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One of the most crucial tasks in the manufacturing industry is determining per-unit cost. It requires professional handling and technical accounting knowledge. Calculating the costs of materials, labor, and overhead expenses involved in manufacturing a specific product is a challenging task that demands the utmost brilliance and perfection. To determine the total cost incurred in producing a good, you must carefully evaluate the production process at different stages. Work In Process (WIP) is commonly used in production and supply chain management and holds immense significance in the manufacturing and distribution industry.

What is Work in Process?

When analyzing the production process, tracking all costs associated with goods that are still in production is essential. This includes raw materials, labor, and overhead costs. At each production stage, it is crucial to document all expenses carefully. This information helps determine the exact unit cost of the goods being produced. Accurate bookkeeping is vital as it ensures all costs are accounted for, and the final price reflects total expenses.

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 the period) – ending inventory.

WIP–in light of Automation and Technology

We are fortunate to live in an era of revolutionary accounting and bookkeeping practices. The advent of state-of-the-art automation and technology has made these procedures more accessible and efficient. Thanks to cutting-edge accounting software and solutions, complex calculations take mere seconds, are astonishingly precise, and are far simpler to oversee. It’s truly mind-blowing!

Great news! Thanks to modern accounting and manufacturing software, calculating work in process is now a breeze. With these tools at our disposal, we can easily manage and control the manufacturing process. Plus, we have access to expert accounting and bookkeeping professionals who can lend their expertise at various stages of production, helping to reduce costs and further streamline the process. The future of manufacturing is looking bright!

Benefits of Reducing Manufacturing Work in Process

Good news! There are many benefits to reducing manufacturing work-in-process costs, such as improved cash flows, higher liquidity, and decreased business risks. But don’t worry; achieving these benefits is entirely doable with a well-executed strategy. We know that every manufacturing establishment wants to minimize costs, so it’s essential to integrate innovative procedures and techniques to eliminate bottlenecks. Although it might seem daunting to calculate work-in-process costs initially, breaking down each cost piece by piece can make it much more manageable. With a positive attitude and thoughtful approach, you can easily streamline your manufacturing process and reap the rewards.

Strategic Forecasting and Planning: The Need for Calculating Work in Process

Planning for the future and making informed decisions are essential for any business to succeed. It’s crucial to involve yourself in reducing per-unit costs to save more money at the end of the day. It’s essential to clearly understand your production requirements and specifications To determine the number of units that should be produced, raw material costs, labor costs, and overhead costs. Strategic thinking involves having a realistic vision, mission, and out-of-the-box approach to make 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 periods. 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 to attain ideal results. Calculating work in the process must be handled carefully because it directly influences your profitability index.

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

Partnering with outsourced services to acquire the highest quality planning and strategy for a fraction of the cost is pivotal to success. Small or big businesses no longer prefer hiring in-house teams to manage specific tasks that can be outsourced to third-party service providers. The reason is apparent: they desire to seek specialized expertise from the gems of the industry. Moreover, start-ups and small businesses usually have scarce resources: time, labor, and money, which restricts them from hiring in-house accounting and bookkeeping professionals. It is safe to say that time and cost-effectiveness are the major driving forces behind the motivation to hire business accounting and bookkeeping consultancy services for start-ups in today’s time.

The Evolving Needs of Start-ups and Small Businesses

From small businesses to large companies, every business establishment needs someone to manage their financial accounts, pay bills, send invoices, reconcile bank statements, and manage debtors promptly and effectively. Maintaining separate finance departments to tackle financial matters is a hassle and a considerable expense. That is why most businesses outsource their economic issues. Looking at the bigger picture, most start-ups lack the wisdom to tackle complex bookkeeping and accounting-related matters, which means they cannot manage to look after their books and finances on their own. For them, hiring the professional expertise of an accountant and bookkeeper is more of a need than a desire.

Business Accounting Consultancy Services for Start-ups

Many success stories directly result from hard work, toiling, commitment, and sincerity that guarantee a secure future. An experienced and qualified accountant or bookkeeper can serve the suitable needs of a business with creative wisdom like no other, all the while making better financial decisions. Beating your competitors with numbers is quite different, so you must employ the right accounting tools and strategies to get ahead of others. Business accounting and bookkeeping consultancy services are the need of the hour as they provide you with valuable insights to help you improve your business’s financial health.

Whether you are starting a new business venture or acquiring an established business, the need for professional accountants and bookkeepers never dies. Many start-ups or established businesses used to feel reluctant to hire professional accounting or bookkeeping services for fear that the integrity of vital data highly prioritized by the company would be compromised, for example. Other concerns would be qualification or experience dilemmas that a client is unsatisfied with.

What do Business Accounting Consultancy Services do on Your Behalf?

Most start-ups lack ideal cash management skills, so they fail to make their mark and successfully manage their business operations. This kicks them out of the competitive race, which creates room and gives others a chance to capitalize on the vacant space. Therefore, businesses try to fill this vacuum and acquire the services of professional accounting consultants to help them understand various financial aspects for better decision-making.

Accounting and bookkeeping professionals can help you in many of the following ways:

• Financial forecasting and planning
• Analyze financial statements on your behalf and recommend ways to overcome cash flow issues.
• Determine the profitability of your business.
• Monitor the influx and outflow of cash and help you achieve the right strategic fit.
• Expand your business with critical financial insights and knowledge.
• Save a lot of time and money and help you focus on the core of the business.
• Tax reductions, debt repayments, and more

Putting the Right Business Accounting Consultancy Services and Practices in Place

Accounting and bookkeeping professionals certainly have a better understanding and knowledge than most. They know the tricks of the trade and are masters of the game, as they can solely change the entire fate of a company with better financial decision-making. When you task them with authority, they are expected to live up to expectations and carry out their duties in the best possible way to the best of their abilities.

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

For many years, people have asked this question? Choosing an independent dealer or a mechanic is tough for people because of the pros and cons associated with both. We hesitate to take a side as we find benefits in both. Whether you consider the professionalism of your dealership or have taken your vehicle to a local mechanic for years, you have a level of gratitude and satisfaction associated with both that makes you consider their service.

What exactly each of them has to offer us? Before making your next big decision in car repair, look at the pros and cons of each.

Dealer vs. Mechanic – The Difference

At first glance, the difference between a dealer and a mechanic looks purely financial. Those with newly purchased cars will consider the perks offered by their dealership. On the other hand, car owners also jump from mechanic to mechanic to find a trusted and reliable service.

However, there is more to all this than it seems.

Dealers have the expertise for a specific brand; for example, they specialize in BMW or Ford. They provide warranties backed by the manufacturers and utilize high-quality parts straight from the company. The mechanics at a dealership have the training and expertise to handle current issues in the specific brand.

Independent mechanics, on the other, provide personalized services. These mechanics offer scheduled maintenance, customer service, and better pricing. Unlike a dealership, you can establish a relationship with a mechanic and communicate with them for better rapport. Building a relationship with a mechanic goes in your favor, as customers who visit local mechanics have a better experience and can go for discounted pricing.

Benefits of Dealership

Dealerships provide a trained staff of mechanics and technicians specializing in a specific brand. They work on hundreds of vehicles every month, so there is no shortage of expertise with a dealership. Besides quick and efficient service, they also use high-quality parts specific to the make and model of your vehicle. Dealers also have the authority to inspect the car using the manufacturer’s methods, so you can rest assured that your vehicle is in the right hands.

Most modern vehicles require diagnostic equipment that only dealers possess. It is more beneficial to visit a dealership to handle the issues rather than pay a mechanic to understand. Whether your car has a complex mechanical or recurring electrical problem, a dealership has the resources and expertise to keep it updated and restored.

Ultimately, you have an advantage in the dealership if you possess a manufacturer’s warranty. Think of it as health insurance, where your warranty covers the repairs if it remains active. After it expires, you can either extend it or pay for the needed repairs.

Benefits of an Independent Mechanic

Although they are just smaller than dealerships, independent mechanics have skills equal to dealers in terms of services and repair. They usually staff former technicians working with dealerships, so they have diverse expertise. Unlike a dealership, customers can directly contact a mechanic and discuss the details of their repairs. Additionally, mechanics have expertise in various brands and can handle issues of almost every vehicle. They have a specialty in multiple brands due to their diverse experience and, in some cases, also provide a third-party warranty.

Nurturing a relationship with a mechanic is also advantageous for better pricing. Most people trust the skills of a mechanic to delve deep into an issue and mitigate it accordingly. Mechanics usually rank higher in terms of price, quality, and customer satisfaction.

Disadvantages of Dealers

• Dealers excel in prestige and expertise but not in pricing.
• They have time constraints because of factory-made equipment. If stock is unavailable, dealers must ship that item and make repairs. It usually takes more time to complete and further inflates prices.
• You cannot interact with or contact your dealer mechanic as they have a pool of technicians. There are difficulties in establishing relationships with dealers.

Disadvantages of Mechanics

• Honesty and reliability are the main factors when finding the right mechanic.
• Mechanics use both local and factory-made parts for repairs. If you go for factory parts, you must pay for them and wait for shipping time.
• Finding the right mechanic with trustworthy services is rather tricky if you live in a large city.

Which is Better?

In the end, the type of car repair service depends on your needs and preferences. If you consider pricing, an independent mechanic is a better option. On the other hand, if you prefer quality and durability, then choose a dealership. Consider their pros and cons before approaching a service for your car repairs. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

One of the most efficient ways to advertise your company is through digital marketing. However, doing so without a solid strategy isn’t enough to ensure success.

What matters most is that you can use it successfully to achieve your conversion goals. It might be to increase social media followers, grow your email list, increase sales, or whatever your conversion objective is.

Your marketing efforts will be a waste of time until you do this. After all, you’re running these ads to increase conversions, leading to more profitable income for your company.

You may see the results occasionally, but it might aggravate you to realize how slow your conversion rates are. So, here are some proven methods for improving the effectiveness of your digital marketing initiatives.

Use Powerful Pop-ups

Many individuals find pop-ups annoying, especially those that are flamboyant and invasive.

On the other hand, pop-ups continue to operate and produce excellent results. The challenge is to create them to look realistic enough to elicit a response from visitors.

Context is the most crucial consideration when creating unique pop-ups. Make sure your pop-ups have a purpose if you want them to be successful. Otherwise, they might distract users, causing them to leave your site.

Pop-ups can have a variety of objectives. The purpose might be to create leads, collect feedback, increase revenue, or something else. Selecting the correct pop-up for your website, regardless of your conversion objective, is critical. You may significantly increase your conversion rates by doing so.

Your pop-up will only be successful if it provides value to your target audience. People will disregard them if they do not do so.

Create Urgency

Create urgency on your website with the following practical digital marketing approach. You may create FOMO (fear of missing out) among your audience by doing so. Most individuals experience FOMO, a psychological phenomenon brought on by the realization that others participate in something you aren’t. Many individuals feel compelled to grasp an opportunity before it passes them by.

“Limited offer,” “last chance,” “act now,” and similar phrases convey a sense of urgency. When visitors encounter such terms, they are more likely to respond since it motivates them to act.

So, if you’re having a sale, it’s a good idea to highlight how many things are still available (e.g., “last five left”). As a result, your audience will feel compelled to act quickly to take advantage of the bargain before it runs out.

However, it’s vital to remember that this strategy works best if your product or service is valued, helpful, or essential.

Design a Killer CTA

The most crucial aspect of your marketing approach is our call to action (CTA). A call to action (CTA) is a term or phrase meant to urge users to do a specific action, usually in the form of a button.

By employing the correct CTA, you can quickly encourage your users to respond to your conversion goal. If you don’t include them, your users will become confused and irritated since they won’t know what to do next.

A call to action (CTA) means to direct your users to the next step in getting what you’re giving. However, it’s vital to note that not all CTAs can convert. Consequently, ensure you understand how to create them for more significant results.

Action words are always in the finest CTAs. It informs your users about the same action they should take. Aside from that, the button’s design is essential. To make your button stand out, you must use white space efficiently. Use a color contrasting with the rest of the site to make the button stand out.

Additionally, ensure that your button is mobile-friendly. Please don’t overdo it with the scale. Make it just big enough to be seen and clicked on.

Have a Solid Social Media Presence

Social media marketing plays a vital role in the success of your digital meeting strategy. You get noticed more frequently when you have a robust social media presence. It will develop your audience’s understanding of the brand.

More understanding means more and better brand recognition, which will increase brand integrity again. When people trust you, they don’t mind buying from you. So, a solid social presence is highly significant for an efficient marketing campaign.

Bottom Line

Digital marketing is slowly taking the place of traditional marketing slowly and gradually. Through digital marketing, You will be aware of the global industry business, and from a long distance, every company can lead a sales conversion through digital marketing. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Starting your own business can be a frightening but rewarding procedure. While an ideal business plan condemns entrepreneurs, financing is one of the most significant elements a company needs to succeed. However, financing a small business can be a drawn-out process, especially for those with an accounting background.

Consistent improvements to grow your small business are daunting for its success and sustainability. Meanwhile, the operations like monitoring cash flow, controlling the marketing, and identifying your strengths are the most profitable.

Here’s a list of 10 strategies to utilize the acquired funds smartly to develop your small business.

1. Enhance the product packaging

The first thing you can apply to utilize the funds in a productive chore is the packaging. Bringing innovation to the product and services will attract the clients and commit the old ones. Investment in better quality and paging of the product will help you meet your client’s requirements, and they will come back to shop from you.

2. Options for impactful Marketing

Wasting money on profitless marketing is easy. Seek out budget-friendly and impactful marketing strategies to grow your business. Experiment with a few of the latest tactics and examine their after-effects on your business. Social media is one of the great ways to market your company globally.

3. Sharpen your monetary skills

A big-win area for business growth is the sales function. Whether you’re a sole operator or managing a sales team, you’ll have to focus on sales improvements. Even the trends that don’t seem relevant on the outside might have a versatile impact on the inside. Consider all the possibilities.

4. Modernize technology

Investing in the latest technology provides you with pedantic insights into the clients and potential prospects. You can get CRM (customer relationship management) software to maintain the sales records virtually. With this software, you won’t be carrying the burden of keeping the records manually; instead, you’ll get all the documents prepared beforehand.

5. Get the latest inventory

Another great way to utilize the funds efficiently is to get the latest and fresh inventory and equipment. This way, the work procedure will improve, and the customer’s orders will be completed on time.

Instead of purchasing used machinery, get the latest machinery with advanced features to boost your business.

6. Clear the debts

Utilize your funding to clear the account payables. The higher interest rate comes with a higher debt amount, which you probably wouldn’t want to pay all at once. Also, it can utilize the rescued amount of cash from the interest rate to fulfill other company financial requirements.

7. Know your boundaries

Successful entrepreneurs have a clear idea of their boundaries. By identifying your entrepreneurial personality type, you operate your resources well and find the areas of weakness. For instance, if you excel at sales marketing but have less experience with the accounts, focus on the sales and hire a professional accountant to handle the books.

8. Host business events

Hosting business events as an entrepreneur with a small business is a great way to create an identity among the potential audience. Invest in advertising and promotional banners so everyone knows about your company’s existence.

9. Consider a niche market

A niche is a specialized portion of the market for a particular product or service. When other companies fail to fulfill the customers’ requirements, focus on the potential areas and invest to win the audience’s trust.

10. Art of franchising

Franchising provides a rapid boost to your small business. In this activity, the product is distributed among the potential audience. However, before franchising, you must do a market analysis to know the customer’s requirements and demands.

The above-defined strategies come in handy for small enterprises at every stage of business. Running a small business is quite challenging as the owner is responsible for many monetary chores. However, there are numerous options out there for the utilization of new funds. Determine your financial position and make a productive decision for the growth of your business. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

“Financial management” refers to how you manage your accounts smartly to make your business successful. With a sound financial system, you can determine your business’s financial health and make wise decisions to improve its operations.

A well-organized accounting system is vital for every business. Financial management is significant for any company and requires great expertise and planning. However, the actual worth comes from turning the primary support into the permanent growth of your business. Without financial stability, every business lacks the foundation to tackle the struggles of evolving product lines and make new investments in shipping and packaging that increase customer experience.

Financial management is the mechanism to formulate the decisions that enhance business operations.

Unfortunately, one of the top reasons for a business failure is a cash crisis or unwise financial management by fresh entrepreneurs. Money is like time, and you must utilize it exceptionally judiciously.

Are you a fresh entrepreneur entangled with the complications of finance? Here’s a list of sharp strategies for your new business venture.

1. Acknowledge yourself

Finance is a crucial department in any business; every entrepreneur must be informed about every aspect. One of the most helpful steps to intelligent financial management starts with the knowledge of radical financial terms. You must know the words like budgeting, interest on debt, income tax, and unsubsidized loans.

To acknowledge yourself, you can review the finance-related articles written explicitly on financial management.

2. Develop a clear vision for profitability

Developing strict financial principles that govern all internal and external spending is essential. If you’re seeking investment through funding, you must evaluate the cost of the expenditures and how much profit your company will predictably generate. Additionally, you will have to explain your cash flow management process and how you will scale positively.

As an entrepreneur, if you fail to illustrate your financial strategies for future profit, the investors will likely invest their money elsewhere.

3. Connect with investors

Your success is supreme, but it is equally significant to consider the success of your investors and partners. These players are backing your business’s growth, and it’s a sign of honesty when you include them in your company’s success.

 For instance, turning down the marketing strategy while keeping the business running smoothly helps further stretch the investment. Being honest with the investors allows you to ask for financial help in need.

4. Invest your time wisely

Entrepreneurs must wear many hats at once and chisel the budget wisely, including running the payrolls and maintaining accounts. You can get a subscription to the latest accounting tools. In this way, you won’t be worrying about the accounting errors that used to arise in manual bookkeeping. Also, it will save you a lot of time.

It can quickly generate monthly financial statements through the latest accounting software. On the contrary, you can also appoint a professional accountant to carry out the financial tasks instead of you.

5. Know the different business costs

The field of business finance is highly diversified and contains numerous aspects. An entrepreneur might not be proficient with financial terms. However, he must know the basics of every monetary operation and expenditure of the business. The primary financial operations and expenses include marketing, legal, business insurance, and current production costs. When you get a clear idea of the business’s expenditures and economic operations, you can have discussions with the accountant and consultants.

Owning a business should never be all about earning and making a profit, but properly managing the finances is a bridge to the permanent success of the company. By using the above-evaluated strategies, you can make the most of the investments that your business has earned. Additionally, you can seek the latest technologies to make your monetary system smarter. Technology will help you make better financial decisions regarding advertising and marketing strategies. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

As a business leader, you must consider the most common concerns about guiding your team to set goals. You expect to demonstrate valuable leadership skills, motivate your team, and carefully manage your department’s dynamics.

Many external factors can harm employees’ productivity, and you don’t have much control over them. Similarly, some internal factors can severely affect employees’ productivity or performance, but you can fix the issues and decrease their impact on your organization.

Here are some internal issues that can harm your organization’s overall performance.

Organizational Culture

Your team is likely one part of a big organization, which must have its unique cultures to follow. You might be a fantastic team leader, but the whole team will be affected if it follows a negative culture in your organization.

For instance, if a company’s overall culture encourages professionalism and promotes healthy work relationships between staff, suppliers, and customers, it will lead to an environment of productivity and progress. Alternatively, a negative culture tends to cause employee disappointment, employee turnover, and absence, as reported by Harvard Business Review.

Other common negative issues that impact your organization are workload, low incentives, salary, and poor management. Figuring out and understanding these problems will help you solve them.

Workplace Environment

Workplace environments have a significant impact on external productivity and performance. Health and team morale have positive as well as negative effects.

Some factors like hygiene, temperature, atmosphere, lighting, and noise in the office lead to late or inadequate deliveries.

Take the example of temperature. Many types of research can explain the effect of internal temperature on performance. The recommended or ideal temperature in the workplace should be between 23 to 26 degrees centigrade in summer or 20 to 24 degrees centigrade in winter. The individual preferences will differ, but the overall temperature should be within the ideal range for all workers’ comfort.

Poor Communication

Successful organizations utilize the best methods for smooth communication. Suppose there is a lack of internal communication between the employees and the organization. It could lead to a loss of productivity and a range of problems. For instance, if a project manager doesn’t share the clients’ complete requirements with workers, it would result in poor outcomes. If your employees work from home and don’t share the daily follow-ups, you will have to reach out to them constantly to inquire about the progress. Every employee must have adequate communication with one another, which builds a positive and comfortable environment. 

Resource and Tools

Resources and tools are essential for an organization to achieve good quality work. Your performance will be badly affected if your organization doesn’t have the proper resources and tools to do the job. You must identify the needs of your employees and manage the resources accordingly. 

It would help if you gave special attention to the latest technologies. If you don’t make the most of the latest tools, you may drag your organization to poor performance. 

Sexual Harassment

When we talk about an organization’s internal issues, sexual harassment is one of the significant factors. When an employee is facing sexual harassment, it directly affects their mental health. People facing sexual harassment in the workplace experience high anxiety and stress, leading to depression, which directly affects work performance.

Another factor is gossip. Victims of sexual harassment may find themselves the subject of gossip, which increases stress and causes unease in the workplace. As a result, the employee tries to avoid coming to the office, which impacts the performance.

Nepotism

In easy words, nepotism is ‘favoritism, ‘meaning helping or favoring your family, friends, or close ones. This practice lowers the potential of the hard worker. Nepotism is not entirely wrong when it is about acknowledging a hard worker or a capable one. However, when it comes to favoring people who are not qualified enough to perform the task or don’t have the ethics to work in an organization, this will decrease your employees’ morale, resulting in poor performance.

Bottom Line

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

Do you want to have a career that doesn’t bind you for hours each day and pays peanuts when the month ends? The corporate model is just not working for many anymore. The post-Covid-19 world and life are different in many ways. Companies are now focusing on providing work-from-home for employees. Apart from committing to work for hours daily, working from home is another form of freelancing. However, freelancing is one of the most popular ways to make quick money these days.

Freelancers are not regular contracted employees, so they are not bound to work eight or nine hours daily. On the contrary, a freelancer can choose the hours and days he wants to work. This way, freelancers can manage a lot of time at hand. Here is how you can maintain an excellent work-life balance as a freelancer:

Choose Your Working Hours

One of the telltale benefits of freelancing is picking the hours and days you want to work. Corporate employees don’t have this luxury as they are bound to a nine-to-five routine for five or six days a week. Freelancers have more freedom to maintain a proper work-life balance as they have no such restrictions to consider.

You are Your Boss

Freelancers enjoy a few benefits compared to corporate employees. A freelancer can boast of being his boss, and rightly so. He dedicates a chunk of his time to work while spending the remaining time in any way he likes. It only makes sense to become a freelancer with so much freedom as you will experience the joys of life without working your heart out day and night in a corporate environment.

Likewise, you can control your workload by choosing the amount of work and committing to the number of days you want. Clients understand that you work freelance, and they are not bothered by your work schedule. Freelancers provide high-quality work and make recurring clients that offer employment in succession. Such clients don’t worry about time as they communicate with the freelancer about deadlines. They will deliver the work.

You Have Options

Freelancing is all about options; those who do this for a living know this. Freelancers have plenty of workloads when they have work in hand, but sometimes they’ll sit without work. Such is the nature of this profession; accept it and be forthcoming. Fresh freelancers often get frustrated knowing they have no position in hand. It is nothing to worry about as clients always come, and when they do, you will have plenty of work in hand. It is where retaining clients makes sense as they employ quantity regularly. You might need to improve your portfolio, skills, and rating to win such clients. Doing so will let clients show faith in your abilities as a freelancer.

Mention the Days and Hours You Work

To balance your life and work, mention the hours and days available for work. It might work like a two-edged sword for freshers, but experienced freelancers can play around with this. Clients will come to you for work if you are known for providing value-added work anyway. Let your clients know about the value you associate with your personal life, as they’ll understand. It will remove confusion, and they’ll appreciate it.

Avoid Overcommitting

Sometimes, clients who bring more work are willing to pay more for it. Freelancers often fall for this and end up compromising their lives for work. It is necessary not to fall for this as you will compromise the balance. To avoid this, do not overcommit yourself to the client. Be explicit about priorities and let the client know about your work patterns. You will make good money by working on the days and hours of your choice. Stay firm on your commitments and communicate those to the client before the contract begins.

Following these tips will maintain a proper work-life balance without compromising on either of your commitments. In the meantime, it is best to continue exploring work opportunities during working days to make enough money to live a comfortable, easy life.

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

The COVID-19 pandemic has had a very adverse effect on economies in general. Small and medium-sized enterprises have taken quite a hit to their finances with reduced revenues, limited clientele, and near-to innovations. Even though industries have seen they are ever highest given the increased reliance on digital mediums during the pandemic, a more significant portion of SMEs has struggled with maintaining their liquidity position.

For any company to survive, liquid cash is quite important. You might have good credit lines and great vendor relationships, but if your money arrives later than your due payments, the interest rates will likely get higher, landing you in much more trouble than expected.

Liquid assets are primarily those that can instantly convert to cash. A company’s liquid assets evaluate its strength to overcome timely financial obligations and debts. Lack of liquid funds is one of the critical reasons SMEs fail to stay afloat for a long while in the market and file for bankruptcy. SMEs must crucially evaluate their current assets and liabilities to gauge their need for liquid assets. This data can easily be obtained and evaluated by looking at the bookkeeping records.

Here are a few things SME owners should bear in mind to ensure an ideal liquidity position for their business:

Keeping Track of Financial Resources

In times of financial crises, when a small enterprise has nothing left to fulfill its loss and run the business, the most crucial thing is the lack of financial and valuable resources, including funding, experienced labor, and lack of accounting records, and marketplace statistics.

To overcome this obstacle, ensure your accounts receivable department bills your clients timely and chase any unpaid invoices as soon as they become due. If need be, you might also want to reassess your payment terms and reduce the payment period with your clients. Cash confined in unpaid invoices can cause severe liquidity problems. Consider offering your clients a discount for settling the bills quickly. It is also essential to rush up to any pending payments or reevaluate your payment terms to increase your cash flow instantly. With your old clients, you could use your goodwill to get early payments.

Management of Cash Flow

While going through financial crises, the most aggravating factors include expenditures. Regardless of the economic situation, business owners must pay all expenses timely. However, they might not have enough cash to clear all the costs at a time. Keeping updated records is necessary to avoid a sudden burden. Optimizing costs is the most important thing to do when dealing with a liquidity crisis. It helps business owners keep enough liquidity to handle a financial situation.

Negotiation with Suppliers and Lenders

In addition to the flow of expenses, postponing liabilities and payments is a clever strategy for recovering from liquidity crises. Suppose you are generally in good relations with your vendors. In that case, it’s time to ask them for a favor and delay your liable payments for some periods without the addition of any interest.

Lack of Funding Options

In case of financial crises, there’s a possibility that no lender would like to lend you a reasonable sum of money to enhance your current situation. It is because the lenders or creditors find it hard to put their trust in your drowning company. However, now is the time to start looking for alternate funding options. You could investigate government-based programs that offer to fund private businesses. Moreover, if the fundamentals of your financial conditions are not sound, borrowing money will take you even in the worst direction down the road. If borrowing isn’t the right option, you might consider raising funds by selling your equity to investors who are interested in your business.

Given the uncertain economic conditions worldwide due to the pandemic, it is wise for business owners to make learned business decisions and maintain enough liquidity to survive a sudden brunt.

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

The business world is changing, and so is the role of human resources, especially on a global level. HRM was previously a support function in an organization, but today, it is becoming a strategic partner helping brands achieve their goals at all levels. Regarding the strategic role of human resources, its responsibilities go beyond administrative tasks. For instance, instead of processing payrolls monthly, HR managers need to take a deep dive into how their employees contribute to their success.

Strategic human resource management requires all executives and managers to be involved in decision-making, giving the company a competitive edge. In his book “Strategic Human Resources Management: Where Do We Go from Here?” he says that organizations that value their employees generate more profit than those that don’t. A recent study in 2019 also showed that successful organizations ensure their employees feel engaged, acknowledged, and well-trained. Organizations must introduce information sharing and self-managing into their organizational culture in today’s competitive business world.

Today’s HR department plays a strategic role in the business world. It can create high-performing work systems and introduce practices that create an environment of accountability and greater involvement.

The Critical Role of the Strategic Human Resource Department

Studies show that creating an international workforce is more challenging than securing capital or buying new technology. How your company manages its HR can be the deciding factor for your organization’s success or failure. All in all, effective management of HR can help you outperform your competitors and identify new and better opportunities. It can also help your organization adapt to global fluctuations in the market, effectively coordinate with subsidiaries (if any), share information throughout the firm, and successfully make cross-border acquisitions.

Many organizations and multinational corporations face the most significant challenges in coordinating with different teams worldwide and keeping control of overall operations. Research shows that when handling multiple entities in other parts of the world, a balance must be between organizational culture and individual values. Achieving a balance of such a magnitude becomes more difficult as the workforce becomes more diverse.

Imagine a scenario where the parent culture differs dramatically from the culture of its subsidiary in a different part of the world. In such a situation, it may be more challenging for the parent company to exchange information, share technology, and bring innovation between foreign outposts and home offices. Another significant challenge here is the difficulty in promoting the required organizational changes and managing any conflicts between the workforce in different parts of the world.

How can IHRM Help Streamline Organizational Processes?

Fortunately, the IHRM strategies can help overcome the problems multinational corporations face today. For example, IHRM professionals can ensure that their top executives are familiar with cultural norms within the workforce and worldwide.

An HR manager can advise managers and executives on functioning across boundaries and develop cross-cultural interactions with employees for effective communication. It can teach these skills through various seminars, webinars, and training programs that involve overseas exposure.

These are just general suggestions, of course, and it can use many other HR practices to streamline organizational operations and bring coherence to the workforce. Organizations nowadays need to develop an international HR policy that clearly defines the HR values and broadly outlines its roles all over the company. After considering several internal and external factors, the HR manager and the department must select practices best suited for achieving organizational goals.

For MNCs, it is challenging to develop a compensation system that is sensitive enough to address cultural differences in the team and yet treats all employees everywhere. Studies have shown that the organizational culture significantly impacts local HRM practices – from how employees are brought on and fired to how they get promotions to the next level.

Conclusion

All in all, selecting the proper IHRM practice for your organization can pay off incredibly. As more MNCs opt for mergers and acquisitions, acknowledging different cultures and their norms is crucial to the job.

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