concept of big data and cloud computing: real cloud and technology devices illustration
The adoption of cloud computing for small and medium accounting firms is essential for many reasons. With the information highway at our fingertips, knowledge has increased and research, along with science and technology, has made it possible for many businesses to actually do more with their time and resources. The digital era has made connectivity, and other valuable mediums used by businesses, to enhance and develop them at the mental level. With the dawn of the cyber world, businesses from every industry have sought their own share in this new space which has spawned new areas of opportunity for many professionals, i.e. e-marketing, e-commerce, etc.

The Adoption of Cloud Computing

The adoption of cloud computing, not only for small and medium accounting firms but businesses and professionals from every industry, benefits from the next-generation in Information Technology. Cloud computing is the latest innovation that changes the way IT resources are provided. It combines already-existing heterogeneous technologies into one fully compatible ecosystem instead of creating new systems afresh. Cloud computing can be defined as a model for effective, convenient, sustained and on-demand provisioned network access to a shared pool of computing resources that are configurable which require little or minimal management labors or services providers assistance. 

Software as a Service, or SaaS, is the most common and refined form of adoption of cloud computing for small and medium accounting firms where both hardware and software are offered by a cloud service provider and users are permitted to access the software. The capability and energy required to maintain their own software is relieved from the users in the SaaS model, but there are limitations regarding customization of the system. There are other forms of SaaS that are commonly used: PaaS and IaaS. Infrastructure as a Service helps users with providing storage and computing resources hardware infrastructure while users utilize their own OS and software. It minimizes the need to maintain hardware but does not always lead to relieving the users from maintaining their own software. Large corporations and other institutions, such as universities, use IaaS.

Whereas, PaaS is sort of in the middle of SaaS and IaaS. In it, a platform of systems and vital toolkits are provided and users own their own compatible applications, which are deployed at convenience. PaaS is ideal for supporting those businesses who develop their own applications without providing hardware. The main principle and purpose of cloud computing is providing multiple users with centralized computer resources as services. Not being a technology or a product, the adoption of cloud computing is the arrangement of computing resources. In fact, any type of IT infrastructure that differentiates users from providers of services can be cloud computing but the concept of shared resources certainly isn’t new. Like grid computing and application service among many others. Cloud computing differentiates from grid computing by heavy virtualization. Computing resources are accessed from the internet instead of specialized interfaces.

Cloud computing has more flexibility in the way that computing resources are used by businesses. It helps set the illusion of limitless resources due to its virtue of connecting widely with a range of computing devices. Cloud service providers are able to give an infinite amount of computing resources due to the fact that all the resources in the cloud computing model are pooled and offered to users at any given time and shifting unused resources to others who need them. This helps business users match their actual demand by configuring their IT services that eradicate the need to forecast yearly resource usage and capacity addition. This is great for businesses who’s needs fluctuate a great deal or who’s demands increase and decrease irregularly.

The adoption of cloud computing also helps to invest in IT resources and infrastructure with reduced risk by using capital investment as operational expenses. IT infrastructures do not come cheap and, even though it produces significant benefits, it does not guarantee benefits to a firm. However, building upon a cloud computing model would help use it in a meaningful method. Cloud computing has no upfront costs or investment charges so it is eyed as a desirable trait. Cloud-based services are changed on usage which helps a business acquire new IT systems without bearing greater costs for licenses, software, hardware, etc. Cloud computing is more meaningful for small and medium accounting businesses who do not possess the financial capital or expertise needed to implement, configure and manage complicated IT systems.

For businesses, centralizing computing resources and cloud computing provides enhanced and improved efficiency and lesser need for maintenance so users enjoy many reliefs. Organizations and large corporations usually have their own in-house IT support that is usually inefficient. Cloud service providers combine and amalgamate computing resources which help economically unburden businesses. Furthermore, it may even aid in cost savings by eliminating expenditure incurred to manage IT systems.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Rear view of man working in a home office
A home based business brings a lot of refreshing ideas to mind such as coffee breaks in the backyard, giving time to your kids in between tasks, nap time during breaks, and many more. All of these seem luxuries to a person of today’s era, especially if they are currently running a business somewhere far from home and have a lot of traveling each day. This also seems very appealing if you manage your family and kids at the same time. If you have obvious reasons for staying home and managing your office work from there, it’s definitely something to think about. Or, if you just have started a business and have not earned enough to pay for a leased office space, it’s a good option to save money.

Guide to Running a Home-Based Business

Besides all of the benefits, running a business from home does not leave you without business liabilities. If you are thinking about making this change, here is a guide to get you started with running a home-based business.

Step 1: Prepare Yourself for the Decision

Ask yourself the following questions to if you are wondering whether or not it would be beneficial for you to stay home for office work.

1. Can you manage the interruptions if you are working from home?

2. Can you bear the isolation during working hours if you are living in an independent suite not shared by any of your family members or friends?

3. Do you mind your clients coming to your personal space? All clients may not be of the type to be welcomed into your home. 

4. Are you planning to grow your office and hire people? This will also require more space and furnishings according to the requirements of your office. If your business is growing already and more space is required for your employees, storage, and equipment, you are probably going to need to look into leasing a space.

Compare your home-based business with leasing an office space

Leasing an office is a very good option if it is in your vicinity with low rent and overhead costs. The cons of leasing an office will leave you bearing annual increase in rent, added utilities, etc. When you are deciding between a home-based business and leasing a space, consider all of the costs incurred with both.  

Step 2: Create an Environment of an Office in your Home

Furnish a space in your home with all of the needs of an actual office.  You may want a completely separate room so that you can contain your work space to one place.  It’s good to keep a separation between work and home, even if you are working from home. If you need to buy accounting software or other equipment, consider what you need to make your business a success.

Your home-based business office should be per the requirements of your business. It’s environment must not turn away your potential customers/clients. You can make it warm and cozy, but be sure to keep it professional as well.

Step 3: Put Your Talents and Skills Together and Generate Business Ideas

Before launching your business, consider the following “to-do” list:
  • Tax preparation
  • Bookkeeping
  • Business manager
  • Professional organizer
  • Virtual Assistant
  • Babysitter
  • Writer
  • Blogger

Step 4: Figure out the costs. Do an audit of your own business. Challenge yourself to improve with every passing day.

Consider the following benefits of home based business.

1. The best thing about a home-based office is that you are not going to pay for an additional space for your newly started small business that has yet to make its worth.

2. You do not have to pay monthly or annual rent for a home office space.

3. Your business is new and it could take anywhere from 30-90 days to start making money. Meanwhile, you will need to get a loan if you choose to rent a leased office space.

4. A home-based office means lower overhead costs.

5. You can outsource service providers for your business without hiring them, For example, accountants and contractors.

6. For new businesses, there is a tax-driven advantage to starting out of your home. The IRS allows home-based small business owners to deduct a proportionate part of their home expenses off of their annual taxes.

Conclusion

A home-based business has many potential benefits. Rent and utilities cost less. Taxation matters gives some exemptions. There are low overhead costs. Create your idea, plan it out, work on your plan, and your home-based business is ready to launch.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

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Determining per unit cost may be taken as a very common aspect in the manufacturing industry, but it is no surprise that it has to be handled professionally. No matter what one may argue, calculating work in process requires utmost brilliance and perfection in technical accounting knowledge. Obviously, determining raw material, labor and overhead costs incurred in manufacturing a certain good is no easy feat. You have to carefully examine and evaluate the costs of each and every aspect of producing a finished good at various stages of the production process before you can determine the total cost incurred on producing a good or a commodity. The term WIP (Work In Process) is usually used in production and supply chain management which bears an immense importance in the manufacturing and distribution industry.

What Is Work in Process?

According to Investopedia, “it is the sum of all costs put into the production process to manufacture products that are partially completed”. A careful analysis has to be made at various stages of the production process in order to determine all the costs incurred on raw material, labor, and overhead costs. For determining the exact unit cost, you must have a clear picture of all the costs incurred from the raw material to the finished good.  It is important that your bookkeeping shows all of the costs in order to come up with your final cost.

As far as the calculations are concerned, the formula for calculating work in process is:

Work in process = (operating inventory goods in process + raw material used during the period + direct labor during the period + factory overhead for period) – ending inventory

WIP–In Light Of Automation and Technology

Fortunately, we have opened our eyes in such an era of modern accounting and bookkeeping where processes have become easier than before through superior automation and technology. Now, we have access to advanced accounting software and solutions which have made calculation easier, quicker, and more accurate. This indicates that calculating work in process is now considered a piece of cake for most individuals who have command and control on these contemporary accounting and manufacturing software. Plus, we now also have access to accounting and bookkeeping professionals who make the process easier and help reduce manufacturing costs at various stages of the production process.

Benefits of Reducing Manufacturing Work in Process

There are numerous benefits associated with reducing manufacturing work in process costs. The top benefits include better cash flows, higher liquidity, and diminished business risks. However, a brilliant execution strategy is required in order to make things go in your favor. Since the ultimate aim of every manufacturing establishment is to reduce raw material, labor and overhead costs in each unit produced, you must integrate innovative procedures and techniques to eradicate manufacturing bottlenecks. Moreover, calculating work in process may seem hard at first, but once you commence to sort things out piece by piece (costs), everything becomes relatively easier to handle.

Strategic Forecasting and Planning and the Need for Calculating Work in Process

Undoubtedly, strategic forecasting and planning is critical to business success. The more you get yourself involved in reducing per unit costs, the more you will save at the end of the day. For determining how many units should be produced, raw material costs, labor costs, and overhead costs, you must have a clear picture in mind about your production requirements and specifications. Strategic variety usually involves realistic vision, mission and out of the box thinking for making future projections related to manufacturing and production.

Moreover, strategic planning and analyses will define where your company is heading and what the company aims to achieve in both short and long-term time periods. For attaining ideal results, machines can be added or integrated into the manufacturing process and the workforce can be educated with newer and advanced techniques for optimal utilization of resources. Calculating work in process must be handled with the utmost care because it directly influences your profitability index.

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Female Real Estate agent shows interior to young couple.
Real estate agents do the hassle for us. They search for a suitable house for their clients, according to their requirements, and charge a minor fee for doing so. People looking to rent out their property will contact a real estate agent who then provides the details to their customers.

Real estate agents know the real estate market of the area and, once a customer decides the place that will suit them best, the agent shows it to them physically to make sure they meet the customer’s specifications. Agents dealing in properties have an idea of the schools, utility charges, public transportation, and other concerns related to the area that the customer is looking forward to buying or renting in.

The Role of a Real Estate Agent

People who are renting out or selling their property will list their house with a real estate agent. If the house is leased or bought within a given time, the agents are paid a commission price. These agents advertise the houses on the list. The commission earned by these agents depends on the price of the household.

How to Find a Real Estate Agent

The first step is to determine where you will be renting or buying. Once determined, look for a real estate agent that deals in that area. Here are some ways that you can find a real estate agent:

  • Meet real estate agents that are at open houses
  • Utilize the internet and search for various agents
  • Seek advice from friends and family who may recommend a good real estate agent
  • Search and contact firms that are advertising the households in the area you are looking in

It is best advised to choose a single real estate agent if the customer is comfortable in dealing with them. These agents usually specialize in dealing in specific areas. It is preferred that you seek agents in that particular area.

What to Look for in a Home

Here are some things that you will have to consider when you have finally decided on the real estate agent you will be dealing with. The agent shall help you with acknowledging:

  • The average rent of the area that you have decided upon
  • The neighborhood of that area or household
  • The total distance and travel time to your workplace from the house
  • The schools that are available in that area
  • The various shopping malls/outlets nearby
  • The pharmacies or clinics located in that area

Ways that Real Estate Agents make Renting a Property Easier

Real estate agents help those looking to rent in various ways. They not only look forward to meeting their client’s requirements to the maximum but also helping them find a suitable and affordable residence in the desired area of their customer. Real estate agents act as powerful assets when negotiations have to be done with property owners. They sort through details including the state laws, conditions of the market, and details required to qualify as a renter.

Pay the agent their desired fee and they will make your home searching much more fun and easy, alongside providing you a wide range of options to choose from. Let them do the work for you, just keep your eyes and ears open at all times, and enjoy your new home!

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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The workplace is quickly transforming from physical office spaces where employees interact face to face to digital workplaces. Business virtualization has drastically changed how employees communicate within the workplace. Today, the virtualized digital workplace allows a wide range of communication options for companies.

Using tools such as instant messaging is the best way to have effective communication in the workplace. Technology can make communication within the workplace easy. For example, using instant messaging instead of email streamlines the communication process.

Creating an Effective Digital Workplace

It is important for companies to focus on creating a digital workplace that is effective and easy for employees to communicate. Organizational communication must be based on a holistic set of communication channels. It should have tools and resources that enhances employees productivity and allows them to work coherently.

Messaging as an Effective Communication Tool for Virtualized Workplace

Effective communication is possible by including instant messaging as a communication tool. This messaging provides a collaborative space for employees where they can use different options to chat with their co-workers. Messaging is perceived as one of the most useful business communication tools that helps keep teams together.

Messaging is a useful tool for communication between busy employees and managers. It makes it easier for employees, supervisors, and managers to share information about projects in real time, which indicates that the virtualization of a business is beneficial in the short and long term.

Messaging is ideal for businesses that operate in different geographical locations. A difference in time zones is one of the biggest challenges for companies. However, messaging helps in establishing an efficient communication channel that bridges the gap between each time zone. Messaging has its benefits because it helps employees stay in contact with one another in real time.

Benefits of Using Messaging in Your Business

When companies use messaging programs, it provides businesses with a lot of benefits. Some of the main benefits are discussed here:

Reduces Communication Time

Messages are a super fast way of communicating with your peers. It reduces the internal churn of emails and voicemail. When your company has an interactive messaging system in place, it does not require the manager or supervisor to visit their employees.

 Easier to Contact Remotely Located Employees

Business virtualization is becoming a new trend. The system of instant messaging makes it easier for managers to stay in contact with employees and fellow managers located in a different country and time zone. It helps employees stay connected with suppliers and customers. Customers can contact a company with their complaints efficiently if they are using messaging services provided on an official website. Messaging in the organization gives business the added benefit of making the employees more productive, as they receive important instructions promptly. The operations are more agile and efficient without any extra costs.

Less Intrusive than a Phone Call

Messaging for your business is less intrusive than a phone call. It is much faster than an email. A significant benefit of using a messaging system in your business is that it allows managers or supervisors to detect the presence of their employees in a digital workplace.

A status message is an elaborate tool of messaging that a user can change according to their needs. It is an efficient way to check which employee is available. The ability to detect the presence of an employee is a valuable tool for a company; it is a faster way to resolve issues as they arise. Managers find messaging an essential medium for getting feedback and information from their staff.

Input from Different Experts

The best value of instant messaging comes from collecting information from different people located in different locations. It helps in speeding up the slow and inclined processes. Instant messaging helps greatly reduce response time. Thanks to messaging in the virtualized workplace, methods are speedy and errors in communication have significantly decreased. Experts can continuously monitor a project and alert employees when they see a mistake.

Brief and To the Point Communication

The nature of messaging is to be concise and to the point. The messages are short, making it easier for employees to interact, communicate, and share information about a project. A messaging system is the best alternative to email. Employees or managers can forget to check their email, but instant messaging reduces wait time considerably.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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Accounting software has made bookkeeping and finances easier than ever. With a cluster of options to choose from, the software may be used to perform almost each and every one of the complex bookkeeping tasks that were once handled manually. Moreover, the bank auto connect option enables one to import their bank statements into the accounting software of your choice. This option allows for all bank transactions to be updated automatically in bookkeeping records. However, there are exceptions to this import functionality and a few are discussed in the paragraphs that follow.

Access Denied

Despite a company choosing to use accounting software to ease the burden of keeping track of business finances, there may be restrictions imposed on access to transactions by their bank. For instance, integration of the software with the bank’s internal system may not be allowed. Moreover, the bank could refuse access to any and all business bank transactions to the software. In such a case, importing bank statements into an accounting software is likely to fail. This might as well be a safeguard or internal control implemented by the bank’s management in order to ensure secure access and security against vulnerable accounting software.

Format Unsupported

Another reason for import failure may be attributed to formatting issues that have become a serious matter worth contemplating recently. The data could be in such a format that the accounting software cannot easily import it. Depending on whether the software has a potency for adjusting to every data format, this may impede the seamless process of importing bank statements into accounting software. Therefore, it is essential that the software supports the type of format that the data entails to allow import. In addition to this, the software may not support importing bank statements for data that may be older than a few weeks. An alternate importing mechanism may have to be installed in order to do so.

Connectivity Issues

When importing bank statements into accounting software, the connection may not be supported at all times from every remote location. Since banks have implemented internal controls for safety purposes, connectivity of the software with the bank could be an issue. Imagine what could happen if accessing information from the bank was this easy. Therefore, the connection may be allowed for a limited amount of time and only at certain times, per the terms and regulations agreed upon with the bank.

Tax Separation

Another reason why importing bank statements into accounting software may fail is that the particular software is not capable of separating the tax on purchases from the transactions. Tax calculations is an essential matter for many businesses and these must be bifurcated individually in order to estimate the total tax figure. Owing to variable tax rates on different products, these taxes may not be separated out as intended or with complete accuracy. 

Dubious Accuracy

One of the most crucial issues relates to the accuracy of categorization of data. Accounting software can input data with perfection. However, categorization of each transaction is not a possibility unless a criterion for each accounting element and its class has been defined in the software. Without these, the classification of data from the bank statement may be a dubious representation by the software. Moreover, bank statements tend to provide a limited amount of information such as date, amount, and information regarding the supplier. Details are usually not recorded on statements which makes this classification even more skeptical.

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About Complete Controller® – America’s Bookkeeping Experts
 Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

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What Is a Point-of-Sale System?

A POS or Point of Sale system is essentially a system that eases the payment process of a company or retail store. It is made up of a software that is used for recording all of the details of each sale as it occurs, all the while updating the inventory records and providing customer management features which enable easy running of your store. It generates reports for you to analyze your sales data easily. The hardware of a POS system may consist of a bar code scanner, cash drawer, receipt printer, order puncher, and other peripheral equipment based on your particular needs.

How to determine the best Point Of Sale Systems?

The best POS System is affordable, user friendly, and capable of more functions than simply processing your sales and accept payments while printing receipts. A good POS system is inclusive of features that save your time and help you manage your enterprise or business much more easily. These features may allow you to analyze your sales data in a click. It helps you in managing your inventories as well as your staff and customers. A good POS systems would also include integrated email marketing and other features to enhance sales and support you in running your operations by saving your time and growing your business.

Features to Look for in POS Systems

It is necessary that you buy the most efficient POS system in order to benefit your business and help it grow. Though the features of a Point of Sale System may vary from one industry to another, the basics of the features remain the same. Have a look at the top features that are necessary for you to look at before you buy a POS system for your business.

Employee Management

Your POS systems should allow you to set up your employee’s schedules, assign them duties, permissions, and keep track of their tasks as well as allow them to mark their time in and time out using the software.

Inventory Management

The inventory management feature allows you to keep a regular check on the levels of your stocks, while all the same receiving notifications and alerts when the stocks are replenished and ending respectively. Especially in restaurants and cafes, the inventory trackers in Point of Sale systems prove to be very helpful as the system reduces your time wasted in manual counting of the stocks available.

Offline Mode

Almost all POS systems are cloud based. They come with a feature that allows access to the POS system even when it is offline and when the internet is down. However, the amount of functionality that can be used is limited when the system is offline and varies between POS to POS.

E-Commerce Integration

The best POS systems come with the capability to connect to an e-commerce platform at the backhand. This ease depends on the type of e-commerce platform you are connected to.

CRM Capabilities

Almost every new POS system is now available with a feature that allows adding related customer information and other marketing tools to maintain contact with customers and keep a check on customer feedback and recurrence to your business.  This information could be used to build strong business to customer relationships and enhance your business through effective customer interactions.

Purchase Order Management

Point of Sale Systems also come with a feature that allows customers to submit their purchase orders (PO), which are similar to the invoices that a buyer would usually send to its seller. The PO management system would further allow you access to process all of the orders and maintain a clean digital record.

Bookkeeping

The Best POS Systems comes with built in bookkeeping features providing you one glance reports to analyze the current standing of your business situation.

How would a POS System Benefit your Business?

Your business would benefit from a good POS System in more than one way. Not only does it makes your transactions and sales easier, it allows you to manage things better with great ease by saving your time of going through long procedures and helping you to make timely decisions.

Following are some ways that you and your business would benefit from a Point of Sale System.

Saves Money

A POS System helps you to multitask and tend to your sales, accounting, customer engagement and store management all from a single place, saving you money from different charges and resources you would have otherwise hired.

Saves Time

Do things quickly and efficiently by performing all important tasks from a single POS System.

Reduces Waste and Theft

The Best POS systems provide detailed insights on all of the important things that may concern a business owner. The tracking of inventory and financial records vastly reduces waste and theft.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Man in blue shirt working on laptop at home office
It’s not your fault and you are certainly not alone in facing financial management difficulties. It may not be your area of expertise to put debit and credit at the top of your priorities and that’s pretty normal! Being an entrepreneur, it is your prime duty to focus on core matters of your home-based business and care the least about money-management affairs because there are several accounting services that can take care of your finances with the utmost secrecy and confidentiality. Home-based businesses or industries are growing on a massive scale, which means that the demand for accounting and bookkeeping services has increased significantly.

Gone are the days when trusting online accounting and bookkeeping services used to haunt businesses. Now, the accounting houses are so professional that they won’t dare to get themselves involved in any unethical activities because they know that, if they are going to do such things, people are going to sue them. Although, it is true that home-based businesses find it extremely difficult to manage and overcome accounting and bookkeeping challenges, as they lack superior accounting or even basic accounting knowledge, skills, and experience in tackling tough financial concerns. For that purpose, hiring the services of experienced and well-qualified professional accountants or bookkeepers is a must.

Hiring the Right Accountant

The biggest misconception about such accounting and bookkeeping services is that they are too expensive. Not every bookkeeping firm or individual(s) with accounting knowledge charges you a lot. With so many options on the internet, you can easily find the right strategic fit suitable to your pocketbook. Home-based businesses may have little or no knowledge of account receivables/payables, financial paperwork, payroll, cash flow or closing of financial books at the end of a specified period of time.

Overcoming these accounts and bookkeeping challenges requires you to hire pro-level services of qualified accountants and bookkeepers. Moreover, the time and money invested in procuring the right services always pay off in the long run of your business journey. Hiring accounting services may seem like a challenge but, once you find the services of your own choice and specifications, it will sketch a clear picture of your overall financial standing. For home-based businesses, the right accountant or bookkeeper can serve the right need and, when the need is served, the purpose of the business is served.

Using the Best Accounting Software

If hiring an accountant to combat accounting and bookkeeping challenges is not an option, then an accounting software is a better alternative. As a business continues to expand and grow, the dynamics of the accounting system in place will change. This means that the system will either have to be upgraded per the new specifications or replaced entirely.

There could be several reasons why this could happen, perhaps due to the increase in the number of work staff, increase in customer base, business growth and expansion and evolving industry-specific needs. Therefore, home-based businesses need to ensure that the system recognizes all financial transactions and helps you track each one of them when needed. Whether you are a small scale business or large, you need to come up with a custom accounting software if all other accounting software fail to serve the right accounting needs of your business.

Staying On Top Of Cash Flow

The theory is simple, businesses that do not stay on the top of their cash flow or are not successful in managing their cash influx and outflow will not be able to survive in the competitive business environment for very long. This comprehensive statement indicates that it is extremely important for home-based businesses to manage their cash flow to the best of their abilities and commitment.

However, if you expect to combat accounting and bookkeeping challenges and stay on the top of the cash flow, then you should consider hiring a professional accountant/bookkeeper or employ and integrate the right accounting software. Streamlining the process is the first and foremost critical step towards achieving success and strategic goals. Hence, you must be very careful and play an active role in deciding the fate of your company.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Man holds invoice of electric power usage
Whether you are working in the creative industry or you have your own gadget store, it’s not easy to avoid the “elephant in the room”. There are multiple mistakes even experienced entrepreneurs make while setting up their business practices and culture, which makes it harder for them to recover payments from their clients. For an entrepreneur, the payment made from their client’s end is their lifeblood. Negligence of clients can even halt the business itself, especially at an initial level, as the company’s future bills are funded by client payments. The internet has grown so far that people are using multiple methods to approach their clients globally. However, not keeping a secure payment method has caught our attention regarding the missed or late payments from the clients’ end. Although, the clients, especially those who are using the internet as their only source of communication, are skeptical regarding paying in advance. Therefore, expecting them to pay a complete upfront payment is not possible at an initial level when you have just started your business. At times, clients make unnecessary delays or deductions after the delivery of their desired product or services which is accounted for as a bad debt account for entrepreneurs.

If you are struggling with this issue, here are a few practical bits of advice for you that can help in recovering your stuck money and even help you in avoiding such scenarios.

Tips to Secure your Payments

Choose the Right Client

Your ideal situation is when you only attract paying clients. Evaluate the clients as they are approaching you for your work, as this will make it easier for you to shortlist the clients you actually want to work for and benefit from. Here are few tips from which you can easily choose the right client base.

1. Raise your Worth

Selling a product or offering a service? Keep your rates at or above the market price. Selling services at a price that is too low will make you more approachable to frauds or less ethical clients. However, the people who are satisfied with your quality of work will be willing to pay you the average market price or even a premium price for your quality.

2. Design a Proper Payment Policy in Advance

Once you have a proper payment policy for your product or service, the client will get the idea of your fixed payment policy. This will depict your professional attitude towards your work. Your professional policy should cover all of the aspects of your best practices as it will act as a preventive for fraudulent cases. The policy should include:

  • Your invoice duration such as weekly/bi-monthly/monthly or project wise
  • Your terms of payments
  • Penalties in case of any late payment
  • Your detailed rate structure that includes basic per hour rate and monthly rate of that project
  • Payment methods that are acceptable to you
  • How you will handle late payments
  • How your company will recover missed payments from the client

 

Identify your Clients while they Talk

Don’t waste time after you have invested your work and money on providing the customer’s desired product. Dealing with late or missed payments later is a frustrating experience. Therefore, one should identify the seriousness of their clients before they start to work on their project.

  • Avoid bargaining
  • Understand the client’s psychology and their potential to understand you
  • Get a contract signed, even for smaller payments/projects
  • Look for clients through references as this will be a more solid and secure source

Always Maintain your Records

Bookkeeping is a very beneficial and necessary part of an entrepreneurial business. The most successful strategies of keeping your payments secure is recording all of your transactions, bad debts, and accounts receivables in detailed records that can help you later in analyzing how much work you are providing and how much you are owed.  

Be Serious about Getting Paid

Sitting and waiting for payments will not solve your problem. You need to personally be proactive in seeking all of your expected payments.

  • Contact the clients as soon as the deadline has passed
  • Start charging interest on late payments
  • Keep nudging the client, even after a month or so
  • Send a demand letter to the client’s address
  • If you are still unsuccessful, contact a collections agency 


Be Ready to do Something

Starting up your own business is not a cup of tea and managing it is a much tougher job. Dealing with your employees as well as your customers is a challenging task in itself. If a client is missing their payments or canceling the payment altogether, you should not wait for the end result. Rather, you should adopt a proactive approach to do something regarding the issue.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Magnifying glass in front of an open newspaper with paper houses. Concept of rent, search, purchase real estate.

What is HUD housing?

HUD stands for The Department of Housing and Urban Development. HUD offers housing properties in various forms including rental houses, high-rise apartments, and condominiums. In a conducted research, around 12 million families lived in HUD housing units in 2012. Due to a large number of houses accommodated in HUD, it is very rare to see a unit managed by HUD itself.

HUD housing offers federal funding for around 3000 local agencies in the USA. Alongside, HUD provides the required funds that are needed in planning, building, and managing all public housing units.

How to qualify for HUD housing?

The conditions that an individual has to meet in order to qualify for HUD housing are as follows:

  1. The individual should be elderly
  2. The individual should be disable
  3. The individual should have a low income

Different Types of Low-Income Housing Facilities

The two main types of low-income housing facilities are public housing and Section 8 program (HUD). Both of these are types overseen by HUD which helps cover both types. Public housing units are managed by local housing authorities, which then offer these properties for rent at lower rates for families with a low income. The section 8 program offers vouchers for low-income families to make up for the difference between the maximum rent calculated by HUD and the amount that the families with low income can afford to pay.

Income Limits are Specified to Location

HUD makes it possible for low-income families to buy or rent these properties at 30%, 50%, and 80% of the median figure. The houses are categorized at the following levels:

  1. Houses for low-income families
  2. Houses for very low-income families
  3. Houses for families with extremely low income

Proof of Income Documentation

In order to complete the qualification procedure for HUD housing, an individual needs to verify where their income is coming from. IRS tax returns and receipts for recently spent money can be used for further clarification. To maintain eligibility, HUD checks the income documents of an individual on an annual basis once they qualify for Section 8 or public housing. HUD agencies maintain bookkeeping records to keep a check on all clients that have opted to work with.

Families can qualify for HUD housing when they have a low income overall. Agencies dealing with HUD housing have specific income limits for people who can qualify for their schemes.  Mostly, the individual is able and likely to qualify if his/her income is lower than 80 percent of the general income of the city and state that they reside in. Housing agencies provide a minimum of 75% of the funding to applicants and around 30% of the median income of an area.

The housing choice vouchers program provides renters with financial assistance that is used to secure a house in the private rental market. An individual must first contact the public housing agency (PHA) if he/she falls under the HUD housing eligibility criteria.

How to apply for HUD housing?

In order to apply for HUD housing, an application has to be submitted to the local housing agencies that operate in the area where the individual is residing. The application consists of the following:

A- Current contact information for the applicant

B- The circumstances of the family, including the amount that the family earns

C- The contact information of all t\previous landlords

D- The estimated income for the next 12 months

After the housing agency receives the application, they often visit the current home in which the applicant is residing in to evaluate how effectively that house is taken care off.

Considerations

The individuals looking forward to opting for HUD should be legal immigrants or residents of the United States. Housing agencies may also check with any previous landlords to ensure that the individual does not have any negative history of being an unreliable tenant.

HUD housing agencies are allowed to deny any applications of individuals with a negative history as they risk having a bad effect on the household offered by the housing agency. Income limits vary according to location and families, so it is not absolute that, if an individual does not qualify for one agency, he will not be able to qualify with another agency.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.