Author: Complete Controller

In the whirlwind world of small business startups, the quest for funding is not just a preliminary step; it’s a fundamental aspect that can dictate the pace and direction of a business’s growth trajectory. Public financing and the ability to attract investment capital are two pivotal gears that keep the engine of a small business running. This exploration sheds light on the significance, strategies, and statistics underlying these financial dynamics.

The Essence of Public Financing

Public financing encompasses funds obtained from government sources, intended to kickstart or boost small businesses. These funds can come in the form of grants, loans, or tax incentives. Unlike private investments, public financing might come with less stringent repayment terms or, in some cases, no expectation of financial return at all, as in the case of grants.

Governments have a vested interest in fostering entrepreneurship as a means to stimulate economic growth, innovation, and employment. For instance, the Small Business Administration (SBA) in the United States offers loans and grants to small businesses that meet certain criteria. Meanwhile, across the Atlantic, the European Union has the COSME programme, which supports small and medium-sized enterprises (SMEs) with loans and equity.

The Magnetic Power of Investment Capital

On the other side of the coin is investment capital, the fuel that powers startups through the investments of angel investors, venture capitalists, and even crowdfunding platforms. This capital is not just about money; it’s also a gateway to mentorship, strategic partnerships, and access to a broader network.

Attracting investment capital requires ingenuity, a sound business model, and the ability to articulate your business’s value proposition convincingly. According to the Global Entrepreneurship Monitor report, approximately 100 million startups are launched globally each year. However, a study by CB Insights found that 29% of startups fail due to running out of cash, highlighting the critical importance of securing investment capital.

Strategies for Navigating Public Financing and Attracting Investment Capital

Understand your financing needs

Assess the amount of funding you need and its intended use. This clarity will help you target the right sources of finance.

Build a robust business plan

A comprehensive business plan is your roadmap and pitch rolled into one. Ensure that your presentation emphasizes your market analysis, business model, and financial projections and clearly outlines how you intend to utilize the funds.

Leverage government resources

Explore grants, loans, and tax incentives offered by local and national government agencies. Websites like Grants.gov in the U.S. or the European Funding Guide in the EU can be invaluable resources.

Network

Building relationships with industry players, attending startup events, and joining entrepreneurship communities can open doors to potential investors.

Perfect your pitch

Whether you’re appealing to a government body or an angel investor, the ability to succinctly and compellingly present your business can make or break your funding efforts.

The Role of Funding in Small Business Startups

Adequate funding allows small businesses to navigate the initial volatile years, scale operations, innovate, and compete in the market. According to the U.S. Bureau of Labor Statistics, for example, around 20% of new businesses fail within their first two years of operation, and having adequate funding can be a crucial factor in overcoming this statistic.

The Ripple Effect: Economic Growth and Innovation

Investment in small businesses doesn’t just benefit individual companies; it has a ripple effect, fostering innovation, creating jobs, and driving economic growth. Small and medium-sized enterprises (SMEs) unequivocally comprise about 90% of businesses and over 50% of employment worldwide, as reported by the World Bank. Furthermore, a study conducted by the Kauffman Foundation assertively demonstrates that net job growth in the U.S. economy is primarily driven by startup firms.

Looking Ahead

As we move forward, the landscape of public financing and investment capital will continue to evolve, influenced by economic policies, technological advancements, and shifts in consumer behavior. Small businesses that stay informed, agile, and proactive in their funding strategies will not only survive but thrive in this dynamic environment.

In conclusion, understanding and navigating the dynamics of public financing and attracting investment capital are crucial for small business startups. These financial lifelines enable businesses to grow, innovate, and contribute significantly to the global economy. By leveraging these resources effectively, entrepreneurs can turn their visions into successful, enduring enterprises. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Keeping an enterprise running lucratively can be challenging, specifically in today’s competitive and fast-paced economy. Whether you own a start-up or a well-established business, it is easy to unpredictably find yourself in trouble with bookkeeping. When this occurs, and you are no longer able to keep up with your corporate debts, you may be speculating about what you can do to take care of your financial responsibilities while still protecting your business in the long run. Businesses, like entities, sometimes suffer from too much debt. Taking on the right amount of liability – and at the right time – can mean the difference between a business that scuffles and one that prospers. According to the U.S. Small Business Administration (SBA), roughly 50% of small businesses are unsuccessful within their first five years, largely because of inadequate capital, poor credit activities, and too much debt. Gratefully, we have come up with a periodical order for you to follow when paying your priority debts.

Taxes

The money that you accumulate for federal payroll taxes and state sales and income taxes does not belong to you; it goes to the government. And if you don’t pay these tariffs at the correct time, you will face stiff charges and penalties. The Internal Revenue Service (IRS) has broad authority to garnish incomes, take control of business gear and property, and even get a hold of funds from an Individual Retirement Account (IRA). It can also charge you with corruption for failing to deposit your payroll taxes applicable.

Payroll

Not only do some national laws impose fines for not paying your employees’ salaries on time, if you don’t take care of the individuals who labor for you, but you also risk losing them and your industry. You may like to think of your workers as a family, but missing payroll may vigor them to look for other prospects.

Aged Payables

An aged payable is a bill that is past due for 60 days or more. These bills put your corporate credit score at threat, making it more problematic to secure future bankrolling.

Utilities and Rent

You cannot run a company without power and a phone line. Lights, internet service, heating, and air conditioning, etc. are necessities. If you are overdue on your utility bills, your facilities can be cut off and leave you in the dark. Try to look at your bookkeeping records and exchange a payment plan with your service suppliers. And don’t assume they won’t pull the plug if bills are left due.

Key Retailers and Purveyors

You depend on your key vendors and suppliers for your company to function. They also depend on you for their establishments to prosper, so it is everyone’s concern to keep these relationships healthy.

Secured Debts and Dues You Have Assured

If your business is a sole proprietorship or partnership, you are individually accountable for all of your business debts. If your business is a corporation or LLC (Limited Liability Company), you are only legally responsible for debts that you guaranteed. In either circumstance, you need to pay these compulsions before any unsecured debts or loans get reimbursed.

Insurance Payments

You do not want to function without liability insurance for any prolonged length of time, but if you need to eradicate a specific expense, you might have to take the risk. Before letting insurance lapse, though, try to lessen premiums by down-scaling coverage or increasing deductibles.

Large Bills vs. Small Bills

Keeping your business credit score high is an imperative contemplation when you are forced to order your payments. Missing large bills will have a superior negative impact on your credit score because they carry more mass. Also, big companies are expected to report delinquency to credit agencies. Conversely, occasionally you might need to pay smaller bills to smaller companies that depend on your business for their subsistence.

Final Note

Preparing for a cash flow problem whilst bookkeeping in advance by putting aside sufficient funds to pay your bills and creditors during sluggish economic times is your best defense against financial trouble down the road.

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

In the ever-evolving landscape of entrepreneurship, marketing emerges not just as an aspect but as the very core of a successful business strategy. Its significance transcends mere advertising; instead, it acts as the heartbeat of business growth, customer engagement, and, ultimately, profit maximization. In this enlightening article, we delve into the crucial role of marketing in entrepreneurship and offer strategic steps to harness marketing for greater profitability, supported by relevant statistics and facts. I can’t wait to share!

Understanding the Critical Role of Marketing in Entrepreneurship

At its essence, marketing is about connecting with your audience in the right place and at the right time. To succeed, it is imperative to comprehend your customers’ identities, their requirements, and how your product or service can effectively meet those needs. Significantly, Harvard Business School professor Clayton Christensen has found that about 95% of new products fail because companies don’t accurately gauge their customers’ needs. This statistic underlines the vital role of marketing in not just selling a product but ensuring that the product itself is something the market needs and wants.

Furthermore, marketing is indispensable for branding. Brands like Apple, Coca-Cola, and Nike have become so much more than just the products they sell; they evoke emotions, lifestyles, and identities. This emotional connection doesn’t happen by chance but is a result of strategic, consistent marketing efforts that resonate with consumers on a deep level.

Profit Maximization Through Strategic Marketing: A Step-by-Step Guide

Understand your market

• Market research

Before any product launch or marketing campaign, comprehensive market research is fundamental. This should encompass competitor analysis, customer behavior, and market trends. For instance, the Content Marketing Institute reported that 81% of businesses found that increased investment in audience research led to more effective marketing strategies.

Segment and target effectively

• Focused approach

Once you understand your market, segmenting your audience and targeting your marketing efforts becomes pivotal. Customized messaging to different audience segments can significantly enhance engagement and conversion rates. Based on HubSpot’s findings, emails employing segmented campaigns experienced an impressive up to 760% increase in revenue.

Build a strong brand

• Consistency is key

Your brand serves as a commitment to your customers, setting clear expectations for your products and services. According to Harvard Business Review, maintaining a consistent brand across all platforms has the potential to boost revenue by up to 23%.

Leverage digital marketing

• Online presence

With over 4.66 billion internet users worldwide, establishing a robust online presence is non-negotiable. SEO, content marketing, social media marketing, and online advertising are powerful strategies that drive substantial traffic, engagement, and conversions. Digital marketing not only reaches a broader audience but does so in a cost-effective manner compared to traditional marketing channels.

Engage and retain customers

• Build relationships

Marketing doesn’t end with a sale. Engaging with your customers through newsletters, social media interactions, and loyalty programs is a fantastic way to maintain your brand’s presence and foster repeat business. As per the Chartered Institute of Marketing, retaining existing customers can cost up to five times less than acquiring new ones. This presents an excellent opportunity to build long-term customer relationships while also being cost-effective.

Measure, analyze, and optimize

• Data-driven decisions

Utilizing data analytics tools to measure the effectiveness of marketing strategies is crucial. This not just aids in understanding what works and what doesn’t but also helps in optimizing future campaigns for better ROI. Google Analytics, for instance, offers insights into website traffic and user behavior, aiding businesses in making informed marketing decisions.

Marketing Statistics and Facts: The Proof is in the Numbers

• Businesses that prioritize blogging are 13 times more likely to achieve a positive ROI on their efforts, according to HubSpot.
• Email marketing remains one of the most effective marketing channels, with every dollar spent on email marketing offering an average return of $42, as reported by DMA.
• The influence of social media is unprecedented, with AdWeek reporting that social media posts are considered as influential as word-of-mouth by 78% of consumers when making a purchase decision.

Final Thoughts

The landscape of marketing is as dynamic as it is vast, offering myriads of opportunities for entrepreneurs to connect with their audience, build meaningful relationships, and drive profitability. Marketing strategies must evolve confidently as technology and consumer behaviors change. Yet, the core principle remains unchanged: understand your customers and meet them where they are with a message that resonates. In doing so, not only do businesses maximize their profits, but they also build enduring brands that stand the test of time. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

This article will discuss the most important stages for effective household finances. Before formulating an effective household finance strategy, all the following steps should be valued, evaluated, and addressed. Important decisions should be made after careful evaluation.

Step 1: Protection Management

It is one of the most significant steps of family financial management. A household financial plan/strategy must deal with protection management. The purpose of this safeguard management is to protect against unforeseen financial loss and accidents. Protection management has four considerable fundamentals.

Step 2: Life Insurance

Life insurance is a crucial protection management step. A life insurance plan should be taken as early as possible. It will cost less for a healthier and younger individual. This plan will provide financial safety to the family if the guardian dies.

Step 3: Emergency Savings Account

An emergency savings account is essential for protection management. Life is very unexpected, and any unforeseen incident can happen at any time. An emergency fund or savings account must be maintained to prepare for these unplanned emergencies. If you do not have any such account, then you must borrow money from a bank or other people. This situation drags you into debt. To avoid debts, sufficient funds must be saved in an emergency fund.

Step 4: Legal Protection

Legal protection protects against accidents, agreements, lawsuits, and contracts. Wealthier individuals are more prone to legal issues, and they need a lawyer for legal advice. Legal protection must be part of any household financial strategy.

Step 5: Long-Term Care Insurance

People often work hard in life. They spend their lives securing their future with savings to be used after retirement. However, in the case they get a severe illness, all their savings may be utilized in one go with nothing left to spend on other household expenses and utilities. Long-term care insurance protects against such a financial crisis. This protects the assets that you have worked hard to earn over your lifetime.

Step 6: Debt Management

This is the next most vital step to be inserted into a household strategy to make it effective. This plan aims to make you debt-free and enjoy financial freedom. Most people assume debt is a reality and a necessity of life, but this is not good practice. Your target must be to eliminate debt from your life. Debt makes goals and dreams almost impossible to achieve. Every time you plan to improve your financial position, debt comes in the way of one of the biggest and most challenging hurdles.
Making a strategy to remove debts must be effective in prioritizing the management of household finances.

Step 7: Savings Management

The purpose of Savings Management is to identify and recognize the financial challenges of future targets, to tolerate education expenses and retirement plans, and to create saving strategies to protect plans. Make a clear understanding of expected finances, i.e., education expenses, wedding expenses, retirement expenses, etc., and then start a savings plan accordingly.
Savings management is a necessity for managing household finances effectively.

Step 8: Income Management

Income Management must be included in your household finance strategy or plan. The purpose of Income Management is to manage capital. If you do not take control of your money, money will otherwise control you. Focus on cash flow management; understand where your cash is going. Spend money where it is required. By maintaining your money flow, you can manage your financial plan effectively and improve your livelihood standard.

Conclusion 

By understanding and managing these steps, household finances can be managed effectively. This will impact the quantity of menace you are prone to, the level to which you can benefit from opening, and the achievement of any economic liberty map you may produce. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Unlocking Business Potential: The Power of a Merchant Account

In the ever-evolving landscape of commerce, both online and offline, having a reliable, efficient, and secure method to process transactions is crucial for the sustainability and growth of a new business. This is where merchant accounts step into the spotlight, offering a gateway to handling credit card transactions and more, paving the way for businesses to thrive in the digital age.

What is a Merchant Account?

A merchant account is a type of bank account designed specifically for businesses to accept and process electronic payment card transactions. Whether your dealings are primarily online or in a physical location, a merchant account is a crucial component in the payment processing chain. Beyond merely facilitating transactions, having a dedicated merchant account also imparts a veneer of credibility and trustworthiness to your business, encouraging customers to transact with confidence.

Benefits Galore

Merchant accounts come packed with advantages geared towards boosting your new business. Firstly, they offer a wide range of payment methods, including credit and debit cards as well as mobile payments, which helps to expand your customer base. The ability to process payments swiftly and securely not only enhances customer experience but also improves cash flow – a vital element for any budding enterprise.

Moreover, with advanced fraud protection features that merchant accounts typically offer, your business is safeguarded against potential security breaches, ensuring that both your interests and those of your customers are well protected.

The Path to Acquisition

Obtaining a merchant account is straightforward, albeit one that requires careful consideration and preparation. The journey begins with selecting the right merchant account provider. This decision should be guided by your business’s specific needs, including your transaction volume, the nature of your sales (online vs. in-store), and your budgetary constraints.

Once you’ve selected a provider, the next step is to complete an application, which requires details about your business structure, financial history, and anticipated sales volumes. A good credit history and a robust business plan can significantly ease the process and result in more favorable terms from the provider.

Typically required documents are your business license, tax ID, bank account information, and sometimes financial statements. A business profile detailing your products or services, how you intend to market them, and management profiles may also be requested.

Elevating Your Success

Success in obtaining a merchant account is just the first step. Your business stands to benefit immensely from leveraging its capabilities. Statistics show that businesses that accept multiple forms of payment tend to perform better financially. According to a 2020 study, businesses that incorporated credit card payments experienced an average 30% increase in sales. Another report highlighted that 80% of consumers prefer using cards over cash, reinforcing the necessity of having a merchant account.

Additionally, the growth of eCommerce has made the ability to process online payments indispensable. Internet Retailer reported that online sales are expected to surpass $740 billion in the U.S. alone. This underscores the importance of a merchant account in effectively accessing this booming market segment.

Inspiring Entrepreneurial Success

The landscape of successful businesses today is dotted with stories of how leveraging the right financial tools and technologies, like merchant accounts, has propelled them to new heights. From small startups that grew into eCommerce giants to brick-and-mortar stores that expanded their reach through online sales, the common denominator remains a robust platform for processing payments.

For instance, an analysis revealed that small—to medium-sized businesses utilizing digital payments saw an average 27% increase in their customer base. Furthermore, businesses that embraced mobile payments experienced a notable uptick in repeated customer visits and higher average transaction values.

Embarking on Your Journey

As an entrepreneur ready to carve out your niche in today’s competitive market, understanding and utilizing a merchant account is more than a necessity; it’s a strategic advantage. Not only does it enable you to cater to the modern consumer’s payment preferences, but it also positions your business as trustworthy and reliable.

Opportunities in business are as vast as they are fleeting. Armed with a merchant account and the knowledge of its manifold benefits, you’re not just stepping into the arena; you’re making a powerful statement about your business’s potential and resilience.

In conclusion, a merchant account is not just a tool for transaction processing; it’s a catalyst for growth and an essential element in the foundation of a successful business. Facilitating secure, versatile, and efficient payment processing not only enhances customer satisfaction but also significantly amplifies your business’s reach and potential. As you embark on this exciting entrepreneurial journey, let a merchant account be the key that unlocks the door to endless possibilities. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

In the fast-paced world of business today, small businesses are constantly navigating the challenging landscape of growth and sustainability. However, an often-overlooked threat looms that can significantly derail their efforts: employee theft and fraud. This illegal activity not only drains valuable resources but also undermines the integrity of a growing business. Let’s dive into the world of employee fraud and theft, understand its gravity, identify red flags, and explore measures to safeguard your business.

Understanding Employee Theft and Fraud

Employee theft and fraud refer to situations where employees unlawfully take or misuse an organization’s resources for personal gain. This malpractice can manifest in numerous forms, such as misappropriating cash, forging or altering company records, stealing inventory or company assets, and payroll fraud. The severity of this issue can range from minor pilferage to substantial financial embezzlement that can potentially cripple a business.

The Severity of the Issue

Small businesses, with fewer resources to allocate for overseeing operations and enforcing internal controls, are particularly susceptible. According to the Association of Certified Fraud Examiners (ACFE) 2022 Report to the Nations, small businesses (with fewer than 100 employees) suffer the same median loss as their larger counterparts but feel the financial impact more acutely. This highlights the urgent need for small businesses to stay alert and take proactive measures to reduce these risks.

Red Flags to Watch For

Awareness is the first step in prevention. Here are some red flags that could indicate the presence of theft or fraud within your organization:

Unexplained discrepancies

Regularly occurring financial discrepancies, such as missing inventory or unaccounted expenses, could signal trouble.

Changes in employee behavior

Sudden lavish lifestyles, reluctance to take vacations, or overly defensive attitudes when questioned about work could indicate fraudulent activities.

Poor record-keeping

Inconsistencies or anomalies in financial records, missing documents, or a lack of transparency can be a warning sign.

Lack of segregation of duties

When a single employee is responsible for multiple stages of financial transactions, it creates opportunities for misconduct.

Preventive Steps for Budding Businesses

Strengthen hiring practices

Conduct thorough background checks and reference checks. Introducing integrity tests or ethical questionnaires during the hiring process can deter potential wrongdoers.

Implement segregation of duties

Dividing responsibilities among different employees can minimize opportunities for theft and increase the chances of detecting irregularities.

Regular audits and reviews

Periodic and surprise audits can act as a major deterrent to fraudulent activities, and external audits add an additional layer of scrutiny.

Cultivate a culture of transparency and ethics

Establish clear policies regarding fraud and theft and communicate them to all employees. Encourage an environment where staff can report suspicious activities without fear of retribution through mechanisms like anonymous tip lines.

Leverage technology

Employing modern accounting software and surveillance technologies can help in monitoring and safeguarding assets effectively.

Small Business Employee Fraud and Theft Facts and Statistics

The relevance of addressing employee theft and fraud becomes more pronounced when considering recent findings:

• According to a report by Hiscox, small businesses in the U.S. lose an average of $1.13 million annually to employee theft.
• The same report found that 85% of employee theft cases were committed by individuals who held roles of trust or managerial positions.
• The ACFE 2022 report highlighted that businesses with fewer than 100 employees experienced a median loss of $150,000 due to fraud.

These statistics are a stark reminder that no business, regardless of size, is immune to the perils of employee theft and fraud.

Conclusion

While the thought of employee theft and fraud can be unsettling, recognizing the severity of the issue is critical for the survival and success of small businesses. By staying vigilant, recognizing the red flags, and implementing strong preventive measures, entrepreneurs can protect their enterprises from becoming another statistic. Remember, the key lies not just in detection but in deterrence and fostering an ethical organizational culture. If small businesses can navigate this landscape effectively, they’ll be better positioned to focus on growth and prosperity.

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

Which of the Two Technologies Was More History-Altering – AI (Artificial Intelligence) or the Cloud?

The question can spark an eternal debate. There is simply no correct answer. The best thing about how technology has changed our lives is that there has always been more than one development or advancement driving the change. Over time, the honor shifted to mobile communication. The past few years have been all about Cloud Computing. One thing that remained constant throughout the years and decades was artificial intelligence.
Just two decades ago, AI seemed like a concept limited to Hollywood movies and science fiction. Today, AI is behind most of the technology we use. We have already witnessed the creation of self-driving cars, and some robots can pass standardized tests with flying colors. But is AI only limited to robotics?
Not quite! When merged with other technologies, AI has the power to amplify their abilities and remove their limitations. It is doing the same to cloud computing.

What Will Happen When AI Meets Cloud Management?

Tech gurus are already working on a new breed of cloud computing technologies that AI powers. With Artificial Intelligence driving the applications, we can reach a whole new level of automation. We can expect self-driving applications to be capable of deciding. The decisions will be based on real-time data and intelligent data assessment. Not only will it save time, but it will also ensure better, more calculated decisions. This is great news for enterprises dealing with Big Data. These enterprises Definity need better cloud management.
We can say that Big Data has been a critical factor behind the merger of AI in cloud management. IoT (the Internet of Things) can also be counted as a Big Data accomplice as more and more enterprises deploy technology based on IoT. We see a symbolic explosion of data, and we need more innovative technology that can process, analyze, utilize, and manage it better in the least possible amount of time. Using this will save you valuable time and money.

The Age of AI-Driven Enterprises

If you still think AI is a thing of the future, look at the smartphone in your hand. Apple or Android, every modern smartphone has a virtual assistant who helps you with your tasks and decides based on your previous patterns. Cortana, Alexa, Siri – it is all AI, and if you have been using them for a while, you know how they have made your life easier.
Moving on from consumers, enterprises are going to enjoy similar benefits. According to Google’s CEO, enterprises are moving from mobile-first to AI-first. The AI-first approach will optimize how we collect, organize, secure, and even govern data by enterprises and data professionals. It would be easier to get clear and accurate insights from the data. More importantly, making optimal decisions based on that data would be more accessible. It will be easier to leverage larger volumes of data more efficiently. In return, you will save time, and your business will thank you!

Artificial Intelligence as a Service

As the cloud is merging with AI, many vendors have started to offer AI as a service through open-source platforms. AI has opened the door to more intelligent, more innovative solutions to previously complicated or costly problems to resolve. AI will provide start-ups and small businesses an opportunity to shift to a more creative version of the cloud without paying an excessive amount of money. Utilizing artificial intelligence will help your business succeed. The services provided are unprecedented compared to any other basic computer program. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

For many entrepreneurs, diving headfirst into the thrilling waters of starting and running a small business is an exhilarating journey. Yet, amidst the excitement of crafting innovative products or offering unmatched services, there’s a foundational aspect of business that, if neglected, can turn your entrepreneurial dreams into a financial nightmare: proper business accounting.

The Importance of Proper Business Accounting

At its core, business accounting is the backbone of any successful enterprise. It’s the meticulous process of recording, analyzing, interpreting, and presenting your financial transactions. This might seem daunting or even tedious compared to the creative aspects of running a business, but it’s essential for several key reasons.

Firstly, accurate accounting ensures legal compliance. Keeping thorough financial records helps businesses accurately report income and expenses during tax season, ensuring compliance and avoiding legal penalties. It’s a great way to stay organized and demonstrate financial responsibility.

Secondly, it provides invaluable insights into the financial health of your business. Understanding your sources of income and expenses is crucial for optimizing business growth.

Lastly, it aids in securing funding. Whether it’s through loans or investments, potential financiers will want to see detailed accounting records to assess your business’s viability before opening their wallets.

Successful business depends on effective financial management. Let’s work together to secure your thriving future! Did you know that understanding and managing cash flow is key to business success? According to a study by U.S. Bank, focusing on cash flow can greatly improve the chances of business longevity. This highlights the crucial role that effective accounting practices play in the survival and growth of your small business.

Habits to Make Tax Time Easier and Less Stressful

Even the most seasoned entrepreneurs can feel stressed by the mere mention of tax season. However, incorporating a few simple habits into your routine can significantly mitigate this stress.

Stay organized year-round

Instead of scrambling to find receipts and invoices come tax season, maintain an organized system of documenting all financial transactions as they occur. Cloud-based accounting solutions can simplify this process, making it easier to keep track of your records digitally.

Separate personal and business finances

Make sure to open a business bank account and credit card and use them exclusively for business transactions. This separation simplifies accounting processes and ensures personal expenses are not mixed up with business expenses.

Understand your deductions

Many small business owners pay more taxes than they need to simply because they’re unaware of all the deductions they’re entitled to. Familiarize yourself with the deductions available for small businesses, and make sure to track these expenses throughout the year.

Plan for major expenses

If you foresee significant purchases or investments in the upcoming year, plan these out in advance. This can help you take full advantage of tax breaks related to these expenses and spread out the financial impact.

Consult with a professional

Finally, don’t be afraid to seek help. Connect with a knowledgeable accountant or tax advisor for tailored support to maximize deductions and to stay current with ever-changing tax regulations. Your financial success is your priority!

Mental Health is Important for Entrepreneurs!

Entrepreneurship can be incredibly isolating, which significantly impacts one’s mental health. According to a study conducted by the University of California, 72% of entrepreneurs reported experiencing mental health concerns, representing a substantially higher percentage compared to the general population. This startling statistic highlights the importance of addressing mental health head-on in the entrepreneurial community.

One way to combat this isolation is to seek out mentorship and build a supportive entrepreneurial network. Surrounding yourself with fellow business owners can provide a sense of community, offer valuable advice, and foster a shared understanding of the unique challenges faced by entrepreneurs.

Additionally, prioritizing work-life balance, delegating tasks when possible, and setting aside time for physical and mental self-care can help mitigate the stress and loneliness that often accompany the entrepreneurial journey.

In conclusion, while the allure of entrepreneurship is undeniable, the success and sustainability of your small business largely hinge upon effective accounting practices. By understanding the importance of proper business accounting, utilizing helpful habits to simplify tax season, and acknowledging the mental health challenges of entrepreneurship, you can build a resilient, profitable business poised for long-term success. Remember, the foundation of any great venture is not just the innovative idea or the charismatic entrepreneur behind it but the mundane, often overlooked practice of keeping the books in order. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Project management often becomes the backbone of successful businesses and groundbreaking projects. Seamlessly navigating through the complexities of coordinating tasks, managing resources, and keeping a tight schedule demands not only skill but also a deep understanding of the concept of work in progress (WIP). This article delves into the critical role of project management and unravels the mysteries of calculating and managing WIP, all while sprinkling some captivating business statistics and facts throughout.

Understanding Project Management

At its core, project management is more than just overseeing tasks; it’s about leading the charge toward achieving specific objectives within constraints like time, quality, and budget. It’s truly inspiring that 97% of organizations recognize the vital role project management plays in driving business performance and ensuring organizational success, as highlighted by the Project Management Institute (PMI). It’s exciting to see that 58% of organizations recognize the value of project management. Let’s work together to spread awareness!

The Significance of Work in Progress

Work in Progress is a pivotal concept within project management, representing the intermediate goods that require further work before becoming finished products or results. Calculating WIP accurately is crucial since it impacts financial statements, project timelines, and resource allocation. Surprisingly, a common pitfall for many businesses is the miscalculation or mismanagement of WIP, which can lead to inflated or underestimated project values.

Calculating Work in Progress

The formula for calculating WIP is relatively simple on the surface: begin with the initial WIP amount, add the costs of the current period, and subtract the cost of goods completed. While the calculation itself is straightforward, the challenge lies in accurately capturing all costs involved and determining the correct status of goods or projects.

Taking a practical example, let’s say a software development project had an initial WIP value of $20,000. During the current period, $5,000 worth of developer time was added, and by the end, software worth $10,000 was completed. The new WIP value would be calculated as $20,000 + $5,000 – $10,000 = $15,000. Understanding this calculation is vital for managing budgets and forecasts accurately.

Best Practices for Managing Projects with WIP

Regular monitoring and reporting

To manage projects effectively, it’s essential to monitor WIP levels regularly. This helps identify project overruns or bottlenecks early. Astonishingly, companies that prioritize project management initiatives save 28 times more money because they complete more of their strategic initiatives, reinforcing the importance of diligent oversight.

Integrated software solutions

Leveraging project management software can exponentially improve the accuracy and efficiency of calculating WIP. These tools provide real-time data, facilitating better decision-making and project tracking.

Clear communication channels

Clear and transparent communication channels are crucial for ensuring that all stakeholders are fully aligned on work in progress (WIP) and project progress. Effective communication is directly linked to project success; projects that are completed on time and within budget are nearly twice as likely to have high-performing communication teams.

Agile methodologies

Adopting agile methodologies can significantly enhance the management of WIP. Breaking down projects into smaller, manageable parts allows teams to give their best to each segment before moving on. This approach reduces bottlenecks and inefficiencies, leading to smoother and more successful project completion!

Intriguing Business Statistics and Facts

• According to PMI, 29% of projects are completed successfully, meeting their original goals and business intent.
• Miscommunication accounts for nearly 56% of project failures, underscoring the need for effective communication strategies.
• Implementing proven project management practices saves companies up to $122 million for every $1 billion spent.

The Road Ahead

The realm of project management is ever-evolving, with new challenges and solutions emerging regularly. Being adept at calculating and managing WIP is a testament to a project manager’s ability to steer the project ship safely to its destination. In the ever-competitive business world, where even a minor delay or cost overrun can spell disaster, honing these skills is not just beneficial; it’s imperative.

Project management, when executed adeptly, can transform the potential chaos of managing tasks, deadlines, and resources into a symphony of organized progress. And with the relentless march of technology and innovation, the tools and methodologies at our disposal are more powerful than ever. So, whether you’re a seasoned project manager or just starting, embracing the detail-oriented approach of calculating and managing work in progress will undoubtedly set you apart in the bustling world of business project management. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Small and medium-sized businesses are vital to our economy. Leading a small business with a close-knit team offers freedom and agility that larger corporations with thousands of employees can’t match. However, implementing human resources (HR) systems and policies in a small or medium-sized enterprise (SME) poses unique challenges. Unlike large organizations, SMEs often overlook HR issues until they become unmanageable. Additionally, HR matters are more complex than accounting and cannot be easily rectified through the review and correction of bookkeeping errors.

Small and medium-sized businesses can achieve their business goals by implementing effective HR practices. Let’s do it! You do not need huge funds if you have the right people at the right positions and put processes in place at the right time.

Common HR Issues Prevailing with SMEs

Absence or lack of HR department in SMEs

Having a dedicated HR department can bring tremendous value to small and medium-sized businesses, even those with limited resources. By ensuring a supportive and harmonious work environment, employees can thrive and focus on their responsibilities. With the right HR support, workplace issues can be effectively managed, fostering a positive and productive atmosphere. Let’s work together to create a workplace where everyone feels valued and empowered! Therefore, they are often vulnerable to concerns affecting their morale and job motivation.
 

Managing talent

Lack of talent management is a significant issue in small and medium-sized enterprises (SMEs), which ultimately impacts various HR processes.

• Recruitment

Embarking on the HR process marks the exciting beginning of finding the perfect candidate to join your team. It’s crucial to recognize that the caliber of the individuals we bring on board will ultimately shape our long-term success. Many small and medium-sized enterprises (SMEs) kick off their search by relying on referrals, which may involve hiring relatives, acquaintances, or individuals connected to shareholders. While this approach may be suitable when merit is the primary focus, SMEs sometimes opt to hire relatives and friends with the belief that they are easy to collaborate with and willing to accept lower wages. However, this practice can lead to recruiting individuals who may lack the essential skills and expertise, resulting in increased costs for the company down the road. Moreover, family-owned small businesses, particularly those acquired through succession or inheritance, often lack a formal recruitment process. Let’s embark on this journey with the conviction that we will find the perfect fit for your team!
 

• Training and development

In the dynamic landscape of modern business, having a talented and capable workforce is essential for organizational success. Today, companies are actively seeking out individuals with the right skills and experience to drive their growth and innovation. They are not just focusing on recruitment but are also dedicated to nurturing and honing the potential of their employees through diverse training initiatives. However, small and medium-sized enterprises (SMEs) sometimes face budget constraints, leading them to provide in-house or on-the-job training. Despite these challenges, there is an opportunity for SMEs to explore creative solutions and partnerships to develop their workforce and achieve remarkable outcomes.
 

• Reward and remuneration & performance appraisals

The reward and remuneration framework is a critical component of human resources (HR) management that universally applies to organizations of all sizes and industries, serving as a fundamental tool for fostering employee motivation. It is imperative for organizations to establish a transparent and reliable system for determining employee salaries. However, a significant number of small and medium-sized enterprises (SMEs) operate with either an inadequately structured reward and remuneration system, coupled with insufficient performance appraisal mechanisms, or none at all. This predicament primarily stems from the lack of well-defined structures, such as job descriptions for various roles, competency frameworks, and role-specific values. Moreover, many SME proprietors and managers are frequently occupied and may lack the requisite training to effectively address performance issues beyond average standards. The prevailing focus of most SMEs on operational sustenance rather than scalability and expansion further contributes to the insufficient handling of performance appraisal processes.
 

• Talent retention

Retaining talented employees at the junior level can be a thrilling challenge for SMEs. This dynamic group is composed of skilled workers such as electricians, field salespeople, and more. They bring energy and a fresh perspective to the team, which is incredibly valuable. However, their flexible nature can sometimes lead to unexpected departures. This can have an impact on SMEs, especially during peak times. It’s essential for HR managers to be tuned in to the engagement and motivation of these employees. Clear role definitions, growth opportunities, and fair compensation and evaluation systems are crucial in keeping our valuable team members feeling fulfilled and committed. By staying attentive to their needs and aspirations, we can ensure that our enterprise continues to thrive and grow with a strong, dedicated team.
 

Embracing the essence of innovation 

Embracing the essence of innovation and an entrepreneurial mindset, small and medium-sized enterprises (SMEs) in their early days exude boundless excitement, lofty aspirations, and immense potential. With a dynamic and enthusiastic business culture, these vibrant enterprises foster an environment that is both fun and fast-moving, fostering a spirit of creativity and innovation. Powered by a team of young, passionate individuals who exhibit remarkable coordination and unwavering dedication, SMEs thrive on close collaboration and frequent interaction with their leaders and founders. While challenges may emerge as these businesses mature, we remain optimistic about their ability to adapt and flourish in the competitive market. With the right approach and continued innovation, SMEs can overcome conventional barriers and achieve sustainable growth, all while staying true to their entrepreneurial roots. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.