CASH FLOW CONCEPT
For any business or company, a cash flow statement happens to be one of the biggest and essential financial statements. The statement might be easy and uncomplicated as a one-page analysis statement or might consist of quite a bit of schedules that feed the figures in a central statement.

A cash flow statement is like a record of all of the cash flows in and out of a project or business. Think of it just like the checking account at your bank. The deposits are like the cash inflow and the withdrawals (in the form of checks) are like cash outflows. Your checking account’s balance is like your net cash flow for a certain period of time.

Just as bookkeeping helps in providing all of the necessary and relevant information from which all of the accounts are formulated. Every transaction, whatever its nature (purchase or sale) is, should be recorded.

A forecast of future cash flows is known as a cash flow budget. Think of it just like a forecast of your future withdrawals and deposits in your checking account. A cash flow statement is not only related to the total amount of cash flows, but also to the timing of those flows.

Most of the cash flows are formed with many time periods. It may possibly take over a time period of a year to register monthly cash outflows and inflows. Not only is the remaining cash balance projected at the year end, but also each month’s cash balance.

What Is the Purpose of a Cash Flow Statement Analysis?

The objective of a cash flow statement is to see where the cash inflows are being generated and where the cash outflows are being spent for a certain period of time (generally annually and quarterly). The purpose of a cash flow statement is essential for analyzing long-term solvency and liquidity of a company.

The cash flow statement involves the usage of cash basis accounting as opposed to accrual basis accounting. The majority of businesses use it for their income statement and balance sheet. This is essential for the reason that a corporation might have accumulated accounting revenues but not actually have received the cash. A cash flow statement analysis can produce taxes payable and profits but not offer the means to stay secure and creditworthy.

A cash flow statement’s purpose is to deliver the information on a company’s solvency or liquidity.  The cash flow delivers a clear picture of a business’s financial resources for a certain point in time.

What Are the Cash Flow Statement Components?

A cash flow statement component gives a comprehensive vision of cash flow from financing operations and investing.

  1. Finance Activities

The cash flows from the finance activities refer to the cash outflows towards the entities investors (such as paying interest to bondholders) and shareholders (such as paying stock buybacks and dividends). Cash flows from the finance activities also include cash inflows received through the disbursement of stock equity or through sales of bonds.

Many of the cash flow finance activities comprise of cash outflows because most entities only provide stocks and bonds occasionally.

  1. Operating Activities

The remaining sum of cash leaving or coming in through the daily business operations is known as cash flow from operations. It consists of the operating income along with non-cash items, for instance, depreciation added.

  1. Investing Activities

Cash flow through investing activities will consist of cash outflow for long-term assets like equipment, land, buildings, etc., as well as inflows from the sale of securities, assets, businesses, etc.

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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.

Internal Revenue Service sign with a traffic signal in the foreground indicating a red light.
There are advertisements all over media which make claims about the settlement of tax debts that taxpayers need to pay to the IRS. The particular settlement program is known as Offer In Compromise. However, the fact that a vast majority of Offer in Compromise applications are rejected is something you should be aware of. 

In a report made by the Government Accountability Office, there were 16 million people with tax debts as of 2010. During that time, only 31,000 Offer in Compromise applications were approved, while approved Installment Agreements numbered to 4 million.

The acceptance rate for Offer in Compromise is low because of two main reasons.

  1. There are a lot of taxpayers who apply, but do not fulfill the base qualifications for Offer In Compromise.
  2. The taxpayers who do qualify are unable to pay the amount they offer.

Do you Qualify for Offer in Compromise?

The basic criteria that is used by the IRS to determine the acceptance of an application for Offer in Compromise is the ability of the taxpayer to pay their tax debt. There is a tool on the IRS website known as the OIC Pre-Qualifier that can help you get a basic idea of your acceptance eligibility.

The basic idea to qualify for an OIC is for a client to prove their inability to pay the total tax debt before the expiration of the collection statute. This is done by viewing the net equity of assets along with any kind of future income. Monthly disposable income is basically what the IRS uses to calculate future income to determine whether a tax debt can be paid before the expiration of the collection statute.

If the final calculation determines the inability to pay your tax debt, you are considered eligible for Offer in Compromise.

You should know that eligibility does not equal acceptance. You must be able to pay the offer amount computed by the IRS in order for your application of Offer in Compromise to be accepted and the debt to be settled.

Can you Pay the Offer in Compromise Amount?

There is a formula used to objectively determine whether you can pay the amount proposed in the Offer In Compromise. The formula requires an estimate of your future income for 1-2 years.

Due diligence is necessary for calculations of the offer amount. Sometimes, people who have a tax debt overestimate or underestimate this amount in their calculations. They need to properly calculate their disposable income for each month and the net equity in the assets they own. Due diligence is also important in order to avoid what may become a lengthy and costly investigation process.

2011 Fresh Start Initiative by the IRS

The number of qualifications and acceptance of Offer In Compromise has been rising since 2011. The reason being the Fresh Start Initiative which has made it easier to qualify for Offer in Compromise. The 2011 initiative also enabled the people who owe taxes to pay a lesser offer amount.

Before the introduction of the initiative, offer amounts for tax debt settlement were considerably higher than they are today. Before the initiative, future income would be summed up for 4 years instead of the 1-2 years that is now calculated since the Fresh Start Initiative.

There was a 30% increase in applications for Offer in Compromise after the introduction of Fresh Start, while the IRS’ acceptance rate has increased from 25% to 42%.

Conclusion

The Offer in Compromise should only be considered when your financial situation is poor enough to hinder your ability to pay the complete tax debt until the expiration of collection statute. The criteria for qualification and acceptance of an Offer in Compromise application is quite clear in order to decide between pursuing an Offer in Compromise or not.

The difficult task is the calculations and estimations involved in computing the ability to pay and the net equity in assets. You should look closely into the feasibility of the Offer in Compromise in regards to your financial situation. Sometimes, there are suitable alternatives to Offer in Compromise such as a Partial Pay Installment Agreement or a Currently Non Collectible Status.

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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.

 

Bank sign on glass wall of business center
In order to properly handle your business’ financial needs, you need to make the right decision when selecting a bank. Unlike the bank you use for your personal needs, you need your business’ bank to offer you a lot of facilities and you should end up choosing the one which offers the most. Begin your research by looking into the different kinds of services offered by the banks that operate in your area; the fee for these services should also be looked into thoroughly.

What Do You Want From Your Bank?

Having clear knowledge about the services your business requires from a bank can help a lot in finalizing your choice. Interact with the banks on your list in order to shortlist the few that offer the services that you require.

For example, if you identify good customer service as an important prerequisite in selecting your bank, then you might want to call them and check out the time it takes to reach a representative who has the information to satisfy your queries. You can check their email response time. Ideally, it should be within 24 hours. This will help you know beforehand whether your bank would be cooperative in times when you need assistance and customer support.

Small Banks and Large Banks

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

Smaller and regional banks are also well acquainted with local market status and requirements. As the Wall Street Journal States:

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

Become Aware of the Fee Structure

In the world of banking, you will be charged for almost everything in one way or another. Call the banks on your list and consult the representative in order to take a clear look at how much the bank charges for different kinds of services from ATM withdrawal fee, checkbooks, and account statements. Ask about the other charges that your business might need such as credit cards and wire transfers.

The Reputation of the Bank Matters

You can consult other business owners when choosing your bank. Owners of businesses with similar financial needs might be able to help you out by telling you their experience with their banks. Their satisfaction with their bank might be able to help you make your decision and will also enhance the trust you have in your banking services.

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

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

Work on your Relationship with your Bank

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

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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.

Portrait of middle aged tradesman standing by his van
You can schedule how your company’s resources are being utilized as well as track varied costs associated with resources’ usage for a particular project. It involves the expenditure of machine hours, employee hours, inventory goods, and other usages that are tracked for a job progress. If a job has been running for a long period of time, you may transform such costs on the balance sheet to a work in process account. By doing so, you can analyze the costs and include them in your income statements, whenever required.

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

Importance of Calculating Work in Process

The role of calculating work in process is important in these manners:

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

Rate to Cover your Emolument

You can calculate your rates to recover your emoluments. If you are making $10,000 net profit in your business in a single year and have not taken an emolument, you had better work at KFC, which comparatively has a better wage system and less worries.

The first step should be to determine how much wage you need because the wage is dependent on your circumstances. You need to take every need including mortgage payments, cost of living, etc. into consideration. Trade businesses are usually covered by doing paperwork such as generating invoices, bookkeeping entries, bills, etc.

The next step is finding out how many hours you can work. No tradesman can physically work for 24 hours, however needs to dedicate more working hours in order to make maximum profit. If you are working 40 hours a week and 2080 a year, you need to give some consideration to your holidays, sick, and official leaves. If the holidays account for four weeks and sick and other leaves account for three weeks, 52 weeks will now become 45. That means you are working 1800 hours in a single year. In this way, you can manage your costs and profits and calculate your work in process.

 Rate To Cover Your Running Costs

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

 Profit Margin

You need to make this calculation in order to get the return you want from your business. For every hour of chargeable time, you should build a specific percentage of profit margin. This margin must go hand in hand with the reasonable time you allocate to this calculation. In addition, you should compare your charge out rate to the industry averages to know whether the total rate could be competitive. Do not forget to charge after an hour work to find appropriate rates. If the rate is lower than the average rate, it will give you opportunity to win in the business. Charging too little is the same as charging too much because it can undermine the confidence of consumers as well as the employees in your business.

 Material Costs

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

Conclusion

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

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.

 

Businesswoman working on laptop while sitting in meeting with colleague. Business people in meeting room.
There are a lot of entrepreneurs who don’t know how to make their start-up successful and get it up and running properly. The growth strategy of any start-up should be to take the idea to market as soon as possible. Any sort of delay can mean the loss of both profits and/or market share. Here are our tips that can help budding entrepreneurs get their start-ups up and running successfully.

1. Take the First Step

Many people with start-up ideas don’t dive in because they spend too much time contemplating about how and when to start, afraid of doing something wrong. It is important for any potential start-up to tackle the problems that are stopping it from beginning operations and take that bold leap into entrepreneurship.

2. Sell Anything

Although you may already know what you want your start-up to sell, many who want to become entrepreneurs don’t even know what they want to sell. It is recommended that you sell anything if you want your start-up to succeed. It isn’t necessary for you to sell something that is new, there are many stories of successful entrepreneurs who have sold things already in the market. They just sold them in a different and/or better way.

Innovation in the product isn’t necessary to become an entrepreneur, innovation in business is the only thing necessary.

3. Get Professionals to Work with You

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

It is necessary for your business to have people with knowledge and professional skills around you. You surely have many personal attributes that you can put into the success of your business, but you can’t obviously do it all by yourself. Getting professionals to work alongside you can be of great help.

4. Hiring Remote Employees

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

5. Utilize Contract Work

Instead of hiring permanent full-time employees, try to search for contract work instead. Permanent employees may also become a burden for your start-up and they may be really difficult to find as well.

Hiring contractual employees can really help your business in getting the talent and services your company will need to grow.

6. Look for a Co-Founder

Multiple minds are better than a single mind, especially when it comes to start-ups. They can make up for the skills you yourself lack and their innovations can help your start-up grow. It is also seen that start-ups with founding teams are much likelier to get investments compared to a founding individual.

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

7. Work with People who Bring out your Potential

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

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

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

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

It was his approach that led Apple to become one of the most valuable brands it is today.

8. Don’t make Money your only Focus

Spending too much time in getting funding and capital can get your start-up off track. Similarly, worrying too much about income and profits can also become a problem. There are other things that need to be done such as marketing and selling your product, researching about your market, and meeting customer demands.

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.

Safe lock code on safety box bank security Protection
Those who believe in investing in assets and stocks may find cash saving absurd. However, a recent survey revealed that nearly 43 percent of Americans actually prefer to keep their savings in cash. Interestingly enough, more than half of these Americans plan to stash their cash in secret home safes. On the surface, it might seem like a smart idea. After all, who doesn’t want to keep their savings a secret, hidden from the eyes of financial institutes? There is, however, a downside to stashing cash.

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

Why Are Americans Going for Home Safes?

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

The economic instability has also shaken the general trust in investment vehicles, such as stocks. It is one reason many people believe that they might as well keep their savings in cash rather than taking the risk of investing it. There is no surprise that they are their stashing cash instead of making an investment.

Lastly, let’s not forget that keeping money in a secret safe is one of the sure shot ways to evade heavy taxes on your savings.

All of these factors have played a role in driving a big chunk of the population back towards the old ways of saving money in home safes.

Better Safes with Better Security

Other than all of the factors that have caused an air of mistrust between banks and consumers, there are a few developments that make home safes seem safer. First of all, companies are developing smarter and safer products that make you feel like you have more control and freedom. Secondly, many insurance companies are providing insurance for the money you are keeping at home.

Is Stashing Cash Really a Good Idea?

Stashing cash might seem like a very smart idea, but the drawbacks are real. Here are some of the reasons it may not work as much in your favor as you are expecting.

First of all, it isn’t safe. Despite the insurance policies, stashing cash at home makes it vulnerable to more threats than keeping money in the bank. Most insurance policies only cover theft or robbery but there are a number of things that can literally turn that cash into a pile of trash. Fire or flood, your money will be worth nothing if it is ruined in an incident that isn’t covered by the insurance provider. Worst-case scenario: Imagine your pet or toddler finding your secret cash stash and tearing it to bits. This is also the kind of incident insurance providers aren’t likely to protect your savings against.

Cash Doesn’t Grow

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

In simple words, money kept in your home safe is hardly even safe.

When Is It Best to Stash Cash?

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

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

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.

Modern server and connect cloud
In the world of internet security, virtualization of services such as storage for cloud computing is set as a high priority. Cloud computing, itself, for an IT infrastructure is the ability to use, for example, computing power and storage like databases or network assets. While it is a highly versatile solution offering almost-limitless benefits, it is, at the same time, a complicated and highly complex affair of a business. Especially applications, the cloud can refer to the browser-based SaaS applications in which users have to pay for the services. This has led to technological advancement by breaking traditional models of proactive technology.

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

Private Cloud Solution

Due to the customization ease towards business-specific needs, a private cloud solution allows more control over the enterprise environment. It is also a part of the IT infrastructure that has enhanced security which boosts confidence in the security of the solution, as the IT system owns it. Due to the geographical position of a user, latency is an issue as the legacy application is impacted due to the data and user relatively located. Especially when using mobile devices yielding the remarkably poor experience of users. Also, the company offering the data, if remotely located, would also contribute to a greatly frustrating usage of the service. The best database for your organization cannot let users shed tears over the poor performance that may be critical for their assigned tasks.  Other concerns are industry-specific regulations compliance issues that are severely strict. Some countries have set implementation policies and regulations which do not always match the business in other countries, creating a policy nightmare.

Hybrid Cloud Solution

Hybrid cloud solutions are very flexible and more customizable than the previous solution. This solution allows managers to select and opt elements needed from private or public clouds if the need arises. Cloud bursting is the largest benefit of this solution that helps when more users suddenly show up and request services. The burst can help handle the system’s intake of extra users without downing the system. Its self-managing features allow more flexibility to be able to handle workloads according to business requirements. The cons are that it’s highly complex, integration can take long periods of time and connecting with public clouds increases potential security threats. It also may lead to overuse of services whereas users are scarce, a result of auto-management.

Public Cloud Solutions

The scalability of public cloud solutions is phenomenal. The cost models let users’ select pay-as-you-go benefits that are an added advantage. With faster performance capability and new application induction into services offered, using legacy applications are challenging. Sprawling here is also a major issue like hybrid and lead to advanced security threats. Without strategizing for proper management and control, costs sometimes rocket, resulting in negated savings and lower efficiency of the system. Another shortcoming is data visibility where the location is hard to determine where it resides once inducted into the database cloud. By its nature, the public cloud solution is homogeneous in that it works on different enterprise needs. Latency can be an issue depending on the enterprise architecture and the way it is implemented, deployed and utilized. In order to choose the best database for your organization, dependability is a high concern.

Appliance Database

The data center takes care of an appliance database management, which is either self or vendor based. There are thousands of vendors out there who provide this solution but performance and support facilitation are greater if one is selected for the whole set up. It can be disadvantageous to use a single vendor creating a limiting monopoly while applications databases can become niche and seldom used. This solution is also expensive but can be cost-effective with the right settings over a period of time.

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.

A close up of the marijuana farm industry. Beautiful macro and micro shots. Green house, outdoor, indoor plants. Harvesting cannabis, planting weed and more.
With laws simmering down against cannabis and cannabis cultivation, it has seen a popularity gain worldwide. The US is the latest to have major bans lifted in legalizing it and, with the benefits it carries, the social orders are appreciative. Pharmaceutically, cannabis has been proven to help with insomnia, high blood pressure, diabetes, and many other disruptive conditions. The main reason cannabis is effective in helping the mind relax is the increased levels of THC cannabinoid present in the plant. Tetrahydrocannabinol or THC is one among hundreds of chemicals found in high quantity in the cannabis plant called cannabinoids. THC is the most abundant and highly occurring chemical in it.

Cannabis cultivation is primarily for self-sufficiency in treating conditions such as depression, anxiety, and other psychological ailments. It also helps in physical diseases such as glaucoma as well but its usage is often for leisure and recreation. Due to its demand, it is prone to regulatory costs and taxes which will lead it to the rates going up. Many enthusiasts or people in urgent need of large supplies of cannabis resort to growing their own to get their supply without delay. Like all skills, it requires time and patience but, not to worry, the cannabis plant itself is resilient and can withstand severe temperatures. It can withstand a large range of climates. The cannabis cultivation process is simple and straightforward which makes it an easy cultivation.

1. Starting Out: Choose Preferred Seed

Choosing from the wide range of strains available in the market can be dauntingly perplexing, but if you know what exactly you want, you are all set. There are a number of hybrids that can be recommended but we’ll let you decide based on your personal experience. The ones you’ve tried and liked would be preferable because some strains are overwhelmingly potent for newbie users. The cannabis plant has been researched greatly starting, in modern times, with 1964 longsighted by an Israeli man named Raphael Moechoulam, a chemist by profession.

2. What To Know: The Basics

Cannabis cultivation requires an understanding of fundamental information that enables anyone to harvest a satisfactory yield effectively.

Light

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

Where to Grow the Cannabis

Deciding where cannabis cultivation will take place will help determine many other vital aspects associated, such as its expense and costs. For example, choosing the soil and location. For an indoor cultivation, proper lighting, fixtures, and other materials are required for proper greenhouse effects. Windy areas are not recommended. It is preferred that the plant is given dry and bright lit places for 12 hours and then 12 hours in dark and damp areas. Some people even use rock wool for cultivation as it carries nutrients.

Air Quality

Suffocating areas with low air quality disappoints the plant’s ability to produce THC laden resin and may even reduce its growth. An airy abode is an optimum requirement. Windy places can damage and break the cannabis plant in places. Also, outdoor cannabis cultivation does not harm the plant but it will need to be regularly tended to. For indoors, the plant may face stressful conditions with low light, heaters or fires, and no air movement. Above all, bad air quality will hamper its ability to produce a good growth.

Water

Without a proper watering schedule, no plant can survive. Water is the most important factor that will help your plants grow, at a certain age, massively. Also, the higher a plant gets, the more water is needed to make sure your plants get enough nutrients. Outdoor cultivation can be more convenient, as rainfall does very well for cannabis plants with balanced water. Indoor cannabis cultivation requires personal delivery of water through various chosen means such as tap water checked for ph levels that is delivered on a timetable and schedule.

Temperature Requirements

The plant itself is resilient and can withstand high and low temperatures. Although, it is not immortal and will die with prolonged exposure to extreme temperatures. The plant is peculiar in its methods used under stressful conditions, however. A consistent temperature of about twenty-seven degrees centigrade is recommended for ideal conditions. Indoor heating and air conditioning can be set to a controlled state to produce excellent results. Lights enormously affect the cannabis plant, so use them for cannabis cultivation carefully considering the amount of heat they produce. Cultivating outdoors is a little trickier if you do not understand the area well. Selecting the time of year with ideal conditions is suggested as it’s easier to tend the plant personally along with avoidance of extreme temperatures.

Nutrients And Supplements for Growth

The need for growth is supplied with water, air, and nutrients that help it thrive. In addition to this, using every day throwaways like banana peels and used tea bags can provide excellent nutrition to the cannabis plant. Composting is also a great way of creating prodigious soil. For cannabis cultivation, fertilizers are used in small quantities but are not mandatory as organic elements significantly increase the cost efficiency while maintaining a good chance of satisfactory yields.

Humidity And Its Effects

Humidity is a friend of the plant at certain stages of its life. But, unfortunately, it is impossible to control without setting up a small greenhouse. Especially indoors, the need to maintain humidity is important because the flowers have “sweat” generating on the trichrome during their humidity-craving time when the cannabis plants have blossomed at a later period in their life.

3. Using Lights

There are a wide range of solutions in cannabis cultivation for the choice of lights. There are manufacturers dedicated to making lights for growers and enthusiasts which are reasonably affordable. Also, since its legalization, there are manufacturers of grow cupboards for the die-hard cannabis fan. These cupboards are expensive but worth every penny. These cupboards have fans, lights, timers, filters chambers and everything needed to begin cannabis cultivation. There are cheap lights out there that can be pretty effective in giving good results such as CFL and LED panels. For cannabis plants, these are fairly cheap and can easily fit in a cupboard to grow some great buds. Lamps used by experienced cannabis cultivation experts and growers help by providing ample heat for the plant as well. But, a small place can get too hot for a small plant.

4. Hatching Seedlings

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

5.  Grown Plants

Indoor plants need more light for energy and require less night time. With an airy and spacious growing area, notorious soil, and lights that help it thrive, the plant will yield higher amounts of produce. For those who are congested with low space, the plant can have a problem in their vegetative state. Outdoors situations differ as space is not normally a problem. The end of March to mid May is the ideal time to cultivate, depending on your location. Like all plants, light is vital for cannabis and summer offers the most cultivation time. Being farther away from the equator means that the vegetation time decreases.

6. Flowering Or Budding

In the flowering phase of its life, cannabis cultivation pays off with its fragrance and aroma in the air. As the plant grows, the bud or flowers start showing and in the following couple of months, these fragrances enhance and mature. When the flower blooms, the resins start showing strains with miniscule trichrome like puffballs. The pistils and leaf surfaces start to turn a shade darker due to the forming of resins. Over the weeks, multiplied flower clusters are clearly visible in the cannabis plants, which lead to swollen flowers.

 7. Harvesting

In harvesting, nutrients are ceased and only water is provided to the plant to retain its natural flavors in this part of the cannabis cultivation. Now, covered with heavy swollen trichrome, it is ready to be harvested. Harvesting requires the plant to be matured by allowing to dry it off after picking it. It takes about two weeks to get it completely ready by dehydrating them properly, leaving only a crunch. For curing this problem, store the buds in a jar and leave them for two or three weeks. Open the lid of the jar to allow the plant to breathe at least once a day and always use a dark and dry place for storing it. After curing it, it is ready for use.

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What Is a Point-of-Sale System?

A POS or Point of Sale system is essentially a system that mixes and eases up the payment processes of a retail store. It is made up of a software that is usually used for recording all of the details of each sale as it occurs, all the while updating the inventory records while providing customer management features that enable easy operation of your store. It further generates reports for you so that easy analysis of the sales data is made possible. The hardware of a POS may also consist of a bar code scanner, cash drawer, receipt printer, order puncher, and other such peripheral equipment based on your own particular needs.

Innovations in the POS System

Point of Sale in retail has seen a lot of innovations over the years but now, with the rapidly changing technology, we have witnessed some very innovative POS systems. The innovation has brought more ease and comfort for both customers and retail shop owners, with paying just by your face via PayPal or generating e-receipts. Retail business owners are demanding more unique innovations in order to stand out from the rest.

Some of the innovations that we might see around in the POS systems in 2018 are discussed below.

No Checkout POS

Point of Sale Systems have revolutionized retail businesses. Imagine a store where you arrive, walk around in the aisles, look for your required item, pick it up and walk out of the store with it. It is possible as an innovative POS automatically generates payments the minute you walk out the door. There would be no physical POS system and no requirements to scan codes. Originally brought forward by Amazon, this innovative POS system is now making its way into mainstream retail businesses. The new POS system makes use of sensors and artificial intelligence to make the payments by a customer’s virtual cart where the customer is charged for the products.

Mobile POS App

Order and pay on the move the next time you head out to eat or grab coffee. Make use of the interactive apps on your phone that also act as an innovative POS system allowing you to not only order your food but pay for it as you go. You can enjoy your meal and leave quickly during your busy lunch hours. This innovation was introduced by a UK based coffee shop. It simply quickens your procedure and cuts your mealtime, allowing you ease and comfort while providing business owners a hustle free counter. The same Point of Sale system is being followed by a shoe shop in the UK as well, allowing you to buy a selected product by simply scanning the code on your product while making your payment automatically.

Virtual Shopping with Tablets

Innovative POS Systems are also helping to enhance the customer experience by not having to go to every retail store. The products are simply kept on display, where a giant tablet is also provided in the window, allowing customers to go through the latest collection of clothing of their favorite brand. The customer would have access to designs, colors, and a whole variety of choices on their fingertips without wasting their time going through stacks and rows of clothing. The same tablet could then be used to place your order and pay for it, too. This POS is gaining quick popularity in the US.

Make your Face your Money

A hotel in Birmingham has come forward with a unique innovation in Point of Sales where all customer just have to smile as they check out. It triggers a picture that is matched to your profile picture on PayPal, allowing you to make payments on the go without having to go through any hassle of waiting in line. Once the payment is made, an e-receipt is generated.

Conclusion

POS Systems are revolutionizing the way customers experience shopping. As newer POS systems are created, the customer experience is enhanced, providing both the business and customers numerous benefits.

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One of the most difficult decisions faced by an entrepreneur is hiring the right staff. Obtaining quality human capital is the most basic requirement for every start-up. It is vital for employees of any start-up to deliver performance. Productive employees ensure that both the short and long-term objectives are met.

Create a Hiring Plan

The first step in facing staffing challenges for an entrepreneur is creating a hiring plan. A hiring plan determines the specific roles that individuals are meant to play in an organization. A hiring plan will help choose employees who play an active role in the company. It is an effective method of creating job descriptions for vacancies needing to be filled by the company.

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

Determine your Needs

Staffing challenges must be efficiently catered to by a start-up. Staffing is not an easy task for any business and, often, young entrepreneurs face many issues when it comes to hiring their new employees. One aspect is to determine what kind of experts and professionals your company requires.

Hiring should be based on the tasks and functions that are most essential for taking your business to the next level. In the beginning, it will be hard to predict the specific tasks that each employee will need to perform. Determining the working hours will initially be tough. Look at the market leaders and observe their staffing patterns. Design your own hiring plan accordingly to reduce your staffing challenges.

Initiate Organizational Culture

The most essential thing to consider when staffing is choosing and initiating a positive organizational culture. Company culture is the most important element in a start-up. The culture of your company is going to affect the morale of your employees as well as the character and essence of your brand. Keep the type of culture you want in mind and select employees that will align to that initiative.

Balance the Cost of Hiring

In the beginning months of your start-up, finances may be very tight and even insufficient. You may not be able to hire a prospective employee who is demanding a hefty salary. At the same time, having experienced and qualified employees in your start-up from the beginning will benefit you in the long run.

It’s essential to have a suitable balance between the cost and experience of an employee. The best approach at this time will be to choose talent over experience. Looking at the many staffing challenges an entrepreneur faces, a proper balance between experience and cost is a delicate matter. When hiring, look at the achievements of an employee rather than the years of experience they have under their belt.

Timing of Initial Hiring

The very first hires will be the toughest decisions you will need to make regarding your staffing challenges. The reason for this is that the initial stages of a new company are in a fragile position. This may also be your first time ever handling a group of employees.

As an entrepreneur, you are in a leadership position and it’s vital for you to coordinate and manage your team well. You need to find employees that are not afraid of going out of their comfort zones. It’s important that you are precise and open as well as honest with your employees that they are required to be flexible and adaptive.

Flexibility

A new start-up will continuously evolve and change over an extended period of time once the initial stages have passed. Flexibility is another one of many staffing challenges faced by start-ups. At this time, it is very important to be flexible in your role as a leader. The same flexibility must transfer to your employees. Initially, they must have flexibility in their roles and responsibilities. It is vital that the roles of your employees are interchangeable.

Talent Retention

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

Even if your employees seem happy with the way things are running, they could often replace their job in your start-up with a much more established organization. Having good relations with your employees can prevent this from happening. A suitable company culture and flexibility in working hours will benefit a new company.

Conclusion

Once you overcome these seven staffing challenges, you will have a solid start to your business. Initially, you will be responsible for formulating, evaluating, and implementing HR strategies and policies. These include regulations for workplace behavior, remuneration packages, compensation, benefits, and other employee-related policies of leave.

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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.