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Project Based Organization - Complete Controller

Project-based organizations (PBO) are defined as firms that are simultaneously engaging in various projects. These projects are only offered to clients and are based on long-term association. However, there can be different types of project-based organizations. The problems associated with learning in the workplace reveal that training is not adequate. The need for the development of project management staff is crucial for the success of the project. Check out America's Best Bookkeepers

Project management is a very difficult and complex process. Ensuring the success of the project is equally difficult as it involves various factors that need to work together positively. These factors are called the Critical Success Factors (CSFs), which are associated with the influence on overall planning, management, and execution. The need to establish CSFs is important to the success of the project, but no project-based organizations have been able to provide a comprehensive model that can list the CFSs.  There is a major gap in identifying the factors that lead to the success of the project; thus, it is recommended that project managers enhance their skills. There are many other techniques and approaches to enhance a project’s efficiency, including total quality management, Six Sigma, benchmarking, and more. However, there is a disparity between understanding the need for learning skills and proper training. Check out America's Best Bookkeepers

Quality management models are generally based on emphasizing the success of projects due to quality management.  However, it is important to observe that all the models and theoretical support provided for project management’s success are based on the effective use and application of those models and quality management frameworks. The major issue is associated with a project manager’s failure to successfully utilize and implement success factors for the positive completion of the project. This basic problem summarizes a breakdown due to the failure to implement success factors during the project management process.

The model for assessing project management requires analysis of active leadership, implementation of policies and strategies, and successful allocation of time and resources. Successful project management needs effective skills to ensure coordination among different processes and stages involved. It is important to look for methods and approaches that can help in reducing the time and cost of the project. Not all aspects of the process are possible without the project manager’s skills to apply the theories, models, and strategies.  Any failure can be due to a lack of proper training and abilities. It is also important to understand that clients and stakeholders’ expectations are associated with the success of the project. Based on the above discussion, there is a need to ensure that the project managers have sufficient skills and knowledge to complete the project to the satisfaction of superiors and stakeholders. Check out America's Best Bookkeepers

Need for the Training of Project Manager for Improvement in Project

Knowledge Management (KM) is also an important concept in the success of the project. It can be deduced then that proper training will help the manager develop an understanding of how to implement the models, theories, and frameworks and ensure the project is successful. The need for training project managers is important, but it is equally important for the project staff involved in the project to be skilled and trained. The impact of training can help improve the project’s progress and professional growth and development for the staff involved.  A skilled and knowledgeable staff will increase the credibility of the PBO, thereby increasing profitability.

Practice and training are also necessary to familiarize managers with the needs of changing the industry. Project-based organizations must emphasize the best practices for the project’s managers and improve their project management skills.

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 Industry - Complete Controller

Micro and macro environmental factors are those variables that lie within and outside the industry. They can affect the performance and production of any organization. All these factors should be considered and addressed properly by the superior management to run a smooth business while maintaining a peaceful internal and external environment of the organization. Check out America's Best Bookkeepers

Micro Environmental Factors

Consumer Behavior

Consumer behavior factors include norms, lifestyle, and the demographic and cultural practices of the target consumers. Being a fashion icon of the fashion industry, Michael Kor needs to update their clothing trends up to the mark and consider the local market fashion trends or choices. That is why the study of cultural norms and lifestyle helps tremendously in guiding the production of fashion products.

Employees

Employees are the most significant microenvironmental factor that greatly affects the progress of an organization. In the case of a fashion organization, it is important that the employees know all fashion trends and changes consumer choices. In addition, the communication and coordination among employees should excel in carrying out different tasks. The company should establish employee-friendly strategies to promote devotion and loyalty among their workers. Only then could they work towards organizational goals and achieve and maintain their status in the fashion and business industries. Check out America's Best Bookkeepers

Distributors

Manufacturers have to rely on distributors and material suppliers to distribute and sell their products in the market. As a result, a good relationship between supply chain management and distributors is necessary. This will help the company increasing its sales and its footprint in the market.

Stakeholders and Shareholders

Stakeholders and shareholders are the main investors in the organization and are responsible for advising strategies for a company to grow up. Involving shareholders in decision-making is important as policies set by them will greatly influence how the company operates and affects profitability. Our company should involve stakeholders and shareholders in order to develop a better relationship.

Macro Environmental Factors

Technology

Technological factors refer to the resources and means necessary to meet the organization’s demand and production. For example, if the company is dealing in leather products, it should have access to enough leather resources to meet the customers’ demand. The scarcity of resources may lead to high pricing or less demand for the product. Also, incorporating the latest technology is important because the growing fashion industry is also resulting in high competition. Therefore, organizations should invest in technology to meet the pace of the fast demanding market. As described above our company should introduce new technology in order to become a tough competition to their rivals. Check out America's Best Bookkeepers

Legal and Political Factors

Changing political and legal environments can also negatively impact a business like our example, the fashion industry. Therefore, our fashion company must ensure that the labor rights are fulfilled.  Similarly, if any factors change, our labor force’s integrity and labor laws should not be affected.

Economic Factors

Economic fluctuations can also impact the progress of a business.  Looking again to the fashion industry, stable and good economic conditions allow consumers to spend more disposable income on luxury goods. However, inflation or a recession can negatively affect the sales of these fashion products. So, it must be ensured that the product or brand’s price should be lower to compete with the challenges of the economics within a respective country.

Media and the General Public

As observed by media and the general public, the appearance of the enterprise can greatly affect ongoing business and employee behavior. Michael Kors makes a strong relationship with different media cells because they are capable of representing the brand in both good and bad ways.  Understanding how media can influence the opinions of consumers is vital to every aspect of the production chain.

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
After COVID-19 - Complete Controller

If you’re the owner of a small business or start-up, chances are you’re facing losses. The world is going through a major crisis ever since COVID-19 changed our lives forever. People are losing their loved ones, economies are being pushed into recession, employees suffer from pay cuts, and daily wagers fight for survival. Amidst all this, we’re sure that knowing there’s still hope will bring some light to your life.

It is important to know what strategies will best suit small businesses once economics moves towards a new normal. Once you have a detailed strategy planned out, it will be easier for you to be up and running when the time comes. Here are six ways you can re-build your small business after COVID-19. Check out America's Best Bookkeepers

Re-evaluate Your Business Model

For starters, your business plan may have been working out perfectly before the Pandemic. However, in the present circumstances, the functioning of industries has changed drastically. While strategies vary between industries, it is a fact that people are looking for products and services that are accessible online, i.e., digitally.

It is safe to say that the E-commerce industry has blown up ever since the pandemic hit, with online shopping and services being the customer’s first choice. Keeping this in mind, it will be very helpful to focus on your company’s online presence. Increasing website traffic, looking for investors to sponsor your content, and making the website as easy to use and understand as possible are some areas to focus on. Check out America's Best Bookkeepers

Calculate the Extent of Loss

A crucial step is to analyze exactly how much damage your business has endured. Take a look at your financial statements (profit/loss/cash flow statements); compare these to the previous year’s numbers and calculate losses. It is also possible that the damage isn’t as serious as you had expected.

In addition to calculating losses, you’ll have to look at other aspects of your budget. For example, did you let go of some of your employees due to profit cuts? Did you cut down on your advertising and marketing budget? You’ll have to keep these factors in mind when you’re re-allocating and re-building.

External Funding Options

Considering the possibility of acquiring funds to go further will be helpful. There are many mediums through which small businesses can secure funding. Government schemes, bank loans, capital financing, and merchant cash advances (MCA) are some options. Before you decide to go for one of these options, it is important to weigh the pros and cons.

Look at the long-term benefits instead of those in the short-term because short-term benefits can turn into losses in the long term. For example, a merchant cash advance advantage is that merchant cash advances don’t require a high credit score, unlike loans. However, a major con is that while merchant cash advantage is a good short-term solution, someone constantly taking away a share of your profits can become a problem after some time. Check out America's Best Bookkeepers

Prioritize Your Options

There may be a list of factors you need to keep in mind when re-building your business; thinking about all of them at once will not help you but confuse you further. There are always some aspects that are more important than others. For example, it is important to re-allocate the budget first and then come to new marketing strategies later.

In such circumstances, it will help you a great deal if you make a timeline and work accordingly. Prioritize and allocate aspects that need immediate attention at the top of the list. Gradually move further and take things step by step. During this process, make sure to monitor your progress, continue with strategies that help your business, and discontinue the ones that aren’t working.

Enable Open Communication

While you’re going through extreme stress because of your business’s losses, it is important to remember how hard-hitting the Pandemic has been for employees. Keep in mind that your employees are also dealing with major changes; it will help them if you allow an atmosphere of empathy. You’ll have to organize training sessions again to explain your new business practices while dealing with COVID-19, and during this phase, keep communication as open as possible between employees and employers.

Have an Emergency Plan

While it seems like the pandemic is a one-time thing that won’t happen again for centuries to come, the truth is that your business can be hit with an emergency at any point in time. It will be helpful to work out a contingency plan to deal with these circumstances in the future. This may include increasing your savings, increasing efficiency to reduce costs, and working to pay off any debt you may be under.

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
Supplier Relationships - Complete Controller

For manufacturing companies, efficient strategies are necessary for Supplier Chain Management. They have many significant aspects, and they unite with sourcing strategies. The key to success with suppliers is their long-term, transparent relationship. One believes that if the owner, suppliers, and operators are successful, success will come directly. Kroc has its system of philosophy, which is comprised of three legs. One leg is employees, another leg is operators and owners, and the third and last leg is suppliers. If one leg faces failure, the whole system suffers. Check out America's Best Bookkeepers

A global firm will adopt Supplier Relationship Management (SRM), a strategy used for successful supplier management. SRM has a direct effect on the value of a supply contract. The firm has sufficient skill to produce their best, and they have the best tools to evaluate the result. Once the company gains trust with SRM strategy applications with IT suppliers, it decides to transfer to indirect materials suppliers.

Many technologies are used to create supplier relationships. As other expenses decrease, theory forecasts that firms ought to enhance the client business ideally. Due to the decrease in IT cost, there are many technologies used to develop supplier relationship, which are as follows:

  • Transaction Processing System (TPS)
  • Processing System
  • Decision support system (DSS)

An important element of any organization occurs when two people make an exchange called a transaction. The process of collecting, storing, modifying, and extracting an organization’s transaction is known as collecting. The transaction system is the name of daily feedback, business, payrolls, employees’ records, etc.

The decision support system defines the model data, and it makes a quality decision based on that data. A decision support system must make the right decision and is often dependent on the application of a computer with a human component. Check out America's Best Bookkeepers

Relationships with Suppliers are Essential

For any firm, it is necessary to maintain a relationship with their suppliers who are providing consistent raw material. It is of elemental importance that the same supplier is still in the chain if the material is still being provided.

Timing is Crucial

The timing of deliveries, shipping, and supply has a tremendous effect on supply chain management.

Information technology always plays a significant role in supply chain management. This department is accountable for storing data, protecting information, and processing that information. For speed quality, leading firms and retail outlets use many kinds of technology, and all these systems have worked sufficiently and effectively. Check out America's Best Bookkeepers

Management Information System (MIS)

Management information system delivers information to the organization. In this system, the company focuses on three elements: strategic plans, ratios, and marketing analysis. It is important that reputable firms practice this system to maintain the information profitable to their managers for future decisions.

Transaction Processing System (TPS)

The transaction processing system serves to store, modify, collect, and retrieve an organization’s transactions. This tool is essential for answering routine questions, basic payroll methods, keeping a record, and paying employees.

Electronic Data Interchange (EDI) works as transportation for small and mid-sized suppliers in supply chain management. EDI plays many roles, such as maintaining addresses, managing multiple warehouses, packing, and shipping. Information technology methods are a path to deliver messages to the audience. It makes sure that they communicate with the right people, and their multi-communication system utilizes online and other kinds of technologies.

Technology is a vital element of an organization. Things like revenue, inventory, and production are aspects of a business that technology needs to access. That is why information technology is the backbone that often supports the entire business. The IT department, where they generate profits from sales, strategizes managing income for their employees. In this way, the IT department also takes care of employees.

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
Electronic Invoicing and Billing - Complete Controller

Electronic invoicing is one of the most accurate ways to invoice for your small business. It can save lots of time and money as well as errors to use electronic invoicing and billing. However, some issues can arise that will cause errors when using electronic invoicing and billing. The efficiency of using an electronic billing system is ideal for a small business. However, implementing and being aware of issues during upgrades can save you time, money, and errors. Here are five mistakes that could be made using an electronic invoicing and billing system and how you can avoid them. Check out America's Best Bookkeepers

Not Including a Payment Due Date

While many things are included in most electronic billing systems, it is still important for the business owner or the person handling the electronic invoicing and billing system to ensure that all information is on the invoice before it is sent out. Sending a bill without the payment due date can lead to so many issues. If your client does not have an idea of a specific due date, the bill could essentially never get paid. When prioritizing their bills, most people are going to pay those bills that have hard due dates. Therefore, it is essential that whatever software you use for your electronic billing system has a built-in generation of the due date. Check out America's Best Bookkeepers

Lack of Communication

It would be best not to rely solely on your electronic billing system to inform your clients of the billing terms and conditions. Before you even begin the electronic billing process with your clients, you should verbalize the agreement and have it in writing with their signature. Every client must be very clear on your terms and conditions regarding your invoicing and billing system.

Neglecting Future Billing Needs

When choosing a billing system software for your business, you must have the future in mind. Your business may not need a lot of bells and whistles when it comes to the features provided by the software when you first purchase it. However, it would be best if you were thinking towards the future when your business grows and understanding that the software you purchase needs to grow with your business. Not thinking about the future business needs when it comes to invoicing and billing software can cost you down the line if you don’t have the software upgraded as your business grows. Don’t make this costly mistake. Be very thoughtful in the purchase of your invoicing and billing software. Check out America's Best Bookkeepers

Ignoring Security

As with any billing system, whether it be electronic or non-electronic, you must be acutely aware of your client’s security and your business. Be aware of minimizing the bill’s personal information due to identity thieves’ ability to use that information to steal your client’s identity and that of the business. Because these communications will be sent electronically, you must be aware of and safeguard against you and your client’s protection. Make sure that all personal information that could lead to identity theft is not included on the invoice. Only include the minimal personal information you need for the bill to be generated.

Duplicate Electronic Billing

Duplicate billing is another common billing system error whether the billing or invoicing is being generated electronically or not. You must ensure that the system is properly working and you are not double billing your client. This could lead to confusion and possibly overbilling your client. You must be aware that duplicate electronic billing can occur and ensure that you get software that will safeguard against this or at least have measures in place easily implemented to keep from double billing a client. A mistake like that can be the difference between keeping a client and losing them.

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
Establish Business Credit - Complete Controller

When starting a small business, you need to do one of the most important things as the business owner besides getting funding is to establish business credit. As we know, establishing credit isn’t something that happens overnight. It takes some time to get it to the level that would allow you to have enough credit to buy and borrow power. Though it is not something you can establish overnight, you can establish some things to establish business credit faster. Here are six ways to establish business credit quickly. Check out America's Best Bookkeepers

Register Your Business Entity

Business credit history is not the same as personal credit history. Credit history for business is more heavily weighted and not easily dismissed when obtaining capital for your business. Though some small businesses do not need to be incorporated or made into a proprietorship, a business that needs to build business credit registering your business is a must. The bonus is that having your business registered separately from your personal affairs protects your assets and accounts.

Here are the structures you can register your business under:

  • C-Corporation: A C-Corporation separates you from your business, financially and legally. A C-Corporation is best for businesses that are planning to issue stock or go public as they grow.
  • S-Corporation: An S-Corporation separates you from your business, financially and legally. These are pass-through businesses in which the profits are taxed at the individual level.
  • Limited liability company (LLC) – An LLC is an incorporated business with liability protection that separates you financially and legally from your business. An LLC offers more tax protection than a corporation.
  • Limited liability partnership (LLP) – An LLP is a registered business that is generally used for businesses that will eventually become a partnership. This type of registration is used a lot among medical and law practices.

When building your business credit, you must choose a structure for your business. If you’re having difficulty figuring out how to structure your business, you can consult an accountant or business attorney. Check out America's Best Bookkeepers

Get an Employer Identification Number (EIN)

When establishing your business, it is important to obtain an employer identification number (EIN) for tax and business tracking purposes. It is similar to how a Social Security number works for you and your personal life.

Not every business needs an employer identification number, such as sole proprietorship or single-owner LLC. However, it is suggested that you obtain one for your business, regardless. The employer identification number helps you establish business credit and will be useful when doing your business taxes.

Open a Business Bank Account

Registering your business and obtaining an employer identification number are great ways to help you establish business credit and separate yourself from your personal affairs. However, if you need to continue the separation when it comes to your bank account, many small business owners use the same account for personal and business use, but this can be a mistake. It would be best to separate every aspect of the business to protect your assets and establish your business credit.

Opening a business or merchant account can be done at the same bank you hold your personal account or open at a new bank. Some banks that have personal accounts don’t specialize in business accounts, while others do. If you have any questions, you can consult an accountant. The most important thing is to do your research before opening your business or merchant account. Check out America's Best Bookkeepers

Establish a Dedicated Business Address and Phone Number

Establishing a dedicated business address is simple if your business is a brick-and-mortar. However, if you will be operating your business out of your home, you will need to establish a virtual business address. This address will help your business stay separated from your home and avoid anyone coming to your home, thinking it’s a brick-and-mortar business. Your virtual business address can receive mail and help you keep your personal and business mail separated.

You should also establish a business phone number. You can do this in several ways. If you have a traditional brick-and-mortar business, you can have a phone installed in the business to use as your business phone number. However, suppose you’re going to be working out of your home. In that case, you can either get a separate cell phone number for your business or establish space a phone number online that will forward to your personal about without revealing your personal phone number. This is not only important for security but also to help you further establish business credit.

Get a Business Credit Card or Line of Credit

Obtaining a business credit card or a business line of credit can help you build your business credit quickly. However, it cannot be easy to get a credit card or line of credit for your business because you have not yet established any credit. If this is the case, you can use your personal credit if it is good to help you obtain either of business credit card or business line of credit. You can also obtain secured credit cards or loans and use them and pay them off immediately to establish credit. Once you build enough credit, you can get a larger limit of unsecured credit cards and loans.

Borrow from Lenders That Report to the Business Credit Bureaus

When you begin to get larger loans, make sure you always use lenders to report to a business credit bureau. Some loans and credit lines do not report, which will not help you establish your business credit. Though lenders that report often have higher interest rates, if you can quickly pay the balances, this won’t be as costly as you think. Most traditional lenders and banks who give business loans are associated with one or all credit reporting bureaus.

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
Event Planning - Complete Controller

Since the pandemic and even before it, people were already looking to start a small business. Many people who are starting a small business already know what they want to do as they dreamt of owning their own business. Others investigate a new endeavor due to circumstances or other business ambitions and have not yet chosen a business to open. It can also be expensive to get financing, so many looking to branch out into their own small businesses are looking for low startup costs. Here are five amazing small businesses most people can start for little to no money. Check out America's Best Bookkeepers

  1. Blogging:

If you are a good writer and have something to say, starting your blog can be quite easy to do for under $100. It can even be done often for under $50, depending on what measures you take when starting the business. There are multiple ways you can earn money being a full-time blogger.

You can earn money advertising and selling digital products such as E-books. You can also earn money using affiliate links on your block site and cross-linking to other monetized sites. Generally, the main cost for blogs to get started is purchasing your domain name and setting up web hosting through a professional. There can also be costs involved if you need help building your website. However, many websites offer free templates to build your blogsite. Check out America's Best Bookkeepers

  1. Consulting:

Consulting is also a business that can easily be started almost immediately. Many people have been in the workforce for many years. During this time, they have often received formal education as well as gained experience over the years. These years of experience can build towards becoming an expert in a product, service, or work field. This expertise can lend itself to a very successful consulting business.

Your consulting business will also require you to get a domain and build a website. It would be best if you kept this as low cost as possible to stay under $100. You will also need to invest in your appearance, including your clothing and your business card. Consultants often do a lot of networking in person; therefore, your appearance and great-looking business cards will be important when networking. So you may have to invest a bit in your wardrobe and having cards created for you. However, that cost can still be low if you are thrifty.

  1. Freelance Writer:

If you are an excellent writer, you can start a business for well under $100 as a freelance writer almost immediately. In the case of a freelance writer, it is unnecessary to have a website for people to go to; however, it could help the future as you build your business. The most important thing for the freelance writer is to get themselves out there for hire periods. There are multiple websites you can sign up on as a freelance writer offering your writing services. You can also run ads on websites such as Craigslist. Many sites where you can run these ads have zero costs, or if they do have some cost involved, it will be minimal and well under $100. Check out America's Best Bookkeepers

  1. Event planner:

Event planning is another business that is easy to start for little to no money. Most event planners can start their business by planning events for friends and family and expanding by word of mouth. While it is ideal that an event planner has a website eventually, it is not necessary to start the business. Because all of the event’s costs will fall on the shoulders of the person the event is planned for, there is little to no overhead.

  1. Professional Organizer:

Becoming a professional organizer can be lucrative and cost little to no money to start. People frequently need help cleaning and organizing their home or office due to a shortage of time or energy to get it accomplished. If you are good at organizing, you will need to run advertisements, which can be done for free of charge or modest cost, and use social media. You can also make flyers to use in your vicinity to inform people of your services.

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
Activity-Based Costing - Complete Controller

Activity-based costing (ABC) can be best explained as a method used to assign costs to various products, tasks, or service projects mainly based on the activities involved in carrying them out properly.

ABC was first characterized by Kaplan and Bruns in the late 1980s. It tends to be considered the cutting-edge option compared to absorption costing, enabling managers to more readily comprehend item and client net productivity. This furnishes the business with better data and, subsequently, increasingly compelling choices. It includes asset utilization and costing last yields. Assets are appointed to activities and activities to cost objects. Check out America's Best Bookkeepers

The Process Flow of Activity-Based Costing:

Activity-based costing is used for various purposes and, if we take a closer look into its different aspects, we can have a better understanding. For example, the entire ABC distribution of overhead expenses to those cost objects that have the right to be accused of overhead expenses. So that chiefs can see which activity drivers should be decreased so as to contract a comparing measure of overhead expense. For instance, if the expense of a solitary buy is $100, supervisors can concentrate on letting the creation framework naturally put in purchase requests or utilize obtainment cards as an approach to avoid purchase orders. Either arrangement results in fewer purchase orders and subsequently brings down obtaining division costs.

Identification of primary and secondary costs:

The initial phase in ABC is to distinguish those costs that we need to designate. This is the most basic step in the process since we would prefer not to linger on an exceedingly expansive business scale. For instance, if we need to decide the full expense of a circulation channel, we will distinguish publicizing and warehousing costs identified with that channel, yet will overlook examining costs since they are identified with items, not channels. Check out America's Best Bookkeepers

Make cost pools for those expenses brought about to give administration to different parts of the organization instead of straightforwardly supporting an organization’s items or operations. The substance of optional cost pools normally incorporates PC administrations, authoritative compensations, and comparative expenses. These expenses are later dispersed to other cost pools that straightforwardly identify items and administrations. There might be a few of these auxiliary cost pools contingent on the idea of the expenses and how they will be designated.

Make a lot of cost pools for those costs all the more firmly lined up with the generation of merchandise or administrations. It is basic to have separate cost pools for every product since costs will, in general, occur together. Such expenses can incorporate innovative work, publicizing, acquirement, and dissemination. Also, you should consider making cost pools for every dissemination channel or for every office. If the chances are that generation clumps are of significantly shifting lengths, consider making cost pools at the bulk level, with the goal that you have enough costs dependent on group estimates.

Allocate activity drivers:

Utilize an information gathering framework to collect data about movement drivers that assign expenses in auxiliary cost pools to essential cost pools and designate the expenses in essential cost pools to cost objects. It tends to be costly to aggregate action driver data, so use action drivers for data that is being gathered. Check out America's Best Bookkeepers

Evaluate items:

Utilize an action driver to assign the substance of every essential cost pool to cost objects. There will be a different action driver for each cost pool. To dispense the costs, partition the aggregate expense in each cost pool by the aggregate sum of action in the action driver to set up the expense per unit of action. At that point, dispense the expense per unit to the cost objects in light of their utilization of the movement driver.

Prepare a report based on the information:

Convert the aftereffects of the ABC framework into reports for executive review. For instance, if the framework was initially intended to amass overhead data by geological deals areas, at that point, give an account of income earned in every locale, every single direct expense, and the overhead from the ABC framework. This gives management a full cost perspective of the production of every district. The most well-known administration response to an ABC report is to decrease the number of movement drivers utilized by each cost question. Doing so ought to lessen the measure of overhead expense being utilized.

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Investment Value of a Business - Complete Controller

Before an investor expands their portfolio by investing in a business, glancing at that business’s financial statements will not always help make an educated decision on whether to invest. To gauge the actual financial representation of a business, the investor needs to filter the financial information to get more solid and conclusive answers.

Analysis of financial statements or calculating financial ratios can provide a deep and clear picture of a business’s financial health. Determining financial ratios can be a difficult task. Moreover, dozens of financial ratios might be available to the investor, making it confusing. However, the investor must investigate the financial health of a business before deciding to invest in it. Check out America's Best Bookkeepers

While assessing the business’s financial information and gathering the industry average, various websites are used, including Bloomberg, Morning Star, and Yahoo Finance. Some other non-financial factors should also be considered while assessing the business’s performance, as it is important to provide information relevant to the business’s stakeholders.

Sometimes, the business management uses data manipulations to keep their position in the market attractive to a potential investor. Thus, along with financial indicators, the non-financial statement should also be determined to conclude its financial performance. The non-financial statement is an auditor’s report that qualifies or disqualifies the business’s financial statements.

The analysis will determine the business’s competitive strength by accompanying a horizontal analysis. Furthermore, based on these analyses, certain decisions associated with the business’s external and internal stakeholders can be made.

The business aims to seek an upward trend in its profits and maintain a competitive market position. Moreover, the business should maintain a consistent focus on certain growth strategies, which fosters good business practices and financial growth.

Financial ratios can help assess the potential of a business to be a good and profitable investment. Here are five financial ratios that can be effectively used to assess the investment value of a business. Check out America's Best Bookkeepers

Operating Profit Margin

Operating Profit Margin determines the business’s profitability level, which illustrates the business’s capabilities to generate profit through its sales revenues. The business can attain a higher ratio in its operating profit margin by managing the cost-effectively, reducing the cost of unproductive activities among different business operations. However, certain uncontrollable factors or unfavorable economic consequences can negatively affect the business’s profit generation.

Interest Coverage Ratio

Interest Coverage Ratio determines the business’s efficiency by analyzing its capacity to pay off its interest expenses with the generation of operating profits. A business’s financial situation is considered more favorable when it has a higher level of coverage ratio. This situation determines that the business can utilize debt to acquire funds from the market. Check out America's Best Bookkeepers

Return on Captial Employed

Return on Capital Employed determines the business’s efficiency level to generate profits on the business’s funds from the market. Moreover, it is the most important ratio from the perspective of an investor. If the individual is making an investment decision to become a shareholder in a business, the investor must know its existing ROE.

Asset Turnover

Asset turnover ratio is an efficiency ratio used to govern the business’s capabilities to generate sales revenues on the business’s total assets, which can include fixed and current assets.

PE Ratio

Price to Earnings ratio depicts how much shareholder is willing to acquire shares from the market, regarding its market value and the associated earnings per share. It determines the attraction of shares in the eyes of the business’s shareholders.

To put it in a nutshell, the ratio which has been mentioned above is a key ratio. A shareholder must comprehend these financial ratios because they can provide valuable discernment into the business’s financial picture and help make an informed and prudent decision.

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Social Media Marketing Small Biz - Complete Controller

It is evident that small businesses are transforming their marketing strategies, and they prefer to use social media rather than traditional media when marketing. However, it is true that without the combination of social media marketing and traditional media marketing, businesses cannot succeed. Several factors contribute to the decision to use social media platforms as opposed to traditional marketing.

Marketers are adopting social media platforms due to social media marketing’s unique features, as the extensive use of social media has transformed the connection speed to potential customers. Social media is widely accepted among marketers due to its ability to offer two-way communication with customers. It allows businesses to have communication with customers without having face-to-face meetings. Check out America's Best Bookkeepers

Information sharing is another factor that facilitates social media use; through this technique, businesses can engage their existing customers and attract new customers. Quick image building, brand recognition, brand awareness, and sales generation are some of the other factors that contribute to businesses adopting social media marketing.

Social media platforms for small businesses help those businesses in doing cost-beneficial analysis and devise future strategic development strategies. The analysis objective is to understand marketers’ use of social media marketing and its impact on the return on investment (ROI). The research concluded that small businesses adopt social media marketing because of its value compared to other marketing methods. However, most small businesses do not measure the return on investment (ROI) or Return on Equity (ROE). Check out America's Best Bookkeepers

Role of Social Media Marketing

Social media marketing has a pivotal role in improving the performance of small businesses. Social media is customer-generated or created media that have significantly changed the communication strategies and tools to improve communication with customers. For the development of small businesses, social media is a friendly tool, and social media is formidable for the success of the business. Marketing contributes to the price of the product and improvement in technologies reducing the cost of mobile systems. Hence, social media marketing is a cost-effective tool for marketers. This cost savings then contributes to the business reducing operational costs and passing that savings to customers. This price reduction can improve their competitive advantage that ultimately enhances the profitability of the business.

According to research, cost-benefit is one of the top reasons small businesses adopt social media networks and marketing. The research showed that social media plays an important role in promoting small businesses. It is effective to use social media to market because it enhances the direct interaction between customers and the business.

The influence of social media marketing on the performance of small businesses is strong. Many businesses understand the importance of social media marketing. Social media marketing enables businesses to expand their brand exposure through interacting with other businesses. Through engaging others, social media makes the businesses visible to their target audience. Check out America's Best Bookkeepers Social media contributes to small businesses’ overall performance and productivity by having immediate customer interaction and feedback.

Each business idea originates from an individual and hopefully results in the formation of the business. It does not matter whether the business is selling a product or providing a service. However, when it boils down to communicating or establishing public relations with the masses, social media marketing, and its platforms prove to be a positive and less expensive marketing option.

One does not require a full marketing department in a small business to spearhead promotions or campaign strategies. Small businesses can take control of communication rather than outsourcing them to another business. Nevertheless, it is not a bad idea to understand social media marketing from marketing professionals. They are often more informed about consumer traffic and the kind of social media platform for the best marketing strategies.

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