Advertisements all over the media make claims about settling tax debts that taxpayers must pay to the IRS. The particular settlement program is known as Offer In Compromise. However, the fact that a vast majority of Offer in Compromise applications are rejected is something you should be aware of.
In a report by the Government Accountability Office, 16 million people had tax debts as of 2010. During that time, only 31,000 Offer in Compromise applications were approved, while approved Installment Agreements numbered 4 million.
The Offer in Compromise acceptance rate is low for two reasons.
There are a lot of taxpayers who apply but do not fulfill the base qualifications for Offer In Compromise.
The taxpayers who do qualify are unable to pay the amount they offer.
Do You Qualify for an Offer in Compromise?
The IRS uses the ability of the taxpayer to pay their tax debt as the basic criteria for determining the acceptance of an application for an Offer in Compromise. The IRS website has a tool called the OIC Pre-Qualifier that can help you understand your acceptance eligibility.
To qualify for an OIC, a client must prove their inability to pay the total tax debt before the expiration of the collection statute. This is done by viewing the net equity of assets and any future income. The IRS uses monthly disposable income to calculate future income to determine whether a tax debt can be paid before the expiration of the collection statute.
If the final calculation determines your inability to pay your tax debt, you are eligible for an Offer in Compromise.
You should know that eligibility does not equal acceptance. You must be able to pay the offer amount computed by the IRS for your application of Offer in Compromise to be accepted and the debt to be settled.
Can You Pay the Offer in a Compromise Amount?
A formula objectively determines whether you can pay the amount proposed in the Offer In Compromise. The formula requires estimating your future income for 1-2 years.
Due diligence is necessary for calculating the offer amount. Sometimes, people with a tax debt overestimate or underestimate this amount. They need to calculate their monthly disposable income and the net equity in their assets properly. Due diligence is also important to avoid what may become a lengthy and costly investigation process.
2011 Fresh Start Initiative by the IRS
The number of qualifications and acceptance of Offer In Compromise has been rising since 2011. The reason is the Fresh Start Initiative, which has made qualifying for Offer in Compromise easier. The 2011 initiative also enabled the people who owe taxes to pay a lesser offer amount.
Before the introduction of the initiative, offer amounts for tax debt settlement were considerably higher than they are today. Future income would be summed up for four years instead of the 1-2 years that have been calculated since the Fresh Start Initiative.
Applications for Offer in Compromise increased by 30% after Fresh Start was introduced, while the IRS’ acceptance rate increased from 25% to 42%.
Conclusion
The Offer in Compromise should only be considered when your financial situation is poor enough to hinder your ability to pay the complete tax debt until the expiration of the collection statute. The criteria for qualification and acceptance of an Offer in Compromise application are quite clear in deciding between pursuing an Offer in Compromise.
The difficult task is the calculations and estimations involved in computing the ability to pay and the net equity in assets. It would help if you looked closely into the feasibility of the Offer in Compromise regarding your financial situation. Sometimes, suitable alternatives to Offers in Compromise exist, such as a Partial Pay Installment Agreement or a Currently Non-Collectible Status.
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 properly handle your business’s financial needs, you must make the right decision when selecting a bank. Unlike the bank you use for your personal needs, you need your business bank to offer you applicable products and services, and you should choose the one that provides the most. Begin your research by looking into the different kinds of services banks offer in your area; the fees for these services should also be investigated thoroughly.
What Do You Want from Your Bank?
Having clear knowledge about your business’s services requires a bank to help finalize your choice. Interact with the banks on your list to shortlist the few that offer the required services.
For example, suppose you identify good customer service as an important prerequisite in selecting your bank. In that case, you might want to call them and check out the time it takes to reach a representative with the information to satisfy your queries. You can check their email response time, ideally within 24 hours. This will help you know beforehand whether your bank would cooperate when you need assistance and customer support.
Small Banks and Large Banks
Banks with large nationwide networks might offer you competitive interest and a wide range of services for your business. Smaller banks are more interested in the growth of local companies, thus making it easy to get a loan from them. A bank that would mail you your statements can greatly help your bookkeeping.
Smaller and regional banks are also familiar with local market status and requirements. As the Wall Street Journal states:
“Smaller, regionally focused banks may be better because they know local market conditions, they often provide more one-on-one access to a loan officer and put more emphasis on a borrower’s character rather than just applying a credit-score model. And they can be more flexible during tough times, such as covering overdrawn accounts without imposing stiff penalties.”
Become Aware of the Fee Structure
In banking, you will be charged for almost everything in one way or another. Call the banks on your list and consult the representative to determine how much the bank charges for different services, from Automated Teller Machine (ATM) withdrawal fees, checkbooks, and account statements. Ask about the other charges your business might need, such as credit cards and wire transfers.
The Reputation of the Bank Matters
You can consult other business owners when choosing your bank. Owners of businesses with similar financial needs might be able to help you by sharing their experience with their banks. Their satisfaction with their bank might help you decide and enhance your trust in your banking services.
It is better if your chosen bank qualifies as a Small Business Administration (SBA) lender. When applying for an SBA loan, having a good relationship with your bank is important as it makes getting approval for an SBA loan a whole lot easier.
The Small Business Administration’s Preferred Lender Program can help you identify the banks that easily give out SBA loans. The SBA says that the preferred lenders have a “streamlined paperwork process,” which can easily help your small business get its loan approval.
Work on Your Relationship with Your Bank
Once you have finalized your decision regarding which institution’s banking suits the financial needs of your business, you need to build a strong relationship with the bank staff that provides you with services. This relationship will be very resourceful, as it can lead to identifying ways the bank can assist your business. It might also help you get the credit you need during a loss or crisis. Consulting the banker about prospects can help you learn a lot about the services you will need for your business in the future. This can help you plan for future 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.
You can schedule how your company’s resources are utilized and track varied costs associated with resource usage in a project. It involves the expenditure of machine-hours, employee hours, inventory goods, and other usages tracked for job progress. If a job has been running for a long time, you may transform these costs on the balance sheet to a work-in-process account. Doing so allows you to analyze the costs and include them in your income statements whenever required.
Work in process is a prompt step that inputs labor and materials and converts them into consummate goods. The balance in the work-in-process account is the total value of semi-completed inventories at the end date of the reporting period. Large companies know the significance of calculating work in process to make their inventory perpetual. However, trade businesses, in which a tradesman employs transitory methods of inventory by taking physical resources of consummate goods into account, can use this formula for determining work in process.
Importance of Calculating Work in Process
The role of calculating work in the process is essential in these manners:
To make sure that the work is going to make maximum profit
Understanding of cost structure is enhanced
To effectively manage employees and projects in a profitable way
Enabling the company to make informed decisions that are relevant to the business
Rate to Cover Your Emolument
You can calculate your rates to recover your payments. If you are making a $10,000 net profit in your business in a single year and have not taken pay, then it might be best to find another form of income with a better wage system and fewer worries.
The first step should be determining how much income you need because the wage depends on your circumstances.
You need to consider every need, including mortgage payments, cost of living, etc. Trade businesses are usually covered by doing paperwork such as generating invoices, bookkeeping entries, bills, etc.
The next step is finding out how many hours you can work. No tradesman can physically work 24 hours; however, needs may dedicate more working hours to maximize profit. If you work 40 hours a week and 2080 a year, you must consider your holidays, sick leave, and official leave. If holidays account for four weeks, ill and other leaves account for three weeks, 52 weeks will become 45. That means you are working 1,800 hours in a single year. This way, you can manage your costs and profits and calculate your work.
Rate to Cover Your Running Costs
You can calculate this rate to recover your running costs for the trade business. If a tradesperson does not charge for a single hour, you still must pay for power, rent, and vehicle costs. You must begin by analyzing your previous costs because, if you do not, you cannot generate profits in your succeeding business.
Profit Margin
Calculating this would help you get the return you want from your business. You should build a specific profit margin percentage for every hour of chargeable time. This margin must go hand in hand with the reasonable time you allocate to this calculation. In addition, you should compare your charge-out rate to the industry averages to know whether the total rate could be competitive.
Remember to charge after an hour of work to find appropriate rates. If the rate is lower than the average rate, it will allow you to profit. Charging too little is the same as charging too much because it can undermine the confidence of consumers and employees in your business.
Material Costs
When calculating work for charge-out rate, material costs are not included. These costs are separately added to the markup and can be done in various ways. You can use the wholesale or retail price or the actual price to put the mark upon.
Conclusion
Be realistic in your business and meet the expectations of your employees
Understand the cost of the company to generate maximum profits
Find material and variable costs, including bills, vehicles, overtime, etc.
Review changes and revise the costs whenever required
Analyze the cost structure instantaneously and know what other competitive businesses are charging
Be aware of what the market wants to pay
Neither look for lower or higher rates than the average but keep them sustainably.
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.
Many entrepreneurs do not know how to set up their start-ups properly and make them successful. The growth strategy of any start-up should be to take the idea to market as soon as possible. Any sort of delay can mean the loss of both profits and market share. Here are tips to help budding entrepreneurs get their start-ups up and running successfully.
Take the First Step
Many people with start-up ideas do not dive in because they spend too much time contemplating how and when to start, afraid of doing something wrong. Any potential start-up needs to tackle the problems that stop it from beginning operations and take that bold leap into entrepreneurship.
Sell Anything
Although you may already know what you want your start-up to sell, many who want to become entrepreneurs do not know what they want to produce. You should sell anything if you want your start-up to succeed. You don’t need to sell something new; many stories of successful entrepreneurs have already sold things in the market. They just sold them differently and innovatively.
Product innovation is not necessary to become an entrepreneur; business innovation is the only thing necessary.
Get Professionals to Work with You
In different stages of your business, you will inevitably need professional advice. It is wise to ask for help when looking for advice. In this way, you can get any kind of expert to implement their advice for remuneration. For example, you can consult a qualified accountant for advice on proper bookkeeping to ensure a sound check on your business’s finances. After getting adequate counsel, you can ask the accountant to provide and be compensated for their services, which can be either in cash or maybe even in terms of a partnership or shares.
Your business must have people with knowledge and professional skills around you. You have many personal attributes that you can put into the success of your business, but you cannot do it all by yourself. Getting professionals to work alongside you can be of tremendous help.
Hiring Remote Employees
Hiring remote employees is an affordable way to find talent for your business. There are a lot of things that can be done by employees at home. It can be a great way to cut costs when your start-up is small.
Utilize Contract Work
Instead of hiring permanent full-time employees, search for contract work. Permanent employees may be difficult to find and become a burden for your start-up. Hiring contractual employees can help your business secure the talent and services your company will need to grow.
Look for a Co-Founder
Multiple minds are better than a single mind, especially in start-ups. They can compensate for the skills you lack, and their innovations can help your start-up grow. Start-ups with founding teams are much more likely to obtain investments than a founding individual.
The only thing necessary when working with a founding team is to have a proper hierarchy in decision-making.
Work with People Who Bring Out Your Potential
The team you work with within your start-up must have the capability to bring out each other’s potential. Pushing each other to the extreme can bring out the team’s best performance and help make the team better. You can find these qualities in anyone, from a friend to a mentor. You can even push your team, bringing out their potential. As Steve Jobs said:
“By expecting them to do great things, you can get them to do great things.”
And on another occasion, he outlined his approach to management by saying:
“My job is to not be easy on people. My job is to make them better. My job is to pull things together from different parts of the company, clear the ways, and get the resources for the key projects. And to take these great people we have and to push them and make them even better, coming up with more aggressive visions of how it could be.”
His approach led Apple to become one of the most valuable brands today.
Do Not Make Money Your Only Focus
Spending too much time securing funding and capital can throw your start-up off track. Similarly, worrying too much about income and profits can also become a problem. Other aspects need attention, such as marketing and selling your product, researching your market, and meeting customer demands.
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.
Those who believe in investing in assets and stocks may find cash saving absurd. However, a recent survey revealed that nearly 43% of Americans prefer to keep their savings in cash. Interestingly, more than half of these Americans plan to stash their money in secret home safes. On the surface, it might seem like a brilliant idea. There is, however, a downside to stashing cash.
Before delving into the risks involved, we should review the reasons behind the rising trend of keeping money in home safes rather than banks.
Why Are Americans Opting for Home Safes?
The leading reason is mistrust. Over the past two decades, Americans have seen enough financial distress to stop trusting banks and government-funded financial institutes. Similarly, the last decade was full of unexpected tax hikes, and many banks have increased the fees they deduct solely for letting you keep your money in their lockers. Home safes, in contrast, seem like a one-time investment where your one-dollar bill will remain a one-dollar bill no matter how long it stays there.
Economic instability has also shaken public trust in investment vehicles like stocks. It is one reason many people believe that they might as well keep their savings in cash rather than take the risk of investing it. Unsurprisingly, they are stashing cash instead of making an investment.
Do not forget that keeping money in a secret safe is a sure way to evade heavy taxes on your savings.
All of these factors have played a role in driving a growing part of the population back toward saving money on home safes.
Better Safes with Better Security
Additionally, there are a few developments that make home safes seem safer. First, companies develop more innovative and safer products that make you feel like you have more control and freedom. Second, many insurance companies provide insurance for the money you keep at home.
Is Stashing Cash a Good Idea?
Stashing cash might seem brilliant, but the drawbacks are real. Here are some reasons it may not work as much in your favor as you expect.
First, it is not safe. Stashing cash at home makes it vulnerable to more threats than keeping money in the bank despite the insurance policies. Most insurance policies cover theft or robbery, but some incidents can turn that cash into trash. Whether fire or flood, your money will be worth nothing if it is ruined in an incident that the insurance provider does not cover. Worst-case scenario: Imagine your pet or toddler find your cash and tear it to bits. This is the kind of incident insurance providers are not likely to protect your savings against.
Cash Does Not Grow
As the value of currency changes, the worth of your cash decreases; while your one-dollar bill will remain a one-dollar bill decades later, you may hardly be able to buy half of what you can buy now. On the other hand, a standard savings account will earn enough interest to cover the time value of money.
Simply put, money kept in your home is hardly even safe.
When Is It Best to Stash Cash?
Keeping cash at home for the sole purpose of keeping your money safe is not prudent. However, it does not mean it is always a bad idea for everyone. The only good reason to keep cash at home is when you do not plan to save it for long or finally take out all your savings and spend it.
Not relying on banks and hiding your savings from the watchful eyes of the government may seem like a smart move, but it limits your chances of making more money out of the cash you have.
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 internet security, virtualization of services, such as storage for cloud computing, is a high priority. For an Information Technology (IT) infrastructure, cloud computing is the ability to use computing power and storage like databases or network assets. While it is a versatile solution offering almost limitless benefits, it is simultaneously a complicated and complex affair for a business. The Cloud can refer to the browser-based Software as a Service (SaaS) applications where users pay for the services. This led to technological advancements breaking traditional models of proactive technology
The best database for your organization is deployed for cloud computing assistance, and many options are available. With so much out there, it can get confusing when solutions are based on enterprise scenarios. Security, performance, and compliance are the top three critical keys to focus on for all centrally prioritized organizations. Best practices are required to manage the priorities of the database strategy for the enterprise model. Without implementing best practices, even the best database for your organization would not provide optimum levels of functionality.
Private Cloud Solution
Due to the customization for business-specific needs, a private cloud solution allows more control over the enterprise environment. It is also a part of the IT infrastructure that has enhanced security, which increases confidence in the solution’s security. Due to the geographical position of a user, latency is an issue as the legacy application is impacted due to the data and user being relatively located. Also, if remotely located, the company offering the data would contribute to a frustrating usage of the service.
The best database for your organization cannot hinder user execution due to poor performance. Other concerns are industry-specific regulations and compliance issues that are severely strict. Some countries have set implementation policies and rules that do not always match the business in other countries, creating a policy nightmare.
Hybrid Cloud Solution
Hybrid cloud solutions are flexible and more customizable than the previous solution. This solution allows managers to select and opt for elements from private or public clouds. Cloud bursting is the largest benefit of this solution, which helps when more users suddenly show up and request services. The burst can help handle the system’s intake of extra users without downing the system. Its self-managing features allow flexibility to handle workloads according to business requirements.
The cons are that it is complex, integration can take long periods of time, and connecting with public clouds increases potential security threats. It also may lead to overuse of services, whereas users are scarce due to auto-management.
Public Cloud Solutions
The scalability of public cloud solutions is phenomenal. The cost models let users select pay-as-you-go benefits that are an added advantage. With faster performance capability and new application induction into services offered, using legacy applications is challenging. Sprawling here is a major issue like hybrid and can lead to advanced security threats. Without strategizing for proper management and control, costs can skyrocket, resulting in negated savings and lower system efficiency.
Another shortcoming is data visibility when the location is hard to determine where it resides once inducted into the database cloud. By its nature, the public cloud solution is homogeneous in that it works on different enterprise needs. Latency can be an issue depending on the enterprise architecture and its implementation, deployment, and utilization. Dependability is a serious concern when choosing the best database for your organization.
Appliance Database
The data center takes care of self- or vendor-based appliance database management. Thousands of vendors provide this solution, but performance and support facilitation are greater if one is selected for the entire setup. It can be disadvantageous to use a single vendor, creating a limiting monopoly, while application databases can become niche and seldom used. This solution is also expensive but cost-effective with the right settings over time.
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.
Cannabis and cannabis cultivation have seen a popularity gain worldwide. The US is the latest to have principal bans lifted surrounding cannabis. Pharmaceutically, cannabis has been proven to help with insomnia, high blood pressure, diabetes, and many other disruptive conditions. The main reason cannabis is effective in assisting the mind in relaxation is the increased levels of THC cannabinoid present in the plant. Tetrahydrocannabinol, or THC, is one among hundreds of chemicals found in high quantities in the cannabis plant called cannabinoids. THC is the most abundant and highly occurring chemical in it.
Cannabis cultivation is primarily for treating conditions such as depression, anxiety, and other psychological ailments. It also helps in physical diseases such as glaucoma. Cannabis is also used for recreational purposes. Due to its demand, it is prone to regulatory costs and taxes, leading to rising rates. Many enthusiasts or people in urgent need of ample supplies of cannabis resort to growing their own; like all skills, it requires time and patience. The cannabis plant itself is resilient and can withstand severe temperatures. It can also withstand an extensive range of climates. Also, the cannabis cultivation process is simple!
Starting: Choose the Preferred Seed
Choosing from the wide range of strains available in the market can be daunting, but if you know what you want, you are all set. The cannabis plant has been significantly researched, starting in modern times in 1964, by an Israeli man named Raphael Moechoulam, a chemist by profession.
What To Know: The Basics
Cannabis cultivation requires understanding fundamental information that would enable anyone to harvest a satisfactory yield effectively.
Light
Like all plants, sunlight is needed for photosynthesis. It is ideally recommended to use 12/12 hours of light and dark. For example, timers can be used with controlled light schedules until you can expose it to its final growing place.
Where to Grow the Cannabis
Deciding where cannabis cultivation will occur can help determine many other vital aspects, such as expense and costs. You will also have to choose the soil and location. You will need proper lighting fixtures and other materials for indoor cultivation for proper greenhouse effects. Windy areas are not recommended. The plant prefers to be given dry and bright-lit places for 12 hours and then 12 hours in dark and damp areas. Some people even use rock wool for cultivation as it carries nutrients.
Air Quality
An area with low air quality will lower the plant’s ability to produce THC-laden resin and may even reduce its growth. An airy abode is an optimum requirement. Windy places can damage and break the cannabis plant in places. The plant may face stressful conditions indoors with low light, heaters or fires, and no air movement. Above all, bad air quality will hamper its ability to produce good growth.
Water
Without a proper watering schedule, no plant can survive. Water is the most crucial factor that will help your plants grow. Also, the taller a plant gets, the more water will be needed to make sure your plant is getting enough nutrients on time. Indoor cannabis cultivation would require personal delivery of water through various chosen means, such as tap water checked for PH levels.
Temperature Requirements
The plant itself is resilient and can withstand high and low temperatures. It is not immortal and will die with prolonged exposure to extreme temperatures. A consistent temperature of about twenty-seven degrees Celsius is recommended for ideal conditions. Also, indoor heating and air conditioning can be controlled to produce excellent results.
Nutrients and Supplements for Growth
For the plant to grow, it will need water, air, and nutrients to thrive. Using everyday throwaways like banana peels and used tea bags can provide excellent nutrition for the cannabis plant. Composting is also a great way of creating prodigious soil. For cannabis cultivation, fertilizers are used in small quantities but are not mandatory, as organic elements would significantly increase the cost efficiency while maintaining a good chance of satisfactory yields.
Humidity And Its Effects
At a particular stage of life, the humidity will significantly benefit the plant. But, unfortunately, it is impossible to control without setting up a small greenhouse. Maintaining humidity is critical indoors because the flowers have “sweat” generated on the trichrome during their humidity-craving time when the cannabis plants blossom later in life.
Using Lights
Manufacturers are dedicated to making lights for growers and enthusiasts at reasonable prices. Also, since its legalization, there have been manufacturers of grow cupboards for the die-hard cannabis fan. These cupboards are expensive but worth every penny. The cupboards have fans, lights, timers, filter chambers, and everything needed to start your cannabis cultivation. Lamps used by experienced cannabis cultivation experts and growers help by providing ample heat for the plant.
Hatching Seedlings
The simplest way of germinating seeds is by using paper towels. Paper towels moistened with water are placed on a plate with the seeds between two paper towels and in a dark but warm place. When the roots’ sprouts can be seen from the seeds, they are transferred to the area they will grow in. If using cannabis grow cupboards, planting the seed directly into it will be more efficient for the plant, leading to easier cannabis cultivation.
Grown Plants
Indoor plants need more light for energy. With an airy and spacious growing area, notorious soil, and lights that help it thrive, the plant would yield higher amounts of produce. Depending on your location, the end of March to mid-May is the ideal time to cultivate.
Flowering or Budding
In the flowering phase of its life, cannabis cultivation pays off with its fragrance and aroma in the air. As the plant grows, the bud or flowers start showing, and in the following couple of months, these fragrances enhance and mature. When the flower blooms, the resins show strains with minuscule trichrome-like puffballs. The pistils and leaf surface start to turn a shade darker due to the forming of resins. Also, over the weeks, multiplied flower clusters would be visible in the cannabis plants, leading to swollen flowers.
Harvesting
Nutrient is stopped, and only water is provided to the plant to retain its natural flavors in this part of cannabis cultivation. Now covered with heavy swollen trichrome, it is ready to be harvested. Harvesting requires the plant to be matured by allowing it to dry off after picking it. It takes about two weeks to prepare it by dehydrating it properly, leaving only a crunch. To cure this problem, store the buds in a jar and leave them for two or three weeks. Open the lid of the jar at least once daily to allow the plant to breathe, and always use a dry, dark place for storage. After curing it, it is ready for use!
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 Point of Sale (POS) system stands as the unsung hero, diligently recording transactions, managing inventory, and even nurturing customer relationships. But what exactly is this technological marvel? Imagine a bustling marketplace in ancient times, where transactions were simple but chaotic. Fast forward to today, and you’ll find the modern market transformed by digital prowess, with the POS system at its heart, ensuring every sale is a step towards growth and efficiency.
At its core, a POS system is the modern-day cash register with a twist. It’s an amalgamation of software and hardware that manages sales transactions. However, to call it just a cash register would be an understatement. It’s more like the Swiss Army knife of the retail world, capable of inventory management, sales reporting, employee management, and customer relationship management, all while processing transactions swiftly.
The evolution of POS systems has been nothing short of revolutionary, with innovations making them indispensable in the retail sector. Let’s dive into four groundbreaking innovations that have transformed POS systems:
Cloud-Based Systems
Gone are the days of bulky servers and the fear of data loss due to a system crash. Cloud-based POS systems have taken the stage, offering flexibility and scalability. Retailers can now access their data anytime, anywhere, ensuring business continuity and real-time updates. This innovation has democratized high-tech solutions, making them accessible to small and medium-sized enterprises (SMEs).
Mobile POS (mPOS)
Imagine the freedom of making a sale anywhere in the store or even outside of it. mPOS systems have turned this into reality, allowing sales staff to carry out transactions right on the spot with a smartphone or tablet. This improves the customer experience by reducing wait times and boosts sales outside the traditional store setup, such as pop-up shops or outdoor events.
Integrated Payment Solutions
In today’s digital age, consumers are looking for convenience in payment methods. Modern POS systems offer integrated payment solutions, supporting a wide range of payment types, from traditional cash and credit cards to mobile payments and cryptocurrencies. This flexibility enhances the customer experience and streamlines the checkout process, making transactions smoother and faster.
Data Analytics and Reporting
Data is the new oil in the retail industry. Advanced POS systems are equipped with robust analytics and reporting tools, offering insights into sales patterns, inventory management, and customer behavior. This data-driven approach helps retailers make informed decisions, tailor their marketing strategies, and ultimately boost their bottom line.
Now, let’s sprinkle in some exciting business statistics to highlight the impact of POS innovations:
According to a report, the global POS software market is expected to reach $42.5 billion by 2027, growing at a compound annual growth rate (CAGR) of 7.8% from 2020 to 2027.
A survey revealed that 56% of small businesses plan to upgrade their POS systems to more advanced models within the next year.
The adoption of mobile POS systems is on the rise, with projections indicating that the mPOS market will grow to $55 billion by 2024.
Businesses that leverage data analytics from their POS systems experience a 5-10% revenue increase within the first few months of implementation.
These statistics underscore the pivotal role of POS systems in the retail sector, driving efficiency, enhancing customer experiences, and propelling businesses toward growth.
Summary
In conclusion, the evolution of POS systems from mere transactional tools to comprehensive business management solutions marks a significant leap in retail technology. With innovations such as cloud-based systems, mPOS, integrated payment solutions, and data analytics, retailers are equipped more than ever to meet the demands of the modern consumer. As we look to the future, the POS system will undoubtedly continue to evolve, opening new avenues for retail innovation and success. The journey from the ancient marketplace to the digital sales counter is a testament to human ingenuity, and the best is yet to come.
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.
Crafting an Effective Hiring Plan for Top-Quality Staff
A hiring plan for quality staff is a structured, step-by-step strategy that identifies, attracts, evaluates, and onboards top-performing employees through targeted recruitment methods, clear selection criteria, and data-driven decision-making. This comprehensive approach aligns workforce needs with business objectives, incorporates modern sourcing techniques, and builds an employer brand that magnetizes high-caliber talent while reducing time-to-hire and improving retention rates.
As the founder of Complete Controller, I’ve spent over two decades building teams across diverse industries and watching businesses transform through strategic hiring. The difference between companies that thrive and those that merely survive often comes down to one factor: their ability to systematically attract and retain exceptional people. In this article, you’ll discover the exact framework we use to help our clients reduce hiring costs by up to $7,500 per employee while improving retention rates by 82%—all through a repeatable, scalable hiring system that turns recruitment from a reactive scramble into a competitive advantage.
What is a hiring plan for quality staff and how do you build one?
A hiring plan for quality staff outlines workforce needs, aligns recruitment with business goals, and details actionable steps for sourcing, evaluating, and onboarding top talent.
The plan starts with a workforce analysis, mapping gaps and defining required roles, then proceeds through structured job descriptions, sourcing, and selection stages.
It incorporates employer branding, referral programs, diverse sourcing tactics, competency-based interviewing, and clear onboarding plans.
Strategic use of technology like applicant tracking systems and AI screening tools, combined with data-driven metrics and continuous feedback, refines and improves the process.
Executing such a plan systematically delivers people who raise performance standards across your organization while ensuring compliance and cultural fit.
The Foundation of a Winning Hiring Plan for Quality Staff
Building an exceptional team starts with understanding exactly what your organization needs—not just today, but for the next 12 to 24 months. A strategic hiring plan begins with comprehensive workforce analysis that maps current capabilities against future requirements, identifying critical gaps before they become costly problems.
Your hiring plan must align tightly with business objectives. Start by conducting department-level reviews that reveal both overstaffing inefficiencies and understaffing pressure points. This analysis forms the backbone of your recruitment strategy, transforming hiring from reactive firefighting into proactive team building.
Workforce analysis and needs assessment
Skills gap analysis serves as your diagnostic tool for pinpointing missing capabilities across teams. Survey managers about technical competencies, soft skills, and leadership potential within their departments. Document which skills are mission-critical versus nice-to-have, creating a prioritized roadmap for recruitment.
Succession planning adds another crucial layer. Identify key positions vulnerable to turnover and map internal candidates who could step up with proper development. This exercise reveals hiring needs that might otherwise catch you off-guard when a critical employee departs.
Quantifying roles and growth
Forecasting staffing needs requires blending hard data with strategic vision. Analyze historical turnover rates by department and role type—if your sales team typically loses 20% of staff annually, plan accordingly. Factor in planned expansions, new product launches, or market entries that will demand additional headcount.
Calculate realistic timelines for filling positions. Technical roles often require 60-90 day recruitment cycles, while entry-level positions might fill within 30 days. Building these lead times into your plan prevents desperate hiring decisions that compromise quality for speed.
Crafting Role Profiles that Attract Top-Quality Talent
Job descriptions represent your first handshake with potential star employees. Yet research reveals a staggering disconnect: while 72% of hiring managers believe they provide clear job descriptions, only 36% of candidates agree. This clarity gap costs companies dearly—84% of employees who receive accurate job descriptions stay with their company long-term, compared to those confused about expectations from day one.
Creating compelling role profiles requires balancing specificity with aspiration. Paint a vivid picture of daily responsibilities while highlighting growth opportunities and impact potential. Avoid generic corporate speak that blends into the noise of thousands of similar postings.
Defining competence, character, and culture fit
The most effective job descriptions address three critical dimensions. Competence covers technical skills and experience requirements—be specific about must-haves versus preferences. Character encompasses work ethic, communication style, and problem-solving approach. Culture fit examines alignment with company values and team dynamics.
Write requirements that attract diverse candidates rather than carbon copies. Instead of demanding “10 years experience,” consider “proven track record of achieving X results.” This shift opens doors to exceptional candidates from non-traditional backgrounds who bring fresh perspectives.
Employer branding tactics
Your employer brand dramatically impacts recruitment success. Companies with strong employer brands reduce cost per hire by 50% and cut time-to-hire in half. Moreover, 76% of candidates research company reputation before applying, making your brand presence crucial for attracting quality applicants.
Showcase authentic glimpses of your work environment through employee testimonials, day-in-the-life videos, and behind-the-scenes content. Highlight professional development programs, flexibility policies, and unique perks that differentiate your organization. Include diversity and inclusion commitments prominently—today’s top talent expects employers who walk the walk on creating equitable workplaces.
Sourcing Strategies that Consistently Yield High-Quality Candidates
Traditional job board postings represent just one arrow in your recruitment quiver. Companies are four times more likely to hire candidates from their careers page and three times more likely from custom sources compared to generic job boards. Diversifying your sourcing strategy exponentially expands your talent pool while improving candidate quality.
The most successful organizations layer multiple recruitment channels, each targeting different candidate segments. This multi-pronged approach creates a steady pipeline of qualified prospects while reducing dependency on any single source.
Leveraging referrals and alumni networks
Employee referral programs deliver exceptional ROI—referred candidates are five times more likely to be hired and stay 40% longer than those from job boards. In 2024, referrals account for 17% of all hires while saving companies $3,000 to $7,500 per placement through reduced recruitment costs.
Structure your referral program for maximum participation. Offer meaningful incentives tied to retention milestones, not just hire dates. Communicate open positions regularly and provide employees with shareable content that makes referring easy. Track referral sources meticulously to identify and reward your best talent scouts.
Alumni networks represent an underutilized goldmine. Former employees who left on good terms already understand your culture and systems. Create alumni groups on LinkedIn, share company updates, and actively recruit “boomerang” employees who’ve gained valuable experience elsewhere.
Expanding your sourcing toolbox
Niche job boards and professional associations connect you with specialized talent pools. Engineers congregate on different platforms than marketers—identify where your ideal candidates spend time online and offline. Partner with relevant associations to post positions, sponsor events, or host educational webinars that position your company as an industry leader.
Passive candidate outreach transforms recruitment from waiting to hunting. Seventy percent of the workforce isn’t actively job searching, but the right opportunity can change minds. Use LinkedIn Recruiter, GitHub, or industry-specific platforms to identify and engage high-performers. Craft personalized messages highlighting specific achievements you’ve noticed and explaining why they’d excel in your open role.
Social recruiting extends beyond job postings. Share employee success stories, team celebrations, and company milestones across platforms. Encourage employees to amplify your employer brand through their networks. This organic advocacy builds authentic connections with potential candidates long before positions open.
The Selection Process: Screening, Assessment, and Data-Driven Decisions
Standardized evaluation processes reduce bias while improving hiring outcomes. Companies using structured interviews make better hiring decisions 50% of the time compared to 20% for unstructured approaches. Creating repeatable assessment frameworks levels the playing field for all candidates while accelerating decision-making.
Modern selection combines human judgment with technological efficiency. AI-powered screening tools can process hundreds of applications in minutes, flagging top candidates for human review. However, technology augments rather than replaces thoughtful evaluation—the human touch remains essential for assessing cultural fit and potential.
Structured screening and interviewing
Multi-stage screening funnels candidates efficiently while respecting everyone’s time. Initial automated screening eliminates obviously unqualified applicants. Phone or video screens assess basic fit and communication skills before investing in lengthy interviews. This staged approach reduces time-to-hire while improving candidate experience.
Develop standardized interview guides with behavior-based questions tied to specific competencies. Instead of asking “Are you a team player?” probe with “Describe a time when you had to collaborate with a difficult colleague to achieve a goal.” Score responses using predetermined rubrics that minimize subjective interpretation.
Panel interviews bring multiple perspectives while reducing individual bias. Include potential teammates alongside managers to assess technical skills and cultural fit simultaneously. Provide all interviewers with training on unconscious bias and legal compliance to protect both candidates and your organization.
Advanced assessment tools
Skills testing validates claimed competencies objectively. Whether coding challenges for developers or writing samples for marketers, job-relevant assessments predict performance better than credentials alone. Time-box assessments reasonably—respect candidates’ time while gathering meaningful data.
Psychometric assessments add another evaluation dimension when used appropriately. Tools measuring cognitive ability, personality traits, or work styles provide insights into how candidates might perform and fit within teams. Always use validated assessments designed for employment contexts and apply them consistently across all candidates.
Video interviewing platforms enable consistent candidate experiences regardless of geography. Record standardized questions for candidates to answer asynchronously, then review responses when convenient. This approach particularly benefits companies hiring across time zones or for remote positions.
Onboarding and Retention: Turning Top Hires into Engaged Team Members
Exceptional onboarding can improve new hire retention by 82% and boost productivity by over 70%, yet only 12% of companies excel at welcoming new employees. The first 90 days determine whether your carefully selected talent becomes a long-term asset or another turnover statistic.
Strategic onboarding extends far beyond paperwork and passwords. Create immersive experiences that accelerate productivity while building emotional connections to your organization. Investment in comprehensive onboarding pays dividends through reduced turnover, faster time-to-productivity, and higher employee engagement.
Tailored 30-60-90 day onboarding plans
Structure onboarding around clear milestones and expectations. During days 1-30, focus on foundational knowledge: company history, values, systems, and team introductions. Set up new hires for early wins through manageable projects that build confidence while contributing value.
Days 31-60 deepen role-specific training and expand network connections. Assign mentors or buddies who provide informal guidance beyond managerial oversight. Schedule skip-level meetings with senior leaders to reinforce organizational commitment to new team members.
By day 90, new hires should operate independently while receiving regular feedback. Conduct formal check-ins to assess progress, address concerns, and adjust development plans. Document what works and what doesn’t to continuously improve your onboarding process.
Feedback loops and continuous improvement
Gather systematic feedback from new hires at 30, 60, and 90-day marks. Ask specific questions about onboarding effectiveness, resource availability, and early experiences. Anonymous surveys often yield more honest insights than face-to-face conversations with managers.
Exit interviews with departing employees provide crucial intelligence about retention failures. Probe beyond surface reasons to understand systemic issues. If multiple employees cite limited growth opportunities or poor management, address root causes rather than treating symptoms.
Implement stay interviews with high-performers to understand what keeps them engaged. These proactive conversations reveal retention risks before they materialize into resignations. Act on feedback quickly—employees who see their input create change become powerful advocates for your organization.
Final Thoughts
I’ve learned through building Complete Controller that a hiring plan for quality staff transforms recruitment from costly guesswork into strategic advantage. By implementing structured workforce analysis, compelling employer branding, diversified sourcing, standardized evaluation, and comprehensive onboarding, you create a talent engine that consistently delivers exceptional people.
The data speaks volumes: companies using these strategies reduce hiring costs by thousands per employee while dramatically improving retention and performance. Yet beyond metrics lies a deeper truth—when you commit to systematic, respectful, and strategic hiring, you build teams that elevate entire organizations.
Ready to revolutionize your hiring outcomes? The experts at Complete Controller specialize in helping businesses implement world-class talent strategies tailored to your unique needs. Visit Complete Controller to discover how we can help you build the exceptional team your business deserves.
Frequently Asked Questions About Hiring Plan for Quality Staff
What exactly is a hiring plan for quality staff, and why do I need one?
A hiring plan for quality staff is a documented strategy that outlines how you’ll identify, attract, evaluate, and onboard top talent aligned with business goals. You need one because it reduces hiring costs by up to $7,500 per employee, improves retention by 82%, and transforms reactive hiring into proactive team building.
How long should it take to develop a comprehensive hiring plan?
Developing an initial hiring plan typically takes 2-4 weeks, including workforce analysis, role definition, and process documentation. Plan to revisit and refine it quarterly as business needs evolve and you gather performance data on hiring outcomes.
What’s the most important element of a successful hiring plan?
Clear, accurate job descriptions prove most critical—employees who understand role expectations from day one are 84% more likely to stay long-term. Combined with structured interviewing and strong onboarding, clear role definition creates the foundation for quality hires.
How can small businesses compete with larger companies for top talent?
Small businesses can leverage flexibility, growth opportunities, and culture to attract quality staff. Highlight direct impact potential, diverse responsibilities, and faster advancement. Focus on employer branding that showcases your unique advantages rather than trying to match corporate perks.
What metrics should I track to measure hiring plan effectiveness?
Track time-to-fill, cost-per-hire, quality of hire (through performance ratings), retention rates at 90 days and one year, and source effectiveness. Also monitor candidate experience scores and hiring manager satisfaction to identify improvement opportunities.
Sources
AIHR. (2024). “How To Craft a Strategic Hiring Plan in 2026.”
Bureau of Labor Statistics. “Job Openings and Labor Turnover Survey (JOLTS).” https://www.bls.gov/jlt/
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.
Jennifer BrazerFounder/CEO
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
When a financial expert gives you guidance regarding the life savings in your retirementaccount, that person must act in your best interest.
However, this fiduciary rule took quite a few years to achieve agreement. The most acceptable technique to understand the fiduciary debate is to see this debate through the lens of fees. Every time you do business with people in the financial services industry, ask them this: How much money are you making, and what are the different ways you are making it?
The best clarification we have seen of what a fiduciary is and does come from a video Hightower Advisors posted on YouTube in 2012. There, they contrast butchers and nutritionists. Butchers provide meat, possibly the best meat they have. On the other hand, nutritionists tell you what is best to eat. When searching for life savings advice, you probably want to speak to the nutritionists and not the butchers. However, the butchers have a perspective that can benefit you.
Whenever someone is trying to sell you an actively managed mutual fund or a real estate investment trust (REIT), and you do not understand, pose the following questions to them and carefully consider their responses.
Questions You Need to Ask About Investment Fees
How much money will you make in cash commission individually if we select this product? Similarly, how much will you make later in any sort of ongoing or trailing commission?
Is there a bonus you qualify for from your employment at this firm? Is it in danger if you do not make this sale?
Are you earning more from advertising this product than you might from putting me in a similar product from a diverse company? Are you earning more than you might if you put me in a different vehicle from the same company?
Is your company or the company that shaped this product running any contests that may lead to you getting a free trip or incentive if you buy this product?
Do you get to eat lots of free food?
Then, there is some nitty-gritty. You will be offered all sorts of product features and extras, and you will need to ask the following questions:
How much more will I pay in fees if I receive a sign-up bonus on my allowance? Or for a definite minimum income or benefit, should I elect to receive my money in monthly payments starting at some later date? What if I want a death profit for my heirs? Are there actual charges for the insurance component of the product? Are there any penalties for pulling my money out before time?
As for any subaccounts in my pension, are there expenditure ratios or fees for the money there?
Does your firm stand to collect any costs that you will not split as part of your payment because they have favored one product or another or restricted their platform to certain products and locked out others?
Conclusion
However, whatever responses you receive, so much will depend on fluid terms like suitability, best interests, and the reasonableness of fees. Likewise, legal exceptions to any standards and whoever adjudicates disputes will vary. Rather than getting caught up in the fine print and legal language, defending your interests from the outset is best. The best response in an industry that tends to hide fees and requirements is to ask questions and obtain all terms and conditions in writing.
In navigating the complex financialadvice landscape, the fiduciary rule underscores the importance of transparency. The analogy of butchers and nutritionists illustrates the distinction: choose those who guide rather than sell. The crucial questions on investment fees serve as a safeguard. The decision emphasizes the significance of proactive inquiry, highlighting the need to protect one’s interests by seeking clarity and obtaining terms in writing, ultimately empowering individuals to make informed financial decisions.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Do You Qualify for an Offer in Compromise?
Can You Pay the Offer in a Compromise Amount?
Conclusion
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.
