An organization’s growth is next to impossible if its employees are not focused. Look around you, and you will find that organizations that prioritize the welfare of their workforce grow faster than others. This business growth is where the actual value of human resources comes into play.

To negotiate with increasing pressure at the workplace, managers now have a more significant role to play than ever. A human resource manager is a multi-talented individual. They are responsible for keeping the upper-tier happy. At the same time, they are responsible for keeping employees satisfied as well.

Modern human resource concepts are being looked into. Business culture is evolving, so are human resource protocols. Here are six reasons every business needs human resources.

Knowledge sharing

How would you inform your team members? Will you inform them about something one by one or will you do it in a meeting? It is for you to decide, but going by modern standards, keep an eye on HR practices that will be practiced in coming years.

These modern standards mean you will have to leave those vintage practices and quickly embark on the new ones. Sharing your knowledge is an ongoing process which is something managers must often do. Being a manager must be more knowledgeable, so be forthcoming to your team and help them learn something new.

Pinpoint top performers

Evolving Human resource concepts pave the way for improving employee performance. Employees must know they’ll get excellent reviews and performance bonuses if they continue to perform well. These positive reviews and bonuses must be done without discouraging other employees.

Keep in mind that not everyone can be a star performer. Employees that fail to achieve their targets must be encouraged. HRM must avoid providing feedback openly to continue motivating those whose performance was not up to the mark. Reward those who perform better, so they continue to do so

Performance reviews

Modern HRM best practices include performance analysis and review of every employee. Efficient practices are in place that allows managers to have a close look at the performance of every team member.

The reward is based on employee performance, so it is necessary to identify top performers of the month and reward them accordingly. Nepotism and favoritism must be avoided so that employees don’t feel sad and discouraged. Make it a fair chance for all to achieve performance goals and take the reward they deserve.

Enforce a fair evaluation system

A convenient method that can help companies and employees grow together. The human resource team can achieve this goal by creating a system that allows employees to grow by achieving their targets. They can do that by individually performing better, thereby helping the company meeting business goals.

Human resources should lay down a well-defined reporting methodology. Managers must keep the evaluation process fair and unbiased so that employees know they have a fair chance to win rewards if they perform well.

Work Environment

The environment of a workplace plays a pivotal role in enhancing employee performance. A healthy, safe workplace is where employees love to work. The office must be adequately ventilated and have provisions for lighting if required.

A suffocated workplace can make employees feel tired too often without working tirelessly. On the contrary, a properly lit, well-ventilated workplace can motivate employees to work harder than usual. Employees tend to work overtime when they feel the environment is right.

Likewise, they push themselves to perform better than their colleagues if there are no restrictions at the workplace. Many corporations understand that employees don’t like to work all the time. That is why they invest in activities such as recreation and sports. Employees are free to take a break from work when they feel like it. They can play sports of their choice that allows them to relax and concentrate on work again.

Conclusion

There is a world of difference between HRM practices of today those that were practiced in the previous century. Modern HRM practices continue to evolve with more intriguing methods that are likely to change the face of organizational human resources the way we know it.

The focus of HRM practices is to improve employee performance and paving the way for the company’s growth, but there is room for more improvement. The evolution of HR continues.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

You use social media platforms and stay in touch with people every day, but have you thought about using them for business? If not, then now is the time to explore ways you can use it for business promotion.

There is no denying the usefulness of social media for business marketing. Nearly all notable companies worldwide utilize social media marketing for business promotion. For many, social media marketing is the cornerstone of their marketing campaigns.

Others who were late to the party and the following suit and making a late start. Despite that, it only makes sense to use social media to promote your products, services, and businesses to the world. It helps when you know ways to use this form of promotion properly. Be aware of the dos and don’ts of social media marketing before you tap into this concept.

Why use social media for promotion?

Think about it, would you forego a platform that nearly 70% of the world’s population use every day for business promotion and interacting? Certainly not! On the contrary, you would do everything to capitalize on making the most of this platform. However, there are things to consider before you decide to use it for business promotion. The following will help you maintain focus and capitalize when using social media.

The Do’s

Nowadays, it is necessary to find and hire a proficient social media marketing team for business promotion purposes. They do this by giving ads in job portals, newspapers, and many other ways. Advertising for hiring is the best thing to do as you will find good profiles that will do justice to their selection. Keep in mind that your business’s social media account will create an early impression. It is necessary to fill in all the details, so your customers have no difficulty finding your account.

Segregate business and personal accounts

Some social media executives combine personal and business accounts, thinking they will receive more ROI, which is rarely the case. Segregating business and personal accounts is a must, so discuss this with your social media team. Maintain consistency when sharing your business content so your customers, readers know which account to follow. This also helps your friends and family avoid spam as they know which account to follow for your updates.

Make regular posts

It is for you to decide how often to engage with your community using social media posts. The frequency of making posts should depend on the type of business and industry you operate in. Follow the rule of making at least two thoughtful posts weekly to ensure community engagement and interest. Posting inconsistently will result in a loss of community and readers. The

Share thoughtful content

Every post you share from a business account becomes a representation of your business. Put a lot of thought into every post you make and share. It will give you many readers and discuss your business the way you want. Take pride and own the content you share after putting an immense amount of time and effort into crafting a company as a result.

Don’ts

Posting too often on your business profile can be just as harmful as not posting at all. Too many posts can lose your reader’s interest, and they’ll soon unfollow the page. Continuing this trend for a month or two make you lose many of your business page followers. Use the following criteria for engaging with your followers and keep them interested:

• Pinterest – 10 pins per day
• Twitter – 15 tweets per day
• LinkedIn – 1 post per day
• Facebook – 1 post per day

Falling for numbers

One way of knowing where your page stands is through the numbers found in the analytics. Business page owners would lose sleep over numbers and eagerly wait to have more followers on the page. This will not work as media platforms are now separating real accounts from those found to be spam. Getting likes and comments from such accounts is now redundant as these will not work.  

Engagement bait

Engagement baits were once a great tactic to boost your page’s engagement, but this is no longer the case. Social media platforms no longer allow this type of engagement. Many clients complained about pages using spamming and baits for luring readers into becoming followers, to which social media platforms responded. Such posts will not be demoted, and page owners will receive a warning about this. If the page continues to bait, the platform will blacklist the page.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Social media has become an integral part of the daily routines of millions around the world. Next time you log in to your social media account, think about exploring things, and you will likely find some fantastic benefits of the platform. Many social media platforms are indeed designed with many uses in mind besides the social aspect.

They are well thought of and have a pool of engineers working on it for months years. Take Facebook as an example. How many years did Mark Zuckerberg and the team take to launch the beta version of the platform? Twitter took a similar path and took years to mature. In short, the social media platform of your choice has some surprises for its users. Here are six unexpected ways you can use social media.

Booking an appointment

It is incredible how social media is becoming a must-have in our lives. Booking an appointment for your doctor is something new and unexpected. You will not find many social media users reserving an appointment with a physician.

The trend is changing fast, and approximately 26% of users in the U.S are now booking appointments through social media. Social media is helping users in learning new ways of doing things they never thought were possible. You can look up information on the medical condition you may be experiencing and know about it in detail.

Leadership ideas

One of the most amazing things about social media is that it helps users regardless of where they come from. For instance, an entrepreneur will get as much information from social media as a novice. The same goes for leaders and managers.

Lookup for top-rated content on management and leadership to gain firsthand knowledge of leadership. Do this often, and you will find helpful content on many platforms. Often, these are written and shared by managers and leaders themselves.

Surprisingly cost-efficient

To say that social media platforms are a marketer’s dream would be an understatement. They have an incredible reach and are surprisingly cost-effective. Marketers can use these platforms in many ways for promoting services and products for free.

The cost of running paid campaigns on social media is surprisingly less when compared to other forms of media. You can make a side-by-side comparison of both and see the difference. When it comes to price/performance ratio, social media platforms win hands down.  

Customer satisfaction and engagement

One of the notable pros of social media is that it makes customer engagement so much easier. Marketers and salespersons can engage one on one with customers and ask for feedback on a campaign.

Customers value personal engagement and would love to be responded to by a person compared to an automated response. You can show customers your attentiveness by responding personally to every comment. This responsiveness will give your business better brand awareness and excellent feedback.

Managing disasters

Social media has proven its worth for disaster management and continues to do so. It has been used in many countries across the world for this purpose. Subscribers get updates and alerts through social media apps. Some apps show hourly updates, while others are updated every six, twelve, and twenty-four hours. These alerts have proven handy as they’ve helped save lives across the world.

Tracking and alerting of pandemic

Social media has played a pivotal role in managing the spread of diseases and during a pandemic. Many users get regular updates and news on the status of Covid-19. These alerts help people and the government alike. The effectiveness of social media for pandemic control is undeniable and has helped governments track and segregate pandemic intensive areas.

Tracking of the disease has also helped in forcing smart lockdown in places where necessary. This tracking helped in reducing and removing the impact of the disease in some countries. Social media platforms are adding more features to make their apps easier to use.

In addition, social media users now enjoy other benefits such as crime prevention as well. This feature is area-dependent for now but keeping its usefulness in view, and it will become a standard feature soon.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Top Solutions for Common IT Issues You Need to Know

Common IT issues like network connectivity problems, software crashes, password lockouts, hardware failures, and security breaches can be resolved through systematic troubleshooting, regular maintenance, robust security protocols, and strategic IT support—saving businesses an average of $427 per minute in avoided downtime costs. The most frequent technology problems affecting businesses include forgotten passwords (40% of help desk calls), network disruptions, software bugs, email failures, and data loss incidents that cost companies millions annually.

Over my 20 years as CEO of Complete Controller, I’ve witnessed countless businesses struggle with the same technology headaches—from sudden network outages during critical financial reporting periods to devastating ransomware attacks that encrypted entire accounting databases. Through working with thousands of companies across every industry imaginable, I’ve discovered that the difference between businesses that thrive and those that merely survive often comes down to how they handle their IT challenges. This guide shares battle-tested solutions that have saved our clients millions in prevented downtime, recovered data, and avoided security breaches, giving you the tools to transform IT problems from business-stopping disasters into minor speed bumps.

What are the top solutions for common IT issues?

• Regular system maintenance, robust cybersecurity measures, clear troubleshooting protocols, timely hardware upgrades, comprehensive user training, and strategic outsourced IT support.
• Routine maintenance including automated updates and patch management prevents 70% of major system failures before they occur.
• Strong security policies with multi-factor authentication and employee awareness training reduce breach risk by 83%.
• Step-by-step IT troubleshooting guides empower staff to resolve 60% of issues without help desk intervention.
• Scheduled hardware replacement cycles eliminate unexpected failures that cost businesses $5,600 per minute in downtime.
• Partnering with managed service providers fills critical skill gaps affecting 87% of organizations.

The Most Common IT Issues Businesses Face (and Why They Happen)

Every minute of IT downtime costs the average small business $427, while large enterprises can lose over $1 million per hour when systems fail. Understanding which technology problems strike most often—and why they persist—arms you with the knowledge to prevent catastrophic losses before they happen.

The most frequent IT challenges plaguing businesses today include persistent network connectivity issues that drop connections and create WiFi dead zones, software bugs that crash applications and corrupt data, hardware malfunctions from overheating devices to failing hard drives, email disruptions that block critical communications, and the increasingly common threat of data breaches. Password-related problems alone account for 40% of all help desk calls, costing organizations an average of $70 per reset and totaling $5.2 million annually for larger companies.

These problems persist because businesses operate with outdated technology stacks, skip regular maintenance windows, and underinvest in IT training. Many companies run systems well past their useful life, creating a ticking time bomb of potential failures. Inconsistent update schedules leave security holes wide open, while 87% of organizations report significant IT skill gaps that prevent proper system management.

Fast Fixes: Step-by-Step Solutions to Everyday IT Problems

Empowering your team with clear troubleshooting steps transforms helpless waiting into productive problem-solving, reducing resolution time from hours to minutes.

IT troubleshooting checklists for users

Start every troubleshooting session by documenting the exact error—screenshot messages, note timestamps, and describe what actions triggered the problem. For network connectivity issues, follow this sequence: physically check all cable connections, power cycle your router and modem, verify your internet service provider’s status page, run built-in network diagnostics, and temporarily disable VPN connections to isolate the issue.

Software crashes demand a different approach:

• Force quit the frozen application using Task Manager or Activity Monitor
• Clear the application cache and temporary files
• Uninstall and reinstall the problematic software
• Roll back to the previous stable version if a recent update caused issues
• Check for conflicts with recently installed programs

Hardware problems require systematic elimination—run manufacturer diagnostic tools, update all device drivers, test with different cables or peripherals, monitor temperature readings for overheating, and check Event Viewer or Console logs for hardware error codes.

Resolving common IT issues with minimal downtime

Create laminated quick-reference cards for common fixes and place them at every workstation. Schedule automatic system reboots during lunch hours to prevent memory leaks and clear temporary issues. Implement a “15-minute rule” where users attempt basic troubleshooting before escalating, dramatically reducing help desk volume while building technical confidence across your team.

When Technology Problems Require Expert Support

Knowing when to call in professionals saves both time and money—some issues demand specialized expertise that internal teams simply cannot provide cost-effectively.

Signs you need IT support solutions for small businesses

Escalate immediately when network outages persist after basic troubleshooting, affecting multiple users or lasting beyond 30 minutes. System crashes that increase in frequency signal deeper problems requiring expert diagnosis. Any security alerts, suspicious emails from supposedly known contacts, or unexpected system behavior demands immediate professional intervention—the average data breach costs $4.88 million and takes 277 days to fully resolve.

Watch for these critical warning signs:

• Multiple password reset requests from the same user
• Unexplained spikes in network traffic
• Systems running significantly slower despite restarts
• Error messages mentioning corrupted files or failing drives
• Any ransomware warnings or encrypted file extensions

Outsourcing and managed services

Managed Service Providers (MSPs) offer specialized expertise that fills the skill gaps plaguing 87% of organizations. One accounting firm we partnered with struggled with weekly server crashes during month-end close periods. After transitioning to managed IT services with 24/7 monitoring, they eliminated downtime entirely and prevented three potential ransomware attacks through proactive threat detection. Their IT costs dropped 30% while reliability increased dramatically.

Proactive IT Maintenance: Preventing Issues Before They Start

Prevention costs pennies compared to the dollars spent on emergency repairs—yet only 24% of organizations maintain mature IT maintenance programs.

Regular updates and patch management

Schedule operating system updates for Tuesday nights when Microsoft typically releases patches. Configure applications to update automatically during off-hours, preventing productivity disruptions. Maintain a testing protocol where updates install on non-critical systems first, catching compatibility issues before they affect your entire organization. Keep detailed logs of all updates, creating a rollback roadmap if problems emerge.

Data backups and business continuity

The statistics are sobering—60% of small businesses close within six months of major data loss, and 93% file bankruptcy after extended outages beyond 10 days. Yet backup systems fail more often than most realize, with only 57% of backups completing successfully and just 61% of restores actually working when needed.

Implement the 3-2-1 backup rule:

• 3 copies of important data
• 2 different storage media types
• 1 offsite backup location

Test your backups monthly by performing full restores to alternate systems. Document your recovery procedures step-by-step, including contact information, system priorities, and communication templates. Many businesses wrongly assume cloud providers like Microsoft 365 automatically protect their data—they don’t. You need separate backup solutions even for cloud-based systems.

Security Essentials: Protecting Business Systems in 2025

With 68% of data breaches involving human error and phishing attacks costing businesses an average of $150,000 per incident, security training becomes your most valuable defensive investment.

Modern cyber threats and employee training

Password policies must evolve beyond complexity requirements—implement mandatory password managers and enforce multi-factor authentication across all systems. Train employees quarterly to recognize phishing attempts, especially AI-generated messages that perfectly mimic legitimate communications. Create a “skeptical culture” where verifying unusual requests becomes standard practice, not an exception.

Run monthly phishing simulations, rewarding employees who report suspicious emails rather than punishing those who fall victim. Share real examples of attacks targeting your industry, making threats tangible rather than theoretical. Companies investing in comprehensive security awareness training are 8.3 times less likely to experience public data breaches.

Access control and remote work security

Audit user permissions quarterly, removing access for terminated employees and contractors immediately. Implement role-based permissions where users only access systems required for their specific duties. Remote workers need VPN connections with split-tunneling disabled, preventing data leaks through unsecured home networks.

Hands-On Insights: Lessons from the Trenches and Firsthand Advice

Real-world experience teaches lessons no textbook covers—these battle-tested strategies come from two decades of keeping businesses running through every conceivable IT crisis.

Complete Controller’s playbook for stress-free IT

Our transition to cloud operations in 2010 taught us invaluable lessons about redundancy and preparation. We maintain paper copies of critical contact lists and recovery procedures because when systems fail completely, digital documentation becomes useless. Building a culture where employees report issues immediately, rather than struggling silently for hours, cuts resolution time by 70%.

Create “IT Champions” within each department—non-technical staff who receive extra training and serve as first-line support. These champions handle basic troubleshooting, freeing IT staff for complex issues while building technical confidence throughout your organization.

Real-world recovery success story

A Dallas logistics client suffered a ransomware attack at 3 AM on a Thursday, encrypting their entire accounting database and threatening payroll processing for 200 employees. Because they followed our recommended backup protocols—including hourly snapshots stored offline—we restored all data within four hours. Clear incident response procedures meant everyone knew their role: IT focused on recovery while leadership communicated with employees and customers. The company processed payroll on schedule and lost zero data, transforming a potential catastrophe into a minor disruption that cost less than $5,000 in recovery time versus the $5.08 million average for ransomware victims.

Final Thoughts

Technology problems will always exist, but they don’t have to cripple your business. Through systematic troubleshooting, proactive maintenance, strategic security measures, and knowing when to call experts, you transform IT from a constant headache into a competitive advantage. The key lies in preparation—businesses that invest in prevention, training, and proper support spend far less than those constantly fighting fires.

Take action today by auditing your current IT practices against the solutions outlined here. Start with password management and backup testing, then expand to comprehensive security training and maintenance schedules. For personalized guidance on building bulletproof IT systems that support rather than hinder your growth, contact the technology experts at Complete Controller. We’ve helped thousands of businesses achieve stress-free IT operations, and we’re ready to do the same for you. Visit Complete Controller to discover how the right financial and technology partner accelerates your success.

Frequently Asked Questions About Common IT Issues

What are the most common IT problems and how do you fix them?

The most common IT problems are network connectivity issues, forgotten passwords (40% of help desk calls), hardware failures, software crashes, and security threats. Fix network issues by rebooting equipment and checking connections, resolve password problems with self-service reset tools, address hardware failures through diagnostics and driver updates, fix software crashes by reinstalling or rolling back updates, and prevent security threats with training and multi-factor authentication.

How do you troubleshoot network connectivity issues?

Start by checking physical connections and cable integrity, then reboot your modem and router in sequence. Verify your ISP service status, disable VPN connections temporarily, run built-in network diagnostics on your device, and check for IP conflicts or DNS issues. If problems persist across multiple devices, contact your internet service provider.

What is the best way to handle hardware malfunctions?

Run manufacturer diagnostic tools first to identify specific failures, then update all device drivers and firmware. Check Event Viewer or system logs for error codes, monitor temperatures for overheating issues, test with alternate cables or peripherals to isolate problems, and back up data immediately if you suspect drive failure. Replace hardware showing consistent failures rather than risking catastrophic loss.

How can businesses prevent recurring IT problems?

Implement automated patch management keeping all software current, schedule regular maintenance windows for updates and restarts, provide quarterly security training for all staff, maintain the 3-2-1 backup rule with monthly restore tests, audit user permissions and remove unnecessary access, and partner with an MSP for 24/7 monitoring and expert support when internal resources are limited.

When should you outsource IT support?

Outsource when experiencing frequent unresolved issues lasting over 48 hours, facing security incidents or suspected breaches, lacking internal expertise for cloud migrations or major upgrades, spending over 15% of IT time on repetitive tasks like password resets, or when downtime costs exceed $10,000 monthly. MSPs provide specialized skills, 24/7 coverage, and proactive maintenance at lower costs than hiring additional full-time staff.

Sources

• DivergeIT. (2024). “The True Cost of IT Downtime for Businesses in 2024.” https://www.divergeit.com/blog/cost-of-downtime
• Expert Insights. (2025). “50 Cloud Backup Stats You Should Know In 2025.” https://expertinsights.com/backup-and-recovery/cloud-backup-stats
• Framework IT. (2025). “3 Startling Statistics About Data Loss and Recovery.” https://www.frameworkit.com/cybersecurity/startling-statistics-about-data-loss
• Giva. (2025). “17 IT Issues CIOs Are Facing in 2025.” https://www.givainc.com/wp/it-issues-cios-facing.htm
• IP Pathways. (2025). “Common IT Problems: A Guide to Effective Solutions.” https://www.ippathways.com/resources/common-it-problems
• Keeper Security. (2025). “The Cost of a Help Desk Password Reset.” https://www.keepersecurity.com/resources/cost-of-a-helpdesk-password-reset/
• Kelser Corp. (2025). “10 Most Common IT Helpdesk Service Requests And Their Solutions.” https://www.kelsercorp.com/blog/common-it-helpdesk-requests
• Nationwide. (2025). “Cyberattack recovery time and cost much higher than businesses realize.” https://news.nationwide.com/cyberattack-recovery-time-and-cost-much-higher-than-businesses-realize/
• Secureframe. (2025). “110+ of the Latest Data Breach Statistics to Know for 2026 & Beyond.” https://secureframe.com/blog/data-breach-statistics
• Sereno IT. (2025). “The 12 Most Common IT Problems and How to Solve Them.” https://www.serenoit.co.uk/common-it-problems
• Specops Software. (2023). “Average organization saved $65K in 2023 with self-service password resets.” https://specopssoft.com/blog/save-money-self-service-password-resets/
• Standley Systems. (2025). “The True Cost of IT Downtime for Small Businesses.” https://www.standleys.com/blog/the-true-cost-of-it-downtime-for-small-businesses
• TechVertu. (2025). “100 Most Common IT Issues and How to Resolve Them.” https://www.techvertu.co.uk/common-it-issues
• Whatfix. (2025). “13 Common Help Desk Tickets in 2025 (+How to Solve Them).” https://whatfix.com/blog/common-help-desk-tickets

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. Reviewed By: Brittany McMillen

Brittany McMillen

Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.

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Online vulnerabilities and threats are on the rise. The time to invest in data privacy and cybersecurity solutions is now. With so many cyberattacks on online users every day, there is a pressing need to invest in better cybersecurity solutions.

Are you confident that your privacy and data are protected each time you go online? If not, you need to revamp the safety of your data and privacy. The chances are that your current security solutions will go outdated in a few months.

The race between privacy and data security solutions and online threats continues. It is just a matter of time when one will take over the other. Imagine the horror of hackers and cyber threats taking over. The nightmare scenario of $6 trillion in financial damages and losses will come true.

Thankfully, the worst-case scenario is just a figment of imagination for now, but for how long is anyone’s guess. Improve your personal and business security using these seven emerging trends in data privacy and cybersecurity.

Uncontrolled access to private data must be prohibited

Accessing your data in the absence of encryption tools can be risky. You never know how and where the threat comes from. It is best to keep your data protected and have the latest tools installed. These tools monitor incoming and outgoing traffic and provide your data and device from malware and other vulnerabilities. Invest in encrypted devices as they provide better protection against data theft.

Staff education is a must

Your employees must be aware of existing and upcoming cyber threats and vulnerabilities. They must be trained and educated on handling these threats using security tools. Remember, no matter how negligible, a threat can only be neutralized if identified at the right time.

Employees that are educated understand the implications of data safety and privacy. They’ll act accordingly and neutralize threats using tools and protect precious data. Employees must be made aware of the consequences of losing precious data to hackers and other threats. A data breach is not an option for any company, so educate your staff on effectively assessing threats and using technologies to suppress them.

Security automation

Online data is multiplying every day. This rapid growth signifies the need to have innovative and efficient systems such as security automation. The process enables real-time analysis of data and accelerates incident response time. These tools also allow companies to make significant cost savings in the longer run.

Invest in a cybersecurity workforce

Knowing the effectiveness of the cybersecurity workforce should be enough reason to invest in it. Cybersecurity staff has the training, knowledge, and tools at disposal to take care of the threat then and there. Consider investing in a proper, highly proficient cybersecurity force that has the tools to tackle threats in an expanding digital world.

Protect your cloud service

Your cloud storage may not be as safe and secure as you think, and here is why. Regardless of all the features and tools it offers, cloud storage is still a prime target for hackers and attackers. Companies that use cloud services must be aware of security implications in case of data loss. Use cloud service protection and buy tools for optimal protection of data. 

Smartphone protection

You have access to the world through your smartphone. You cannot afford to lose all the data and account privacy to hackers and malware. Smartphone OS offers basic safety features and encryption tools, but these are not enough to counter dynamic threats. Protect your phone from such threats and install antivirus and antimalware tools on it.

Make sure that you download the latest version with updated virus definitions installed. Avoid relying on free versions as they do a quasi-job at protecting your phone. Buy a licensed version so that your phone stays free of threats and vulnerabilities.

Vehicle and infrastructure safety

If you are online, the chances are that you are vulnerable. The same goes for your car. Modern cars are infused with modern technology that allows them to sync through sophisticated operating systems. This makes them vulnerable to online threats just as much.

Anything that is connected can be exploited. It is best to invest in threat protection tools to keep your vehicle protected. The same is the case with transport infrastructure, as cyberattacks are becoming common. Identify upcoming privacy and data protection trends and invest in solutions that provide efficient protection without compromising your data and privacy.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Business credit cards are available to all types of businesses, whether small or large. It is a credit line provided to the business by a bank or other lending institution. It allows your business to withdraw a certain amount of cash to make payments such as loan repayment, payment to suppliers, make essential purchases, or small expenses like taxes or insurance.

This card also creates a credit report that records the usage of credit in the business and how much more is available for use, and it helps determine how much more credit your business can afford. Like all other credit cards, the business credit card also charges an interest when the repayment is not settled before the end of your billing cycle.

A business credit card is a helpful way to obtain a short-term loan quickly. You can make purchases swiftly without having to worry about having fewer funds in the business. Business owners might also provide business credit cards to their employees, usually supervisors or high-ranking staff members. A business should follow a few steps to use their business credit cards effectively.

• Make sure your accounts are appropriately managed: Your accounts should be free of any errors as they will play a vast role in holding a credit card for your business as this will ensure that no unfair charging of interest will be imposed.
• Avoid paying interest: Try to make your credit card balance repayments before the due date on your billing cycle exceeds. This is suggested because interest rates on credit card balances are very high and can lead to serious financial problems if not paid.
• Do not make substantial payments through your card: Try applying for a loan if you want to make larger payments, such as buying a new property or equipment. This way, your credit card limit will not go over, and you can avoid unnecessary payment of interest, which will also be a considerable amount.
• It is unnecessary to issue bank cards to all senior employees: Keep away from giving credit cards to many staff members as this can lead to misusage. You are advised to make some rules for using the company cards and give your employees less freedom to spend to control your accounts. You can set up alerts that inform you about the payments being made to check finances.
• Try to repay the business credit card balance from your business account: You should keep your business and personal accounts separate, as this will make the cash flow statements and bookkeeping more accurate.

If you have insufficient money in the business account to pay off your credit card debt, then you could transfer that amount from your account to your business account. This is important to keep track of your transactions.

A business credit card can be very advantageous if used wisely. It is an excellent source of finance that can be secured quickly, and no extra charges will be applied if you pay the balance by the end of the billing cycle. Even if the size of your business is small, you can acquire it, and this debt is available to all types of businesses.

A business should have control over its transactions and be careful while using the business credit card to avoid complications. This effective use will significantly impact your cash flows and can lead to a positive cash flow. A business credit card provides you with good credit history for future loans and finances.

Use your credit card responsibly by restricting the amount you are using and putting control over it. And try to find a credit card with the slightest interest offered as possible to decrease unnecessary expenses. If you are making large purchases, then plan to spend as much s you can afford to make a quick repayment.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

It is remarkable how technology is influencing every aspect of life. Keeping current trends in mind, it is not too difficult to predict future holds for technology. Businesses are growing more innovative, and the chances are that they’ll continue using innovative and result-oriented technologies for many years.

To say that technology such as Virtual Reality will become relevant soon is an understatement. Introduced as a gaming tech, Virtual Reality and its sibling Augmented Reality is now in the news for all the right reasons. Businesses are always open to welcome more innovative technologies, and it seems that Virtual Reality has made early inroads. Here are four reasons you should consider Virtual Reality technology for your business.

Cutting Edge

Virtual Reality is a combination of innovative technologies. Several companies manufacture and sell VR headsets for gaming and training purposes. The technology creates a virtual environment for the player provided the software and games support it. Software-based simulation is being used for military and personnel training of law enforcement agency operatives. Simulation tools project a realistic environment for users to operate and learn skills.

VR headsets are a marvel of tech as they present an interactive and realistic environment for the user. Some Virtual Reality sets use basic image projection techniques, while Samsung models use smartphones for image projection. Virtual Reality sets like Oculus VR use what they term as an authentic VR experience equipped with proprietary tech that supports crisp and sharp images and industry-leading audio quality.

Similar headsets are being manufactured by other vendors, while some have been in the market for some time and can be acquired cheaply.

Innovative tech meant for all

Designed as a gaming tech, Virtual Reality is fast becoming one-of-a-kind techs for all. With some of the notable companies showing interest, Virtual Reality will become a mainstream tech for entrepreneurs. Interesting, Virtual Reality can become the tech of choice for training and teaching employees in a post-Covid-19 world.

It doesn’t matter where you are in the world, and you can attend a training session from the comfort of your home without ensuring your physical presence. An immersive experience can be achieved using a purely virtual environment where all concerned parties are connected.

Corporate training

The post-Covid-19 world is challenging in many ways. As we know, it is changing like it never. We might need technology to connect with colleagues, bosses, and clients virtually. Arranging meetings is essentially not as possible as it once was. Thanks to cutting-edge tech such as VR, getting in touch and conducting training sessions from the comfort of your home are now possible. Conducting weekly, monthly training sessions using Virtual Reality tech is easy as a breeze.

Just connect with the central server and using your Virtual Reality set’s connectivity options and inbuilt RAM. No buffering will possibly occur, and even if it does, you will not notice it. Just make sure that you have access to a fast internet connection.

Discuss and share ideas

Arranging collaborative meetings using VR tech in the post-pandemic world is an excellent way to stay connected. Share with your teammates’ ideas and collaborate on projects, so they are delivered on time. Like many unique possibilities, VR can also help companies with detailed meetings and interactive sessions.

You can come up with three-dimensional drawings that are realistic and explain in detail. VR headset is designed to reduce all types of disturbances and distractions. This will let you focus on work-related matters only without getting distracted. The VR tech will enable you to communicate with teammates to discuss ideas. Leaders find this tech intuitive for a variety of reasons.

It is much easier to use and easy to handle due to less weight. Early versions of headsets were a little bulky as they were difficult to wear. Versions released later were more streamlined, made of lighter materials, and were easy to wear. These incorporated several improvements compared to their predecessors in technology.

It is safe to say for employee training and running the day-to-day business. Virtual Reality is the way forward. Consistent improvements and incorporation of new tech have made this tech much popular in the gaming and corporate sector. Militaries find this helpful tech enough to use it for personnel training. It only makes sense to use this handy tech at the workplace.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

By: Jennifer Brazer

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

Fact Checked By: Brittany McMillen

Calculating the Costs of Goods:
A Complete Guide to Pricing

Costs of goods directly impact your bottom line, representing all direct expenses associated with producing or purchasing the products your business sells. These costs include raw materials, direct labor, and manufacturing overhead—forming the foundation for pricing decisions and profit analysis.

In my 20+ years leading Complete Controller, I’ve seen how mastering costs of goods transforms struggling businesses into profitable powerhouses. The difference between success and failure often hinges on this critical metric—while the average U.S. business maintains a 52% gross margin, top performers can achieve 15-20% higher margins through strategic cost management. I’ve developed this comprehensive guide to help you implement proven strategies that have helped thousands of our clients optimize their product costs and pricing structures.

What are costs of goods and how do you calculate them?

• Costs of goods are the direct expenses involved in producing or purchasing products for sale, including materials, labor, and manufacturing overhead
• These costs form the basis of your COGS (Cost of Goods Sold) calculation, which measures what it costs to deliver your products
• COGS directly impacts your gross profit margin, revealing the efficiency of your core operations
• Understanding these costs enables strategic pricing decisions that balance competitiveness with profitability
• Proper cost tracking creates opportunities to identify inefficiencies and optimize your supply chain

What Are Costs of Goods? Breaking Down COGS

Costs of goods sold (COGS) represents the direct expenses associated with producing or purchasing the products your business sells during a specific period. These costs are directly tied to revenue generation and exclude indirect expenses like marketing, sales, and administrative overhead.

The oil and gas production sector operates with a staggering 58.78% average COGS ratio, while the information sector (including technology companies) maintains a much lower 32.4% ratio. This dramatic difference highlights how industry-specific cost structures fundamentally shape business models and pricing strategies.

Defining critical components

COGS typically includes these essential elements:

• Direct Materials: Raw materials that physically become part of the final product
• Direct Labor: Wages paid to workers directly involved in production
• Manufacturing Overhead: Factory utilities, equipment depreciation, and production supervision
• Freight-In Costs: Shipping charges for incoming materials
• Storage Costs: Expenses related to maintaining inventory before sale

Items generally excluded from COGS include:

• General administrative expenses
• Sales and marketing costs
• Research and development
• Distribution costs to customers

The distinction matters tremendously for accurate financial reporting and strategic decision-making. For example, a candle manufacturer includes wax, wicks, fragrance oils, and production worker wages in COGS, but excludes the marketing team’s salaries and office rent.

How to Calculate Costs of Goods Sold (COGS)

Calculating your COGS accurately provides the foundation for all pricing and profitability analysis. The core formula remains consistent across industries:

COGS = Beginning Inventory + Purchases – Ending Inventory

This straightforward equation captures the flow of inventory through your business during a specific accounting period.

Step-by-step implementation

1. Determine Beginning Inventory Value: Document the total value of inventory at the start of your accounting period, using consistent valuation methods
2. Track All Purchases: Record every purchase of inventory, raw materials, and direct production costs throughout the period
3. Calculate Ending Inventory Value: Conduct a physical count or perpetual inventory tracking to establish remaining inventory value
4. Apply the COGS Formula: Subtract ending inventory from the sum of beginning inventory plus purchases

For example, if a furniture manufacturer started January with $75,000 in inventory, purchased $125,000 in materials during the month, and ended with $50,000 in inventory, their COGS would be:

$75,000 + $125,000 – $50,000 = $150,000

This calculation reveals they converted $150,000 worth of inventory into sold products during January.

Case study: A textile manufacturer’s cost optimization

A mid-sized textile producer faced rising cotton prices that threatened their margins. By implementing precise inventory tracking and cost analysis, they identified opportunities to reduce waste and negotiate better terms with suppliers.

Their systematic approach included:

• Switching to just-in-time inventory management to reduce storage costs
• Renegotiating bulk purchase agreements with key suppliers
• Redesigning production processes to minimize material waste

The result? A 12% reduction in COGS while maintaining product quality, which translated directly to improved gross margins and competitive pricing advantages.

Advanced Cost Management Strategies

Strategic cost management goes beyond basic tracking to actively optimize each component of your COGS. Businesses that excel at cost management consistently outperform competitors in both profitability and market share.

Optimizing your supply chain

Your supply chain represents one of the richest opportunities for cost reduction without sacrificing quality. Consider these proven approaches:

• Strategic Sourcing: Evaluate suppliers based on total cost of ownership, not just unit price
• Vendor Consolidation: Concentrate purchases with fewer suppliers to gain volume discounts
• Long-Term Contracts: Negotiate price stability in exchange for committed purchase volumes
• Raw Material Hedging: Use futures contracts to lock in prices for volatile commodities
• Alternative Materials: Research substitutes that maintain quality while reducing costs

A European DIY retailer achieved an impressive 8-10% COGS reduction simply by renegotiating contracts with their top suppliers. Their approach focused on creating win-win partnerships rather than adversarial price squeezing, resulting in sustainable savings and improved supplier relationships.

Labor cost efficiency

Direct labor often represents a significant portion of COGS, offering substantial optimization potential:

1. Process Optimization: Map and streamline production workflows to eliminate redundancies
2. Skills Development: Cross-train employees to increase flexibility and reduce bottlenecks
3. Appropriate Automation: Identify repetitive tasks that technology can perform more efficiently
4. Quality Management: Reduce error rates and rework through standardized procedures
5. Production Scheduling: Minimize overtime through efficient capacity planning

Dalsin Industries, a metal fabrication company, demonstrated the power of process optimization when they reduced a 9-part assembly to a single piece through innovative redesign and automation. This transformation cut their COGS by 22% while improving product quality and consistency.

Pricing Strategies Beyond COGS

Understanding your costs provides the foundation for strategic pricing decisions, but effective pricing requires looking beyond COGS alone.

From break-even to profit mindset

The baseline approach to pricing starts with covering your costs but must expand to capture appropriate value:

• Cost-Plus Pricing: Adding a standard markup percentage to your COGS (e.g., COGS + 40%)
• Target Return Pricing: Setting prices to achieve specific ROI targets on invested capital
• Value-Based Pricing: Aligning prices with the perceived value to customers, independent of costs

The stark contrast between Microsoft’s 18.7% COGS ratio and Costco’s 86.1% illustrates how business models fundamentally shape pricing approaches. Microsoft’s software scales with minimal incremental costs, enabling high margins, while Costco deliberately operates on razor-thin margins to drive volume through competitive pricing.

Dynamic pricing tactics

Modern pricing strategies adapt to changing market conditions:

1. Segmented Pricing: Offering different prices to different customer segments based on their willingness to pay
2. Psychological Pricing: Using price points that trigger favorable psychological responses ($9.99 vs $10.00)
3. Promotional Pricing: Temporary discounts to drive volume or clear inventory
4. Premium/Economy Lines: Creating different product tiers to capture various price sensitivities
5. Bundle Pricing: Combining products at attractive total prices to increase average transaction value

The most successful pricing strategies align with your overall business positioning and customer expectations. A luxury brand using discount pricing tactics may damage their premium perception, while a value-oriented business charging premium prices will likely lose customers to competitors.

Impact of COGS on Profitability

COGS directly impacts your gross profit margin, which reveals the efficiency of your core production operations. This critical metric provides insights that financial statements alone might obscure.

Gross vs. Net profit margins

Understanding the relationship between different profit measures helps identify specific improvement opportunities:

Metric	Calculation	What It Reveals
Gross Profit	Revenue – COGS	Production efficiency
Operating Profit	Gross Profit – Operating Expenses	Operational effectiveness
Net Profit	Operating Profit – Taxes & Interest	Overall business profitability

 

Tracking these margins over time reveals trends that might otherwise remain hidden. For instance, a declining gross margin with stable operating expenses indicates increasing COGS—potentially from rising material costs, production inefficiencies, or unfavorable supplier terms.

Historical context matters tremendously when analyzing these trends. Consider how U.S. inflation peaked at 17.8% in 1917, driving massive raw material cost increases, compared to 4.1% in 2023. These macroeconomic shifts dramatically impact COGS across industries, requiring adaptive strategies to maintain margins.

When COGS spikes: Identifying root causes

When your COGS suddenly increases, systematically investigate these common culprits:

1. Supply Chain Disruptions: Transportation delays, material shortages, or supplier problems
2. Commodity Price Volatility: Sudden increases in raw material market prices
3. Production Inefficiencies: Higher scrap rates, longer production times, or quality issues
4. Volume Changes: Lower production volumes spreading fixed costs across fewer units
5. Hidden Costs: Previously overlooked expenses now properly categorized as COGS

Diagnosing the specific cause enables targeted interventions rather than across-the-board price increases that might damage customer relationships.

Common Mistakes & Best Practices

After working with thousands of businesses across industries, I’ve observed patterns that separate cost management leaders from laggards.

Pitfalls to avoid

Watch for these common mistakes that undermine accurate COGS tracking and management:

• Inconsistent Inventory Valuation: Switching between methods (FIFO/LIFO) without proper accounting adjustments
• Misclassified Expenses: Incorrectly including non-direct costs in COGS calculations
• Overlooking Hidden Costs: Failing to capture all direct production expenses
• Manual Tracking Systems: Relying on spreadsheets instead of integrated inventory management
• Delayed Analysis: Reviewing COGS quarterly instead of implementing real-time monitoring

Pro tips from Complete Controller

From my experience guiding businesses through financial transformations, these practices consistently deliver results:

• Implement Three-Way Matching: Verify purchase orders against receiving documents and supplier invoices before recording inventory costs
• Regular Inventory Audits: Conduct cycle counts to identify discrepancies before they compound
• Cost Driver Analysis: Identify which specific inputs most significantly impact your total COGS
• Supplier Scorecards: Evaluate vendors on quality, reliability, and total cost—not just price
• Scenario Planning: Model how potential cost changes would impact margins and pricing requirements

One manufacturing client discovered that 15% of what they classified as direct production costs actually represented indirect expenses misallocated to COGS. Reclassifying these costs immediately improved their gross margin visibility and highlighted opportunities for targeted process improvements.

Final Thoughts: Transforming Cost Management into Competitive Advantage

Mastering your costs of goods creates a foundation for strategic pricing and sustainable profitability. The businesses that thrive don’t just track costs—they actively manage them as a core competitive differentiator.

I’ve seen companies transform their financial trajectory by applying the principles outlined in this guide. The key lies in systematic implementation: establish accurate baseline measurements, identify specific improvement opportunities, implement targeted changes, and continuously monitor results.

Ready to optimize your costs of goods and develop more strategic pricing? The expert team at Complete Controller can help you implement these practices with systems tailored to your specific business needs. Contact us today to start your journey toward improved margins and more competitive pricing.

FAQ

How do costs of goods differ from operating expenses?

Costs of goods include direct expenses related to producing or purchasing products for sale (materials, labor, manufacturing overhead), while operating expenses cover running the business (rent, utilities, marketing, administrative salaries). The key distinction: COGS is directly tied to creating your product, while operating expenses would continue even if production temporarily stopped.

Which inventory valuation method is best for calculating COGS?

The best method depends on your business context. FIFO (First-In, First-Out) typically provides the most accurate inventory valuation during inflation and aligns with physical inventory flow. LIFO (Last-In, First-Out) can provide tax advantages during inflation but may understate inventory value. Weighted average works well for commodities or identical items where individual tracking isn’t practical.

Can service-based businesses have costs of goods?

Yes, service businesses can have COGS, though they’re sometimes called “cost of services.” These include direct labor performing the service, materials used in service delivery, and contractor payments. For example, a consulting firm would include consultant salaries and project-specific expenses in their cost of services, but exclude office rent and administrative staff.

How can I reduce my COGS without sacrificing quality?

Focus on efficiency rather than cutting corners. Negotiate volume discounts with suppliers, optimize production processes to reduce waste, implement just-in-time inventory to lower carrying costs, invest in automation for repetitive tasks, and regularly review make-vs-buy decisions. The goal is eliminating inefficiency and waste while maintaining or improving your product quality.

How often should I analyze my COGS?

At minimum, review COGS monthly to identify trends before they significantly impact profitability. Businesses with volatile input costs or tight margins should implement weekly monitoring of key cost drivers. Additionally, conduct comprehensive quarterly analyses to identify seasonal patterns and opportunities for strategic improvements. Real-time visibility into cost changes enables proactive pricing adjustments and procurement decisions.

Sources

• NetSuite. (2024). “Cost of Goods Sold (COGS): What It Is & How to Calculate.”
  • https://www.netsuite.com/portal/resource/articles/financial-management/cost-of-goods-sold-cogs.shtml
• Board of Directors of Canada. “What is the Cost of Goods Sold (COGS).” BDC.ca.
• US Chamber of Commerce. (2025). “What Is Cost of Goods Sold.”
• Sage. (2024). “Cost of Goods Sold: What is it and how to calculate it.”
• Launchnotes. (2024). “How to Calculate Pricing for a Product.”
• NYU Stern. (2025). “Operating and Net Margins by Sector.”
  • https://pages.stern.nyu.edu/~adamodar/NewHomePage/datafile/margin.html
• FasterCapital. (2023). “Average COGS Ratios Across Sectors.”
  • https://fastercapital.com/topics/a-comparison-of-the-average-cogs-ratios-across-different-sectors.html
• Federal Reserve Bank of Minneapolis. (2025). “Consumer Price Index, 1913-2025.”
  • https://www.minneapolisfed.org/about-us/monetary-policy/inflation-calculator/consumer-price-index-1913-
• Dalsin Industries. (2025). “Case Studies.”
  • https://www.dalsinind.com/case-studies.html
• Oliver Wyman. (2014). “Cutting COGS: Going Beyond Supplier Negotiations.”
  • https://www.oliverwyman.com/content/dam/oliver-wyman/global/en/2014/jul/201408OWCutting%20COGS_ENG.PDF
• Wikipedia. “Cost of Goods Sold.”
  • https://en.wikipedia.org/wiki/Costofgoods_sold
• Investopedia. “Supply Chain Management.”
  • https://www.investopedia.com/terms/s/supply-chain-management.asp
• Investopedia. “Value-Based Pricing.”
  • https://www.investopedia.com/terms/v/value-based-pricing.asp
• Complete Controller. “Managing Business Accounting.”
• Complete Controller. “Cut Custom Assembly Costs: 5 Ways.”
• Complete Controller. “Net Profit Margin: Business Essential.”

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 advisors are not to be confused with accountants or stockbrokers. The job of a financial advisor is not to help their clients lower their tax bills or deal in the stock market. Their job is to offer advice to clients about the proper saving techniques, setting up a budget, suitable investment options, and ways to earn money.

The right financial advisor helps people achieve financial stability more quicker by providing clients a direction and focus. Choosing the right person for this job is very challenging. A wrong decision, in this case, will result in a chaotic life. Therefore, when choosing a financial advisor, a lot must be considered. Here are five questions you need to address to help you find the right financial advisor for your needs.

What are your Financial needs?

The first and foremost step in choosing the right financial advisor is understanding the type of help one needs. One might need help with the retirement plan, inheritance issues, opting for a loan, divorce, or purchasing a home. On these requirements, a person has to look for a suitable area of expertise and capabilities.

Before one begins searching for the perfect financial advisor, documenting the whole financial situation is a must. It provides a clearer picture of the person and helps them understand their financial standing.

What is your Budget to pay for a Financial advisor?

The cost charged by a financial advisor is the second most crucial step. It is an essential step because it will help people search in the correct cost bracket. People who do not have a set budget struggle in finding the right financial advisor.

This defined budget will help in narrowing down the search. It is essential to understand that there are different ways through which financial planners charge their clients. It can either be commission-based. Some hourly charge rates while some flat charge fees.

The most important things to look for in the payment structure of an advisor are transparency and a track record. Evaluating a financial advisor based on these factors helps people avoid any misunderstandings in the future. Also, it must be noted that a credible advisor will never show reluctance in discussing compensations.

What are the required Qualifications?

Analyzing and evaluating the qualifications of a financial advisor is an essential part of the process. Before choosing the most suitable advisor, it is best to interview a reliable person. During the interview, the topics of licenses and credentials should be an integral part.

Also, asking for referrals is a perfect approach. It should be checked that the licenses are genuine, adequately issued, and from the state where they are providing their services. The best approach in referrals is to ask for at least three references from former clients.

After these references are provided, a person can cross-check to see if it’s genuine or not. Also, they can get in contact with previous clients and run a background check. It ensures that the advisor one is hiring is perfectly reliable. Moreover, it provides people with the required peace of mind.

What are the Characteristics you will require?

There are several factors on which a financial advisor must be evaluated before a decision is reached. These factors include; credentials, ethics, and experience. These factors help in finding out whether an advisor was involved in any criminal activities. Moreover, the evaluation based on these traits can also connect the clients to their advisor’s career background. Knowing how long an advisor has been working in the field determines the level at which they can be trusted.

Are they Compatible with you?

Many people think compatibility is not an issue when it comes to choosing the right advisor. It is one of the most critical aspects of the process. If a person does not feel comfortable discussing financial matters with the advisor, it will not matter what high qualifications an advisor has and what experience they possess. When there is no compatibility between a client and advisors, things become ugly and chaotic.

People must try to meet their potential financial advisors face-to-face. It makes a lot of fo things clear such as their patience, intellectual approach, and practicality. It is very tough to figure out the personality of an advisor in a single meeting, but it does provide a picture of what is to come.

While choosing a suitable financial advisor is best to lead the process through every step mentioned above. Missing out on any of these steps will lead a person to the wrong advisor, and things will get messy. Evaluating an advisor through these steps is best to smoothen out the process and be fully satisfied with the decision.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

While it is ideal for a person to buy everything they need upfront or in cash, that is not always plausible. Most people will need to get a loan from a bank or other financial institution that offers credit products.

While generally, debt should be avoided, when needed, you will need to carefully consider what you need and other factors that will help you secure the loan and minimize debt. The function of any loan is to allow you to achieve something that requires funding you do not have at your disposal.

The type of loan you will acquire depends on your needs, and each has a different process to obtain. Here are the three main types of loans people get and their uses.

Personal Loan

A personal loan is generally used to make purchases such as a car, major appliances, luxury items, and other significant purchases other than a home. Personal loans are relatively easy to obtain if you have decent credit but can carry higher interest rates.

When getting a personal loan, you need to determine the need for the loan. Because the interest rates are generally higher, you need to decide if the reason for the loan is worth the extra cost. If the reason for the loan is not an emergency purchase, you may want to consider saving for the item and making the purchase once you have saved enough to pay upfront or put more down on the item to lower the payments and interest rate.

Mortgage Loan

Most adults, especially those starting a family, will at some point consider purchasing a home. What separates a mortgage loan from a personal loan is that a mortgage loan is in a class of its own, and the interest rates are typically less than that of other types of loans.

This long-term loan has nuances that personal loans may not have. While a personal loan will have a higher interest rate, it is handled differently if you default on the loan. If a mortgage loan goes into default, the lending institution will foreclose on the home and take it back to sell and recoup the remaining amount and, in some cases, make a profit.

In addition to losing your home, you will have a foreclosure on your credit which will stay with you for a long time and can be challenging to overcome when trying to obtain loans or other lines of credit in the future. Therefore, your mortgage payments must be your number one priority when you make payments.

Mortgage loans also often have more terms within the contract, so you must have a professional that will advocate for you during the purchasing process. It is recommended that you take your time reading the fine print because some of the terms can put your purchase in peril even if you pay on time for the most part.

Commercial Loan

A commercial loan is a loan taken out by a company or a business owner to go towards business operations, supplies, equipment, or any other business needs. Often, commercial loans are taken out by new businesses at startups. However, these types of loans can be taken out at any stage of the business.

Multiple factors make a commercial loan unique in comparison to other loans. Often, to obtain a commercial, the business owner or accountant will need to provide the lender with a business plan with a heavy focus on the financial aspects of the business. There will need to be projections and detailed accounting for where the money will be used and how the commercial loan is expected to be paid back.

Conclusion

Before you take out any loan, whether personal, commercial, or a mortgage loan, you have to consider the consequences of obtaining the loan. You need to understand the interest rates and the loan structure and be sure you can handle the debt. Loans are a necessity when making large purchases or financing a business. However, you should not take on any debt unless you are sure you can pay it down.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.