanced Analytics in Mining

Smart planning is necessary to improve productivity and eliminate variability holding back the mining industry and related businesses. Advanced analytics has improved complex ore-processing operations. Therefore, mining operations in copper, phosphate, nickel, and platinum brought $20 billion to $50 billion yearly since adding the analytics.

Mining has been one of the oldest and most profitable industries for centuries. Mining-related businesses have provided a great deal of wealth to owners, stockholders, and other investors. However, mining was also falling behind other industries in technological innovation.

Navigating Challenges Through Technology

The uncertainty and variability in resources, the environment, and weather make it one of the most challenging industries to navigate. Therefore, technology and the advancements it offers mining are the keys to its continued growth and profitability to stakeholders in mining-related businesses.  

As we progress in technological advancements that will allow mining businesses to continue growing and thriving, we will see that it is possible to use technology in one of the oldest industries worldwide. Embracing the technology and making it work will leave mining in an excellent position for the next generation of mining businesses, owners, and workers.

Conclusion

The mining industry is facing a critical moment due to economic challenges and global uncertainties. Commodity prices have fallen, and ore-body-replacement rates are decreasing, leading to a 28% decline in productivity over the past decade. However, there is hope for transformation through technological innovation. Embracing affordable and comprehensive technological solutions that optimize resources, anticipate failures, and prioritize safety can be the industry’s salvation.

Global mining operations are experiencing a 3 to 5% decrease, prompting a sense of urgency for action despite unclear causes. Mining companies must overcome technological inertia and adopt modern technology, automation, and smart planning to secure long-term prosperity. The use of advanced analytics has shown promising results, contributing billions annually.

Despite being a profitable industry, mining has been slow to innovate technologically, making adopting technology crucial for continued growth and profitability in the face of complexity. Amid the uncertainty, technology is the compass guiding the mining industry toward a future that ensures its resilience and relevance for the next generation of businesses, owners, and workers.

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. Reviewed By: Brittany McMillen

Brittany McMillen

Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.

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While many focus on operations, prioritizing a positive corporate culture should be imperative when owning a business. Research has consistently demonstrated that a positive corporate culture can significantly impact a business’s success or failure.

Every employee and management team member must actively work towards cultivating a positive culture in the workplace. This responsibility cannot be solely shouldered by leadership, as any negative attitude, regardless of position, can adversely affect the corporate culture.

Numerous focus areas within the company can contribute to fostering a positive work environment and ensuring the happiness and productivity of employees.

Here are six ways to ensure a positive corporate culture in your business.

Positive Vision

A positive corporate culture begins with the company’s vision, which is initially presented in the mission statement. Subsequently, this statement articulates the company’s goals and resides in the minds of every employee, from the CEO to the receptionist. Ensuring every employee is acquainted with the company’s mission promotes confidence and enhances understanding of the overall goals, thereby aiding in the guidance of individual goals.

Positive Values

A company’s values constitute the core of its culture. While a vision embodies a company’s mission, values serve as guidelines for the mindset and behaviors essential to achieving company goals. They communicate to every individual in the company how the company treats employees and co-workers, serves clients, and upholds professional standards. The authenticity of the company’s values is derived not only from the vision but also from the genuine commitment to those values.

Positive Practices

Company practices are how vision and values are put into use. Suppose your company has a compelling vision statement and clearly defined values. If there is no action behind them, the corporate culture will be harmful and cause a company to suffer or fail.

Whatever the company’s vision and values, they should be reflected in its policies and operations. Vision and values mean nothing if they are not expressed through action.

Positive People

No company can have a positive corporate culture without people sharing their vision and values. The shared vision and values should be part of the recruiting and hiring process. To ensure the company’s corporate culture is positive, all new or seasoned employees must be on board with the core vision and values.

Having this be part of the recruitment and hiring process helps with retention and reduces issues that can negatively impact the corporate culture. People stick with the corporate cultures they like, and bringing on suitable “culture carriers” through recruitment reinforces the company’s already-established culture.

Positive Energy

A positive corporate culture energizes the business atmosphere. This energy propels the staff to be more creative, productive, and proactive. In a work environment that exudes positivity, employees eagerly anticipate coming to work and swiftly engage in their tasks, thereby maximizing productivity.

Positive Ideas

While every idea employees develop on a project or in the workplace may not be good, it can still yield positive results. If every staff member approaches projects or production positively, even bad ideas will spark good ones.

Brainstorming must come from a place of positivity to produce a viable work product. Therefore, every employee should approach their ideas and the ideas of others with enthusiasm and encouragement.

Conclusion

In conclusion, numerous factors actively contribute to shaping a positive corporate culture. The components discussed here serve as a solid foundation for cultivating an environment where employees thrive. A positive corporate culture is not merely a collection of lofty ideals but a dynamic interplay of vision, values, practices, people, and energy.

These elements synergistically create a workplace that attracts and retains like-minded individuals. The positive atmosphere nurtures a sense of belonging and purpose, influencing key metrics such as productivity, attendance, and internal promotions.

This investment pays dividends in terms of employee satisfaction and tangible outcomes such as increased sales and business success. As a leader, cultivating a culture of happiness and positivity within the organization is not just a strategic move but an investment in the long-term prosperity and well-being of the company and its employees. Happy employees are not just a reflection of a positive corporate culture; they actively drive heightened productivity and improve business outcomes.

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. Reviewed By: Brittany McMillen

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Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.

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One needs to remember certain principles when diving into the accounting world. Utilize these principles to promote profit maximization while finding methods to minimize the losses as much as possible.

An accountant or bookkeeper who keeps this principle in mind would always be content with their choices since they adhere to universally accepted principles.

These are the accounting principles that would completely redefine your accounting game.

The Full Disclosure Principle

The first principle revolves around the ethics that make accounting a success.

This principle states that the data recorded during bookkeeping should be precise and accurate.

Often, bookkeepers fraudulently forge data, which compromises the ethics that go into the task and may also lead to a loss for the client.

The entire disclosure principle exists for this reason and insists on creating an environment that keeps the client in the loop. The bookkeeper or accountant states all data to ensure the client knows the company’s performance.

The Matching Principle

The matching principle focuses on forming a link between a company’s revenue and the costs it incurs. Through this, no expense is unaccounted for, and everyone knows the direction of finances and how the company produces revenues.

For example, if an individual has a pizzeria. They sell pizza, which generates revenue for their business. The selling price of this pizza must reflect the costs incurred to produce the pizza when the owner bought dough, pizza sauce, olives, and cheese. Keeping accurate records allows business owners to identify profits or losses associated with different business activities.

The Cost Principle

This principle is the third and one of the more essential accounting principles.

The cost principle states that when recording the values of each cost, the original price shall be highlighted rather than the current rate.

This method of accounting is significant when real estate is involved—showing the cost of real estate with the initial purchase price rather than the property’s current value.

The value of commodities increases over time, but the accounting books need to be according to the direct costs that the owner of this business had to pay.

The Objectivity Principle

As the name suggests, the objectivity principle focuses on objectivity while bookkeeping.

It states that all the data in the accounting books are accurate and factual because only verifiable data can yield results and identify trends accurately.

The data used in the books must never be subjective and always indicate the facts revolving around the company’s performance.

The Expense Recognition Principle

The expense recognition principles state the exact time when an expense occurs.

At this point, expense and cost become two separate things. The price of an item is when a company receives a good or service. That is the exact moment when an expense is recognized.

On the other hand, a company records costs when it pays for the good or service—tracking expenses when paying the invoice for the goods or services, not when they are physically received.

For example, if a company receives cheese for its pizzeria, its inventory has increased, but the company records the costs when it pays for that cheese.

The Revenue Principle

The revenue principle states that companies must record revenue only when there is a sale for the business.

Whether the business provides a service or sells goods, it generates revenue when a sale occurs. That is when it should be linked to the matching principle and noted in the accounting books to keep a clear record.

Like the expense recognition principle, the revenue principle is often known as the revenue recognition principle as it identifies the moment a company generates revenue.

Conclusion 

In conclusion, navigating the intricate accounting landscape requires a steadfast commitment to fundamental principles that lay the groundwork for financial transparency and success. These principles collectively redefine the accounting game, providing a robust framework for accountants and bookkeepers to maximize profits while minimizing losses.

Embracing these principles fosters contentment with choices and ensures adherence to universally accepted standards, laying the foundation for sound financial management and sustainable business practices.

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.