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No matter the size, every small business needs to apply for small business credit at one time or another. The exceptions are when the owner has the capital to run the small business until it is self-sustained or if an investor buys a stake in the company, eliminating the need to take out loans or other credit lines for start-up or operations.

When applying for small business credit, you need to ensure you are separating your private finances from the small business’s finances. It is expected that you will use some of your savings in the small business, but you should still treat that investment as though you were an outside investor. If you keep your private funds and small business funds mixed, it can lead to confusion and liability issues. Once you have separated your private finances from your small business finances, you can apply for or use different small business credit types to finance your small business. Here are four common types of small business credit and how they work.

Charge Cards

A charge card is comparable to a credit card; however, the main distinction is that you cannot make minimum payments each month. They also have no pre-set spending limit. Each charge is accepted or disapproved based on a few factors. Your small business credit score, current financials, recent spending patterns, and account history will decide if your purchase will be approved. Charge cards are excellent for purchases you need immediately but can pay off immediately since the entire balance is due the following billing cycle.

Installment Accounts

Installment accounts, also known as commercial repayment accounts, are an all-fixed amount process. The amounts don’t vary according to interest or other sliding factors. The lender will agree to loan you a fixed amount, you will concur on the final fixed amount you will pay back, then decide a fixed amount you will pay each month to pay it back. In some cases, the loaned amount is the same as the payoff amount, for instance, if you borrow from a friend or family member who doesn’t want interest. The advantage is all parties interested are clear on the amounts.

Revolving Credit Accounts

Revolving credit is money you borrow that has a pre-set credit threshold, and you can charge all you want up to your credit limit as many times as you need. The two types of rotating credit are small business credit cards and a small business line of credit. Both will have a pre-set limit. You charge or borrow any amount under the limit. Then you pay it back with interest.  As long as you pay down the balance and keep your account in good standing, you can charge up to your limit an unlimited number of times. The advantage of a revolving credit savings account is that you don’t have to pay the balance all at once; however, keep in mind they will have interest connected, so make full payments when possible.

Vendor Accounts

Vendor accounts are when a small business receives products or services and pays the vendor over a set period. Most vendor accounts will expect the net amount back within 30 days; this is also known as a net-30 account. Other vendors may have longer or smaller accounts. Some will also negotiate with a small business that is loyal and in good standing. Most of these vendor accounts do not carry interest. The vendor account is exceptional for products and services and for building vendor trust and relationships. Another plus to a vendor account is that it is reported to business credit bureaus and can build your financial status as a small business.

Conclusion

When you have a small business, it is best not to use your money to fund the small business unless you treat it as an investment and pay yourself as a stakeholder from profits. Using small business credit is a reliable way to take care of small business needs until it is self-sustained. You should cautiously ponder all the options and use what makes sense for you and your business. You can use more than one type of small business credit; be sure you keep in good standing, or your small business could suffer financially.

 

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.

A person’s salary vanishes as if by magic during the first few days after receiving their paycheck. The reason is they always have debts that demand the majority of their income. Debt seems like a never-ending problem. Every day that it is not paid, a person gets into more debt, which can become out of control over time.

The secret to getting out of debt is not to lay awake all night thinking about numbers. Reconcile your debts and the money you have coming in, and don’t see the debt as a burden but see it as something you need to manage. Therefore, a person will know the first step to manage finances and not die in the process. Know the proper management of finances is not a matter of economists or judicious organization and planning. So how to do it?

Make a List of Debts

From long to short, all sorts of debts must be included in this list. This will be a person determine exactly how much they owe. Includes the name of the person, interest rates, time duration of each debt, and its intermediaries in it. However, do not distress yourself with large numbers and financial disorganizers.

Make a Daily Spending Plan

Please don’t wait for the last week of the month. Instead, it recognizes daily financial priorities, those inescapable, and which a person must invest, such as public transportation or gas or food consumption. Once each week is organized, it is now time to add large expenses (also priority), such as payment for services, rent, own study or children, toilet, and market. Nobody better than a person himself knows the exact figures for such expenses, so the accounts are already clear.

Credit and Debit Card

If a person already has a weekly budget. Why overload it with cards? According to experts, a card is only a temptation that will springboard a person towards future debts. Eliminate credit cards. It takes away a huge weight.

Make an Excel Spreadsheet

Make an excel sheet, Set daily/weekly priorities and budget, including extras or unexpected expenses. Add a column indicating what kind of debts a person is currently paying and what is missing etc. Titrate each debt with no more than three words. That way, you have a general idea of ​​what is pending without necessarily being reflected in figures.

Create an Alternate Account

Create an alternative account, deposit all the weekly savings there. Having a savings account on the side will make a person feel more secure about their financial situation. Plus, with the time, that person will also save some extra cash on the side. According to finance experts, such side accounts have helped people to feel more secure in their financial standing. 

Savings Plan

Having a proper saving plan is extremely crucial. Such plans help a person maintain financial balance and prevent them from overspending. According to experts, a person who has a proper savings plan is likely to save more money as compared to those who don’t.

Seek Advice

Managing accounts can be extremely challenging at times. If that’s the case, feel free to hire professional help regarding the field. People who handle large amounts of money, such as entrepreneurs, have the optimal mental and physical organization behind them who manage their fiance.

Reduction of Luxuries and Leisure Plans

Saving involves sacrifice. If a person does not want to spend their entire life savings every month, it is better to give up on certain luxuries, at least for a while. Instead of going out with friends weekly, do it once a month. Take home-made lunch to work for a while, try to eat at home, not outside, and avoid taking taxis to transport. 

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.

The creation of a business can be extremely risky, no matter the industry or the entrepreneur. Nearly 50% of companies go out of business within three years of existence. To go surpass this 3-year mark and thrive, it is necessary to implement proper procedures when initially forming your business. Listed below are some common mistakes made by startups that ultimately contribute to their failure.

1. Start with inadequate financial resources

Entrepreneurs often neglect to adequately plan their finances in order to minimize the amount of capital needed to start their business. The result of this? Inadequate funding for goals and the lack of cash reserved for unexpected situations and emergencies.

To avoid these issues, take care to prepare financial projections for your new business, particularly for the first 12 months. These can also help with obtaining financing and investments.

2. Neglecting to write a business plan

Many novice entrepreneurs do not prepare a proper business plan. This document does not need to belong and detailed; however, taking the time to develop a solid plan will allow you to be consistent in your efforts, serve as a rallying point for your team, and facilitate setting deadlines for measuring your progress.

3. Neglecting to track progress and adjust the shot

Do not make the mistake of only saving your business plan on a tablet. Create a dynamic document by constantly monitoring your progress and keeping it current.

4. Buy assets with cash

The use of operating funds to secure long-term assets is a common mistake that can lead to a lack of liquidity. When evaluating your purchases of equipment, machinery, or computer services, consider using a commercial loan with a repayment period that corresponds to the life of the asset (for example, a seven-year loan for a vehicle you want to use for seven years).

5. Avoid asking for outside help

Many new entrepreneurs avoid asking for help, even when they desperately need it. Get advice from a mentor, hire an outside consultant, or create an advisory committee to gain support and ideas.

6. Set a bad price

Do not make the mistake of setting your prices only according to those of your competitors. In order to make an informed decision, it is important to perform a detailed cost search for each of your products. You must also routinely monitor your costs so that you can make the necessary adjustments.

7. Neglecting technology

Canadian companies are investing less in technology than US companies, and that affects our overall productivity. Be sure to evaluate how technology could be beneficial for your business’s growth, efficiency, and profitability.

8. Neglecting Online Marketing

Take care to evaluate how you can take advantage of internet marketing. For example, ads on social media platforms can be a more affordable way to effectively target specific segments of the market.

9. Do not learn from your mistakes

When starting your business, learn from your mistakes and use them as a guide to success. Remember that many successful entrepreneurs failed on their first try. What is important is to come back stronger after understanding what did not work.

10. To choose wrong partners

As the saying goes, it is better to be alone than badly accompanied. This applies perfectly when first creating your business. It is true that having a partner in launch can be reassuring; however, a bad association can completely harm the development of the company and its’ future. It goes without saying that it is not uncommon to see associates turn into enemies. This often occurs when their respective tasks have not been carefully defined from the beginning of the venture.

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.

The management tool of Key Performance Indicators (KPIs) ascertains the productivity in quantifiable information to govern how proficiently and effectually an organization is jogging to attain the goals. Organizations use KPIs at different levels to evaluate their progress to achieve their stipulated mileposts. The magnitude of KPIs is large, and it can be applied to gauge the productivity of the processes. KPIs can also be applied in many supporting and revenue-generating departments, such as marketing, operations, human resource, finance, customer support, or sales. In a large-tier organization, forecasting models or preceding budgets are compared with the KPIs to see where the organization stands and what kind of steps should be taken to sustain the growth.

In simple words, KPIs are a way to measure an organization’s progress with the mission objectives. KPIs are used to collate meaningful information related to an organization’s financial performance. If there is any gap, the organization has ample time to realign the goals accordingly. Secondly, KPIs are used to have an eagle-eye on the trajectory of the organization and are moving forward in conjunction with the mission objective and goals for the year. Plus, they will help an employee at the time of performance appraisal. Each key performance indicator carries a certain weightage that can be recalibrated at any interval. For such purposes, KPIs play an elemental role in navigating the organization from their prevalent stance and point of anchor.

KPIs are considered a useful tool to make a business decision because they help elevate critical scenarios by fortifying the organization’s performance. To define KPI in a better way, it is inherent for an organization to consider the following variable:

• Aspiration outcome of the organization
• Rationalization of the outcome
• Measuring an organization’s progress
• Ancillary avenues of income
• Responsibility and accountability for the specific department and outcome of the organization

The solution for concerns mention above can be adhered to or answered as follows:

• Increase the organization’s gross sales and profit margins
• Generate more revenue through non-operating activities
• Participate in marketing actives for brand promotion and brand equity
• Budgeting of human resources for various departments
• Monitoring the growth on weekly, fortnight, monthly, or quarterly

Key Performance Indicators also play a pivotal role in the process of making pragmatic decisions. In upbeat organizations, the top management focuses heavily on charismatic and transformational leadership. They are groomed in such a way to consolidate their developed strategic plan based on KPIs. In creating a nexus between realistic KPIs with strategic development resolutions, the core management makes an educated and informed decision. It is imperative to classify Key Performance Questions (KPQs) explicitly for each strategic objective or goal. After identifying KPQs, the management or individual will be able to select are craft KPIs. These KPIs will serve as a balancing-scale, which are deemed fit for the organization. This approach will make KPI meaningful, relevant, and strategic.

Importance of KPIs

There are several reasons as to why the organization needs KPI that are mentioned as follows:

Measuring your Goals

KPIs should not be confused to paint the financial picture of an organization. In fact, KPIs are a way of appraising targets and goals for any organization. For example, if the organization’s objective were to sell tickets at a certain amount on a weekly basis, then the KPI would tell how close the individual is to meet the target.

Creating a conducive learning culture

Incorporating KPIs into the organization will help the person create an educative atmosphere because measuring KPIs leads to important conversations. In this way, one gets a chance to interact with other team members to discuss and cross-reference that particular indicator.

KPIs are essential to ascertain the mission objective of the organization. They allow the management to be timely and systematic adjustments. However, the individual has to ensure that the organization’s goals are robust to utilize KPIs. The individual needs to develop SMART goals to create KPIs objectively to augment the organization’s performance and 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-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.

When starting or running a small company, your company finances are essential to ensure smooth economic operations. To do this, your company’s bookkeeping and accounting methods must be reliable and correct. A company owner should take steps when considering the company’s economic needs alongside personal economic needs.

Accounting and bookkeeping are important tools for keeping company finances in order. However, there are other issues you need to address as a company owner. The most essential first step to your company’s economic stability is to separate your finances from your company’s. It is a common and reasonable misstep for the company owner to co-mingle their personal and company finances. When you are first starting your company, combining the finances may not be significant. Once a company starts growing, separating company and personal finances should be a priority.

Once your company and personal finances are separated, there are other steps to keep your company finances in order. Here are five tips for keeping your company finances in order through accounting processes.

Accounting and bookkeeping

Whether your company is large or small, accounting and bookkeeping are an essential focus for your company. Larger companies may need an entire accounting and bookkeeping department, while a small company may use accounting software to keep up with the company finances. All companies of any size have in common that they need to focus on their accounting and bookkeeping. This focus will ensure that your company finances are organized and easily controlled.

Fixed and variable expenses

Fixed and variable expenses exist in any company. Fixed expenses are those company expenses that are expected to be the same each month. These expenses are housing, loan payments, or utilities. Variable expenses are those costs that vary monthly. They can be recurrent but differ in the amount or due date. Variable expenses include production supplies or materials, commissions, salary payouts, or various fees. To keep your company finances, knowing what these expenses are and the differences will help your company’s accounting.

Billing

A frequent issue in companies of all sizes is billing challenges. While large companies can cover the deficits they may suffer because of billing issues, invoices not being paid can profoundly impact small companies. No matter the billing issue’s size, a company must have a billing plan. There are some ways you can configure billing to maximize your accounts receivable and company bottom line.

• Shorter Payment Window
• Early Payment Incentives
• Discounts for Full Payments Upfront
• Automated Payments

Financial planning

Whether using bookkeeping software or a professional bookkeeper, you must keep on top of your books. If you only concern yourself with your company finances sporadically, you may not be prepared to handle them properly if there are economic issues. If you are regularly keeping up with the books, there should be no surprises in company finances or accounting issues. If you handle your company’s bookkeeping yourself, make all entries in real time to ensure nothing gets overlooked. It is essential that your bookkeeping be a priority.

Economic habits

As with personal finances, company finances require you to have good economic habits. Awareness of your books and bookkeeping practices is just one aspect of your company finances. You need to create a budget and stick to it just as you do your household budget. Every expense should be accounted for to be aware of areas where you need to improve your economic habits.

Conclusion

Keeping your company finances sorted is easy if you follow a few steps. Separating your personal and company finances, having billing and bookkeeping strategies, understanding essential aspects of accounting and bookkeeping, and practicing good economic habits will ensure your company finances will stay organized and in order and never get out of hand.

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.

In the nineteenth century, many publications began to identify the constraints of traditional management accounting practices. The primary drawback of conventional practices was that it was unable to meet the competitive environment’s requirement. Secondly, conventional product costing systems provided false information leading to poor business decisions. Thirdly, the conventional methods followed the financial accounting requirement rather than addressing every business perspective. Lastly, the major emphasis in traditional management accounting practices was given to the internal environment, and the external environment was not taken into consideration. To cater to these criticisms, management accounting was updated, and new management accounting practices emerged.

The new management accounting techniques have increased the extent of casual variability factors, the descriptive objects, and the period analysis. The innovation brought by contemporary management accounting practices has influenced organizational applications. It delivers accurate, appropriate, and highly relevant information within a suitable period that tackles traditional management accounting practices’ key deficiencies. Major contemporary management accounting methods include:

• Total quality management
• Value-based management
• Activity-Based Management
• Balance scorecard
• Non-financial performance measures
• Strategic management Accounting

The innovation brought by implementing modern management accounting practices has driven away from the old concepts of internal and formal financial information and replaced it with informal and external non-financial information. These management accounting practices are used around the world. The contemporary management accounting practices have also changed the role of accountants; they do not have a narrow role but are more actively participating in the formulation and implementation of business strategies. Moreover, the change brought by modern techniques in the analysis, reporting, and collection has transformed the role of accountants into non-financial line managers.

The implementation of modern management accounting practices has brought huge modifications in business practices. New management accounting techniques are also developed; moreover, some traditional management accounting techniques are updated and modified in modern management accounting to cater to modern business activities requirements. Contemporary management accounting techniques can be implemented in various segments of the company as they deal with all the domains of management accounting, including strategic management, performance management, asset management, and financial management.

Evolving Business Environment

Modern organizations are continuously growing and modifying their business practices. To cater to customer satisfaction and fulfill customer needs, companies produce more than one product with distinguishing qualities. Each product is unique from others and fulfills a unique customer base. To compete, companies are rigorously working towards innovative products to increase their customer base. As a result, they deliver several products at one time and use innovative technologies to reduce cost and increase their performance.

Emphasis on Modern Technology

Modern organizations in this rising business environment are more focused on using technology rather than increasing manpower. The increase in modern machinery and technology has led to the automation of most business activities, which require less labor.

Cost of Implementation

Many modern management accounting techniques, such as beyond budgeting, balanced scorecard target costing, etc., are extremely expensive to implement. Consequently, it makes most organizations reluctant to change their management practices.

Organizational Culture

The organizational culture of any business plays an imperative role in its operations and activities. Risk-averse managers often become a hindrance in the application of new management accounting practices. They are less motivated to switch from traditional practices to modern practices that may negatively affect the project’s beginning.

Lack of Technological Expertise

Organizations in developing and under-developed countries usually have low-income workers and laborers. Implementing modern management accounting techniques in those companies is challenging because the labor force lacks awareness and expertise in technology.

Learning Curve

Whenever a new policy or practice is employed in an organization, it takes time to utilize or implement that system fully. It requires training of employees and workers associated with that project, and there is a constant risk of mistakes in the beginning. Management considering implementing any modern management accounting technique often shows concerns regarding its employees’ learning curve and the associated costs of waste, time, and training.

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.

The project management process has been considered as a complex process, and each phase of the project management process has its own tasks and activities. The first and foremost phase is the initiation phase, in which the project manager examines the future benefits of the project for the organization. The second phase is the planning stage, which is considered to be very critical and important for the successful completion of the project. The third phase is the execution stage, in which the project manager distributes the tasks of the project among the team members. The fourth phase is the control stage, in which the project manager controls the progress or schedule of the project and adjusts them accordingly. The fifth phase is the closing phase, in which the project manager presents the complete project to the client and closes it if the client approves the final output of the project.

Every organization has a project to implement. For that, it is necessary that the project’s planning and design stages be carried out effectively, as they are crucial to the success of a project. Project management approaches to assist in the planning and design stages of the project so that the desired results in specified costs and specified time can be achieved. Not using such techniques can result in huge losses in organizational profits, bad reputation in the community, and the delivery of new products to market can be delayed. In light of all the facts mentioned above, this article aims to provide its readers with the role of project management approaches in organizational success.

Project Management involves different processes such as planning, scheduling, controlling, monitoring, and closing to achieve the desired objectives of the research. Project management can be defined as a process that involves applying the techniques, tools, skills, and knowledge to the activities of a project to meet the project requirement. The definition of project management clearly explains that project management is related to managing the allocated resources of the project efficiently and effectively to complete the project successfully. The Project Management Institute identified that the project life cycle of a project consists of five different stages, which are listed as follows:

• Initiation Process
• Planning Process
• Execution Process
• Monitoring & Close Process
• Closing Process

Some best practices are essential for successful project management, including project mission, top management support, project schedule, client consultation, personnel management, Client Acceptance, Technical tasks, Monitoring & Feedback, Communication, and Troubleshooting. Monitoring and controlling both are complex project management phases; however, proper development and effective utilization of project management tools can reduce these complexities.

The project’s success and failure depend on various factors, and it is crucial to define specific factors behind the success and failure of the project so that it is also based on the project’s nature. Determining critical success factors for a project is a complex process that needs supervision and proper planning in order to achieve the project goals. It is also argued that critical success factors cannot be defined as a benchmark for measuring the project’s failure or success as the project resources themselves can influence the project life cycle. Many authors have reviewed different studies on the project’s critical success factors and identified different factors based on their complexity and importance to the project. The most cited and widely used success factors include support from the senior management, realistic and clear objectives for the project, and an effective plan for the project. The past literature and empirical studies concluded that the selection of critical success factors for a project depends on the project’s needs. The project managers examine the impact of critical factors on the project during the project life cycle.

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.

Motivation is the key to success, be it for an individual or an organization. In today’s fast-paced business environment, where innovation is an integral part of every department in an organization, performance management systems are used to oversee the operations of employees as well as an organization. These performance management systems are used as a tool for bringing motivation on an individual level and on a departmental level.  The more motivated an employee, the more productive they will be and the more pride they will have in their organization.

The performance management systems are helpful in determining goals that too are supported by the feedback from managers. It is seen that there are organizations that mostly work on high productivity of performers leaving out the middle and low categories of employees. To keep a team motivated, it is necessary to give attention to all associates, especially the ones with low performance.

To increase the motivation level of employees, it is important that the performance criterion is clearly set. The job description and required skills should be made clear and defined by an organization. Here the managers and Human Resource department work together to achieve the purpose of performance management systems. The managers can openly communicate with the individual employees regarding what they need from them. In contrast, the employees who do not fulfill the managers’ criteria and the organization are identified and trained accordingly.

Realization of the importance of Employee Performance Management System

The variations on applicability and scope of the Employee Performance Management System (EPMS) are numerous enough to warrant a detailed critical study of the treatment of its terminology as well as all the processes it encapsulates by different theorists. In this review, a composite will be constructed to reflect the literature on the EPMS that may offer a vision transcending the superficial understanding of the system and the exterior, all-things-pleasant image of it. The functional management of resources is the major concern of every organization. Moreover, since their staff is one of their most treasured resources, it is ultimately crucial to pay considerable attention to their supervision in the most preferable, effective ways. The manager must thus start out by designing jobs that open channels for the diagnosis of other phases, for instance, determining the duties, qualification necessities, level of performance requirements, etc. The first stage of performance management entails the recruitment of the best candidates available. Its journey continues with the training and counseling of and offering incentives to the employees.

This article reviews the success or failure of the EPMS in exploiting as well as maneuvering the aptitude and skills of the workforce of an organization towards the actualization of its vision. Some years ago, managers did not think more of performance management than a once-a-year cursory-employee-evaluation ritual. So much so that the esteemed (at the time) management thinker of the late 20th century went so far as vilifying it with the notorious label, ‘deadly disease’ to be precise. Still, with the evolving world, the dynamics of the perspectives on such a system changed too. Presently, it is regarded as a relentlessly participative and future-oriented system, but to stop at that would mean an injustice done to its substantiality and many embraced aspects.

Performance management is the process of supervision while also incorporating all formal and informal methods. An organization should adopt these methods to raise individual and corporate usefulness, commitment, expectations, clear priorities, work responsibilities, and joint goals through one-on-one meetings that spark performance appraisals. Human resource professionals find the usage of EPMS worthwhile, and there remains an overwhelming need for designing and affecting it in a way that is beneficial to the employees.

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.

When funding your small business, the bank expects the entrepreneur to finance a significant part of the need and therefore take part in the risk the lender will be taking. The bank is seldom interested in investing in a small business if the investor has not put in credit on their own or the business owner’s credit is lower. Here are five reasons banks will decline your business loan and how to overcome them.

Insufficient Contribution

• On the current basis, one generally speaks of a minimum level of own contribution of the order of 20%, but this is very theoretical because certain parameters can imply a need for own contribution more consequential, for example. If a starter project or for certain sectors.
• We can consider two main reasons for this requirement: (i) the greater the entrepreneur’s contribution, the more the risk of the bank is limited, especially since the bank is by definition reimbursed first, and (ii) the more the entrepreneur is involved in his project, including financially, the more he is stimulated to create value.
• Please note, this does not only concern starter projects. It is indeed also necessary during the development phase of the activity that the company take a more or less substantial share of the risk at its expense. Sometimes a recapitalization is even necessary.

Financial Imbalances

• Certain financial imbalances can appear both in the asset structure of a company and in its profitability structure.
• Considering the impact that the existing and future situation may have on the business’s viability and, therefore, on its ability to repay loans, the bank is careful to analyze with precision the main related indicators. These main indicators relate to solvency, liquidity, working capital, working capital requirement, gross margin, added value, EBIT (DA), etc.
• A manager / associated current account with assets or liabilities will also have an impact.
• These analyses are carried out based on the situation before and after integrating the new loan (s).

Insufficient Warranty

• As much as the bank analyzes in-depth the probability of default on a loan to be granted, it also wishes to cover its risk if a default occurs via guarantees.
• However, it is quite common for a company not to have elements that can serve as sufficient collateral in the bank’s eyes, especially since this area’s requirements have increased in recent years. In such a case, the bank generally requests private guarantees (real or personal) or refuses the credit.
• There are various solutions to try to make up for this lack or avoid having to excessively link the business’s risk to the entrepreneur’s private heritage, for example, by calling on public solutions and the Investment Fund.
• Also, avoid giving too many guarantees too quickly to a single bank, as you will then be “married” to it without any real possibility of requesting another.

Unprofitable Demand

• In recent years, banks have taken steps to improve their efficiency, which is reflected in particular in an increased desire for standardization and automation. Consequently, companies’ banking contacts, especially in the case of small companies, are pushed to manage better the time spent on each request and therefore also to filter files that are unlikely to be approved or to avoid applying an overly tailor-made treatment if the profitability potential of the file is limited.
• Thus, any element that weighs down the process requires additional action by the bank; therefore, risks impacting its assessment and processing of the file.
• This can be seen, for example, when the bank has to submit small files to the Participation Fund or the Brussels Guarantee Fund.

Other Elements Related to the Bank

Other elements specifically related to your bank and its environment can impact the lending process, such as:

• What is the general economic context and that of the banking sector: growth, stability, crisis?
• What is the sector’s regulatory context: are there increased requirements in terms of the financial soundness of banks, are they more controlled and supervised in their management of granting of credit, do they have increased responsibilities vis-à-vis their customers?
• A more complex situation in the banking sector’s economic and regulatory environment (as it is currently the case) does not fundamentally change the rules for granting credit but leads to a stricter application of the fundamental logic summarized in this article.
• What is the bank’s current risk policy: does it have the will or the capacity to broaden its clientele or outstanding credit?
• What is the bank’s current commercial and segmentation policy: are there excluded sectors, is it open to starters, is it mainly interested in private accounts?
• Who are your interlocutors and the decision-making process? Do you have the possibility of visually presenting and defending your project to a direct interlocutor, are they competent, and do they have real weight in 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.

In the United States, many individuals who are nearing the end of their lives receive palliative care in acute care settings. Traditionally, acute care hospitals are designed to focus on the diagnosis, treatment, and eventual discharge of patients who are either cured or stabilized. However, when the disease reaches a stage beyond the scope of curative treatment, the needs of the patient shift from focusing on recovery to addressing comfort and quality of life.

This is where palliative care becomes critical. The purpose of this article is to examine the symptoms that affect individuals at the end of life and to highlight the challenges faced by nurses in delivering effective and compassionate care in acute care settings.

The Role of Palliative Care in Acute Settings

Palliative care is an approach to care that focuses on providing relief from the symptoms, pain, and stress associated with terminal illnesses. It seeks to achieve the highest quality of life for patients and their families, and it does so by addressing not only physical pain but also psychological, social, and spiritual needs.

Unlike curative treatments, which aim to cure or control disease, palliative care acknowledges the reality of death and works to make the process as comfortable and dignified as possible. The overarching goal of palliative care is not to hasten or postpone death but to support the individual through their final stages of life, ensuring they experience the best possible quality of living during their remaining time.

Palliative care begins as soon as a terminal diagnosis is made, continuing until the patient’s death. This approach includes managing physical pain, alleviating distressing symptoms, and offering emotional and spiritual support to both the patient and their family.

Nurses play a pivotal role in palliative care, acting as the primary caregivers in various acute care settings. Their responsibility is to provide comprehensive care that addresses not only the physical aspects of dying but also the emotional, social, and psychological needs of patients and their families.

Pain Management: A Core Component of Palliative Care

Pain management is one of the most important aspects of palliative care, particularly in acute settings. It is often the primary concern for patients who are nearing the end of life. While pain may not always be the most prevalent symptom during the final days of life, it is certainly the most distressing.

Uncontrolled pain can significantly affect the quality of life for both the patient and their loved ones, often causing emotional and psychological distress that compounds the physical suffering. Unfortunately, inadequate pain relief is a common issue in end-of-life care, and it can severely affect the emotional well-being of family members present at the bedside.

Effective pain management requires an accurate assessment of the patient’s pain, which can be challenging, especially when patients are unable to communicate clearly due to their condition. Nurses and medical teams must rely on the patient’s descriptions of pain (such as its location, onset, and intensity) as well as their behavioral cues to determine the best course of treatment. This process requires not only medical knowledge and expertise but also a high level of empathy and sensitivity.

The incorrect assessment or misdiagnosis of pain, such as misunderstanding its location or nature, can result in inadequate or improper treatment. This mismanagement can lead to unnecessary suffering and delays in providing appropriate relief, which is especially problematic for patients who are already in the final stages of life.

Additionally, the process of diagnosing and treating pain can be time-consuming, and for terminally ill patients, this can lead to a decrease in the quality of life in their final days.

Inadequate pain management remains a critical issue in the United States, with surveys of surviving family members indicating that more than 25% report their loved ones received insufficient pain relief during their final days. This highlights the need for specialized professionals trained to handle the complex issues associated with end-of-life care.

Nurses and physicians who are skilled in pain management, including understanding pain syndromes common at the end of life and who are familiar with pharmacological and non-pharmacological interventions are essential to improving the quality of care for terminally ill patients. Moreover, addressing the emotional and existential distress that often accompanies intractable pain is crucial for ensuring a holistic approach to palliative care.

Supporting Patient and Family Wishes

In addition to pain management, one of the primary roles of nurses in palliative care is to ensure that the wishes of the patient and their family are respected and supported. This is especially important when it comes to treatment decisions. If the patient’s desired treatment plan differs from the family’s understanding or wishes, nurses often serve as mediators to facilitate communication and ensure that the patient’s voice is heard.

Nurses also provide counseling and emotional support to both patients and families, helping them cope with the complex emotions that arise during this difficult time.

The process of supporting patients and their families involves not only respecting their treatment preferences but also providing information, guidance, and a sense of empowerment. Nurses must offer clear, honest communication about the patient’s condition, treatment options, and prognosis, allowing families to make informed decisions about the patient’s care.

At times, when the patient may not be able to make decisions due to their condition, the responsibility falls on the family to make these decisions on the patient’s behalf. It is essential that nurses ensure that these decisions are made with the best interests of the patient in mind, and that the family is fully involved in the care process.

Family Involvement in Care

Family members play a crucial role in supporting the patient during their final days. They are often the primary caregivers and are essential to ensuring the patient’s comfort and dignity.

However, for family members to provide effective care, they need support and guidance from healthcare professionals. Nurses can enhance family support by maintaining open lines of communication, providing regular updates on the patient’s condition, and offering practical advice on how to care for the patient at home or in the hospital.

It is important to recognize that family members come from diverse social, cultural, and psychological backgrounds, and these factors can influence how they approach caregiving. Nurses must be sensitive to these differences and tailor their communication and support to the specific needs of each family.

This may involve providing education about the patient’s condition, offering counseling services, or connecting family members with support groups to help them cope with the emotional and psychological burden of caring for a loved one at the end of life.

Conclusion

Palliative care in acute care settings plays a vital role in providing compassionate care for patients at the end of life. By addressing physical, emotional, psychological, and spiritual needs, palliative care ensures that patients experience a high quality of life in their final days. Nurses, as the primary caregivers in these settings, are essential to the success of palliative care programs, managing symptoms such as pain and providing emotional and informational support to patients and their families.

Despite the challenges faced in end-of-life care, with proper training, empathy, and effective communication, nurses can significantly improve the quality of care and support that patients and families receive in these critical moments of life. Ultimately, palliative care aims to ensure that the dying process is as comfortable, dignified, and peaceful as possible, and that the wishes of both patients and their families are respected throughout this journey.

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.