Author: Jennifer Brazer

Protecting your business from cyber fraud requires you to be well-prepared to tackle potential threats and dangers. Here is what you need to know.

Undeniably, the stories of cyber fraud that once seemed startling are now non-stop and have a knack for repetitiveness. They are no longer a surprise due to the vast frequency of their occurrence. Many think tanks have come together to combat this menace, but it was concluded that solutions largely depend on the nature of a business. There is no denying that cyber fraud has become a sophisticated profession, posing threats to organizations on a global scale. You may be shocked that cyber fraud is expected to cross $3 trillion by 2019, a five-fold increase from the 2014 estimate. It is also important to note that significant cyber fraud goes undetected, causing US organizations to lose billions of dollars yearly.

Shifting the Scope and Dynamics of the Industry

Before the advent of the internet, criminals had to dig through a company’s trash and intercept their mail to steal sensitive information. However, stealing in the past and initiating fraud required extraordinary lengths and creativity, which often restricted fraudsters from doing their homework before committing fraud. This indicates that stealing from a company was relatively more difficult and time-consuming, with a greater fear of getting caught. Times have now changed.

Cyber Fraud in Today’s Era

In today’s fast-paced internet era, companies are more vulnerable to cyber fraud as information is readily available online. Fraudsters, criminals, spies, and hackers use the internet to hack into company accounts, steal people’s identities, infect devices with viruses, and trick others into revealing sensitive information.

These hackers have invented different ways to break into company accounts, and their pattern of stealing is hard to guess. A recent example is the “WannaCry Ransomware,” which caused people to lose billions of dollars worldwide. This cyberattack affected more than 250,000 users in more than 140 countries. Unfortunately, hacking has turned into a very lucrative business, encouraging crooks of all types to enter the market with respective vested interests. It is a top concern, from petty con artists to organized international syndicates.

How to Protect Your Company from Potential Threats

The good news is that companies do not have to spend thousands of dollars protecting their invaluable information and data. We will briefly focus on low-cost, low-tech tips to protect your business from cyber fraud.

Establish a Clean Desk Policy

Cyber fraud prevention starts with protecting and securing your staff’s most susceptible assets. You must motivate your employees to adopt a culture of a clean desk policy, as it can be a starting point for most cyber frauds. Institutions like banks and other regulated bodies must establish a clean desk policy code before leaving the office.

This is a simple and effective way to secure and prevent sensitive data from leaving your company. This may include data about employees, vendors, clients, contractors, insurance agents, outsourced agents, and all internal and external stakeholders.

Reconcile Balances Everyday

We are living in an era where we witness cybercrimes every day. To prevent cyber fraud, we cannot reconcile our daily balances and accounts. Proper checks and balances are crucial to keeping your business on the right track. Maintain and regularly check your bookkeeping records to know when fraud is happening.

Establish Vendor Policies

It would help if you established vendor policies to set an ideal platform for ensuring growth and success. Protect sensitive information and secure your identities, as cyber fraud can cost you a lot and may kick you out of the competitive race.

Verify All Requests Before Transferring Funds

This can be done by establishing contact by phone or scheduling a one-on-one meeting. Never transfer funds or make payments without confirming urgent requests from your customers, vendors, or anyone involved. This may lead to cyber fraud or banking repercussions such as transaction discrepancies and loss of funds.

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.

Retail marketing is crafted with promotional activities that raise store and brand awareness. Brick-and-mortar retail stores must create, support, and execute proper marketing and branding strategies to grab a significant market share, ensuring growth potential. Different media and non-media channels are integrated into retail marketing to increase traffic and motivate shoppers to purchase.

Traditional techniques include print advertising, in-store events, promotions, signage, posters, etc. Digital marketing techniques include online advertising, powerful SEO, social media, etc. The overall shopping experience in the store matters in the retail industry. When retail marketing is done precisely right, it will increase sales volume.

Marketing and Growing Your Store—Done Right!

Every business strives to achieve success! Business owners who induct and integrate effective marketing strategies into their store promotions yield significant financial and strategic gains. In simplest terms, the growth of the retail store business is directly proportional to effective marketing and branding strategies. The better they are, the higher the results. You can only succeed once you create awareness about your brand and products, eventually attracting more customers. For careful creation and execution of marketing strategies, it’s better to hire a professional marketing agency as they know the market and evolving business patterns more than you do.

Over the decades, different retail marketing experts have presented different theories and ideas to grow retail stores. However, few have given proper logical reasoning along with good explanations.

8 Expert-Level Tips for Marketing and Growing Your Store

Give People a Reason to Visit Your Store

People must have a reason to go to your store. This is probably the easiest yet hardest to implement a strategy where so much interest has been generated and visitor influx created. By integrating different levels of image-building and awareness programs, people learn about your brand and what it offers to the targeted audience.

According to studies, people find their reasons for visiting any retail store. Sometimes, visitor influx is created by strong print and digital marketing campaigns, sometimes through a mere WOM (Word of Mouth). So, marketing and growing your store go hand in hand, and both are responsible for the store’s success. You will surely notice significant growth in your business by holding exclusive events and implementing contemporary, time-tested sales promotion techniques.

Focus On Displaying and Presenting Products in Their Right Strategic Order

It would help if you wholly owned your brand and its products, accompanied by unique marketing campaigns. Displaying and selling exclusive products to your targeted audience generates an exclusive appeal and a positive vibe, which will help you focus on what and how you display and sell things. Plus, products come and go, but the unique selling point remains.

Enhance the Customer Experience

Marketing and growing your store experience come with costs generally evaluated in time, resources, effort, and energy. Every retail store tries to give customers an exceptional and memorable shopping experience. A good shopping experience will encourage customers, especially first-timers, to revisit a store. It can be improvised in many ways, such as a comfortable atmosphere, proper placement of products, an organized and well-maintained store, enticing visuals, and much more.

Never Stop Researching

The more you read, the more you gain! You must develop newer and more advanced marketing strategies to make a difference and maintain a competitive business advantage. Marketing and growing your store are interdependent, which signifies that better marketing plans will eventually help grow your store and your business.

Be Locally Relevant

This is probably the brightest tip ever shared with the public. Local relevance bears immense significance in the retail industry. As a store, unless you are a huge retail chain, you must operate within the local community, developing unique and effective marketing strategies that help you succeed in the retail sector.

Expand Your Business Operations

A big idea or approach will always lead you to expand your business operations. You don’t need to play the small business card; you need to think big to go big, and you can only do that once you have the right plan in mind. Marketing and growing your store chain will help you open more retail stores.

Tell a Visual Story

Your store’s interior and exterior walls speak a lot about your store. Therefore, your window displays must be an invitation to onlookers. Retail stores in big malls or shopping centers usually do this to draw attention. You can expect potential customers to visit your store by telling a visual story, which may trigger impulsive sales.

Use Social Media and Digital Channels

By creating a retail mobile application, you can expect to increase your marketing efforts, which will help you grow your store. According to studies, social media and mobile applications have become necessary to meet the evolving market trends and growth potential.

Conclusion

Although expert opinion matters as they have vast industry knowledge, you must use your creativity and devise specific marketing plans to help you succeed in the retail business. The expert-level tips for marketing and growing your business are vital to success.

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.

Point-of-sale software helps a business function smoothly and efficiently. The software has many features and benefits that we will discuss below. POS Software allows users to understand the cost and process a financial transaction. Some even connect it directly with inventory to tally numbers and give an accurate picture of the stock. POS Software has a balancing system for the convenience of those who desire it, such as substantial department stores and supermarkets. A wide range of fields are available for all businesses who wish to use them. However, needs are carefully met by understanding the requirements first.

There are many features with thousands of versions of POS software to choose from for a business, which may be ideal. By understanding the needs of a business, you will be much more effective in getting the right features in your POS Software. This is very important; otherwise, using features that don’t comply will waste money, time, and resources. The requirements for a restaurant would not apply the same to a gift shop, but they could still use the same POS software.

By being industry-specific, many benefits of POS software are derived, adding to a business’s efficiency and better performance. Here are some features that help businesses globally smooth their operations and impact consumers’ lives.

Ease in Checkout Lines

With consumers stocked to the elbow with products, the ease of checkout is the first thing that comes to mind. Long lines in the checkout further impact the overall efficiency. This issue can be resolved by installing POS Software at the counter to ensure speedy processing and ease of checking out. If the customer isn’t offered this, the chances are that they will opt for more proactive enterprises for their consumer needs. This is a positive effect of POS software, and using it wisely is most important.

Reveals Inventory Statistics

POS software also helps keep track of stocks and informs accordingly of impending shortages well beforehand. A good inventory management software makes it all possible with its simple features. Big warehouses, which have to consider what comes in and what goes out, can be directly informed of shortages and, thus, countered well beforehand so that no inconvenience is caused at the store. This software allows users to monitor stock levels and raise a warning when the inventory is in critical stages. The use of POS software will help with any inventory requirements.

Gathers Customer Data

Businesses deal with vital customer data that helps them follow up and indulge in customer engagement, informing them about new products and services. POS Software can effectively store, manage, and retrieve data about the clientele securely. It also eradicates the need to install heavy-duty CRM software for an organization, thus being cost-effective. 

It can help marketing experts aim for consumers to determine product performance evaluation, so those who buy frequently are recognized and automatically send an appreciation email. With POS software, you get a great client relationship manager.

Automatic Purchasing Program with Vendors

Giant stores use this feature by replenishing diminishing stock without human intervention until delivery. This also helps a firm conduct business online. The system generates an order stating terms, conditions, and particulars such as invoice number, date, artifacts, and quantities. It gets the right material at the right time with minimal effort. 

And, better yet, it’s all done on time. This e-procurement system is part of POS software features, which makes it a powerful procurement specialist right where you need it.

Remote Connectivity for Mobile Use

Many business owners want to be aware of the activities occurring at all times, such as sales. They want to know what the daily intake was that day, even when they are on the go. They can connect via the internet and monitor their stats, such as sales, inventory, time of transactions, etc. It helps them to watch over their store without being there themselves. 

This feature is prevalent in multiple locations, for instance, a chain of stores. It connects with many places to view information, making it effectively convenient. This feature of POS software appeals to franchises and brands.

Reporting Without Supervision

Retail POS software lets users point out attendance, punctuality, and hours worked. This software feature is a reporting tool that helps supervisors get vital employee details. In retail, it can record reports about product performance in previous sales and generate reports about their movement in sales. It can also provide details such as weekly, monthly, and annual sales and hourly transactions.

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.

Key Takeaways: Streamline Your Assembly Costs

• Embrace automation: Incorporate robotics to reduce labor dependency and enhance assembly precision, as demonstrated by General Motors’ 22% cost reduction.
• Streamline the supply chain: Focus on efficient logistics from supplier to warehouse to reduce inventory costs and speed up operations. Dell’s just-in-time system exemplifies this efficiency.
• Invest in energy efficiency: Adopt technologies like LED lighting and energy-efficient motors, significantly reducing operational costs. IKEA has seen notable savings with these technologies.
• Apply lean manufacturing: Implement principles that focus on eliminating waste and continuously improving processes, similar to Toyota’s renowned production system.
• Utilize advanced analytics: Employ data-driven insights for optimizing production and reducing downtime. Amazon’s use of predictive maintenance showcases the potential savings.

Did you know that companies can waste nearly 20% of their production costs due to inefficiencies in their assembly processes? In today’s market, characterized by tight margins, this highlights a significant challenge that industries must address: optimizing assembly to improve profitability. This piece aims to provide a series of practical strategies that can transform assembly line performance.

As technology continues to advance rapidly and the emphasis on sustainability and efficiency grows, businesses find themselves in a crucial position. Companies worldwide are working to reduce costs while maintaining consistent quality. To accomplish this, they are adopting a variety of strategies, with the latest trends focusing on artificial intelligence, sustainability, lean logistics, and lean manufacturing to stay competitive.

Our guide is not just a collection of tips but a comprehensive plan for transforming your production processes. We break down complex concepts into simple, actionable steps in an informal and accessible manner. Our goal is not only to educate you but also to inspire you to implement meaningful changes. We share examples from major corporations like General Motors and IKEA to illustrate the real-world benefits of these methods.

Get ready to discover strategies for making your assembly line faster, more cost-effective, and more efficient than ever.

1. Utilize automation and robotics

Manufacturing has been revolutionized by automation. The once-dependable labor force has been minimized, and assembly refinement has been seized at an unpublished height. Robots, via means, expedite the process rhythm but also verify its legitimacy. Hence, blunders and miscalculations are sidestepped. Labor-cost saving ostensibly survives in this altered landscape, as does its adjacently shared ill-erroneous outlay saving. An insightful case is that of General Motors, which has revoked 22% of its expenditure bill by disguising robots along its manufacturing assembly line.

Practical applications of automation and robotics

Incorporating robotics into assembly lines isn’t just about replacing human labor; it’s about creating a synergy where machines handle repetitive tasks, and humans focus on more complex, value-added activities. For example, robotic arms can be programmed for tasks like welding, painting, or assembling components, which are traditionally labor-intensive and prone to human error. This speeds up the production process and ensures consistent product quality, reducing the need for costly do-overs.

2. Enhance management of the supply chain

Efficiently managing the supply chain is crucial in cutting assembly costs because by smoothing the process from supplier to warehouse, companies can lower inventory costs and speed up operations. By getting better deals with suppliers and using just-in-time inventory systems, the supply chain can be made more efficient, ensuring that parts arrive precisely when they are needed without incurring extra storage costs. For example, Dell has streamlined its supply chain to deliver custom-built computers quickly, thereby cutting down assembly and storage costs.

Streamlining supplier relationships

Managing your inventory isn’t the only way to optimize your supply chain; you must also build strong ties with your suppliers. Suppliers and companies can work together to ensure materials meet quality standards and are provided on time. For example, vendor-managed inventory (VMI) systems let suppliers directly control stock levels, which can cut down on wait times and help keep production from being held up.

Table: Summary of Strategies to Cut Assembly Costs

Strategy	Key Benefit	Example
Automation and Robotics	Reduces labor costs and increases precision	General Motors reduced costs by 22%
Optimize Supply Chain	Minimizes delays and reduces inventory costs	Dell’s just-in-time inventory system
Energy-Efficient Technologies	Lowers energy consumption and costs	IKEA’s energy management systems
Lean Manufacturing Principles	Eliminates waste, enhances productivity	Toyota’s continuous improvement
Advanced Analytics	Optimizes production and reduces downtime	Amazon’s predictive maintenance

3. Invest in energy-efficient technologies

Using energy efficiently is crucial since it’s a big part of assembly costs. Investing in technologies like LED lighting or energy-efficient motors can significantly reduce energy use and costs. Companies like IKEA have adopted energy-efficient factory methods, leading to notable cost savings and environmental benefits.

Energy-efficiency case studies

Automated systems that turn off equipment when not in use or during off-peak hours are a practical example of an energy economy in action. Companies such as Tesla have installed advanced energy management systems in their facilities, greatly lowering their energy costs and environmental impact. Another example is the installation of solar panels in manufacturing plants, which, while initially expensive, can lower long-term energy costs and contribute to objectives relating to sustainability.

4. Implement the principles of lean manufacturing to cut assembly costs

The only constant in business is change. Many continually look for new ways to produce more with less and without lowering the quality. Companies can get a distinct advantage over competitors by leveraging the latest innovations, improving their supply lines, and embracing ideas like the Lean Manufacturing mindset.

Lean production concentrates on limiting various forms of waste while increasing productivity. It helps companies eliminate needless activities, making everything work more smoothly and affluently. Contemporary lean businesses conform to the pull, rather than push, principles when fulfilling customer orders. Such companies work with small batches and eliminate overproduction. They also reduce set-up times, work in cells, set low reorder points, and have small and friendly relationships with suppliers. Toyota has been a noted pioneer in these methods.

Lean manufacturing in real operations

Lean manufacturing principles have been successfully applied in companies like Toyota, where they originated. These principles focus on reducing the “seven wastes” (defects, overproduction, waiting, non-utilized talent, transportation, inventory, and extra processing). Toyota has set new benchmarks for the industry by constantly improving processes and eliminating waste.

5. Employ advanced analytics to optimize production

Nowadays, modern analytical tools can reveal comprehensive insights into production systems that can enable the detection and resolution of any hindrances. By effectively implementing predictive models in maintenance practices and employing statistical algorithms for machine learning, companies can empower themselves to optimize the manufacturing process and eliminate downtime, thus providing a chance to decrease expenditures. Amazon previously called on data-crunching to reshape its distribution center and fix idling workers or inconsistent queues.

Advanced analytics in action

Advanced analytics can be seen in the use of real-time monitoring systems that track production metrics and alert managers to anomalies that could indicate problems. For instance, if a machine starts operating outside of its normal parameters, analytics can prompt immediate maintenance, preventing costly breakdowns and production halts. Moreover, predictive analytics can forecast future demands and adjust production schedules accordingly, optimizing resource utilization and minimizing waste.

In Closing

In closing, the journey to cutting assembly costs isn’t just about implementing new technologies or streamlining processes; it’s about adopting a mindset of continuous improvement and innovation.

By embracing automation, enhancing supply chain management, investing in energy-efficient technologies, applying lean manufacturing principles, and utilizing advanced analytics, businesses can substantially reduce their production expenses while boosting efficiency. Each strategy highlighted in this article, from General Motors’ integration of robotics to Toyota’s dedication to lean manufacturing, serves as a testament to the transformative power of these approaches.

As we move forward, let these successes inspire you to rethink your production strategies and make smart, impactful changes that reduce costs and propel your company toward a more profitable and sustainable future. 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.

As an enthusiastic business owner, you constantly seek out novel ways to enhance your revenue streams and broaden your enterprise. One highly effective strategy to achieve this is employing the art of visual merchandising, which can work wonders in captivating your customers with visually striking product displays. This approach elevates your customers’ shopping experience, amplifies your sales potential, and reinforces your brand identity. Integrating this technique into your business plan can create a more immersive and profitable path to long-term business growth.

What is Visual Merchandising?

Creating engaging and visually appealing displays is essential in retail marketing. This is where visual merchandising comes in, as it aims to capture customers’ attention and entice them to explore products or services further. A well-executed visual merchandising strategy creatively showcases the brand’s identity and enhances the overall shopping experience for the customers. Careful consideration of product placement, lighting, color, texture, and signage is crucial to creating a cohesive, inviting atmosphere that aligns with the brand’s vision and values. 

These components include:

Window displays

Your window display is the first thing that customers see when they approach your store. An eye-catching, well-designed window display can attract customers and draw them into your store. A good window display should reflect your brand’s personality, be visually appealing, and be updated regularly to keep customers engaged.

Store layout

A well-designed store layout is essential to creating a positive customer shopping experience. Your store should be easy to navigate, with products organized logically. Customers should be able to find what they are looking for quickly and easily. The store layout should also encourage customers to explore and discover new products.

Lighting

Lighting is a crucial component of visual merchandising. It can set the mood, highlight specific products, and enhance the shopping experience. Proper lighting can draw attention to products and create a welcoming atmosphere.

Product placement

How you place your products can have a significant impact on sales. Products should be placed in a visually appealing way and easy to access. Different techniques like color blocking, pyramid displays, and focal points can create interest and draw attention to specific products.

Signage

Signage is an essential part of visual merchandising. It should be straightforward, easy to read, and reflect your brand’s personality. Signage can be used to highlight promotions, direct customers to specific products, and create a cohesive shopping experience.

Branding

Your brand is what sets you apart from your competitors. It is essential to incorporate your branding into your visual merchandising strategy. This can be done through your window display, signage, product packaging, and store layout. Consistent branding helps to create a cohesive and memorable shopping experience for your customers.

Seasonal displays

Seasonal displays are an excellent way to create excitement and draw attention to your store. They can highlight specific products and promotions and create a festive atmosphere. Seasonal displays should be changed regularly to keep customers interested and engaged.

Summary

Visual merchandising is a game changer that can catapult your sales, elevate customer experience, and bolster your brand. You can craft a distinctive and lasting shopping experience for your patrons by weaving the various visual merchandising elements into your overall strategy. You must harness the potential of visual merchandising to reach your business objectives and deliver an enjoyable and memorable shopping experience to your customers. Let’s unlock the full potential of visual merchandising to elevate your brand and delight your customers!

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud 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.

Every business owner aims to open a bank account with a business-friendly branch in their area that fits the individual’s and company’s banking needs and requirements.

Choosing the right bank for your banking needs is undoubtedly an overwhelming process that requires you to look at various banking applications. Usually, the banks near your office should be shortlisted for a detailed banking review. A banking review generally revolves around the type of services you require and how much they cost. Every business has different banking needs and priorities regardless of size, type, and location. Certain banks specialize in different services and financial transactions, ultimately becoming their USP (Unique Selling Proposition).

Depending on your banking needs, most prefer to choose banks that can offer incentives and privileges, which will help maintain smooth financial control.

Know Your Banking Needs

For sustained business growth and prosperity, your bank must be business-friendly, no matter the circumstances. Banks largely differ in the financial tools, products, and services they offer to businesses. With so many banking options and choices, you need to evaluate your shortlisted banks sensibly regarding their performance, consistency, and provision of unique banking services. Businesses often have greater banking needs, encouraging business owners to make a strategic partnership (open a business account) with the bank that fits their evolving business needs. Once you have a clear picture of your banking needs, you can only shop around for a financial institution.

Compare and Contrast Features

There are various banking services that business-friendly banks usually offer. Primary services include checking accounts, credit cards, online banking, deposit-only cards, business savings accounts, discounted employee checking accounts, and lending services such as SBA loans, lines of credit, term loans, equipment leasing, and commercial real estate.
Moreover, business-friendly banks offer cash management services such as merchant services, wholesale lockbox, wire transfers, import/export licensing and financing, financial bookkeeping reporting, insurance, payroll, retirement, 401k or IRA accounts, hotel discounts, shipping, office supplies, and more. If you have specific business needs and requirements, you can compare banking features before selecting your bank. Also, compare banking fee structures as they are predominant in selecting the right type of business-friendly bank.

Size Matters, Especially For Lending

Borrowing money from a bank is no easy task, especially if you are a first-timer. At some point in your entrepreneurial career, you will need money, perhaps to sustain the growth of your business. This is where you need to be incredibly careful and pay close attention to details. Entrepreneurs usually lack the wisdom and creative techniques used to borrow money from banks. They must play sensibly to win the correct amount from the bank under favorable conditions. 

Only a business-friendly bank can be transparent about its rules and policies and will have little or no unforeseen fees. This is what sets a business-friendly bank apart from other banks. Bigger banks have a higher reputation and trust, which is why most entrepreneurs and business owners prefer to open a business account in a reputed bank, as the size and worth of the bank matter!

Remember to Reevaluate!

Do not forget to review your bank periodically, as you may not get the quality of services you’re getting today or in the future. Banks often regularly change their policies on specific borrowing or lending options and services, confusing customers. At any point, if you get a negative vibe about your bank and feel like your bank is tricking you with unforeseen fees, consider taking your business elsewhere. Why? Because it may no longer be business-friendly!

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.

Make Business More Profitable by Reducing Per Unit Cost

Diminishing the per piece unit cost of merchandise makes a business more lucrative by expanding the margin between what it costs to manufacture a product and what you charge for it. Decreasing the unit cost of products will help reduce the overhead cost per product manufactured.

Making fewer payments for lease and utilities or expanding production volume can reduce the average overhead cost per unit. It’s easier to diminish the cost per unit by using more affordable materials or expanding production proficiency, reducing labor costs per unit.

Decrease the Overhead Cost

Decrease the overhead costs by discovering an area with a cheaper lease or affordable rent. Consider leasing your office during a recession, assessing service charges, and searching for ways to reduce costs. On the off chance that business is moderate in your general vicinity, you may likewise have the capacity to consult with your proprietor for a cheaper lease.

Increasing sales is one of the ideal ways to reduce cost per unit. Increasing sales would mean offering more products to help diminish unit costs because the averaging overhead expenses are divided between the extra units produced while manufacturing more products.

Affordable Raw Materials

Find more affordable materials to utilize. A good approach is to use raw materials that could be used as an alternative to the more expensive materials. Purchase the products directly from their allocated suppliers to reduce the cost of purchasing them through an intermediary. Purchase in bulk volume if there is adequate storage space. With extra storage space, it’s possible to save the purchased goods inventory for using it over time to reduce cost by piece in manufacturing.

Reduce Labor Costs

Assess the production methods and search for approaches that make the production process more proficient. Proficiency diminishes the cost of labor per unit. Search for bottlenecks in the manufacturing process where production efficiency is possible. Coordinate additional assets towards easing these bottlenecks and direct all extra resources towards removing the bottlenecks. Take in the individual skills and aptitudes of the specialists with a specific end goal to schedule them for shifts that capitalize on their capacities.

Learn the ideal group estimate or the perfect add-up to produce on the double to accomplish economies of scale without creating any backlogs. Invest in technologies and assets that help improve manufacturing efficiency.

Keep definite and precise records to track and assess unit costs. Record your expenses and keep production logs itemizing production hours and exercises.

Reduce Overhead Costs

It’s essential to control the costs related to running the processing plant – regularly referred to as overhead costs by storing, creating, utility, supply, travel expenses, and other administrative costs. These costs are audited and added to the overall overhead cost to reduce cost by piece in manufacturing. Set spending plans and audit them on a week-by-week, month-to-month, and yearly premise—research purchases cost and rental choices for cost investment funds.

It’s crucial to reduce worker costs to those that advantage generation or increment deals. Keep the expenses and debt rate as low as possible. Audit and purchase for the most minimal worker advantage cost every year. Monitor tooling and supply costs and keep them in a protected zone to deter future losses. 

Put Resources into Capital

Occasionally, the best approach to spare cash is to burn through cash. Putting resources into equipment that influences manufacturing to process faster can reduce creation costs over the long haul to reduce per-unit costs.

Machinery that utilizes less material can bring down costs. Manufacturing companies must examine potential capital investment benefits versus costs required before buying new equipment. Determine the return on investment for reducing per-unit cost by calculating these investments’ profits. It’s essential to determine the return on investment, calculate the potential profit from the investment, and subtract the investment cost divided by the venture’s cost.

Control labor costs by monitoring productivity. Employees are the most productive when they have satisfactory time to complete their work and are approached with the best innovation and equipment to help them. Expanding productivity is a consistent procedure of discovering better methods for performing undertakings, preparing laborers in the most recent procedures, and assessing whether the average increment legitimizes the purchase of innovations and equipment in productivity. Ceaselessly enhancing productivity enables you to control unit costs.

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.

By: Jennifer Brazer

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

Fact Checked By: Brittany McMillen

Calculating Work in Process: A Complete Guide to Success

Calculating work in process inventory is essential for tracking production costs, managing cash flow, and maintaining accurate financial records. The WIP formula (Ending WIP = Beginning WIP + Manufacturing Costs – Cost of Goods Manufactured) provides the framework businesses need to properly account for partially completed products throughout their production cycle.

I’ve witnessed firsthand how mastering WIP calculations transforms business operations. After 20 years as CEO of Complete Controller, I’ve helped thousands of businesses across all sectors implement effective inventory management systems. One manufacturing client reduced production costs by 22% after implementing proper WIP tracking methods. In this comprehensive guide, I’ll walk you through the exact formulas, accounting methods, and real-world strategies that will help you optimize your production efficiency, improve financial accuracy, and ultimately boost your bottom line.

What is calculating work in process and how do you do it correctly?

• Work in process calculation tracks the value of partially completed goods in production using a specific formula, proper accounting methods, and regular monitoring systems.
• The core WIP formula (Ending WIP = Beginning WIP + Manufacturing Costs – COGM) factors in all production inputs and outputs.
• Effective WIP calculations require identifying all direct materials, labor costs, and manufacturing overhead.
• Implementation challenges vary by industry, with manufacturing, construction, and retail each requiring specialized approaches.
• Regular auditing and reconciliation prevent common WIP calculation errors that can distort financial statements.

Core Formula Breakdown: Mastering the WIP Equation

Understanding the fundamental work-in-progress formula is the first step toward inventory management mastery. The equation that drives accurate WIP calculations is:

Ending WIP = Beginning WIP + Manufacturing Costs – Cost of Goods Manufactured (COGM)

This formula creates a comprehensive picture of your production cycle by accounting for three key components:

• Beginning WIP inventory: The dollar value of all partially completed products carried over from the previous accounting period
• Manufacturing costs: The sum of direct materials, direct labor, and manufacturing overhead added during the current period
• Cost of Goods Manufactured (COGM): The total production cost of items completed and transferred to finished goods inventory

The beauty of this formula lies in its balance—capturing both what enters production and what exits as completed goods. According to industry benchmarks, holding excess WIP inventory increases operating costs by 15-30% annually due to storage requirements, risk of damage, and tied-up capital that could be used elsewhere.

Real-world application requires careful tracking of each component. For example, one of our manufacturing clients discovered they were underestimating their beginning WIP by not properly accounting for partially assembled components stored in different warehouse locations. After implementing proper work in process accounting fundamentals, they gained visibility into their true production costs and identified opportunities to streamline operations.

Work in Process Accounting Methods: Choosing the Right Approach

Different business models require different approaches to WIP calculation. The method you select should align with your production cycle, industry standards, and financial reporting requirements.

Traditional vs. modern calculation approaches

Method	Use Case	Advantage
Percent Complete	Long-cycle manufacturing, construction	Tracks progress milestones accurately
Unit Completion	High-volume production lines	Simplifies scaling calculations across multiple products
Cost-to-Finish	Labor-intensive projects	Identifies budget variances early in production
Weighted Average	Consistent production processes	Smooths cost fluctuations across accounting periods

 

Your choice of method significantly impacts financial reporting accuracy. According to sector-specific benchmarks, manufacturing businesses typically maintain WIP days between 45-60 days, while construction projects allocate 25-40% of total costs to WIP accounts during active building phases.

Sector-specific applications

Different industries face unique challenges when calculating work in process:

• Manufacturing: Focuses on tracking materials through multiple production stages, often using manufacturing work in process calculation methods that integrate with MRP systems
• Construction: Requires work in progress inventory best practices that align with percentage-of-completion accounting methods and contract billing milestones
• Retail: Manages smaller WIP inventory (typically <10% of total inventory) but needs systems to track customization or assembly processes
• Service-based businesses: Must capture labor and materials for in-progress client deliverables

Each sector demands customized approaches to WIP calculation that reflect operational realities. For example, construction firms must reconcile WIP with both project budgets and billing schedules, creating additional complexity compared to manufacturing operations.

Real-World Implementation Strategies: Putting Theory into Practice

Understanding the formula is one thing—implementing effective WIP tracking systems is another challenge entirely. The following real-world strategies have proven successful across multiple business models.

Case study: Copper manufacturing success

The Aurubis Stolberg copper plant provides an excellent example of WIP optimization in action. By implementing real-time tracking systems and integrating WIP data with their ERP system, they reduced WIP inventory by 15% and improved delivery reliability by 20%. Their implementation strategy included:

1. Production stage verification: Creating checkpoints to confirm when items move from one production phase to the next
2. Material consumption validation: Matching actual raw material usage against production standards
3. Daily workflow adjustments: Using WIP data to identify and address bottlenecks in real-time
4. Cross-departmental visibility: Giving accounting, production, and inventory teams access to the same WIP data

The results speak for themselves—lower carrying costs, improved cash flow, and more accurate financial reporting. This transformation required not just better calculations but a systematic approach to tracking production flows.

Implementation checklist

For businesses looking to improve their WIP calculation accuracy, follow this proven implementation roadmap:

1. Document your current production workflow from raw materials to finished goods
2. Define clear checkpoints where items change status within production
3. Establish standard costs for materials, labor, and overhead at each production stage
4. Implement physical or digital tracking systems to monitor movement between stages
5. Create reconciliation procedures to verify WIP calculations against physical counts
6. Train staff on the importance of accurate status updates and documentation

This structured approach ensures your WIP calculations reflect reality, not just theoretical formulas.

Critical Mistakes to Avoid: Common WIP Calculation Errors

Even with the right formula and methods, businesses frequently make costly errors when calculating work in process. Recognizing these pitfalls is the first step toward avoiding them.

Common errors in WIP calculation

• Overestimating Beginning WIP: Failing to write off obsolete or damaged components inflates WIP value and creates inaccurate financial statements
• Ignoring Partial Costs: Not allocating manufacturing overhead properly to in-process items undervalues inventory and distorts profitability
• Disregarding Work Stages: Treating all in-process items as having equal completion percentages rather than tracking actual progress
• Inconsistent Period Boundaries: Not properly cutting off transactions at period end creates mismatches between accounting periods
• Manual Calculation Errors: Relying on spreadsheets without proper controls increases the risk of formula errors and data omissions

These mistakes have serious financial implications. With inventory carrying costs ranging from 15-30% annually, even small WIP calculation errors can significantly impact financial performance and decision-making.

Preventive measures

Implementing these controls helps prevent common WIP calculation errors:

• Standardized Cost Allocation Matrices: Document exactly how overhead costs should be distributed across production stages
• Monthly WIP Reconciliations: Compare calculated WIP values against physical inventory counts
• Cross-Departmental Collaboration: Ensure production managers validate the WIP calculations performed by accounting
• ERP System Integration: Use software to automate calculations and reduce manual errors
• Documentation Requirements: Maintain clear records of all assumptions and methodologies used in WIP calculations

One manufacturing client reduced financial restatements by 80% after implementing these preventive measures, demonstrating their effectiveness in maintaining calculation accuracy.

Optimizing WIP Calculation for Efficiency: Beyond Basic Formulas

Advanced businesses don’t just calculate WIP—they optimize it as a strategic asset. Toyota pioneered this approach in the 1990s, maintaining WIP levels 50% lower than competitors through Just-in-Time production, which reduced their lead times by 40%. Modern JIT adopters continue to achieve 15-30% cost savings through similar approaches.

Advanced techniques for lean production

• Just-in-Time Integration: Synchronizing WIP with supply chain demands to minimize excess inventory
• Predictive Analytics: Using historical WIP data to forecast production bottlenecks before they occur
• Vendor Collaboration: Sharing WIP data with suppliers to optimize material deliveries and reduce buffer stock
• Kanban WIP Limits: Implementing maximum thresholds for items in each production stage to prevent bottlenecks

Teams using Kanban WIP limits have demonstrated remarkable results, including 40% reductions in production cycle times and 25% fewer defects, according to industry studies. These advanced techniques transform WIP from a passive calculation into an active management tool.

First-hand insights from Complete Controller

Working with hundreds of manufacturing clients has given me unique insights into innovative manufacturing work in process techniques. The most successful businesses share common practices:

1. They treat WIP as a key performance indicator, not just an accounting requirement
2. They review WIP calculations weekly, not just at month-end
3. They integrate WIP data into production planning and purchasing decisions
4. They benchmark their WIP levels against industry standards
5. They continuously refine their calculation methodologies based on changing production processes

These practices separate market leaders from followers in competitive manufacturing environments.

Work in Process Reporting Compliance: Meeting Regulatory Requirements

Proper WIP calculation isn’t just an operational concern—it’s a compliance requirement. Understanding the relevant accounting standards ensures your calculations meet both internal and external reporting needs.

GAAP & IFRS requirements explained

• GAAP Requirements: Generally Accepted Accounting Principles require consistent application of your chosen WIP method and disclosure of significant accounting policies related to inventory valuation.
• IFRS Considerations: International Financial Reporting Standards demand detailed breakdowns in financial statements, including financial reporting under IFRS standards that specifically address inventory valuation methodologies.
• Tax Implications: IRS regulations affect how WIP can be valued for tax purposes, with specific rules for long-term contracts versus standard manufacturing.
• Compliance requires more than just calculating numbers—it demands proper documentation and disclosure. To maintain audit-ready documentation, businesses should maintain:
• Raw material consumption logs tied to specific production runs
• Labor timecards allocated to production activities
• Machine utilization reports supporting overhead allocations
• Reconciliations between WIP calculations and general ledger accounts
• Written policies documenting calculation methodologies

These documentation requirements ensure your WIP calculations withstand both internal and external scrutiny, including financial audits and tax examinations.

Final Thoughts: Transforming WIP from Calculation to Strategic Asset

Calculating work in process correctly is more than an accounting exercise—it’s a strategic business tool that provides visibility into your production efficiency, cash flow management, and operational performance. By mastering the formula, selecting appropriate methods, implementing real-world tracking systems, avoiding common errors, optimizing for efficiency, and ensuring compliance, you transform WIP from a necessary calculation into a competitive advantage.

The businesses I’ve seen achieve the greatest success treat WIP as a dynamic management tool rather than a static number. They use WIP data to make informed decisions about production scheduling, resource allocation, and inventory management. They understand that accurate calculations drive better business outcomes.

If you’re struggling with WIP calculation or looking to optimize your inventory management approach, I invite you to contact our team at Complete Controller. Our expertise in production accounting can help you implement systems that provide both calculation accuracy and strategic insights.

FAQ

What’s the difference between work in process and work in progress?

The terms are often used interchangeably, but “work in process” typically refers to manufacturing contexts where materials move through defined production stages, while “work in progress” is more common in construction and project-based industries with longer completion timelines.

How often should we physically count WIP inventory?

Monthly physical counts are standard practice, but high-value or fast-moving production environments may benefit from weekly or even daily verification of key components. At minimum, conduct full physical counts at the end of each reporting period.

Can we use the same WIP calculation method for all product lines?

While using consistent methods simplifies accounting, different production processes may require different approaches. For example, high-volume standardized products might use unit completion methods, while custom products might need percentage-of-completion calculations.

How does WIP calculation affect cash flow forecasting?

WIP represents capital invested in production that hasn’t yet generated revenue. Accurate WIP calculations allow you to predict when that investment will convert to sellable inventory and ultimately to cash, improving the accuracy of cash flow forecasts.

What documentation do auditors typically request regarding WIP calculations?

Auditors generally request your WIP calculation methodology, beginning and ending inventory records, sample calculations demonstrating your formula application, documentation of overhead allocation methods, and reconciliations between physical counts and calculated values.

Sources

• ShipBob. “Work in Process Inventory (WIP): Definition, Formula, and Examples.” (2025). www.shipbob.com/work-in-process-inventory
• Deltek. “The Complete Guide to Construction Work In Progress (WIP).” (2024). www.deltek.com/construction-wip-guide
• OpenReference. “Days of WIP Inventory.” (2025). www.openreference.com/wip-inventory
• Unleashed Software. “What is Work in Process (WIP) Inventory?” (2024). www.unleashedsoftware.com/wip-inventory
• Wall Street Prep. “Work in Progress Inventory Formula (WIP).” (2024). www.wallstreetprep.com/wip-formula
• MRPeasy. “Work in Process Inventory — What Is WIP and How To Calculate it?” (2024). www.mrpeasy.com/wip-calculation
• Ware2Go. “What Is Work in Process Inventory and How to Calculate It.” (2025). www.ware2go.com/wip-guide
• Zoho Inventory. “What is Inventory Carrying Cost?” (2024). www.zoho.com/inventory/carrying-cost
• Fishbowl. “Work-in-Process Inventory: Formula, Example, and Benefits.” (2024). www.fishbowlinventory.com/wip-guide
• MIT. “Inventory Reduction and Productivity Growth.” (1997). www.mit.edu/inventory-study
• Dassault Systèmes. “Semi-finished Copper Producer Reduces WIP Levels by 15%.” (2025). www.3ds.com/case-studies/aurubis
• Agility at Scale. “Optimizing Flow with WIP Limits.” (2023). www.agilityscale.com/wip-limits
• MoldStud. “Kanban Guide for Business Analysts.” (2025). www.moldstud.com/kanban-guide
• Wikipedia. “Work in Process.” (2024). en.wikipedia.org/wiki/Workinprocess
• Investopedia. “Work in Process (WIP).” (2024). www.investopedia.com/terms/w/wip.asp
• International Financial Reporting Standards. “IFRS Standards.” (2024). www.ifrs.org

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 organizations and individuals face employee theft and embezzlement each year. Embezzlement is theft or misappropriation of funds by employees. According to a 2012 Association of Certified Fraud Examiners (ACFE) report, “the typical U.S. business loses 7% of its annual revenues to employee fraud”. Small businesses have the most cases and the highest losses. The risk of fraud has increased due to the advancement of technology and the progressive development of the world into a global village. Organizations should develop multi-layered fraud prevention strategies while keeping these statistics in view.

Warning Signs

1. The employee is working extra hours.
2. Petty cash and supplies are decreasing rapidly.
3. The employee is frequently taking work home.
4. The employee has an unusually close relationship with vendors.
5. Employees are spending more than they are earning.

How to Prevent Theft of Physical Assets

Random and surprise audit system:

Along with annual and quarterly audits of assets, a system for uninformed audits should also be developed. Under the pressure of unexpected audits, employees are likelier to avoid stealing and fraud.

Segregation of duties:

The duties of the inventory management staff should be delegated to prevent fraud. Two different individuals should do purchase order issuance and receiving of stocks.

Security cameras:

CCTV cameras should be installed in inventory storage areas to prevent employee theft.

Limited access to inventory storage areas:

Only authorized personnel can enter areas with a large inventory or a lot of financial information. It should also be kept locked during off hours. Keys should be issued to specified individuals only.

How to Prevent Check Tampering

Security of blank checks:

Blank checks are not accessible to anyone and should be locked until required for bookkeeping.

Check the bank statement of business:

Review of monthly bank statements helps in detecting fraud in the form of tampered checks.

How to Prevent Expense Reimbursement Schemes

Receipts of expenses:

For reimbursing random employee expenses, demand a receipt of the costs the employee claims.

Policy for expense reimbursement:

A company must have a documented expense reimbursement policy. A clear segregation of reimbursable expenses should be defined in that policy, and every employee must receive a copy of the reimbursement policy.

Comparison of expense reports:

A comparison of the expense reports submitted by different employees should be made to evaluate the legality of expenses.

How to Prevent a Billing Scheme

List of approved vendors:

To prevent fraud at this level, maintain a list of approved vendors and do research to ensure the legality of the vendors. You may be paying fake companies if you don’t practice this simple plan.

List of approved prices:

The approved price list should also be maintained to avoid payment at higher rates.

Signed receipts:

Sign a check only if a signed receipt of the product is attached.

How to Prevent Theft of Cash

Manager’s approval:

Sensitive transactions should always be accomplished after the approval of a manager.

Monthly account statements:

Regular updates of customer account statements prevent fraud at this level.

Rotation of duties:

Rotating duties and sending the employee on annual leave and vacation prevents employee theft because the employee is terrified of easy detection by others.

Bank lockers:

Cash and payment handling by employees should be minimized to prevent cash theft. Payments should be received directly into a company bank account.

Surprise audit of cash:

Discrepancies in cash can be detected easily by counting the money and comparing it with receipts.

Video cameras:

Install video cameras in sensitive areas where cash is handled to prevent stealing.

Conclusion

Fraud prevention and fraud handling are essential to secure your business. Following the above shortcuts in an organized manner will lead to an anti-fraud policy that works and strong internal controls.

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.

More and more organizations are now shifting towards the cloud computing trend. Businesses that opt for customized cloud solutions can enjoy many benefits, including added security, increased cost savings, and improved agility. Whether you own a small or medium-sized business, cloud computing can help you achieve outstanding investment returns.

Around 80% of businesses are utilizing or planning on adopting the cloud system to enhance their operations. Various organizations claim that cloud hosting has proven to be the best investment for their business. With their operations shifting online, they have benefited immensely from the expanded storage and added security.

Here, we have compiled why businesses should opt for customized cloud solutions.

It Won’t Prove to be as Costly

If your organization is about to receive new contracts or massive growth, you must expand your storage using a cloud provider offering customizable solutions. Opting for prepackaged cloud services may be a bad idea, especially if you own a small business, as you must pay a significant amount. Prepackaged cloud services are sold depending upon their storage in terabyte units, which may prove too costly for various start-ups or small businesses as they do not require such much storage. Moreover, they might also have to pay heavy charges when upgrading or terminating. Therefore, choosing customized cloud solutions will be a better option for most businesses.

Experts can Help Install and Manage the System

If you are new to the cloud world, a customized solution provider will provide the assistance you need when setting up the system for your new venture. Experts can help you manage the system during the initial period until you become well-acquainted. Once you get the hang of it, you can efficiently manage the system independently and won’t require outside help.

The experts will be able to help you configure and integrate the system in the best manner. Moreover, they will also train employees on how to manage the system efficiently to ensure smooth operations.

Contract Terms can Easily be Negotiated

If your business ends up securing a huge contract, you may have to expand your storage to accommodate HIPAA and PCI compliance. You will need a lot of storage, fast-paced systems, and increased security to keep your data safe. You can then talk to your customized cloud solution provider, as they offer extreme flexibility to their clients. They will negotiate the terms of the contract to help you expand your storage and pay for only what you need – instead of paying extra on prepackaged cloud systems.

24-Hour Support

If a company loses access to its data, it is doomed to failure. Companies must keep their data secure to thrive in today’s fast-paced world. Though it is crucial to ensure that your cloud provider offers adequate support, the providers offering customized cloud solutions are more likely to offer 24-hour support. You won’t have to wait for an agent to get back to you or send numerous voicemails to get things back on track.

As soon as you encounter a problem, you can contact one of the representatives of your custom cloud service provider, who can help you resolve the issue immediately.

Simpler Configuration

Custom cloud service providers offer customized solutions to their clients according to their business needs. They provide a plethora of options that offer extreme flexibility – especially regarding the configuration of the system and its architecture. It is recommended that start-ups or small business owners search for vendors that provide standard products instead of providers that offer custom solutions, as it could be a bit more costly. Moreover, integrating it into the company’s systems would be a lot more complicated.

Conclusion 

In conclusion, the rising trend of cloud computing brings numerous advantages. Opting for customized cloud solutions proves cost-effective, ensures expert guidance in setup and management, allows flexible contract negotiations, provides 24-hour support, and simplifies system configuration. For businesses, embracing tailored cloud solutions becomes a strategic move toward enhanced efficiency and security in the dynamic digital landscape.

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.