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The financial systems of the yesteryear are gone. With financial technology becoming readily available and the technological revolution, plenty exists. Fintech is making pathways for professionals like accountants and bookkeepers with massive amounts of paperwork. Traditional financial systems are biting the dust with the web’s evolution and technology galore, not just due to the advancement of systems and technologies but also from obsolete physical systems that pose a danger to security and reliability as opposed to digital systems. These systems are heavily undermined as they cannot take advantage of innovations in the digital world. An accounting department filing cabinet is one of those systems.

For starters, an accountant is a professional who deals with taxation, which makes it legislatively important. They also help portray a business’s financial health and evaluate creditworthiness. Accounting is called measuring, processing, and coordinating financial information of economic entities. It is the summation of an organization’s activities related to economics and uses information related to users such as creditors, investors, management, and regulating authorities. The scope of this field is vast, and due to its broad usage, tax accounting and auditing are also a part of it. An accounting department filing cabinet is part of its processing and practices.

TheEvolution of Accounting

Accounting is centuries old, so it is not hard to understand the need for standards and regulations in this vast field. The 21st-century practices differ from the last century due to the formation of bodies and other authorities that govern accounting laws such as GAAP or IFRS. The accounting profession desperately needs an upgrade to better fit into the digital era. An accountant needs to record all particular asset details and information for classification needs.

Like the accounting department filing cabinet, all records and where they are stored are known to the accountant. Like skeuomorphism, where models are made to depict real-time objects that are imitated, using century-old methods like cabinet systems pulls down the potential of an organization, thus making a profound impact that generally allows competitors to move ahead. The physical attributes are such as the cabinet versus digital filing.

Depending on the requirements of an organization, the cabinet holds information vital for the business’s progress, leading to growth and development. In a physical system, such as an accounting department filing cabinet, it is crucial to know where the information lies, which folder has it, which section it underlies, etc. Anyone assigned that task will be grateful and appreciative of how the data is stored, retrieved, managed, and organized. There are many fields where data can be stored under categorization, like copying papers and placing them in various places for ready reference, but this practice is wild as workloads grow and paper management becomes a curse.

To allow more freedom and ease in life, accountants use a prescribed system of account classification such as billing, costs, expenditures, and physical goods that help them acquire information readily, unlike the accounting department filing cabinet.

The digital era of our modern world has various concerns. Let’s take hashtags, for instance. Anyone on social media knows it while hashtagging pics of friends or a tweet. This is because hashtags are unstructured data in the domain of big data. It’s incompatible with accounting as structured data is used for financial reporting or training. It must reinvent itself to use hashtags as an information organization. Still, upon realization of this problem, accounting has to think up new ways to develop and grow to accommodate the modern world’s needs.

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.

Employee theft and embezzlement are the main reasons behind the demise of most start-ups. Entrepreneurial business ventures are initiated mainly by inexperienced individuals who lack business management knowledge, skills, and expertise. However, business management doesn’t have to be that difficult to master. All you need to do is learn the game’s art and know your employees well enough to create a powerful prevention plan against employee theft and embezzlement.

Unusual habits and changing behavior of employees, plus a lack of timeliness in updating and reconciling accounting records, reveal a lot about an employee and their commitment to their work. Detecting and preventing employee theft and embezzlement has become the need of the hour. Companies are even ready to hire professionals who devise creative ways to catch the culprits for their misconduct. According to studies, business owners from across the globe lose about 6% of their annual revenues and profits to employee embezzlement.

Blind Trust Has its Repercussions

You might be surprised that trusted and established employees steal more from companies. How can a business expect to witness significant returns if their trusted partners, stakeholders, or employees are going to steal from their business? This is alarming for the fate of your company because if you are not going to stop it, it will slowly and gradually eat your business altogether. In other words, unfortunately, employee theft and embezzlement are something that you will constantly battle throughout running your business. Certainly, no magic formula will stop it immediately, but your constant efforts will have a positive impact!

As humans, we tend to fall prey to our desires. We look for an easy way to fulfill our wants and needs, often leading us to commit fraudulent activities like stealing supplies from homes and offices. This activity has to be stopped no matter what because it will ruin our motivation to earn legitimate money, which is hard to gain back once lost!

What to do to Prevent Employee Theft and Embezzlement

According to studies, 55% of fraudulent activities result from a group activity, which means involving others to help commit financial crimes. This information bears testimony that employee theft and embezzlement are tough for an individual and a lot easier for those who work in groups for mutual gains, financial or personal. Certain things can help you protect your business against embezzlement if executed perfectly, such as knowing and supervising your employees, maintaining control over financial matters, cross-checking or auditing business bookkeeping, integrating and incorporating computer software for digital tracking, separating financial duties of employees and last, but not least, checking stock inventory regularly.

Forms of Employee Theft and Embezzlement

The people who steal from you most are clever and smart individuals who will always think one step ahead of you. This means you need to constantly upgrade and change your measuring mechanism for evaluating the misconduct of your employees, as they know your company inside and out. Employee theft and embezzlement typically exist in three forms: theft of cash, theft of goods, and theft of sensitive information.

What to do to Get Things Back on Track

It would be best to discourage these fraudulent activities as much as you can because it will help you save a lot of money in the long run. Instead of your company policy, you may document every sale and purchase for your records, create and follow up on written procedures for ideal business management, keep track of inventory in your individual capacity, and periodically review employee theft and embezzlement prevention measures.

According to experts, if each employee is held responsible for their deeds, there are fewer chances of theft, fraud, shoplifting, embezzlement, and other incidents of fraudulent activity.

Suppose all preventive measures fail to get things back on track. In that case, you should consider hiring a professional accounting, bookkeeping, or auditing expert who will sketch a clear picture of your finances to develop a prevention plan to stop employee theft and embezzlement.

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.

Small-business entrepreneurs may have more difficulty borrowing financing from a bank. If you’ve been in the company for less than two years, have a credit score of less than 640, or require less than $250,000. There are, fortunately, alternatives to standard bank installment loans. Online lending has been a source of innovation and promise for small businesses looking to invest and grow. According to Harvard Business School figures, although small-business bank loans fell by 3.1% in 2014, small-business internet lending surged almost threefold.

But how can entrepreneurs save time and get the most out of the online loan process? Six crucial online recommendations and insights for applying for a small-business loan are listed below.

Make Sure That Your Finances are in the Correct Order

Traditional banks provide more adaptability and flexibility than online lenders. However, you still need to present solid financial records to show that your company is sustainable and capable of repaying the money you borrow. Begin with the fundamentals: Make sure you have a registered business name, an ID number, and a business checking account for your company.

Use Accounting Software That is Accessible Online

Even the tiniest firm may benefit from digital solutions like QuickBooks, FreshBooks, or Xero, which can help them handle their finances precisely and efficiently. It’s simpler to manage your money and establish that you’re a good loan candidate now that your information is digital. Kabbage’s automation allows you to connect your online accounting software to assess the health of your business, making these online tools more straightforward to use and more likely to be approved.

Keep Your Business and Personal Funds Separate

No matter how tiny, a company must project a professional image. Examining the implications of conducting business when contemplating online loan choices is critical. If you habitually mix your business and personal funds, it’s time to stop because it might hurt your chances of getting a loan approved. When your finances are overly complicated, your chances of passing an audit are reduced, which might interfere with your business development goals. To improve your chances of getting a loan, have a separate bank account and credit card for all your personal needs, and treat your business as a distinct organization.

Your small business’s money should be kept separate from your finances. You risk overcomplicating your finances or failing an audit if you pay bills with personal cheques or credit cards. Open a different bank account and credit card in your company’s name to keep track of all your business expenses.

Understand the Fees Charged by Internet Lenders (Mainly Hidden Fees)

Understanding all the fees, interest rates, and other charges involved with an online lending option is critical before you sign up. If you’re unsure about something, ask about the costs; it’s your right to know what you’re getting into; if they don’t answer all your questions on the form, don’t be afraid to ask them directly. You will usually include most of the information you will be asked to sign on the paper.

You should read any loan application’s tiny print carefully. Make sure you comprehend everything when you sign on the dotted line. Ask questions upfront to understand the loan fees, interest, origination fees, and any other expenditures you’ll incur.

Examine each lender’s characteristics, such as customer service, pricing, etc.

Before picking your preferred financing choice, read customer reviews and research extensively using your available resources. Although a low-interest loan may appear appealing, you should know that hidden costs or poor customer service might set you back. Do an extensive market study on all your selections because you will deal with them long. Failure to make the appropriate decision might lead to future problems. If you’re having problems deciding, weigh all your alternatives and seek expert assistance.

What do you need most from your small business lender besides the capital? You can compare your selections and read consumer reviews on sites like Trustpilot. The cheapest loan choice may not necessarily be the most excellent match, especially if other small-business owners have complained about hidden costs or customer service issues.

Keep an Eye on the Security Situation

While getting a loan online may appear to be riskier than going via a traditional bank, you can protect your personal information by taking a few simple measures:

1. Do some research on each potential lender to ensure that they are reputable.
2. Double-check that you’re transferring sensitive financial data through a secure (HTTPS://) website connection.
3. Any lender who requests an upfront application fee or an immediate down payment before your loan is approved should be avoided.

Rather than charging you upfront, legitimate lenders would include any costs in the repayment plan.

There has never been a perfect moment to apply for online small-business finance. These suggestions might assist you in weighing your alternatives for obtaining the money you require to expand your firm.

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

The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a piece of legislation in the United States that ensures the security of all medical information for individuals. 

Today, the top concern of healthcare organizations is compliance with HIPAA (the Healthcare Insurance Portability and Accountability Act of 1996). Its rules are meant to secure protected health information (PHI), whether electronic or manual.

To achieve HIPAA compliance, healthcare institutes and professionals must follow guidelines that ensure the security and protection of their patients. If unsure about the rules, they should consult the Chief Information Security Office for review.

HIPAA Compliant – A Checklist

The rules and regulations have changed, causing healthcare organizations many challenges. Its complex language has often created a hindrance that makes it hard for organizations to determine if their activities are correctly maintained according to HIPAA compliance. Healthcare organizations must address some specific rules by HIPAA, which are as follows:

• HIPAA Privacy Rule
• HIPAA Security Rule
• HIPAA Enforcement Rule
• HIPAA Breach Notification Rule

HIPAA Privacy Rule

The HIPAA Privacy Rule ensures that an individual’s healthcare information, including medical records and personal information (healthcare plans, insurance, and finances), is adequately protected. The goal is to provide security while allowing secure access to healthcare practitioners, but not without a patient’s authorization.

The rule balances information disclosure and protects an individual’s privacy. According to the HIPAA Privacy Rule, patients have full rights over their medical information, which means they can obtain their medical records or request a correction.

HIPAA Security Rule

The HIPAA Security Rule sets the national principles for safeguarding an individual’s electronic health information (EHI) as declared under the privacy rule. The Rule ensures the electronic PHI’s reliability, security, and confidentiality. Three types of safety measures fall under the HIPAA Security Rule: physical protection, Technical protection, and Administrative protection.

Physical Protection measures involve limiting access to facilities and implementing strict workstation security policies. Access Control ensures only authorized personnel can access electronic PHI, with removal carefully examined. Audit Control records hardware and software activities to prevent data misuse.

Administrative Protection includes appointing security officials, training employees on security measures, and regularly assessing security protocols for compliance. These measures collectively safeguard electronic PHI and ensure that only authorized personnel can access sensitive information.

HIPAA Enforcement Rule

The HIPAA Enforcement Rule requires all healthcare organizations to enforce the Privacy Rule. If any organization fails to comply with HIPAA, it must face penalties. There are several ways the OCR implements the Privacy and Security Rules:

• Investigation of complaints
• Determining whether healthcare organizations comply with HIPAA
• Educate organizations and provide substitute compliance if required

HIPAA Breach Notification Rule

Any organization that allows disclosure of healthcare information without authorization, under any circumstances, will be convicted of violating HIPAA rules. The organization must notify the secretary immediately if it discovers an information breach.

Conclusion

In conclusion, the Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a cornerstone of safeguarding medical information and ensuring patient privacy within the United States healthcare system. Compliance with HIPAA regulations is paramount for healthcare organizations, necessitating a comprehensive understanding and implementation of its provisions. From the Privacy Rule to the Security Rule and the Enforcement Rule, healthcare entities must navigate a complex framework to protect protected health information (PHI) effectively.

Failure to adhere to HIPAA guidelines can result in severe penalties, emphasizing the importance of robust data security measures and diligent adherence to compliance protocols. By prioritizing HIPAA compliance and investing in necessary resources and training, healthcare organizations can uphold patient trust, mitigate risks, and safeguard sensitive medical information in an increasingly digital age.

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.

Businesses operate in a complex and ever-changing industry. Commercial properties are mushrooming in every corner of every city. Unfortunately, not many people know what goes on behind the scenes of a construction company.

Those working for a construction company know the daily challenges they face during their routine jobs. It’s a significant challenge for any construction company to complete a structurally sound commercial building on the designated time and budget. Here are the top five challenges that a construction company faces regularly.

Government Regulations

Construction companies are one of the most regulated ventures. The government keeps these companies under solid scrutiny. Building codes are restrictive, and licensing and permit requirements are challenging to achieve.

Companies must adhere to many regulations, as unsafe buildings are a significant security risk for every city. However, meeting the local and federal government’s strict rules and safety standards is challenging.

Social and Political Pressures

Social and political pressures challenge construction companies to hold ongoing projects for years. Pressure from the local community could delay or cancel a construction project, which could be devastating for a construction company with losses of millions. The political and societal challenges can be overcome by meeting with local communities and concerned parties.

Health and Safety Concerns

Commercial construction is one industry that suffers accidents causing fatal injuries. Every day, thousands of companies with millions of employees work round the clock to meet deadlines. Workers are exposed to hazards from machinery, falling debris, malfunctioning equipment, electrical shocks, falls, and trench and scaffold collapses.

Apart from human suffering, financial constraints hit commercial construction companies hard. Some losses from accidents can cost a company millions in compensation to the workers and loss of equipment. Many of these losses can significantly impact proper bookkeeping within a construction company.

Construction companies can take different measures to eliminate or reduce accidents by meeting health and safety concerns. Maintaining high safety standards can overcome fatal human loss and financial crises.

Shortage of Skilled Labor

The biggest asset of any company is its human resources; commercial construction companies are no different in this regard. They must have the competent, trained, and highly skilled human capital to keep everything in its correct order. The shortage of labor is a primary concern for commercial construction companies.

To overcome this challenge, the construction company must take steps to work toward employee retention. Employee retention is significant for construction companies because not many people are willing to enter the construction business, as construction is physically demanding, challenging, and sometimes dangerous. Paying better wages could help the company keep its employees for a more extended period.

Time Management

Construction is considered one of the most demanding industries because the biggest challenge is effective time management to meet deadlines. Simple time management becomes a significant task in construction. A natural weather calamity can rip the project off the ground, causing substantial delays in meeting deadlines.

Every day a construction site is closed due to bad weather or any other issue, each day costs the commercial construction company suffers significant financial losses recorded in bookkeeping. This is a considerable challenge, particularly to the construction business, and seasonal changes affect it. Access issues, accidents, machinery malfunctions, or breakdowns can cause massive delays.

Companies can improve their time management by checking the weather forecast and managing the delivery dates for necessary raw materials.

Running a commercial construction company is not easy. It is challenging and complicated. Overcoming the challenges above is vital for a company to maintain its operations while managing to complete its due date.

Conclusion

In conclusion, the commercial construction industry operates in a dynamic landscape, navigating regulatory, social, and operational challenges. From stringent government regulations to the perpetual struggle of time management, construction companies face many obstacles in completing projects on time and within budget. Health and safety concerns underscore the importance of maintaining rigorous standards, while the shortage of skilled labor further complicates matters.

Despite these challenges, proactive measures such as community engagement, employee retention strategies, and leveraging technology can help mitigate risks and ensure smoother project execution. Ultimately, successfully overcoming these hurdles is essential for construction companies to thrive in an ever-evolving business environment while delivering quality outcomes.

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.

With the advent of accounting, one of the most prominent words in the business dictionary was bookkeeping. Bookkeeping, in its broadest terms, is the process of keeping a record of all business financial transactions. This process requires drawing up several accounts that contain various transactions taking place within the business.

The bookkeeping process in accounting has been a tedious task since its inception, as it requires drawing up several individual t-accounts to record journal entries for the five major accounting elements – assets, liabilities, capital, expenses, and revenues. An essential and commonly used classification is that of ledgers, general ledgers, and sub-ledgers. To advance the discussion on general ledgers, a brief description regarding the functionality of the ledgers is necessary.

What is a Ledger?

In accounting, a ledger refers to a record of transactions documented in chronological order. These transactions are captured from the journal and are organized by account heads. These ledgers provide a historical and current summary of each transaction related to a specific account. This summary is considered the most reliable source for drawing up the financial statement at the year’s end. For instance, the sales ledger has all the sales-related transactions. The sales return ledger maintains transactions related to sales returns. Therefore, the sales figure displayed in the profit and loss account may be verified directly from the sales ledger.

What is a General Ledger?

As previously identified, cash-related transactions will have their cash ledger, and sales-related transactions will be contained in a sales ledger. The general ledger is one big master account comprising data from these individual ledgers, compiled in a single format. The general ledger is also known as the book of final entry. The general ledger posts information on financial statements, balance sheets, and business profit and loss accounts.

Subledgers are another related accounting and bookkeeping category, sometimes known as subsidiary ledgers. Updating the sub-ledger is similar to updating a general ledger; however, unlike a general Ledger, the sub-ledger comprises just a few accounts.

Format of a General Ledger

In recent times, automation and the use of accounting software have made the traditional form of bookkeeping outdated. Traditionally, a general ledger resembled a register or book, where all the transactional data was kept. Each account would occupy one page in the general ledger, comprising all accounts mentioned in the chart of accounts.

The format of a general ledger included five different columns for each heading. The main headings include date, transaction details, debit, credit, and balance. The header would usually include the name of the account and its given number. An updated general ledger would demonstrate the current balance of each account as of that particular date.

Accounting Software

As given above, a traditional depiction of the general ledger will likely be more comprehensive for all businesses. In the present era, traditional bookkeeping has become obsolete. The introduction of accounting software has made accounting and bookkeeping an automated process where numerous business transactions may be recorded and posted to their respective accounts simultaneously without manually posting entries into the relevant account heads.

This allows for speed, accuracy, and cost savings. Enterprise Resource Planning (ERP) solutions, such as SAP and Oracle, have revolutionized the accounting world at its core. The computer software automatically posts entries onto the general ledger from the respective account ledgers and calculates the current balances according to the specified date. 

Hence, understanding the functionality and structure of a general ledger is crucial to business accounting procedures. The simplest form of its explanation has been provided here.

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.

A business may be forced to downsize to save on labor costs and resources. Sometimes, the downsizing is done by simply terminating employees or giving them early retirement. Downsizing is done with a good purpose for a business, but a company that has decided to downsize should consider if they could face legal challenges or liabilities.

Always do the right thing from the angle of your business, law, and human standpoint. Downsizing can reduce or eliminate business operations, but this term is mainly used to reduce the number of employees working in the business.  

Downsizing, reducing a company’s labor force, lessens the number of employees on the operating payroll. This is supposed to ease tough economic times and improve performance and efficiency. Although downsizing is common, it is also a dreaded situation involving the employees and the employers.

Often, companies downsize, believing a few people can run the business better, but they don’t get the anticipated outcome. A company intending to downsize needs to reflect on different angles before deciding to move forward and should also consider the possibility of failing. Such failures leave a long-term mark on a business, requiring planning to avoid such risks.

Therefore, a company must consider all the obligations needed to help the business succeed. On the other hand, they should never forget the human perspective.

Making the Decision to Downsize

The first step is to analyze the situation and decide if downsizing is necessary and yield positive results. In addition, other temporary options should be evaluated before making the decision. For example, an employer can temporarily downsize and wait for time to pass before rehiring their employees.

Furthermore, this decision will change the company’s structure, and evaluating all possible outcomes becomes necessary. Aside from downsizing, companies can consider employee retraining, reduced hours, shorter workdays, or hiring freezes. Companies can also work with their bookkeeper to see if they can cut costs instead of letting go of employees.

These methods are not as drastic, and employees will understand that they must adjust to facing challenges ahead of them. However, the company should evaluate each possibility before choosing an alternative.

Once the organization has finalized the decision, it should consider legal practice and moral obligations towards employees and the organization itself. Proper planning and necessary fulfillment of obligations can eliminate risks and failures at a later stage. First, a company should evaluate its employees in the transition and final period.

Legal and Ethical Considerations

The transition stage is challenging as people have low morale and uncertainty. They remain under stress and psychologically disturbed throughout this transition time. Many knowledgeable people start exploring other options and leave. This ultimately affects those left behind with less expertise.

During this process, organizations must be aware of the legalities and liabilities. They should avoid activities that can bring charges upon them. One example of this is downsizing as an opportunity to eliminate every person they do not like or firing employees with an adverse history with the administration.

Usually, the cookie-cutter approach is safest legally, but it leaves heavy psychological marks on employees. Therefore, a scheme should be developed to keep the employees’ morale intact and safe legally. However, this approach requires organizations to have an up-to-date, indisputable record. This way, unwanted charges can be effectively avoided and handled.

Managing Employee Departures

The next step is to handle the employees who need to go. Usually, there is a form that departing employees sign. These release forms are designed to protect the company against liabilities. Consequently, companies must know what to put in such forms and how to handle this procedure.

For example, such a waiver must be in writing, understood by the employee, and voluntarily signed. In addition, employees must understand the company’s intent and what rights they are waiving. The company should know that when its procedure is straightforward, it will avoid litigation risk.

Companies should be aware of any acts or laws requiring them to notify all interested parties, including employees, unions, and local governments, about their downsizing. Communication should be the key at every possible level, which can help isolate situations that can lead to legal complications.

Some teams help managers and employees in the process. They assist specifically with the needs of the company. Such teams help in communicating with employees and offer them counseling. They also help employees in finding new jobs. These teams provide interview skills workshops, resume preparation, and information about education and job training opportunities.

Supportive Strategies for Companies

Companies can get help from such teams or have some internal arrangements to ease downsizing. They can offer outplacement services to employees who are leaving. This approach can help two-fold—one by avoiding litigation and second by assisting the employees leaving.

Ultimately, companies should ensure they are ready to face the employees who are still on their team. The remaining employees will have many questions that need satisfactory answers to keep their morale intact. As Barbara H. Patterson, the attorney with Advanced Healthcare, said at a recent National Employment Law Institute conference in Washington, “companies need to keep in mind the law and sound business principles, then communicate, communicate, communicate.”

Conclusion

Downsizing, reducing a company’s labor force, lessens the number of employees on the operating payroll. Before implementing the ‘downsizing’ decision in your company, give it thoughtful consideration. Seek legal advice as well. Sound business principles must be adapted when downsizing.

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

The cannabis industry, with its complex history and rapid progression, has become a fascinating study of resilience, innovation, and societal change. From its early days of clandestine use to its current status as a booming legal market in various parts of the world, the journey of cannabis is nothing short of remarkable. This article aims to delve into the cannabis industry’s captivating history, its progression, and the intricate dance of navigating a successful marijuana business in today’s landscape.

The Roots of Cannabis Culture

The relationship between humans and cannabis traces back thousands of years, with evidence of its use in ancient civilizations for medicinal, spiritual, and recreational purposes. However, the plant’s story in the modern era is marked by controversy, beginning with its prohibition in the early 20th century in many parts of the world. This period saw cannabis being demonized and linked to criminal activity, creating a stigma that would linger for decades.

Despite the backlash, the 1960s and 1970s witnessed a resurgence of cannabis, especially within counter-culture movements. It became a symbol of rebellion against the establishment, though it remained illegal in most countries, creating a vast underground market.

Turning Over a New Leaf: Legalization and Acceptance

The late 20th and early 21st centuries marked significant turning points for cannabis. The medicinal benefits of marijuana began to gain recognition, leading to its legalization for medical purposes in several regions. California became a trailblazer in 1996 by becoming the first U.S. state to legalize medical cannabis, setting a precedent for others.

The momentum continued, and the past decade has seen an unprecedented shift towards the legalization of cannabis for recreational use. Countries like Canada and Uruguay, along with several U.S. states, have fully legalized cannabis, acknowledging its potential economic benefits and the failure of prohibition policies.

This shift has birthed a burgeoning legal cannabis industry characterized by innovation, entrepreneurship, and regulatory challenges. As of 2023, the global legal cannabis market is valued in the billions, showcasing its significant economic impact.

Navigating the Green Rush: Starting a Cannabis Business

Entering the cannabis industry is akin to navigating a maze, with each turn presenting legal, financial, and operational challenges. Here’s a step-by-step guide to starting a cannabis business:

Understand the legal landscape

The first step is to thoroughly research the laws and regulations in your jurisdiction. Cannabis laws vary widely between countries, states, and even cities, with specific rules governing licensing, production, and sales.

Create a business plan

Like any other business, a comprehensive plan is crucial. This should cover market analysis, financial projections, operations, and a clear strategy to address the unique challenges of the cannabis industry.

Secure licensing and compliance

Obtaining a license is one of the most challenging steps, often lengthy and costly. Compliance with state and local regulations is critical to operate legally and avoid penalties.

Build a reliable supply chain

Establishing relationships with quality suppliers of cannabis plants or seeds is essential for product consistency. For retailers, this means finding reputable growers or wholesalers.

Invest in marketing and branding

The cannabis market is highly competitive, making branding and marketing crucial. However, marketers must navigate strict advertising regulations that vary by region.

Embrace technology and innovation

The cannabis industry is at the forefront of technological innovation, from cultivation methods to product development and sales platforms. Staying ahead of tech trends can provide a competitive edge.

The Path Forward: Trends and Predictions

The future of the cannabis industry is ripe with potential but not without its challenges. As legalization spreads, the market is expected to grow, with projections suggesting a global market worth many more billions by the end of the decade. This growth will likely be accompanied by further consolidation as larger players acquire smaller businesses to expand their footprint.

Another trend is the increasing sophistication of cannabis products, with a focus on health and wellness. Products like CBD oils, edibles, and topicals are gaining popularity among consumers seeking non-intoxicating options.

However, the industry must also navigate challenges such as banking restrictions, high tax rates, and the evolving regulatory landscape. Moreover, the stigma around cannabis, though diminishing, still affects consumer attitudes and policy.

Conclusion

The cannabis industry’s journey from prohibition to legalization and commercialization is a testament to societal change and economic opportunity. As the industry continues to evolve, it offers lessons in resilience, the importance of adaptive regulation, and the potential for innovation in meeting consumer needs. For entrepreneurs, the green rush represents a challenging yet rewarding frontier, one where success demands business acumen and a commitment to navigating the complexities of this unique industry. Whether as a business owner, consumer, or observer, the unfolding story of cannabis is undeniably captivating, marking a significant chapter in the broader narrative of human interaction with this ancient plant.

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.

When the financial crisis took hold on world markets, inflation and the significant increase in new mainstream politics increased. In these times, two major companies plan to open massive vaults in Europe. These locations can safely hold more than 100 million euros (112 million USD) in pure gold. Their customers are offered lower costs and protection from price hikes than exchange-traded products.

Inflation & Political Instability are a Major Risk for Customers

The price hike, technically known as inflation, forces many people to protect their valuable non-cash assets like gold. The thing about having a haven asset is not just the purchase. These assets require specialized storage facilities.

Conditions that could lead to political instability and unrest cause people to keep their assets even safer. Recently, the biggest conditions have been the UK’s decision to leave the European Union and the election of Donald Trump as President of the United States of America. The two incidents, in particular, have greatly influenced the global financial markets.

On the other hand, negative interest rates have been observed across Europe. The negative interest rate has persisted across countries in Europe. Inflation has continued to increase, causing major threats to bond coupon payments. These incidents have significantly led to storing wealth in vaults made of tempered steel.

New Secure Vaults in Construction

Currently, looking at the lucrative market for secured storage facilities, CoinInvest, a major Europe-based gold trader, is negotiating the construction of a massive 100-square-meter vault. The vault will be able to hold more than 100 million euros worth of gold. The weight of the safe is an estimated 82 metric tons. The door alone will weigh about 1.5 tons.

Hike in Gold Storage

BullionVault is one of the largest online portals that deal with physical gold trading. According to the information provided by BullionVault, the company successfully added 3 tons of gold in the past year.

This brings their combined gold holdings to about 38 tons, worth 1.5 billion USD at the current market rate. The company has different secure locations housing high-security storage facilities for gold. The vaults are in New York, Zurich, Switzerland, Singapore, London, and Toronto.

Gold reserves at the Bank of England, the corporation that operates one of the largest commercial vaults in the world, significantly increased. The Bank of England witnessed a 6% increase in its gold reserves in 2016, taking it to about 5,067 tons. The central bank holds gold for the UK Treasury, private banks, and other companies.

Despite the fluctuation in gold prices, companies and banks understand the value and importance of gold. The value of gold will never be zero; this is the main reason for a significant increase in demand for secure vaults for storing gold.

Major companies that provide vaults are reaching their total capacity at a breakneck speed. The demand for secure vaults for gold is causing another gold rush that will likely end soon. Gold worth millions is being traded back and forth as a secured monetary payment. Experts believe that more and more people and companies are willing to save their gold, as the financial future seems volatile.

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.

Small business proprietors tend to be customer retention experts. It’s an excellent way for businesses with a small marketing and bookkeeping budget to maximize ROI, increase profitability, and improve cash flow. Retaining customers is the ultimate goal for any business.

Whether online or offline, they ensure that customers are satisfied, which is critical for long-term success. Hundreds of thousands of similar companies target the customers you’ve worked so hard to earn.

What is Customer Retention?

The customer retention rate is how well a business can maintain an existing customer’s lifespan over time. Companies often fail to understand that it is much easier and more cost-effective to focus on retaining existing customers’ content than attaining new ones.

Set customer expectations

The first step to building better customer retention is to set client expectations early. You can eliminate uncertainty by setting expectations early and at a lower capacity than you can provide. Figure out the level of service you need to offer to ensure your clients are happy.

This clear vision enables your company to build KPIs around specific expectations and ensure you always deliver. Clients always tend to remember negative experiences rather than positive ones.

Be the expert

Small and medium-sized businesses increasingly rely on amenities to run their operation. No matter what business you occupy, you will likely retain more customers if you can be the expert in your field.

Becoming your clients’ trusted adviser will build customer loyalty and reduce customer churn. Becoming a reliable source of all technology, you build a relationship that leads to dependence. Your customers will trust you, rely on you to give the best advice and identify you as an essential part of their corporate success.

Build trust through relationships

Trust is essential in business; building relationships with clientele will harvest that trust. Simply providing a service is no longer sufficient– as opponents enter your market, you must start building shared values with clients.

Implement anticipatory service

An anticipatory service is a preemptive approach to customer service. Instead of waiting for problems, an enterprise implementing anticipatory service can eradicate problems before they happen. It would help if you were looking at ways to prevent glitches by being practical.

Make use of automation

Automation tools allow time-consuming chores requiring manual intervention to be standardized into repeatable processes. Businesses that leverage automation can minimize interruption and keep customers’ networks performing at their best. Companies are typically assured by contracts that pledge their services and make them answerable to clients. 

Companies can better meet their commitments by leveraging automation tools and streamlining repeatable processes. You can increase customer loyalty by standardizing your processes and setting expectations for service levels, improving customer retention rates.

Build KPIs around customer service

A great way to improve customer retention is to improve customer service. Customer service is the number one reason a customer will become a repeat customer or never use your business again. Customer service should be your primary focus when building your KPIs.

Build relationships online

Your clients are online, so let’s start constructing relationships with them while glued to their computer screens. With the rise of social media, linking with your clients through these mediums makes sense. Focus your efforts on building LinkedIn, Twitter, and Facebook social profiles. Most of your clients will have active profiles on at least one of these websites.

Go above and beyond

Often, businesses overlook how important this is. Going the extra mile for your customers is an easy way to build strong relations. As a service business, you have countless prospects to woo your clients and exceed the minimum. By doing this, you can build some long-term faithfulness. If your customers know you are prepared to go above and beyond, they will stick with you when contenders start bashing on their door.

Implement customer feedback surveys

Customer churn can be avoided by simply listening to your customers. Customer feedback surveys are priceless for learning how your service performs concerning your consumers’ expectations. Understanding client feedback allows you to act before it’s too late and make business decisions based on an accurate data-driven response.

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.