Posts

Trying to look cool - Complete Controller

Starting a business can be an incredible adventure. You are allowed to share your creativity and passion with the world. It is important to hold on to that passion while creating and operating your business to ensure that you never lose sight of your goals. There are several “do’s and don’ts” to be aware of in the business world to save time and energy while operating at maximum proficiency. 

  1. Trying to be cool

Many new businesses put all their focus on image and public relations. While this is important, neglecting to emphasize proper operations and procedures can cause a business to fail quickly. Taking care to provide quality goods and services will do more for your brand’s image than any elaborate marketing campaign.   Check out America's Best Bookkeepers

  1. Boasting more than necessary

Many businesses feel their concept is revolutionary and life-changing. While this may be the case, being boastful can result in a false sense of confidence that may lead to failure. It is important to remain cautious and listen to suggestions while also taking pride in your work. Practice mindfulness and stay humble. There is much to be learned from colleagues who have already succeeded in the business world. Keep in mind; you will encounter failures on your journey. Humility will prevent the harsh crash when these occur. 

  1. To become wealthy

While becoming wealthy is attractive to almost everyone, this should never be the sole reason behind starting your business. Also, focusing on getting rich quickly will almost always end in disaster. Instead, strive for a steady inflow of cash to your business and remember that most business owners are unable to take a salary for the first 18 months. By consistently grinding and making thoughtful decisions, you have a greater chance of achieving wealth as a by-product. Check out America's Best Bookkeepers

  1. Providing employment

While providing stable employment and salaries can be very fulfilling, this opportunity comes with great responsibilities. You must ensure that your staff is competent and well trained. You may also have to fire employees who are not meeting company standards. Creating jobs is great; however, it is important to take great care to ensure all your employees are assets rather than hindrances. 

  1. Freedom

The thought of spending most of their time stuck in the 9 to 5 workday, tucked away in a cubicle under those headache-inducing fluorescent lights, can be a nightmare for many people. Many people dream of breaking free from this system and gaining the ability to create their own schedules and work environments. However, while owning your own business may allow you more flexible hours, the effort needed to succeed is often 10 times greater. Those monotonous 40-hour workweeks you had so much disdain for may turn into 80 hours a week of strenuous and back-breaking effort that is needed to build your business from the ground up. Just because you are no longer obligated to punch in and out every day religiously does not mean you must not be disciplined and diligent with your time. Check out America's Best Bookkeepers

  1. To get rid of the boss

One of the most attractive aspects of starting a business is getting to be your own boss. The freedom that comes with working for yourself and fulfilling your unique vision can be the main motivator for many entrepreneurs. However, this role comes with many serious obligations.   

As a company owner, you are responsible for creating sales, production, generating revenue, and engaging in marketing for the company. The responsibility of business growth falls solely on your shoulders.

Additionally, you are responsible for ensuring your employees are contributing positively to the efficiency, productivity, and image of the business. Executing effective control over employees is no easy task. You must be compassionate and fair while also requiring respect.

When to start a business?

The best reason to start a business is to offer a solution. When your focus is on meeting the needs of the customer, everything else will fall into place. A business that offers a quality product or service will almost always see success, and all involved will be greatly fulfilled.

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

Sometimes it can be easy to get into the habit of spending too much time at work and not balancing personal life and work life. Maybe you are working extra hours to earn more money. Maybe you do it because you want a promotion. Or maybe you do it simply because you are trying to meet your quarterly goals. Regardless of why you have to ask yourself, is it worth it to risk your health?

It is easy to say “of course not,” but research suggests that although most of the population says they would never get into that situation, it does just the opposite. According to a study, more than a fifth of employees work 48 hours or more each week, and 60% do not regularly take their vacation days.

That makes the balance between work and personal life a big problem when you consider that:

  • Working 55 hours a week or more can increase your risk of having a stroke by 30%.
  • People who work more than 10 hours a day have a higher risk of heart disease than those who work only 7 hours a day.
  • People who work more hours tend to consume more alcohol and at a level that implies severe risks to their health.
  • Women who work long hours are at greater risk of depression and anxiety.
  • Those who work more than 40 hours per week or more than 8 hours in a day have a significantly higher risk of injury. Check out America's Best Bookkeepers

Beyond these statistics, it is likely that the stress of being overworked and lack of personal life negatively affects your physical health, mental health, stress levels, satisfaction in your relationships, and ability to do your job.

Some of us find it difficult to know our limits, which is a nice way of saying that sometimes we push ourselves too far. But all hope is not lost. You can help yourself manage your work stress by identifying the indicators that you could be working too much. You can rebalance your personal life and work life and avoid the problems that these excesses can cause.

Work-Life Balance

Striving to build a healthy balance between your job responsibilities and your interests or life goals can help improve your overall health, your happiness, and your relationships with those around you. You can control with these tips on how to achieve a work-life balance.

Know when to stop working

It may not be possible to go from working 60 hours a week to 40 hours, but it is possible to reduce the workload in another way. Study how to reduce the schedule realistically and start there. Low of 60 hours per week to 55 hours, and then to 50 hours, for example. Check out America's Best Bookkeepers

Day by day, try to reduce your workload if you know that a project will take more than a day to complete, decide where and when it will stop each day, and stay true to that goal. “Only five more minutes” can quickly become an additional hour of work if left unchecked.

Another option may be to balance the weekly workload. If you know that you will work late on Thursday and Friday, for example, try to work less time earlier in the week to have time to take care of yourself.

Sometimes it’s just a matter of knowing when to disconnect. This is particularly important if you usually take your work laptop home with you. Coach Michelle Landy says that “the key to balance or integration is to be aware of where you are.” One way to do this is to think about how each one can make the transition between work and home. They are small things that can make a big difference in the long term. It could be something as simple as taking time to breathe deeply and reminding yourself to be present and live the moment once you cross the threshold of your door. Another option may be to disable phone notifications to avoid distracting emails when you are at home.

Take your annual vacation days

The world will not end if you take a break. There is a reason why work breaks are required by law. You are not a robot. It would be best if you had time to disconnect, eat, go to the bathroom and relax. Check out America's Best Bookkeepers  Try to take some time each day, even if it’s only a few minutes, to get away from the computer and take a walk.

The same goes for annual vacations and the days off you have accumulated. Your company will not fall apart if you walk away for a few days. You are not doing the company any favors if you do not take the necessary rest time.

According to Adam Sacks, president of the Tourism Economics division of Oxford Economics, Forbes magazine quoted: “Not taking accumulated days off does not help employers, because they end up dealing with a less productive and less loyal employee.” If you are a boss or manager, check out this article on stress management in the workplace.

Taking regular rest periods helps you maintain momentum and avoid exhaustion. Plan and try not to take your days off during a period in which you are essential; So you can spend a real vacation without having to worry, away from the laptop, and make it clear that you should only connect if an emergency arises. Spend time with family, visit friends, explore new destinations or enjoy your favorite holidays: do what you need to do to get back rested.

Find a hobby you like

Speaking of hobbies, sometimes there is no better way to balance personal life and work-life than through a hobby you enjoy outside of work. This can be hard to find, especially if you have moved to take a new position or have been working excessively for years, but it can be profoundly encouraging. As you commit to taking breaks, use this time to find activities that will keep you happy. Try a new sport such as hiking, surfing, or fishing; try volunteering or enroll in art classes.

Do not feel guilty for the time you spend dedicated to your hobby. You work hard, and you deserve to take some time to enjoy what you have worked for. Most companies understand it and can even encourage this type of hobby.

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

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

Before you apply for business credit, the most important thing you should do is separate your finances from your business finances. Even if you invest some of your capital into the business, you should treat yourself as an outside investor as far as accounting, and other financial functions are concerned. You should also incorporate or become a limited liability company or partnership to protect your assets if the business has issues. Here are four types of business credit to avoid using your personal accounts.

Revolving Credit Accounts

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

Installment Accounts

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

Charge Cards

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

Vendor Accounts

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

Conclusion

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

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

Business risk is something that might prevent a business from reaching its business goals. The risks associated with a general business are vast and comprises things that can only be controlled by a business, like a strategy, and few things that are not controllable, like the global economy.

There is a stable relationship between reward and risk. Commonly it is impossible to gain any business without going through any risk. However, risk management’s purpose is not to eliminate the risk.

In some cases, risk management aims to improve the risk-reward ratio while staying within the limit of a business’s tolerance. Here are twenty business risks every business owner should know. Check out America's Best Bookkeepers

  1. Competitive Risk

Competitive risk is the risk that a competing business will get more growth and leave the other business behind while beating the same business every single time.

  1. Economic Risk

Economic risk is the potential for changes in the economy that might increase a business’s expenses or decrease overall sales.

  1. Operational Risk

Operational risk is the risk of failing in the company’s daily operations, especially in customer service processing. Few definitions of operational risk state that it is the failure to meet the daily tasks. However, processes that are thought to be completed and effective also give a bit of risk.

  1. Legal Risk

With legal risk, the chances are that new laws will cause interruption with the current business or might suffer heavy costs and losses due to an authorized argument.

  1. Compliance Risk

With compliance risk, the chances are that a business will break the rules or guidelines. In many cases, a business might ultimately intend to follow the law but, in the end, violates laws because of ignoring errors.

  1. Strategy Risk

The strategy risk is the risk that comes up with a specific strategy. Though strategies are generally used to improve business, they can also bring about business risks. Check out America's Best Bookkeepers

  1. Reputational Risk

Reputational risk is the chance of losing sales because of a decreasing reputation arising due to incidents or practices that are considered disrespectful, dishonest, or incompetent. The term is bound to define the risk of confidence loss in an organization instead of a slight decline in reputation.

  1. Program Risk

The program risk is the risk that is associated with a specific business program or project portfolio.

  1. Project Risk

The project risk is the risk that comes up due to a project. Projects’ risk management is a comparatively mature discipline that is protected in chief project management methodologies.

  1. Innovation Risk

Innovation risk is the risk that applies to inventive areas of a business like product research. Such areas might need adjusting your risk management practices to relatively high-risk and fast-paced activities.

  1. Country Risk

The country risk is the exposure to the situations in the countries in which a business operates, like the economy and political events.

  1. Quality Risk

The quality risk is the possibility that a person might fail to meet the quality goals for your products, business practices, and services.

  1. Credit Risk

The credit risk is the risk that comes with clients failing to pay back the amount they owe a business. For many businesses, this is generally related to the accounts’ receivable risks. Check out America's Best Bookkeepers

  1. Exchange Rate Risk

Exchange rate risk is the risk that occurs when a country’s currency is converted into other currency types; as such foreign exchange rates affect the business’s transactions and assets value. Many international businesses go through such type of risk as they can secure more sales in other countries, but their sales do not generate much revenue on currency conversion.

  1. Interest Rate Risk

The risk that the business will have to pay more on returning the debt with the change in interest rates. As interest rates directly influence the capital cost, ultimately resulting in influencing the profitability of the business.

  1. Taxation Risk

The taxation risk is the risk with the potential for new tax laws or interpretations to result in higher than expected taxation. In some cases, new tax laws can completely disrupt the business model of an industry. The possibility of additional tax laws or changes in the tax higher than expected, and in a few cases, new tax laws can destroy the business’s financial model. They can cause chaos on a financial scale in an industry.

  1. Process Risk

The process risk is the risk associated with a specific process. The process inclines to be focused on risk administration to decrease risks in basic business processes, often giving out reductions in costs and generating additional profits.

  1. Resource Risk

The resource risk is the risk of failing to accomplish the objectives due to a failure of resources like financing or the skilled workers’ labor.

  1. Political Risk

The political risk is the risk of political outcome and events affecting the business.

  1. Seasonal Risk

The seasonal risk is when you own a business whose sales go up only in a specific season, like a ski resort business.

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

The S-Curve is traditional art used in a number of fields by start-ups and other companies, which focus on technology and innovation to produce products. The s-curve illustrates that newly introduced technologies seek issues to meet the user’s demands. Consequently, it develops gradually to attain those expectations.

The introduced technology takes a dominant place, and the previously introduced technologies go into a decline. The S-Curve determines the difficulties that firms can address in a technological life cycle. The technological advancements introduced in the following case aim to improve the current customer service system’s efficiency level within the banking industry. Check out America's Best Bookkeepers

From the banking industry perspective, the bank can use the small branch of Instagram to increase customer convenience and reduce the time consumption of customer service employees. The following system can also be used to omit unproductive activities, which can increase and enhance performance and save time and money.

It can increase the innovation and advanced technological system in the company’s operations. Furthermore, the small branch on social media can be used to conduct some advertising activities. Firms resort to advertisement and promotions by using various platforms of social media. Social media has become a great, cost-efficient way to market your company and brand. To market their products and services, organizations leverage social media usage, which is becoming an increasing trend. Firms can seek more traffic using this platform as compared to other advertising mediums, including print media, Television, and others. Check out America's Best Bookkeepers

A declining position is also examined in s-curve to maintain a technological innovation. The decline demonstrates that technological innovation can be postponed. Therefore, it is important that previous technology should be integrated with the new ones. The technology introduced by the bank in terms of small bank branches can be referred to as a mature technology, as today social media websites have many visitors, and it is used almost everywhere in the world. However, the following innovation in the company’s technological structure will decline if the company does not properly focus on updating this system and bringing consistent innovation.

The S-curve can be used to suggest possible improvements in processes and technologies for the progression. However, several problems can be addressed while initiating the technology. Within the context of the selected case, these setbacks can be in terms of improper information provided through the small branch, which could dissatisfy the customer and increase employees’ time consumption to provide service to each of the customers. Therefore, it is important that the information should be properly updated, and employees should use innovative advertisements to use the following system. Check out America's Best Bookkeepers

Time-based Process Map

Furthermore, it can also be used to implement technological improvements to enhance its productivity, and the management can generate higher sales and enhance the bank’s profitability and reputation in the market and in front of its customers. However, certain limitations can also be addressed with the application of S-Curve. Through the S-Curve, it can be demonstrated that a thin line between the beginning of technological improvements and the implementation phase can address certain issues for the management to implement the planning into practice. There is very little distinction between the implementation phase and the initiation phase. Therefore, the S-Curve is limited in managing the improvement expectations.

It has been determined that many of the employees are included in the communication to provide information to each customer.

Conclusion

Thus, it can be concluded from the above study that management can address technological improvement by employing the use of the small branch Instagram, which was mainly aimed to attract customer traffic through the social media website.

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

Since the 1970’s the U.S. has been plowing financial experts from all over the world, especially in the arena of finance, auditing, and banking. In terms of cost of living, the US market is not only a crimeless sanctuary. Still, it is also the primary bread-earner for the expatriates, who remit their savings to support their families living in developing countries. The US market did not only absorb the influx of expatriates but also industrialized its manufacturing and service sectors through technology and automation. In terms of its regulated infrastructure and civil framework, the growth of the US has been exponential. With the advent of the new millennium, the US has been proactively strategizing in expanding its financial hub, which is why the enormity of accounting, banking, and auditing is an expansionary phase that provides lucrative amenities to serve the needs of the non-locals. Check out America's Best Bookkeepers

As far as the significance of internal audit predates, it has functioned as a basic yet fundamental process. Unlike any other administration department, an internal audit serves as an internal regulator, whose purpose encompasses scrutinizing documents, reconciling accounting assets, and frequent informing of any anomalies to the board members.

In the U.S., the importance of internal audit function has gained momentum in the recent year, particularly when speaking of International Financial Reporting Standards (IFRS), financial record keeping, and overviewing the financial statements. The scope and dependency have gained prominence in the bank’s core management. Nearly all kinds of banks in the US have concluded that internal audit’s physical presence is embryonic in cultivating the administration of tangible and intangible assets in the banking sector, steering recuperated financial productivity of financial institutions. Check out America's Best Bookkeepers

There are various objectives and embodiments of internal audit, and utmost compliance with different frameworks is of paramount importance. In actuality, the bank’s audit committee and the board of directors are, in principle, accountable for employing effective management systems at all levels. The onus and magnitude of internal audit within the bank circumvents in gauging the risk of any banking transaction or activity, such as maintaining Capital Adequacy Ratio (CAR), Cash Reserve Requirement (CRR), procedures for opening up consumer and organization accounts, and approving loans to consumers and entities.

In any bank, the function of an internal audit serves as a liberated unit. The overall objective of having an internal audit is to fortify the business operations of the banks. Furthermore, augment it through the activities of assurance and consulting when it comes to business process re-engineering. Thus, implying that it does not act as a support function but as an enabling unit that adds value to enhance the organization’s performance. It compels the management and stakeholders to take a holistic view by adopting a scientific approach in implementing innovation. It empowers the human resource to be inoculated with discipline, integrity, and creditability. The fence of audit control has no boundaries, as it is able to diversify its implementation in enhancing the effectiveness of the risk management process and corporate governance. Check out America's Best Bookkeepers

The Board of directors and management steering committee in banks have also given sole independence to an internal audit. They provide a transparent and unbiased purview of the bank’s financing performance. Furthermore, auditors also provide suggestions to boost performance and improve efficiency while minimizing time-consuming tasks. They may also come up with the novelty of generating extra profits by resorting to alternate income streams.

The spectrum of internal control should not be restricted and necessitate the desired requirements of the top management. The purposes of having this division are; to assess if the prevalent framework is in conjunction with the infrastructure of the bank, scrutinize each process and product if it is cost-efficient or not, and ensure uniformity and integrity of financial reporting and business operations.

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

When in the early stages of a business venture, one will most definitely have money on their mind. When creating a product or service and getting ready to launch a brand, a successful entrepreneur knows the first step in transforming a small business startup into a successful global empire is identifying your target market and using the most advanced and effective strategies to grab their attention. Check out America's Best Bookkeepers

Find a Profitable Customer Base

While the concept is simple, it is the most difficult and the most critical step in your business venture. To successfully tap into today’s competitive market, you must clearly identify your target audience and niche. Focusing on a specific group or category helps to create your brand image. In this stage, you also want to research consumer habits, interests, and behaviors to develop marketing strategies that people are interested in and will respond to.

Marketing to your Target Audience Check out America's Best Bookkeepers

The majority of people aged 20-50 spend almost all of their day online, so staying up to date with the most recent technology trends and being connected to the most popular social media platforms will be important in developing an online presence. We will look more specifically at how to effectively launch your brand online in a bit. First, let’s compare today’s digital marketing tools with more conventional methods of advertising.

Some of the most effective traditional marketing strategies today include TV commercials, billboards, printed ads in newspapers, mailers, and coupons. If your customer is in the older age demographic, it will be appropriate to have an offline marketing plan as well.   Although these still exist, they are boring and outdated when compared to all of the creative and innovative ways to market your brand and sell your product today.

Also… technological advances allow digital marketing tools to be more user-friendly and more accessible for older folks.  You can’t really track how effective a billboard on the roadside will be, and you must wait much longer for business to arrive at your doorstep. In the meantime, your competition is getting all of the attention and enjoying the immediate results. Don’t let the grass get greener on the other side and take advantage of these key benefits that digital marketing provides entrepreneurs when launching a brand…… Check out America's Best Bookkeepers

Costs Less

For new companies with a minimal marketing budget, the cost of creating a website vs. producing a television commercial is obviously less.  Instead of spending money on multiple campaigns, you can focus on a single digital platform to get started. As you expand and there is more demand for your service, your company will experience a business concept called “economies of scale,” whereas production increases. The cost of advertising per unit decreases.

Reach More People

Utilizing the digital market space ensures you will reach more potential customers. The world is at the tip of your fingers. Not only are you able to attract new customers, but you can establish brand loyalty and advertise to your current customer base. You can also communicate via online chat software tools to get real-time responses and feedback and ensure great customer service and satisfaction.

Trackable Results

Digital marketing tools are trackable. Through analytics and data from your social media platforms, you can see what strategy is most effective and the customers that are being driven to your website and business.

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

Many companies find it necessary to implement travel into the business. There are multiple reasons an employee might travel for the company, but all need to be successful. Depending on the company’s size and the budget, travel and business trip preparation might be organized by a member of the staff or the traveling employee. The company might commission a professional travel agent or agency. Each company has to determine the company’s needs or individual business trips to decide if a professional travel agency should be used. Here are some things to consider when determining if you need a professional travel agent to plan your business trip. Check out America's Best Bookkeepers

Corporate Travel and Regulations

If the company does not have a travel professional that knows travel regulations, it could be a problem when the time to travel arrives. When the company does not intend to plan travel, not all that organize travel have a financial guarantee or tourism approval for organizing all-inclusive trips. Although they are in charge of organizing activities for business professionals, tourism professionals’ use is necessary for setting up the trip.

Working with a specialized agency then commits the company to the employees. Therefore, it is essential to go through a professional in the field who can offer you a personalized trip adapted to your group. Here are three reasons a professional travel agent can be the right choice. Check out America's Best Bookkeepers

  1. Suppose the goal is not to do business during this trip if you are a business owner who plans a “relaxing” trip to create a relationship of trust with your employees. However, if there is an expectation of some business and some relaxation in the combination, you need to ensure there is a balance.
  2. This trip’s success lies in the atmosphere and the dynamic created at the heart of the group. Please choose a destination that lends itself to your business trip’s organization and determine activities aimed at building a relationship between your employees or customers.
  3. Choosing original stays. The discovery of a destination and its culture can be organized around unusual or thematic activities (e.g., wine tasting in Porto, discovering Ireland; mystery seminar). This trip generates good memories for your company and your employees.

Why use a travel professional?

The travel professional will be in charge of setting up and assembling all the group travel services in the chosen destination. It will take into account your business’s specifics and guide you in the organization of a trip adapted to your needs.

There are various organized company trips, and each has its specificity: Check out America's Best Bookkeepers

  • Incentive trips to motivate or reward your teams
  • Seminar trips to create cohesion and team spirit in your business
  • Team-building trips to build a team and thus allow you and your collaborators to get to know each other to create a close-knit and efficient team

The advantage of having recourse to a tourism professional’s advice is to propose to your collaborators or customers a complete offer and adapted to the main objective of the stay and benefit from security in the organization before, during, and after your trip.

For companies without a works council, managers lack time in setting up such a project. These corporate trips’ objective is to create a relationship between the manager and his employees and not to leave the management of contingencies to the manager. Organizing such a group trip is not for everyone; it is better to leave this mission to travel professionals: it is their job! Going through an agency offers the employer the opportunity to leave with a free mind and focus on his team.

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

If you are a small business owner and have not established a succession plan, now is the perfect time to start. You can facilitate the change of ownership of your business by paying particular attention to succession planning. A Prince Edward Island potato producer-only started talking about his retirement at the age of eighty after being diagnosed with dementia. His case is no different from many other small business owners who have not established a succession plan.

By taking action now to establish a succession plan, you can help keep your business running smoothly. When the time comes to pass the torch, adopting a prudent exit strategy will allow you to preserve the value of your business – as well as your legacy.  Here are five questions business owners should ask when planning succession for the business. Check out America's Best Bookkeepers

Why is planning important?

A good plan allows you to maintain good relationships with your employees and business partners, which can be particularly important if your family members are among them. You should also make sure that your business is reliable and has good prospects for the sale price you want. 

Succession planning helps you:

  • Protect your business legacy
  • Ensure the continuity of service in your community
  • Adding value to your business
  • Ensure the financial security of your family and your partners
  • Preparing for the unexpected (illness, accident, death)
  • Preparing for the future

A change in management can also cause problems for employees, suppliers, and customers. Ensure your strategy includes a communication plan for your business partners and team members to keep all parties informed during the transition. It is also essential to make sure that the smooth running of your business continues. Check out America's Best Bookkeepers

When should you start?

If you plan to leave your business in the next five years, you should start planning now. Even if your business is newly established, having a plan allows you to prepare for the unexpected, good business continuity planning. Experts say the transition process can take up to five years and even up to ten years when it is a family business, depending on the organization’s size and complexity.

In a family business case, the relationships and emotions involved can complicate matters since most people are uncomfortable talking about things like age, death, and finances. According to Susan Ward, an experienced business writer and business owner, 70% of businesses don’t survive the transition from founder to the second generation. In most cases, the factor for failure is a tax or family conflict, two things that can be addressed in a good family business succession planning plan. 

Who is the ideal candidate to replace you?

Whether you want to transfer your business to a family member, employee, or an external third party, you will need to think about the skills and qualifications that a person will need to acquire to run the business, a process that can take years. Once your successor is chosen, a transition plan will take into account the training he needs. Check out America's Best Bookkeepers

What support will you need?

You don’t have to fend for yourself. Experts are available to assist you with succession planning. Professionals’ use is essential to small businesses’ success, including transferring to another owner. They offer knowledge and expertise in areas that you may not be familiar with. They can also complement your management team to keep your business running efficiently.

As an entrepreneur, you could benefit from the services offered by four types of professionals:

  • Accounting
  • Lawyer
  • Financial planner
  • Financial security advisor

What is your succession plan?

The choice of your successor, your business structure, and the collaboration with one of these specialists will facilitate the transfer of your business. By determining how you will transfer your business – whether, for example, to a family member or through a cash or financing sale – it will be easier to establish a program to follow to make room for the next generation. And with the helpful resources available to you – and many of which are free – the best time to plan for the future is now.

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

In owning and operating your business, chances are at some point; you will need to take out a loan to fund your business for various reasons. Since your business is already established, lending institutions will use your business reports to evaluate the risk. Often banks will reject your loan request after reviewing your business report. Here are four reasons banks reject your business loan application.

Lack of Confidence in the Entrepreneur Check out America's Best Bookkeepers

The lack of confidence in the entrepreneur is one of the most important parameters in granting a loan. If the bank does not believe in the entrepreneur’s capabilities to carry out the project or if the bank has doubts about the reputation, they won’t approve any size business loan. The entrepreneur’s profile and their attitude in contact with the bank are therefore key.

Note that the entrepreneur’s history can have a strong impact on this trust, both positively (and negatively (e.g., in the event of a past bankruptcy or delays in repayment of credit). As a business owner, you should focus on building credit and reputation from day one of opening your business.

Lack of Confidence in the Project

Above all, a project must be easy to understand, hence the importance of presenting it well, in a synthetic, structured, and understandable way for an uninitiated. The project must integrate different strategic elements, such as (attention, this list is not exhaustive):

  • presence of a real need, a real business opportunity
  • a real understanding of the market and the ecosystem, including the competition
  • solution representing a real differentiated value proposition
  • products/services validated in the market
  • well-defined target audience, segmentation, and distribution channels Check out America's Best Bookkeepers
  • adequacy of the commercial & marketing strategy for the project
  • a clear vision on the planning (milestones crossed, current and future)
  • complementary management team integrating the necessary skills
  • The project must offer real prospects in the medium term and, if possible, in the long term
  • It must be profitable enough to guarantee at least the sustainability of the activity, that is to say, to finance the necessary investments, to support growth, to repay debts, or to absorb fluctuations and unforeseen events
  • All of these elements must be argued, consistent, and credible

If the bank does not understand the project, has doubts about the business opportunity, the medium-long term prospects, its profitability, and its viability, it will be very difficult to consider a loan as a reminder, “Credit” means trust.

And remember, you usually only have one chance to make a good impression. A project presented via an incomplete, inconsistent, or not yet completed file risks toast your chances with this bank. This is especially true since it is very difficult for a bank to consider reviewing its position in the event of a negative decision.

Insufficient Repayment Ability Check out America's Best Bookkeepers

This criterion is essential for a bank:

  • If the project does not demonstrate sufficient capacity to repay the credit, there will be no credit
  • To measure this capacity, priority is given to actual figures over forecasts. If these are appreciably more positive than history, it is necessary to justify them well, and they may be nevertheless not (fully) taken into account
  • Also, particular attention is paid to the regularity or otherwise of the cash flow

The Risks are Excessive

It is worth remembering that a bank developing traditional business services is content to lend them the funds collected from savers or the market in exchange for a limited interest. The bank is an intermediary in managing excess and liquidity needs and does not strictly speak to take risks. Besides, it does not participate in the benefit of its customers.

  • Therefore, and this is a fairly common element of confusion, there can be a strong misunderstanding between the entrepreneur and his bank on its role and what it finances
  • Typically, things like the life phase of the business, the type of sector, or the innovative nature of a concept will have a big impact on risk
  • It deems a starter project at risk, a new concept not yet validated in the market or worse, not yet developed, areas with high default rates, activities with legal risks and policies
  • The bank also considers the maximum exposure limits it is willing to take on a business or sector

Based on these risks, the bank assesses whether it can intervene, how high and with what terms, and what protection.

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