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Small and Medium Enterprises (SMEs) are the backbone of the global economy, driving innovation and creating employment opportunities across various sectors. However, navigating the complex world of finance remains a daunting task for many SME owners, particularly when it comes to understanding and managing liquidity ratios. This article sheds light on the challenges faced by SMEs concerning liquidity ratios and offers detailed solutions to overcome these hurdles.

Understanding Liquidity Ratios

Liquidity ratios are financial metrics that measure a company’s ability to pay off its short-term obligations with its current assets. The most common liquidity ratios include the Current Ratio and the Quick Ratio. The Current Ratio is calculated by dividing current assets by current liabilities, providing insight into a company’s capacity to cover its short-term debts with assets that can be easily converted into cash. The Quick Ratio, on the other hand, excludes inventory from current assets and offers a more stringent view of a company’s liquidity.

Challenges Faced by SMEs

Volatile cash flows

SMEs often experience unpredictable cash flows due to seasonal demand, customer payment delays, and unplanned expenses. This unpredictability can jeopardize their ability to maintain healthy liquidity ratios.

Limited access to financing

Traditional lenders like banks may be reluctant to extend credit to SMEs with less-than-ideal liquidity ratios. This creates a vicious cycle where liquidity constraints hinder the ability to secure financing, which in turn exacerbates liquidity issues.

Inventory management

For SMEs that rely heavily on inventory, slow-moving stock can tie up valuable resources, negatively impacting liquidity ratios and hindering the ability to meet short-term obligations.

Lack of financial expertise

Many SME owners excel in their core business areas but may lack the financial expertise needed to effectively manage liquidity and understand the implications of their liquidity ratios.

Solutions to Enhance Liquidity

Improve cash flow management

SMEs should implement robust cash flow forecasting tools to anticipate and plan for future cash inflows and outflows. Strategies such as invoice factoring, where invoices are sold to a third party for immediate cash, can also provide a quick liquidity boost.

Access alternative financing

Exploring alternative financing options, such as peer-to-peer lending, crowdfunding, or fintech solutions, can provide SMEs with the necessary funds without the stringent requirements of traditional bank loans. These alternatives often offer more flexibility and accommodate less-than-perfect liquidity ratios.

Optimize inventory levels

Adopting just-in-time (JIT) inventory management practices can help SMEs reduce the amount of capital tied up in unsold stock. By keeping inventory levels closely aligned with demand, SMEs can free up cash that would otherwise be inaccessible.

Enhance financial literacy

SME owners should seek to improve their understanding of financial metrics, including liquidity ratios. Workshops, online courses, and consulting with financial experts can empower owners to make informed decisions that positively impact their company’s financial health.

Negotiate better payment terms

By negotiating longer payment terms with suppliers and shorter terms with customers, SMEs can improve their cash flow position and liquidity ratios. This requires effective communication and relationship-building with business partners.

Leverage technology

Financial management software can provide SMEs with real-time insights into their liquidity status, enabling quicker adjustments to preserve or improve liquidity ratios. These tools can automate many aspects of financial analysis, making it easier for SMEs to stay on top of their financial health.

Diversify revenue streams

Diversifying revenue sources can help SMEs mitigate the risk of cash flow volatility. This could involve expanding into new markets, introducing additional products or services, or finding alternative uses for existing resources.

Conclusion

Liquidity ratios are critical indicators of an SME’s financial health, influencing its ability to meet short-term obligations and secure financing. By understanding the challenges associated with managing liquidity and implementing strategic solutions, SMEs can navigate the financial waters more effectively, ensuring their growth and sustainability in the competitive business landscape. With proactive management, open-mindedness towards alternative financing, and a commitment to financial literacy, SME owners can turn liquidity challenges into opportunities for strengthening their businesses.

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.

Cultivating marijuana has transitioned from a clandestine operation to a legitimate and flourishing industry. With the legalization of marijuana for medicinal and recreational use in various parts of the world, the importance of proper cultivation practices cannot be overstated. This article delves into the significance of appropriate marijuana cultivation and outlines the necessary steps to establish a legal marijuana business, supported by industry-specific statistics and facts.

The Importance of Proper Marijuana Cultivation

Proper marijuana cultivation is paramount for several reasons:

Quality and potency

The quality and potency of marijuana depend significantly on how it is grown. Proper cultivation techniques ensure the production of high-quality cannabis with consistent THC (Tetrahydrocannabinol) and CBD (Cannabidiol) levels.

Safety

Proper cultivation practices eliminate the use of harmful pesticides and chemicals, ensuring the product is safe for consumption. According to a study published in the Journal of Toxicological Sciences, improperly cultivated marijuana can contain harmful residues detrimental to health.

Sustainability

Sustainable cultivation practices, such as using organic methods and efficient water usage, are vital for environmental conservation. The Carbon Footprint of Indoor Cannabis Production report highlights that sustainable practices can reduce the carbon footprint associated with marijuana cultivation.

Legal compliance

Adhering to the legal framework set by regulatory bodies is crucial for any legal marijuana business. Proper cultivation ensures compliance with laws concerning quality, safety, and environmental impact.

Steps to Establish a Legal Marijuana Business

Establishing a legal marijuana business involves several critical steps:

Understand the legal requirements

The first step is to familiarize yourself with the legal requirements in your jurisdiction. Laws regarding marijuana cultivation vary widely, and staying compliant is essential. For instance, in Colorado, the Marijuana Enforcement Division (MED) outlines specific licensing requirements and operational standards.

Secure a license

Obtaining a cultivation license is a prerequisite. The application process can be competitive and requires a thorough business plan, proof of financial stability, and a security plan, among other requirements.

Choose the right location

Selecting an appropriate location that complies with local zoning laws is crucial. Many regions have specific guidelines about the proximity of cannabis businesses to schools or residential areas.

Invest in quality cultivation infrastructure

Investing in quality infrastructure is key whether you opt for indoor, outdoor, or greenhouse cultivation. This includes proper lighting, ventilation, and irrigation systems. According to a report by Grand View Research, the global cannabis cultivation market size was valued at $123.9 billion in 2020 and is expected to grow, indicating the importance of investment in infrastructure.

Implement best cultivation practices

Utilizing best cultivation practices is essential for producing high-quality cannabis. This includes selecting the right strains, using organic fertilizers, implementing pest management systems, and adhering to harvest and curing protocols.

Ensure product testing

Regular testing for potency and contaminants is crucial for maintaining product quality and safety. Many states mandate testing by licensed laboratories to ensure compliance with safety standards.

Market your product

Developing a strong brand and marketing strategy is vital for standing out in the competitive cannabis market. Understanding your target audience and leveraging digital marketing can be effective strategies.

Industry Statistics and Facts

• According to a report by Grand View Research, the global legal marijuana market is expected to reach $73.6 billion by 2027.
• The United States legal cannabis industry generated $13.6 billion in sales in 2019, with jobs related to the industry growing to 340,000, as reported by Leafly.
• A study by the University of Colorado Boulder found that indoor cannabis cultivation consumes about 1% of the United States’ total electricity consumption, underscoring the need for sustainable cultivation practices.

Conclusion

The legalization of marijuana has opened up a plethora of opportunities for entrepreneurs. However, the cornerstone of a successful legal marijuana business lies in proper cultivation practices. By understanding the importance of quality, safety, and sustainability in cannabis cultivation and following the necessary steps to establish a legal business, entrepreneurs can contribute to a responsible and thriving marijuana industry. With the industry’s rapid growth and increasing acceptance of cannabis, there has never been a better time to invest in proper marijuana cultivation practices.

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.

Preparing tax returns is no easy feat, as it requires specialized expertise and skills in accounting. In the tax season, every business is supposed to file a federal income tax return under the law, and those who fail to do so face heavy penalties and fines. When specifically talking about costs, they vary according to the complexity and comprehensiveness of your tax information.

Moreover, tax professionals have a different fee structure that must be duly tracked before making a contract. Costs vary widely for tax preparation, from DIY tax prep software to professional tax preparers. With so many options, you need to set your priorities to create a clean tax filing record based on your tax situation.

The Thought of Preparing Tax Returns Can be Daunting

It can be quite an achievement when you conceive an exceptional business idea that will work well for you. Your entrepreneurial skills and wisdom have created a business venture that will eventually yield significant gains. Amidst all this excitement comes the time when you must file a federal income tax return during tax season, and you may have no idea how to deal with it. 

Tax season is when the absolute misery starts, and businesses shudder to lose their consciousness and fall apart. To prevent this, companies need to hire tax professionals to prepare their tax returns or use DIY tax prep software to evaluate how much they are liable to pay to the government.

DIY Tax Prep Software vs. Tax Preparers

Depending on the complexity of your tax information, you need to decide which option is right for you and best suits your business’s tax needs. Preparing business tax returns is not as simple as it seems. It requires technical knowledge, skills, and expertise, which most of us lack. If you expect to file a clean tax return and save yourself from the hectic tax return process, it is most likely ideal to spend a tiny portion of your hard-earned money on hiring the seasonal services of tax professionals.

The point is that tax professionals will pay off whatever you invest in in the long course of your business’s journey. Generally, a tax professional may charge around $100-$150 for preparing a simple federal income tax return. However, they may add more fees to your final invoice or settlement if the complexity and depth of your tax refund grows. 

DIY Tax Prep Software

If you own a small-scale business, you may not be able to hire a tax professional to prepare your tax returns. If not, you can use DIY tax prep software as an ideal alternative. It largely depends on the frequency of financial transactions and the accuracy of taxable bookkeeping records. A wide variety of DIY tax prep software and online options calculate accurate tax returns.

Moreover, they are affordable, fast, and user-friendly, so you can trust tax prep software, especially if you cannot hire a tax professional. The best thing about DIY tools and software is that they are cost-effective, and anyone can afford to acquire them with extraordinarily little or no subscription fee.

Conclusion

For reasonably straightforward tax calculations, you can use DIY tax prep software. However, hiring tax professionals to prepare your tax returns is a wise choice for complex financial transactions. It is essential to evaluate the effectiveness of your software and weigh its value for tax preparation against the cost before deciding which option to choose—either DIY tax prep software or hiring tax professionals. A well-organized yet clean tax filing can save you a lot of money and stress.

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.

HUD stands for Housing and Urban Development. The HUD Settlement Statement is a document issued when a borrower takes out a loan to purchase real estate. Understanding what this statement entails to record a HUD Settlement Statement is essential. The HUD Settlement Statement consists of the parties involved, including the buyer and seller, property details, settlement agent details, and figures (numerical data). We will discuss these figures and their recording in financial books in the following paragraphs.

How to Record a HUD Settlement Statement

Sellers’ transactions

This section will sort out the list of transactions involved and their treatment in the books.

Credits – will list the gross amount owed to the seller at the time of settlement closing:

1. Contract’s Sale Price
2. Personal Property
3. Any additional credits to be made to the seller, including money owed to the seller by the buyer of this HUD Settlement Statement
4. Other credit entries to the seller’s account may handle adjustments that the seller has settled in advance, such as prepaid taxes, homeowner association dues, and similar expenses.

Debits – will list the charges of the seller at the time of settlement closing:

1. Any excess deposits made by the buyer 
2. Settlement charges paid by the seller
3. Full or partial mortgage loans or other owed liens will reduce seller account debt.
4. Debit entries will also consist of closing costs paid by the seller on behalf of the buyer.
5. Lastly, all adjustments for items unpaid by the seller include the pro-ration of property taxes, security deposits, and things to credit the buyer.

Buyers’ transactions

The list of transactions involved and their treatment will be mentioned in this section.

Debits – will list the gross amount owed by the buyer at the time of statement closing:

1. Contract’s Sale Price (remember that this is the double-entry made alongside the credit earned to the seller, as mentioned above)
2. Personal Property
3. Settlement charges paid by the buyer
4. Any amounts due from the buyer
5. Adjustments for items settled in advance by the seller may be as miscellaneous expenses.

Credits – will list the amount paid by the buyer or those born on behalf of the buyer of the HUD Settlement Statement:

1. Deposit made by the buyer
2. The loan amounts
3. The amount the seller owes to the buying party is a credit entry and must be recorded. The records are the double-entry made in opposition to point no. 5 made in the seller’s debits transactions list.
4. Property tax and assessment pro-ration credits from the seller to the buyer of the HUD Settlement Statement
5. Lastly, any additional credits to the buyer will be entered here from any source if not from the seller.

Now that the debits and credits for both parties have been identified in the HUD Settlement Statement, you will enter these, and you shall estimate the total balances on both accounts in the accounting books to serve for bookkeeping purposes. The treatment of these entries will be carried forward to the general ledger for all other statements in the chart of accounts.

Conclusion

In conclusion, the HUD Settlement Statement is a critical document in real estate transactions, delineating buyers’ and sellers’ financial obligations and credits at settlement closing. Understanding its intricacies is paramount for accurate recording in economic books. Sellers’ transactions entail credits like the sale price and personal property, with debits covering settlement fees and mortgage loans.

Buyers list debits, such as the sale price and settlement charges, offset by credits, including deposits and loan amounts. Accounting for prepaid items and credits from the seller is essential. Proper recording in the general ledger ensures meticulous bookkeeping, facilitating effective management of financial records for all parties involved in real estate transactions.

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.

No matter how big or small your business may be, employee theft will continue to eat a significant portion of your annual revenues and profits. Moreover, it has been around since the beginning of time. However, no one can deny that businesses are vulnerable to fraud, primarily SME entities that suffer excessively huge fraud losses. SMEs must ensure adequate internal controls to create a favorable profit-producing environment. Furthermore, you may believe that fraud cases are found in large-scale companies with thousands of employees in multiple locations.

SMEs are Vulnerable to Employee Fraud

Today, organizations have mixed opinions on dealing with fraud cases. Some are proactive and instill policies for prevention; some are lenient and show more sympathy towards their employees on personal grounds. According to studies, organizations with fewer than 100 employees are more vulnerable to employee fraud as they account for the highest percentage of fraud. The thing is, SMEs are more inclined towards generating sales and profits and care less about maintaining adequate internal controls and reviewing their bookkeeping records with a fine-tooth comb. Each year, SMEs lose billions of dollars in annual revenues and profits worldwide, claiming that employee fraud is inevitable and hurts a business’s integrity.

You Can Prevent Fraud

With innovative tools, techniques, and practices, fraud prevention and detection are possible. It would help if you chose the right prevention option by comprehensively analyzing your business. No one knows a business more than its owner, and owners have the potential to change the fate of their company. They know their business’s strengths and weaknesses and can turn things around in their business’s favor.

Moreover, in organizational setups, SMEs have scarce resources that they need to ensure that everything is under control. Furthermore, business owners must know how to create and maintain internal controls by implementing a professionally designed fraud prevention and detection plan with limited resources.

Why do Employees Steal from their Company?

There are primarily two reasons employees get involved in fraudulent activities in an organizational setup: undervalued and underpaid. These two things work as fuel for them, and if it is not there, the employees feel discouraged, demotivated, and left out. Moreover, you can only expect your employees to work efficiently if the owner ensures both things. When these two things are not there, the owners can expect their employees to be involved in fraudulent activities through various means. Additionally, organizations can catch up with their fading fate by creating, implementing, and practicing the proper internal controls.

Corruption Ruins the Business

Moral and financial corruption eats up an entire organization, slowly and gradually. Diminishing profit margins and draining profitability lead a business toward a complete disaster. Early on, owners eager to get their organization’s operations back to normal may have a slight chance of success. But those who react when the time has passed achieve extraordinarily little or no success. Some organizations hire professional managers who can turn things around on their organization’s behalf. However, turnover seems wise, especially for those good at yielding sales and profits but lacking the managerial skills to maintain the proper internal controls.

We are Maintaining Adequate Internal Controls

Organizations need to prevent and detect fraud so that others working in the company are not bothered. Companies can often overcome business challenges effectively by slightly modifying the existing organizational processes. Sometimes, they are successful. Sometimes they fail. It all depends on how well you leverage your internal controls. For a typical company, separation of duties is a critical tool that helps evaluate performance individually. However, this way, you get to know whether your employees are stealing from you, and if they are, you will know who is stealing!

Additionally, it would be best to ensure your employees abide by the policies and procedures. Encourage your employees to document everything to determine what is lacking or where the problem is. These are some of the ways you can maintain proper internal control in your organization.

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.

To be considered a top tech-savvy bank, you must adopt certain traits. Along with other characteristics, a leading tech-savvy bank must have excellent bookkeeping skills. Bookkeeping will help these banks generate all the required and significant information from which you will formulate their accounts. The process of bookkeeping is recognized and well-defined in the field of business and accounting. Each transaction must be verified. The method of bookkeeping helps ensure accurate and timely records.

These are some of the traits that a top tech-savvy bank should have:

They are Precisely Where Their Customers Want Them to be

Today’s generation has no desire to head over to their bank branch. They wish to use their mobile phones. Technology is the reason why mobiles have become the fastest-growing podium in the field of banking.

They Can Provide Fast Services

A top tech-savvy bank should have better and faster banking software systems. The better the system, the more elegant the bank will be. These banks should launch new services and products that take days, not months, to produce.

However, this also means that the speed and rate of customer fulfillment and satisfaction are much faster. It would be best to primarily focus on the banks that run both back and front offices on the same platform. Let us take an example of this scenario. A customer can open a customer account, disburse the funds to its other customers, and make a financial decision—all in 60 seconds.

They are Accessible

Another gain for top tech-savvy banks is that integrated, modern IT systems allow them to take advantage of IT economies of scale while growing—inorganically or organically. IT systems are accessible, scalable, and can handle vast amounts of new information.

IT means that, on every occasion, a top tech-savvy bank can easily and quickly transfer customer data to its systems.

They Deliver a Pleasing User Experience

When it comes to technology, bank customers can be more demanding. This is because they want easy accessibility, top-notch security, and a personalized experience.

The most advanced and top tech-savvy banks have started to move from offering transaction services towards assisting and facilitating their customers to make sure that they make smarter commercial and financial decisions. They also wish to introduce the right services to their customers on the suitable device at the right time.

Technological capabilities help top tech-savvy banks monitor their customer’s activities, study them, and help them make suitable offers. The best of these top tech-savvy banks provide first-rate security without having to disturb their customer experience. These types of banks use applications to understand and analyze precisely how their customers use a device to offer background levels of verification.

They Influence the Power of Ecosystems

The most advanced, top tech-savvy banks are now also considering working with third parties. They influence the authority of the crowd to benefit them by updating faster and providing a broader range of services and products to their customers.

Let us take an example of this scenario. A top tech-savvy bank can open a library of Application Programming Interfaces (APIs) to companies and developers, offering complementary solutions. It is incredibly beneficial for the bank you choose to be tech-savvy. You can do multiple online actions instead of driving to the bank for all your needs. There is a time when you may not have transportation to get what you need to be done at the bank. Additionally, this will not be an issue with a tech-savvy bank!

Conclusion

In conclusion, being a top tech-savvy bank entails embracing precise bookkeeping, swift service delivery, accessibility, and a user-centric approach. By leveraging advanced technology and ecosystems, such banks enhance customer experiences and offer innovative solutions and services. This tech-forward approach ensures convenience, security, and efficiency for customers, making banking tasks seamless and accessible anytime, anywhere.

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 bustling world of retail, the cash register once reigned supreme. It was the heart of the transaction, the final frontier where goods exchanged hands. However, as technology evolved, so too did the methods of transaction. Enter the Point of Sale (POS) system, a revolutionary step in the evolution of retail that has dramatically transformed the landscape.

The Growth of POS Systems in Retail

The journey of POS systems in retail is a fascinating tale of innovation and adaptation. In the early days, POS systems were rudimentary, often just electronic versions of cash registers. However, as retailers recognized the need for more efficient, accurate, and streamlined operations, the POS system began to evolve.

This evolution was not just about smoothing sales transactions. It was about integrating inventory management, customer relationship management (CRM), and sales reporting into one cohesive system. Retailers could now track inventory in real-time, understand customer buying patterns, and generate sales reports with ease, making informed decisions to drive their business forward.

The digital revolution further accelerated the growth of POS systems. Cloud-based POS systems emerged, offering retailers the flexibility to access their data from anywhere, at any time. This was a game-changer for small and medium-sized retail businesses, which could now enjoy the benefits of a sophisticated POS system without the hefty price tag of traditional, on-premise systems.

The Most Recent Innovations in Retail POS Systems

As the retail landscape becomes increasingly competitive, the latest innovations in POS systems are focused on enhancing customer experience and operational efficiency. Here are some of the most exciting developments in the space:

Mobile POS (mPOS) systems

The rise of mPOS systems allows sales associates to carry out transactions anywhere in the store, reducing wait times and improving customer service. This mobility also enables retailers to engage with customers more personally, offering recommendations and completing sales on the shop floor.

Integrated eCommerce

With the surge in online shopping, POS systems that seamlessly integrate with eCommerce platforms are becoming indispensable. These systems allow for a unified inventory, meaning a product sold online is immediately reflected in-store and vice versa. This integration is crucial for providing a cohesive shopping experience across all channels.

AI and machine learning

Artificial intelligence (AI) and machine learning are making their way into POS systems, offering predictive analytics to forecast sales trends and manage inventory more efficiently. Some systems also use AI to personalize customer interactions, suggesting products based on past purchases and browsing habits.

Contactless payments

The demand for contactless payments has skyrocketed, a trend further accelerated by the COVID-19 pandemic. Modern POS systems are equipped to handle various forms of contactless payments, including NFC (Near Field Communication) and QR codes, ensuring transactions are not only quick but also safe.

Self-service kiosks

In an effort to streamline operations and reduce labor costs, many retailers are adopting self-service kiosks. These kiosks are equipped with POS systems that allow customers to check out items by themselves, offering a convenient and fast shopping experience.

Helpful retail business facts

As we marvel at the advancements in POS technology, let’s not forget some helpful and educational retail business facts that underscore the importance of adapting to these innovations:

• Customer experience is key

Studies show that 86% of buyers are willing to pay more for a great customer experience. The right POS system can significantly enhance customer interaction, making it a vital investment for retail businesses.

• Inventory management

Poor inventory management leads to either stockouts or overstock, both of which can be costly for retailers. Advanced POS systems help businesses maintain the right balance, reducing losses and improving profitability.

• Data is gold

In today’s data-driven world, the information collected by POS systems is invaluable. Retailers can use this data to make strategic decisions about product placement, pricing strategies, and marketing campaigns.

Summary

In conclusion, the growth of POS systems in retail is a testament to the industry’s adaptability and commitment to innovation. From clunky cash registers to AI-powered, cloud-based systems, the evolution of POS technology has empowered retailers to offer better customer experiences while optimizing their operations. As we look to the future, one thing is clear: the retail POS system will continue to evolve, bringing with it new possibilities and opportunities for retailers worldwide.

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.

Avoiding Bankruptcy

No one considers filing for bankruptcy a great idea; even top attorneys suggest you consider it a last resort. Bankruptcy will affect your life if you choose to go that route. For most, the disgrace, guilt, and fear of default are enough to find alternate solutions, and, to top that, it puts your credit score in tatters. Many people prioritize Avoiding bankruptcy, even if they must take extreme measures.

It might be easier to overlook the repercussions of bankruptcy as a bystander; ask anyone who has faced this situation. Therefore, you should seek all possible solutions before taking such an extreme step. Here is a list of potential alternatives you can explore before taking that route.

Sell Your Assets

Selling off assets is one of the most utilized options to save oneself from bankruptcy. You can try to pay your debt by selling whatever support you can quickly dispose of, as you must make debt payments on time. It might already be too late if you take too long to make your payments.

All your assets, including land, furniture, jewelry, electronics, etc., could help you pay the debt. Some people are overly attached to their things. However, they must realize that these things are temporary and, if you live to fight another day, they will eventually come back. Right now, the priority is avoiding bankruptcy at all costs, which may leave you nowhere to go.

Settle Your Debt

One way to avoid bankruptcy is to settle your debt with an IRS payment plan. You may have to live hand-to-mouth for a certain period and cut out most of your excessive expenses, including some essential ones. If it helps you avoid bankruptcy, you can live without a cell phone, satellite TV, and expensive meals.

You must devise a payment plan with the IRS or hire an expert for the same purpose. You may have to endure the pain of working an extra job or two to make ends meet and pay your debt, but this may be the only way forward.

Request Your Creditors

It would be best to let your creditors know that you are in a distressful financial situation and hope they will help you in any way possible. It would also help if you told them about your plan for paying off the debt. If you are convinced, they might significantly reduce your interest rate or monthly payments.

You could enroll in a hardship program designed by banks and credit card companies to help people in similar situations. Before enrolling in a hardship program, ensure that the interest rates will go down, or you could end up with an even higher minimum payment.

Seek Professional Help and Consumer Credit Counseling

Some people are not so good at convincing others. Seeking professional help is the only way forward for some, as experts in the field can guide you in the right direction. Even the new bankruptcy laws require you to seek credit counseling before filing for bankruptcy. The professional will meet with you and work on a possible payment plan within your budget. Avoiding bankruptcy means taking extreme measures, as there are always holes in your budget that can be found and utilized.

As a last resort, you may borrow money from your family or friends but be wary. If you choose this option, proceed with extreme caution.

Conclusion

In facing financial distress, bankruptcy should be seen as a last resort. Exploring alternatives like asset sale, debt settlement, negotiation with creditors, or seeking professional help is crucial. Taking proactive steps to avoid bankruptcy can help preserve financial stability and minimize long-term consequences.

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 2018, the universe was vastly different than just a year ago. Variation swept the World, majority movements augmented, and trade settlements stopped. Commodity, currency, and asset prices oscillated unpredictably, and the probability of significant policy shifts flustered markets. At the same time, technology continues to disrupt whole businesses, raising future apprehensions about employment, productivity, and global growth. A strong economy demands a balance of small and large firms. 

In innovative economies, Small and Medium-sized Enterprises (SMEs) typically generate more than half of GDP. They regularly produce fresh ideas and innovation through consistent bookkeeping and new approaches to old ideas. Start-ups, though, represent just a tiny proportion of SMEs. Numerous SMEs are long-established family businesses where the founder and owners manage to attain personal objectives beyond stockholder return. Small companies—not big companies—are the largest employers in most countries. Their prominence is expected to increase as automation threatens routine occupations and countries fight for full employment.

The World According to SMEs

Because of their smaller size, SMEs are naturally more susceptible to improbability than larger, more recognized firms. So, it is no astonishment that financial uncertainty (37%) and political uncertainty (15%) signify the top apprehensions for SMEs worldwide.

SME Strategies for Success

SMEs react to insecurity by emerging effective strategies that build their economic strengths. They are also evolving policies and bookkeeping techniques to strengthen and expand into new local and export advertisements.

Strategies to Form Economic Strength

SMEs are prioritizing four parts critical for future achievement:

•  Applying technology
•  Agility
•  Augmented innovation
•  Appealing and retentive talent

While large businesses also focus on these stratagems, SMEs hold distinctive advantages in each area, which they can exploit to toughen their market position. SMEs are already assured of their competencies in these four areas and plan to improve further in the coming years.

Planning

Research your opponents and the marketplace, but think about the market as physical people. Develop a detailed understanding of the people you want to trade with and the problems they face. E-consultancy is a fantastic advertising data source reporting how customers act online. Thus, you can direct your publicizing efforts in the correct areas.

Set Aims

The job is not a limited-edition job—set purposes for every bit of advertising you do and give precise timings and measurements of success. For example, your website’s success may be measured by how it produces inquiries or sales. Give your published work specific goals, too, such as driving traffic to your website through a thorough “search for” call to action. Do not be shy about speedily evaluating through bookkeeping and adjusting things to keep on track for your aims.

Get to Know Some Local Suppliers

Local industries might be able to serve you much better. And they will always know other people who can help you, too. Please do not fear inquiring penetrating questions about their facilities either. You must know you spend money with trustworthy companies to verify their outcomes, quality, and delivery times. Consider your expenses cautiously and map each bit of money paid to a specific consequence.

 
Become a Professional

Social interaction is perfect for launching yourself as an expert in your arena. Give high-value content and instruction away to help your ascension to “expert” status. Generate a policy for releasing content and set up a blog as a medium for this release.

Conclusion

Overall, remember that advertising is one of the more fun features of running a business – eventually, it is about telling individuals how great your business is – but do not try to do everything at once. The best methods to recover a return on strategy are to start where you are and gain assurance in the procedure. If the process needs modification, then add as needed.

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.

Welcome to the exciting world of digital business! As you navigate this dynamic landscape, it’s important to keep your online assets safe and secure. That’s why we’re here to share some valuable insights on web security. In our fast-paced, tech-driven era, safeguarding your business operations, communications, and transactions is essential. Our article offers an in-depth analysis of web security and highlights the top five must-have essentials for every business. With these measures in place, you can confidently navigate the vast digital landscape and protect your valuable assets.

Understanding Web Security

Web security, in its essence, encompasses measures and protocols put in place to protect websites and online services from cyber threats. These threats can range from malware and phishing to data breaches and DDoS (Distributed Denial of Service) attacks. The goal of web security is to ensure the confidentiality, integrity, and availability of web resources and user data.

Why is Web Security Paramount for Businesses?

Data protection

Businesses collect and store sensitive information, from customer data to proprietary business details. Unauthorized access or breaches can lead to financial losses and damage to reputation.

Trust and reputation

Customers trust businesses with their data. A breach could significantly damage a business’s reputation, leading to customer and revenue loss.

Regulatory compliance

Various regulations mandate the protection of personal and sensitive data. Non-compliance can result in hefty fines and legal consequences.

Business continuity

Cyber attacks can disrupt business operations. Ensuring web security helps maintain business continuity, minimizing downtime and losses.

Top 5 Web Security Essentials

To navigate the complex web security landscape, here are the top five essentials every business should implement:

Secure sockets layer (SSL) certification

SSL certificates encrypt data transmitted between a user’s browser and the website, ensuring that sensitive information like credit card numbers and login credentials are secure from interception. Google also ranks SSL-secured websites higher, benefiting SEO.

Web application firewall (WAF)

A WAF protects web applications by filtering and monitoring HTTP traffic between a web application and the Internet. It helps defend against common attacks such as SQL injection, cross-site scripting (XSS), and DDoS attacks.

Regular software updates and patch management

Cyber attackers often exploit vulnerabilities in outdated software. Regularly updating and patching web servers, CMS platforms, plugins, and third-party services is crucial for closing security gaps.

Secure coding practices

Secure coding practices are essential in the development phase to prevent vulnerabilities. This includes input validation to avoid SQL injections and XSS attacks, secure session management, and error handling that doesn’t expose sensitive information.

Multi-factor authentication (MFA)

MFA adds an extra layer of security by requiring two or more verification factors to gain access to a resource, significantly reducing the risk of unauthorized access.

Supporting Data and Facts

• According to a report by Cybersecurity Ventures, cybercrime is projected to cost the world $10.5 trillion annually by 2025, up from $3 trillion in 2015.
• A study by the Ponemon Institute found that the average cost of a data breach in 2020 was $3.86 million.
• The Global Information Security Survey 2019 revealed that only 36% of organizations believe they have adequate resilience to cyber attacks.

Conclusion

Great news! Web security is an essential factor for modern business operations, and it’s easier to protect your website than you might think. With cyber threats evolving every day, it’s crucial to prioritize SSL certification, Web Application Firewall (WAF), regular software updates, secure coding practices, and multi-factor authentication. These measures can go a long way in strengthening your defense against cyber threats. By being proactive and implementing these steps, you’ll be able to rest easy knowing your website is secure. Remember, prevention is always better than cure when it comes to web security.

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.