Author: Jennifer Brazer

To properly handle your business’s financial needs, you must make the right decision when selecting a bank. Unlike the bank you use for your personal needs, you need your business bank to offer you applicable products and services, and you should choose the one that provides the most. Begin your research by looking into the different kinds of services banks offer in your area; the fees for these services should also be investigated thoroughly.

What Do You Want from Your Bank?

Having clear knowledge about your business’s services requires a bank to help finalize your choice. Interact with the banks on your list to shortlist the few that offer the required services.

For example, suppose you identify good customer service as an important prerequisite in selecting your bank. In that case, you might want to call them and check out the time it takes to reach a representative with the information to satisfy your queries. You can check their email response time, ideally within 24 hours. This will help you know beforehand whether your bank would cooperate when you need assistance and customer support.

Small Banks and Large Banks

Banks with large nationwide networks might offer you competitive interest and a wide range of services for your business. Smaller banks are more interested in the growth of local companies, thus making it easy to get a loan from them. A bank that would mail you your statements can greatly help your bookkeeping.

Smaller and regional banks are also familiar with local market status and requirements. As the Wall Street Journal states:

“Smaller, regionally focused banks may be better because they know local market conditions, they often provide more one-on-one access to a loan officer and put more emphasis on a borrower’s character rather than just applying a credit-score model. And they can be more flexible during tough times, such as covering overdrawn accounts without imposing stiff penalties.”

Become Aware of the Fee Structure

In banking, you will be charged for almost everything in one way or another. Call the banks on your list and consult the representative to determine how much the bank charges for different services, from Automated Teller Machine (ATM) withdrawal fees, checkbooks, and account statements. Ask about the other charges your business might need, such as credit cards and wire transfers.

The Reputation of the Bank Matters

You can consult other business owners when choosing your bank. Owners of businesses with similar financial needs might be able to help you by sharing their experience with their banks. Their satisfaction with their bank might help you decide and enhance your trust in your banking services.

It is better if your chosen bank qualifies as a Small Business Administration (SBA) lender. When applying for an SBA loan, having a good relationship with your bank is important as it makes getting approval for an SBA loan a whole lot easier.

The Small Business Administration’s Preferred Lender Program can help you identify the banks that easily give out SBA loans. The SBA says that the preferred lenders have a “streamlined paperwork process,” which can easily help your small business get its loan approval.

Work on Your Relationship with Your Bank

Once you have finalized your decision regarding which institution’s banking suits the financial needs of your business, you need to build a strong relationship with the bank staff that provides you with services. This relationship will be very resourceful, as it can lead to identifying ways the bank can assist your business. It might also help you get the credit you need during a loss or crisis. Consulting the banker about prospects can help you learn a lot about the services you will need for your business in the future. This can help you plan for future needs.

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.

You can schedule how your company’s resources are utilized and track varied costs associated with resource usage in a project. It involves the expenditure of machine-hours, employee hours, inventory goods, and other usages tracked for job progress. If a job has been running for a long time, you may transform these costs on the balance sheet to a work-in-process account. Doing so allows you to analyze the costs and include them in your income statements whenever required.

Work in process is a prompt step that inputs labor and materials and converts them into consummate goods. The balance in the work-in-process account is the total value of semi-completed inventories at the end date of the reporting period. Large companies know the significance of calculating work in process to make their inventory perpetual. However, trade businesses, in which a tradesman employs transitory methods of inventory by taking physical resources of consummate goods into account, can use this formula for determining work in process.

Importance of Calculating Work in Process

The role of calculating work in the process is essential in these manners:

• To make sure that the work is going to make maximum profit
• Understanding of cost structure is enhanced
• To effectively manage employees and projects in a profitable way
• Enabling the company to make informed decisions that are relevant to the business

Rate to Cover Your Emolument

You can calculate your rates to recover your payments. If you are making a $10,000 net profit in your business in a single year and have not taken pay, then it might be best to find another form of income with a better wage system and fewer worries.

The first step should be determining how much income you need because the wage depends on your circumstances.

You need to consider every need, including mortgage payments, cost of living, etc. Trade businesses are usually covered by doing paperwork such as generating invoices, bookkeeping entries, bills, etc.

The next step is finding out how many hours you can work. No tradesman can physically work 24 hours; however, needs may dedicate more working hours to maximize profit. If you work 40 hours a week and 2080 a year, you must consider your holidays, sick leave, and official leave. If holidays account for four weeks, ill and other leaves account for three weeks, 52 weeks will become 45. That means you are working 1,800 hours in a single year. This way, you can manage your costs and profits and calculate your work.

 Rate to Cover Your Running Costs

You can calculate this rate to recover your running costs for the trade business. If a tradesperson does not charge for a single hour, you still must pay for power, rent, and vehicle costs. You must begin by analyzing your previous costs because, if you do not, you cannot generate profits in your succeeding business.

 Profit Margin

Calculating this would help you get the return you want from your business. You should build a specific profit margin percentage for every hour of chargeable time. This margin must go hand in hand with the reasonable time you allocate to this calculation. In addition, you should compare your charge-out rate to the industry averages to know whether the total rate could be competitive.

Remember to charge after an hour of work to find appropriate rates. If the rate is lower than the average rate, it will allow you to profit. Charging too little is the same as charging too much because it can undermine the confidence of consumers and employees in your business.

 Material Costs

When calculating work for charge-out rate, material costs are not included. These costs are separately added to the markup and can be done in various ways. You can use the wholesale or retail price or the actual price to put the mark upon.

Conclusion

• Be realistic in your business and meet the expectations of your employees
• Understand the cost of the company to generate maximum profits
• Find material and variable costs, including bills, vehicles, overtime, etc.
• Review changes and revise the costs whenever required
• Analyze the cost structure instantaneously and know what other competitive businesses are charging
• Be aware of what the market wants to pay
• Neither look for lower or higher rates than the average but keep them sustainably.

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.

Many entrepreneurs do not know how to set up their start-ups properly and make them successful. The growth strategy of any start-up should be to take the idea to market as soon as possible. Any sort of delay can mean the loss of both profits and market share. Here are tips to help budding entrepreneurs get their start-ups up and running successfully.

Take the First Step

Many people with start-up ideas do not dive in because they spend too much time contemplating how and when to start, afraid of doing something wrong. Any potential start-up needs to tackle the problems that stop it from beginning operations and take that bold leap into entrepreneurship.

Sell Anything

Although you may already know what you want your start-up to sell, many who want to become entrepreneurs do not know what they want to produce. You should sell anything if you want your start-up to succeed. You don’t need to sell something new; many stories of successful entrepreneurs have already sold things in the market. They just sold them differently and innovatively.

Product innovation is not necessary to become an entrepreneur; business innovation is the only thing necessary.

Get Professionals to Work with You

In different stages of your business, you will inevitably need professional advice. It is wise to ask for help when looking for advice. In this way, you can get any kind of expert to implement their advice for remuneration. For example, you can consult a qualified accountant for advice on proper bookkeeping to ensure a sound check on your business’s finances. After getting adequate counsel, you can ask the accountant to provide and be compensated for their services, which can be either in cash or maybe even in terms of a partnership or shares.

Your business must have people with knowledge and professional skills around you. You have many personal attributes that you can put into the success of your business, but you cannot do it all by yourself. Getting professionals to work alongside you can be of tremendous help.

Hiring Remote Employees

Hiring remote employees is an affordable way to find talent for your business. There are a lot of things that can be done by employees at home. It can be a great way to cut costs when your start-up is small.

Utilize Contract Work

Instead of hiring permanent full-time employees, search for contract work. Permanent employees may be difficult to find and become a burden for your start-up. Hiring contractual employees can help your business secure the talent and services your company will need to grow.

Look for a Co-Founder

Multiple minds are better than a single mind, especially in start-ups. They can compensate for the skills you lack, and their innovations can help your start-up grow. Start-ups with founding teams are much more likely to obtain investments than a founding individual.

The only thing necessary when working with a founding team is to have a proper hierarchy in decision-making.

Work with People Who Bring Out Your Potential

The team you work with within your start-up must have the capability to bring out each other’s potential. Pushing each other to the extreme can bring out the team’s best performance and help make the team better. You can find these qualities in anyone, from a friend to a mentor. You can even push your team, bringing out their potential. As Steve Jobs said:

“By expecting them to do great things, you can get them to do great things.”

And on another occasion, he outlined his approach to management by saying:

“My job is to not be easy on people. My job is to make them better. My job is to pull things together from different parts of the company, clear the ways, and get the resources for the key projects. And to take these great people we have and to push them and make them even better, coming up with more aggressive visions of how it could be.”

His approach led Apple to become one of the most valuable brands today.

Do Not Make Money Your Only Focus

Spending too much time securing funding and capital can throw your start-up off track. Similarly, worrying too much about income and profits can also become a problem. Other aspects need attention, such as marketing and selling your product, researching your market, and meeting customer demands.

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.

Those who believe in investing in assets and stocks may find cash saving absurd. However, a recent survey revealed that nearly 43% of Americans prefer to keep their savings in cash. Interestingly, more than half of these Americans plan to stash their money in secret home safes. On the surface, it might seem like a brilliant idea. There is, however, a downside to stashing cash.

Before delving into the risks involved, we should review the reasons behind the rising trend of keeping money in home safes rather than banks.

Why Are Americans Opting for Home Safes?

The leading reason is mistrust. Over the past two decades, Americans have seen enough financial distress to stop trusting banks and government-funded financial institutes. Similarly, the last decade was full of unexpected tax hikes, and many banks have increased the fees they deduct solely for letting you keep your money in their lockers. Home safes, in contrast, seem like a one-time investment where your one-dollar bill will remain a one-dollar bill no matter how long it stays there.

Economic instability has also shaken public trust in investment vehicles like stocks. It is one reason many people believe that they might as well keep their savings in cash rather than take the risk of investing it. Unsurprisingly, they are stashing cash instead of making an investment.

Do not forget that keeping money in a secret safe is a sure way to evade heavy taxes on your savings.

All of these factors have played a role in driving a growing part of the population back toward saving money on home safes.

Better Safes with Better Security

Additionally, there are a few developments that make home safes seem safer. First, companies develop more innovative and safer products that make you feel like you have more control and freedom. Second, many insurance companies provide insurance for the money you keep at home.

Is Stashing Cash a Good Idea?

Stashing cash might seem brilliant, but the drawbacks are real. Here are some reasons it may not work as much in your favor as you expect.

First, it is not safe. Stashing cash at home makes it vulnerable to more threats than keeping money in the bank despite the insurance policies. Most insurance policies cover theft or robbery, but some incidents can turn that cash into trash. Whether fire or flood, your money will be worth nothing if it is ruined in an incident that the insurance provider does not cover. Worst-case scenario: Imagine your pet or toddler find your cash and tear it to bits. This is the kind of incident insurance providers are not likely to protect your savings against.

Cash Does Not Grow

As the value of currency changes, the worth of your cash decreases; while your one-dollar bill will remain a one-dollar bill decades later, you may hardly be able to buy half of what you can buy now. On the other hand, a standard savings account will earn enough interest to cover the time value of money.

Simply put, money kept in your home is hardly even safe.

When Is It Best to Stash Cash?

Keeping cash at home for the sole purpose of keeping your money safe is not prudent. However, it does not mean it is always a bad idea for everyone. The only good reason to keep cash at home is when you do not plan to save it for long or finally take out all your savings and spend it.

Not relying on banks and hiding your savings from the watchful eyes of the government may seem like a smart move, but it limits your chances of making more money out of the cash you have.

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 internet security, virtualization of services, such as storage for cloud computing, is a high priority. For an Information Technology (IT) infrastructure, cloud computing is the ability to use computing power and storage like databases or network assets. While it is a versatile solution offering almost limitless benefits, it is simultaneously a complicated and complex affair for a business. The Cloud can refer to the browser-based Software as a Service (SaaS) applications where users pay for the services. This led to technological advancements breaking traditional models of proactive technology

The best database for your organization is deployed for cloud computing assistance, and many options are available. With so much out there, it can get confusing when solutions are based on enterprise scenarios. Security, performance, and compliance are the top three critical keys to focus on for all centrally prioritized organizations. Best practices are required to manage the priorities of the database strategy for the enterprise model. Without implementing best practices, even the best database for your organization would not provide optimum levels of functionality.

Private Cloud Solution

Due to the customization for business-specific needs, a private cloud solution allows more control over the enterprise environment. It is also a part of the IT infrastructure that has enhanced security, which increases confidence in the solution’s security. Due to the geographical position of a user, latency is an issue as the legacy application is impacted due to the data and user being relatively located. Also, if remotely located, the company offering the data would contribute to a frustrating usage of the service. 

The best database for your organization cannot hinder user execution due to poor performance. Other concerns are industry-specific regulations and compliance issues that are severely strict. Some countries have set implementation policies and rules that do not always match the business in other countries, creating a policy nightmare.

Hybrid Cloud Solution

Hybrid cloud solutions are flexible and more customizable than the previous solution. This solution allows managers to select and opt for elements from private or public clouds. Cloud bursting is the largest benefit of this solution, which helps when more users suddenly show up and request services. The burst can help handle the system’s intake of extra users without downing the system. Its self-managing features allow flexibility to handle workloads according to business requirements. 

The cons are that it is complex, integration can take long periods of time, and connecting with public clouds increases potential security threats. It also may lead to overuse of services, whereas users are scarce due to auto-management.

Public Cloud Solutions

The scalability of public cloud solutions is phenomenal. The cost models let users select pay-as-you-go benefits that are an added advantage. With faster performance capability and new application induction into services offered, using legacy applications is challenging. Sprawling here is a major issue like hybrid and can lead to advanced security threats. Without strategizing for proper management and control, costs can skyrocket, resulting in negated savings and lower system efficiency. 

Another shortcoming is data visibility when the location is hard to determine where it resides once inducted into the database cloud. By its nature, the public cloud solution is homogeneous in that it works on different enterprise needs. Latency can be an issue depending on the enterprise architecture and its implementation, deployment, and utilization. Dependability is a serious concern when choosing the best database for your organization.

Appliance Database

The data center takes care of self- or vendor-based appliance database management. Thousands of vendors provide this solution, but performance and support facilitation are greater if one is selected for the entire setup. It can be disadvantageous to use a single vendor, creating a limiting monopoly, while application databases can become niche and seldom used. This solution is also expensive but cost-effective with the right settings over time.

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.

Cannabis and cannabis cultivation have seen a popularity gain worldwide. The US is the latest to have principal bans lifted surrounding cannabis. Pharmaceutically, cannabis has been proven to help with insomnia, high blood pressure, diabetes, and many other disruptive conditions. The main reason cannabis is effective in assisting the mind in relaxation is the increased levels of THC cannabinoid present in the plant. Tetrahydrocannabinol, or THC, is one among hundreds of chemicals found in high quantities in the cannabis plant called cannabinoids. THC is the most abundant and highly occurring chemical in it.

Cannabis cultivation is primarily for treating conditions such as depression, anxiety, and other psychological ailments. It also helps in physical diseases such as glaucoma. Cannabis is also used for recreational purposes. Due to its demand, it is prone to regulatory costs and taxes, leading to rising rates. Many enthusiasts or people in urgent need of ample supplies of cannabis resort to growing their own; like all skills, it requires time and patience. The cannabis plant itself is resilient and can withstand severe temperatures. It can also withstand an extensive range of climates. Also, the cannabis cultivation process is simple!

Starting: Choose the Preferred Seed

Choosing from the wide range of strains available in the market can be daunting, but if you know what you want, you are all set. The cannabis plant has been significantly researched, starting in modern times in 1964, by an Israeli man named Raphael Moechoulam, a chemist by profession.

What To Know: The Basics

Cannabis cultivation requires understanding fundamental information that would enable anyone to harvest a satisfactory yield effectively.

• Light

Like all plants, sunlight is needed for photosynthesis. It is ideally recommended to use 12/12 hours of light and dark. For example, timers can be used with controlled light schedules until you can expose it to its final growing place.

• Where to Grow the Cannabis

Deciding where cannabis cultivation will occur can help determine many other vital aspects, such as expense and costs. You will also have to choose the soil and location. You will need proper lighting fixtures and other materials for indoor cultivation for proper greenhouse effects. Windy areas are not recommended. The plant prefers to be given dry and bright-lit places for 12 hours and then 12 hours in dark and damp areas. Some people even use rock wool for cultivation as it carries nutrients. 

• Air Quality

An area with low air quality will lower the plant’s ability to produce THC-laden resin and may even reduce its growth. An airy abode is an optimum requirement. Windy places can damage and break the cannabis plant in places. The plant may face stressful conditions indoors with low light, heaters or fires, and no air movement. Above all, bad air quality will hamper its ability to produce good growth. 

• Water 

Without a proper watering schedule, no plant can survive. Water is the most crucial factor that will help your plants grow. Also, the taller a plant gets, the more water will be needed to make sure your plant is getting enough nutrients on time. Indoor cannabis cultivation would require personal delivery of water through various chosen means, such as tap water checked for PH levels.

• Temperature Requirements

The plant itself is resilient and can withstand high and low temperatures. It is not immortal and will die with prolonged exposure to extreme temperatures. A consistent temperature of about twenty-seven degrees Celsius is recommended for ideal conditions. Also, indoor heating and air conditioning can be controlled to produce excellent results.

• Nutrients and Supplements for Growth

For the plant to grow, it will need water, air, and nutrients to thrive. Using everyday throwaways like banana peels and used tea bags can provide excellent nutrition for the cannabis plant. Composting is also a great way of creating prodigious soil. For cannabis cultivation, fertilizers are used in small quantities but are not mandatory, as organic elements would significantly increase the cost efficiency while maintaining a good chance of satisfactory yields. 

• Humidity And Its Effects

At a particular stage of life, the humidity will significantly benefit the plant. But, unfortunately, it is impossible to control without setting up a small greenhouse. Maintaining humidity is critical indoors because the flowers have “sweat” generated on the trichrome during their humidity-craving time when the cannabis plants blossom later in life. 

Using Lights

Manufacturers are dedicated to making lights for growers and enthusiasts at reasonable prices. Also, since its legalization, there have been manufacturers of grow cupboards for the die-hard cannabis fan. These cupboards are expensive but worth every penny. The cupboards have fans, lights, timers, filter chambers, and everything needed to start your cannabis cultivation. Lamps used by experienced cannabis cultivation experts and growers help by providing ample heat for the plant.

Hatching Seedlings

The simplest way of germinating seeds is by using paper towels. Paper towels moistened with water are placed on a plate with the seeds between two paper towels and in a dark but warm place. When the roots’ sprouts can be seen from the seeds, they are transferred to the area they will grow in. If using cannabis grow cupboards, planting the seed directly into it will be more efficient for the plant, leading to easier cannabis cultivation.

Grown Plants

Indoor plants need more light for energy. With an airy and spacious growing area, notorious soil, and lights that help it thrive, the plant would yield higher amounts of produce. Depending on your location, the end of March to mid-May is the ideal time to cultivate.

Flowering or Budding

In the flowering phase of its life, cannabis cultivation pays off with its fragrance and aroma in the air. As the plant grows, the bud or flowers start showing, and in the following couple of months, these fragrances enhance and mature. When the flower blooms, the resins show strains with minuscule trichrome-like puffballs. The pistils and leaf surface start to turn a shade darker due to the forming of resins. Also, over the weeks, multiplied flower clusters would be visible in the cannabis plants, leading to swollen flowers.

 Harvesting

Nutrient is stopped, and only water is provided to the plant to retain its natural flavors in this part of cannabis cultivation. Now covered with heavy swollen trichrome, it is ready to be harvested. Harvesting requires the plant to be matured by allowing it to dry off after picking it. It takes about two weeks to prepare it by dehydrating it properly, leaving only a crunch. To cure this problem, store the buds in a jar and leave them for two or three weeks. Open the lid of the jar at least once daily to allow the plant to breathe, and always use a dry, dark place for storage. After curing it, it is ready for use!

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 bustling world of retail, the Point of Sale (POS) system stands as the unsung hero, diligently recording transactions, managing inventory, and even nurturing customer relationships. But what exactly is this technological marvel? Imagine a bustling marketplace in ancient times, where transactions were simple but chaotic. Fast forward to today, and you’ll find the modern market transformed by digital prowess, with the POS system at its heart, ensuring every sale is a step towards growth and efficiency.

At its core, a POS system is the modern-day cash register with a twist. It’s an amalgamation of software and hardware that manages sales transactions. However, to call it just a cash register would be an understatement. It’s more like the Swiss Army knife of the retail world, capable of inventory management, sales reporting, employee management, and customer relationship management, all while processing transactions swiftly.

The evolution of POS systems has been nothing short of revolutionary, with innovations making them indispensable in the retail sector. Let’s dive into four groundbreaking innovations that have transformed POS systems:

Cloud-Based Systems

Gone are the days of bulky servers and the fear of data loss due to a system crash. Cloud-based POS systems have taken the stage, offering flexibility and scalability. Retailers can now access their data anytime, anywhere, ensuring business continuity and real-time updates. This innovation has democratized high-tech solutions, making them accessible to small and medium-sized enterprises (SMEs).

Mobile POS (mPOS)

Imagine the freedom of making a sale anywhere in the store or even outside of it. mPOS systems have turned this into reality, allowing sales staff to carry out transactions right on the spot with a smartphone or tablet. This improves the customer experience by reducing wait times and boosts sales outside the traditional store setup, such as pop-up shops or outdoor events.

Integrated Payment Solutions

In today’s digital age, consumers are looking for convenience in payment methods. Modern POS systems offer integrated payment solutions, supporting a wide range of payment types, from traditional cash and credit cards to mobile payments and cryptocurrencies. This flexibility enhances the customer experience and streamlines the checkout process, making transactions smoother and faster.

Data Analytics and Reporting

Data is the new oil in the retail industry. Advanced POS systems are equipped with robust analytics and reporting tools, offering insights into sales patterns, inventory management, and customer behavior. This data-driven approach helps retailers make informed decisions, tailor their marketing strategies, and ultimately boost their bottom line.

Now, let’s sprinkle in some exciting business statistics to highlight the impact of POS innovations:

• According to a report, the global POS software market is expected to reach $42.5 billion by 2027, growing at a compound annual growth rate (CAGR) of 7.8% from 2020 to 2027.
• A survey revealed that 56% of small businesses plan to upgrade their POS systems to more advanced models within the next year.
• The adoption of mobile POS systems is on the rise, with projections indicating that the mPOS market will grow to $55 billion by 2024.
• Businesses that leverage data analytics from their POS systems experience a 5-10% revenue increase within the first few months of implementation.

These statistics underscore the pivotal role of POS systems in the retail sector, driving efficiency, enhancing customer experiences, and propelling businesses toward growth.

Summary

In conclusion, the evolution of POS systems from mere transactional tools to comprehensive business management solutions marks a significant leap in retail technology. With innovations such as cloud-based systems, mPOS, integrated payment solutions, and data analytics, retailers are equipped more than ever to meet the demands of the modern consumer. As we look to the future, the POS system will undoubtedly continue to evolve, opening new avenues for retail innovation and success. The journey from the ancient marketplace to the digital sales counter is a testament to human ingenuity, and the best is yet to come.

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.

One of the most challenging decisions entrepreneurs face is hiring the right staff. Quality human capital is the most basic requirement for every start-up because employees need to perform effectively. Productive, quality employees ensure that both short and long-term objectives are met.

Create a Hiring Plan

The first step in facing staffing challenges is for an entrepreneur to create a hiring plan. A hiring plan determines the specific roles that individuals are meant to play in an organization. It will help entrepreneurs choose employees who can play a meaningful role in the company. It is also an effective method for creating job descriptions for future vacancies that must be filled in the company.

When analyzing an employment type, it is vital to mention whether the job is permanent, full-time, or part-time. It should include temporary or permanent contracts, casual, fixed-term, probation, and shift workers. It should also indicate the total number of employees required to fulfill each role.

Determine Your Needs

A start-up must efficiently cater to staffing challenges. Staffing is not easy for any business, and young entrepreneurs often face many issues when hiring new employees. When developing a hiring plan, it is essential to determine what kind of experts and professionals your company requires.

Hiring should be based on the tasks and functions essential for growing your business. Initially, predicting the specific functions each employee must perform and the working hours needed to complete them may be difficult. Look at market leaders and observe their staffing patterns. Design your hiring plan to reduce your staffing challenges with those patterns in mind.

Initiate Organizational Culture

An essential aspect to consider when staffing is choosing and initiating a positive organizational culture. Company culture is a crucial element in a start-up. Your company’s culture will affect the morale of your employees and the character and essence of your brand. Keep the type of culture you want in mind and select employees aligning with that initiative.

Balance the Cost of Hiring

Finances may be tight and even insufficient at the beginning of your start-up. You may be unable to hire a prospective employee demanding a hefty salary. At the same time, investing in experienced and qualified employees from the beginning will benefit you in the long run.

It is imperative to balance cost and experience in an employee. The best approach is to choose talent over experience. Given an entrepreneur’s many staffing challenges, a proper balance between experience and cost is a delicate matter. When hiring, look at an employee’s achievements rather than their years of experience on their résumé.

Timing of Initial Hiring

The first hires will be the toughest decisions you will need to make regarding your staffing because the initial stages of a new company are fragile. This may also be your first time hiring and managing a group of employees.

As an entrepreneur, you are in a leadership position and need to coordinate and manage your team well. It would help if you found fearless employees who go outside their comfort zones. It would help to be precise, open, and honest with your employees since they must be flexible and adaptive.

Flexibility

A new start-up will continuously evolve and change once the initial stages have passed. Flexibility is another one of many staffing challenges faced by start-ups. During this stage, it is important to be flexible in your role as a leader, and the same flexibility must transfer to your employees. Initially, they must have flexibility in their roles and responsibilities so their roles can be interchangeable.

Talent Retention

Talent retention is one of the most common aspects of staffing. Experts believe that retaining talented employees is a significant staffing challenge, no matter how rigorous the hiring process is.

Even if your employees seem happy with how things are running, they could often seek a similar role with a much more established organization. Having good relations with your employees can prevent this from happening. Suitable company culture and flexible working hours will benefit a new company and help you retain talent.

Conclusion

Once you overcome these seven staffing challenges, you will have a solid start to your business. Initially, you will formulate, evaluate, and implement Human Resources strategies and policies. These include regulations for workplace behavior, remuneration packages, compensation, benefits, and other employee-related policies of leave.

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

When a financial expert gives you guidance regarding the life savings in your retirement account, that person must act in your best interest.

However, this fiduciary rule took quite a few years to achieve agreement. The most acceptable technique to understand the fiduciary debate is to see this debate through the lens of fees. Every time you do business with people in the financial services industry, ask them this: How much money are you making, and what are the different ways you are making it?

The best clarification we have seen of what a fiduciary is and does come from a video Hightower Advisors posted on YouTube in 2012. There, they contrast butchers and nutritionists. Butchers provide meat, possibly the best meat they have. On the other hand, nutritionists tell you what is best to eat. When searching for life savings advice, you probably want to speak to the nutritionists and not the butchers. However, the butchers have a perspective that can benefit you. 

Whenever someone is trying to sell you an actively managed mutual fund or a real estate investment trust (REIT), and you do not understand, pose the following questions to them and carefully consider their responses.

Questions You Need to Ask About Investment Fees

1. How much money will you make in cash commission individually if we select this product? Similarly, how much will you make later in any sort of ongoing or trailing commission?
2. Is there a bonus you qualify for from your employment at this firm? Is it in danger if you do not make this sale?
3. Are you earning more from advertising this product than you might from putting me in a similar product from a diverse company? Are you earning more than you might if you put me in a different vehicle from the same company?
4.  Is your company or the company that shaped this product running any contests that may lead to you getting a free trip or incentive if you buy this product?
5. Do you get to eat lots of free food?

Then, there is some nitty-gritty. You will be offered all sorts of product features and extras, and you will need to ask the following questions:

1. How much more will I pay in fees if I receive a sign-up bonus on my allowance? Or for a definite minimum income or benefit, should I elect to receive my money in monthly payments starting at some later date? What if I want a death profit for my heirs? Are there actual charges for the insurance component of the product? Are there any penalties for pulling my money out before time?
2. As for any subaccounts in my pension, are there expenditure ratios or fees for the money there?
3. Does your firm stand to collect any costs that you will not split as part of your payment because they have favored one product or another or restricted their platform to certain products and locked out others?

Conclusion

However, whatever responses you receive, so much will depend on fluid terms like suitability, best interests, and the reasonableness of fees. Likewise, legal exceptions to any standards and whoever adjudicates disputes will vary. Rather than getting caught up in the fine print and legal language, defending your interests from the outset is best. The best response in an industry that tends to hide fees and requirements is to ask questions and obtain all terms and conditions in writing.

In navigating the complex financial advice landscape, the fiduciary rule underscores the importance of transparency. The analogy of butchers and nutritionists illustrates the distinction: choose those who guide rather than sell. The crucial questions on investment fees serve as a safeguard. The decision emphasizes the significance of proactive inquiry, highlighting the need to protect one’s interests by seeking clarity and obtaining terms in writing, ultimately empowering individuals to make informed financial decisions.

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.

Substance abusers receive primary care at a rehabilitation center for drug and alcohol abuse. A rehabilitation center has highly trained professionals who provide the best care to the recipient because they regularly handle various issues that alcohol and drug abusers deal with. Treatment options are plentiful and based on the person’s addiction level and mental and physical health.

Treatment facilities at a rehabilitation center are based on an intervention philosophy comprised of biological, physiological, and social factors. Research shows that no single treatment suits all drug and alcohol addicts, so treatment is more effective if customized treatments are offered to patients.

Outpatient Treatment Options at Rehabilitation Centers

Rehabilitation centers provide outpatient clinics for different types of drug and alcohol abuse and provide separate treatment sessions for different kinds of people with substance use disorders. Sessions help determine the substance dependency level in everyone.

The participant must undergo an initial evaluation to be admitted to an outpatient treatment facility. The initial assessment helps identify the causes of the addiction. Then, according to the mental and physical health of the patient, a good treatment plan is developed and discussed with the substance abuse victim and their loved ones.

Helping Teenagers Quit Their Dependence on Substance Abuse

Teens and young adults are at risk for developing an addiction, and the reasons behind their drug and alcohol abuse vary. Many teenagers suffer from mental health issues that lead them to consume alcohol and drugs. Therefore, they require primary care at a rehabilitation center to help them get their life back and avoid becoming addicted again.

Other recreational drugs, like ecstasy, are becoming popular among teenagers, and, as a result, substance abuse is a severe problem in our country today. Customized treatments for patients at a rehabilitation center help improve teens’ mental, physical, and spiritual health. It is difficult to know how quickly simple, casual drinking with friends could result in severe alcohol abuse. There are rehab programs that are designed to help teens struggling with addiction. 

Recovery Programs at a Rehabilitation Center

Experts with extensive knowledge and completed research about drug addiction or alcohol abuse are aware of the negative consequences of addiction. A 12-step program is one of the best drug addiction treatment programs at a rehabilitation center. 

Alcoholics Anonymous is famous for using the 12-step program; this therapy was developed in 1938. Alcohol treatment centers today use versions of the 12-step recovery program and generally include help for families of people with an addiction as well. 

Assisting in Detoxification and Withdrawal

Withdrawal is the most painful part of the entire treatment process. Primary care at a rehabilitation center makes the detoxification process more accessible for the person with an addiction since detoxifying from different types of drugs, like Vicodin, codeine, Subutex, methadone, heroin, and ecstasy, is hard to bear physically. 

Many popular rehabilitation centers provide steps to make the withdrawal process easier and as painless as possible. These steps allow the individual to:

• Decrease or eliminate pain during the detox process
• Help the patient regain their strength, sleep patterns, and appetite
• Help in stabilizing the mood of the patient

Experts use different treatment methods to make detoxification as painless as possible. The safest and most reliable treatment plan is offered to the patient according to their dependence level. Some treatments help the patient sleep through the detox process. 

 Modern Facilities at a Substance Abuse Center

Some facilities at a rehab center have swimming pools, game rooms, and other interactive activities that help substance abuse victims get rid of their destructive habits.

The Ultra Rapid Opiate Detoxification is an effective treatment program that treats substance abuse victims, and treatment services are making this treatment service more mainstream. The treatment is gaining popularity due to its low risk of relapse and its meaningful results. It is ideal for patients who experience different painful sensations during withdrawal.

Customized treatments for patients at a rehab center are the most effective way of reducing physical sensations and physical dependence on drugs. It is an efficient way to get rid of physical dependence quickly and painlessly. Thanks to its low risk of relapse, detoxification is an excellent treatment option for substance-dependent individuals. Drug and alcohol rehab allows patients to experience the worst effects of withdrawal under the special care of experts. The participant usually feels no pain after waking up from the process. However, the person with an addiction must realize that addiction is a life-long disease, and they must continuously work to stay sober for the rest of their lives.

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.