Author: Complete Controller

In a world filled with uncertainties, preparing for the unforeseen remains paramount. Among the many measures available to safeguard our financial future, maintaining insurance emerges as a beacon of hope and stability. At its core, insurance is a means of protection against financial loss, acting as a safety net that allows individuals and families to recover in the face of adversity. The value of insurance, however, extends beyond mere financial compensation, offering peace of mind and security in knowing that when the unexpected happens, you are not left to fend for yourself.

This comprehensive article thoroughly examines the significance of maintaining various types of insurance and highlights five essential categories that are crucial for everyone to possess. It goes into detail about the importance of each type of insurance and provides real-life examples to illustrate their significance.

Health Insurance: A Lifeline in Times of Illness

Health insurance is unequivocally the most critical insurance coverage one can have. It covers medical expenses arising from illnesses, injuries, and preventive care, ensuring that quality healthcare is accessible without crippling financial burdens. The rising cost of healthcare services means that a single hospitalization can lead to catastrophic financial strain, potentially wiping out savings and leading to debt. An appendectomy, for example, can cost tens of thousands of dollars without insurance. Health insurance not only shields you from such colossal expenses but often grants access to a wider network of medical facilities and specialists, facilitating better health outcomes.

Life Insurance: Providing for Your Loved Ones

Financial security is something we all want to provide for our loved ones, both while we are alive and after. Life insurance provides financial security for your dependents in the event of your passing. Whether it’s to replace lost income, cover outstanding debts, or fund your children’s education, life insurance offers a lifeline to those you leave behind. For example, consider a sole breadwinner of a family suddenly passing away; without life insurance, the family may face immediate financial distress, in addition to their emotional loss. For peace of mind at an affordable rate for a specific period, there is term life insurance.

Auto Insurance: Safeguarding Against Road Mishaps

Owning a vehicle comes with its set of risks, from accidents and theft to vandalism. Auto insurance not only covers the cost of repairs but also extends to cover liability for any damage or injuries caused to others. This is particularly important given the high costs associated with vehicle repairs and medical care following accidents. For instance, a simple fender bender can cost thousands in repairs, not counting potential legal fees and medical expenses if others are injured. Auto insurance mitigates these financial risks, allowing motorists to drive with confidence.

Homeowners/Renters Insurance: Protecting Your Place of Refuge

Whether you own your home or rent, insurance for your dwelling protects against losses or damage to the property and possessions within it. Natural disasters, theft, and accidental damage can incur substantial financial loss. Homeowners insurance, for instance, can rebuild your home after a fire, while renters insurance can replace stolen or damaged personal property. An example of this can be seen when unexpected flooding results in extensive water damage to furniture and electronics, scenarios where insurance helps alleviate the financial strain of restoration or replacement.

Disability Insurance: Ensuring Income Continuity

Disability insurance is designed to replace a portion of your income should you become unable to work due to illness or injury. Considering that unexpected health issues can arise at any time, leading to prolonged periods out of work, disability insurance provides crucial financial support during such times. For example, a software developer suffering a carpal tunnel syndrome severe enough to prevent them from coding can benefit from disability insurance, maintaining a steady flow of income. At the same time, they recover or transition to another career.

Conclusion: An Ounce of Prevention Is Worth a Pound of Cure

Maintaining the right mix of insurance coverage is not merely a financial strategy but a cornerstone of a secure and prepared life. The true importance of insurance lies in its ability to offer protection and peace of mind across various aspects of our lives. From safeguarding our health and financial well-being to protecting the roof over our heads and ensuring our family’s future, insurance plays a pivotal role. It empowers us to face life’s uncertainties with confidence, knowing that should adversity strike, we are not alone. The examples highlighted underscore the tangible benefits of being insured, demonstrating how insurance can be the difference between a minor setback and a major life upheaval.

As we navigate through life’s journey, let us remind ourselves of the wisdom of being proactive about our insurance needs. Embrace the peace of mind that comes with knowing you and your loved ones are protected. Let the assurance that insurance provides motivate you to secure your future today, ensuring that no matter what life throws your way, you are prepared and covered.

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.

Remote working, once a rare benefit, has swiftly become a staple in industries worldwide, revolutionizing the way we understand productivity, work-life balance, and now, accountancy. The accounting industry, traditionally perceived as bound to the office desk with piles of paperwork, has embraced the remote working culture, evident from the significant shift towards cloud accounting and digital financial consultancy. In this detailed exploration, we’ll dive into the best tips and tricks for thriving in remote work within the accounting industry, supported by insightful information, facts, and statistics.

Adopt Cloud-Based Accounting Software

The foundation of effective remote work in accounting lies in the adoption of cloud-based accounting software. Platforms like QuickBooks Online, Xero, and Sage offer accounting professionals the flexibility to access financial data securely from anywhere in the world. A report by Accounting Today highlighted that 57% of accounting firms are now using cloud-based technologies, a figure that’s seen a consistent rise over the past few years. The seamless integration with other financial tools and secure data storage options are considerable advantages.

Establish a Clear Communication Protocol

Clear communication is vital in remote work settings, especially in the accounting industry, where precision is crucial. Utilizing project management tools such as Slack, Asana, or Trello can help organize tasks, set deadlines, and ensure accountability. Regular video calls on platforms like Zoom or Microsoft Teams not only facilitate face-to-face interaction but also replicate the collaborative environment of an office, maintaining the team spirit among remote workers.

Implement Rigorous Cybersecurity Measures

With great flexibility comes the increased responsibility of ensuring data security. In an industry dealing with sensitive financial information, implementing robust cybersecurity measures is non-negotiable. Encourage the use of VPNs and two-factor authentication, and educate your team on phishing scams and secure internet practices. A survey from Deloitte revealed that 47% of respondents saw an increase in internal or external fraud incidents since the beginning of remote work, underscoring the need for heightened vigilance.

Foster a Strong Culture of Trust and Responsibility

Building a culture of trust and responsibility is perhaps more challenging yet critical in a remote setting. Micromanagement is the antithesis of remote work; thus, it’s essential to set clear expectations, provide the necessary tools, and then trust your team to deliver. A study by Gallup found that employees who receive daily feedback from their managers are three times more likely to be engaged than those who receive feedback once a year, indicating the importance of continuous, constructive communication.

Optimize Your Home Office for Productivity

While working in pajamas is often cited as a perk of remote work, creating a dedicated and ergonomically sound workspace can significantly improve productivity and mental health. Lighting, furniture comfort, and minimal distractions all play crucial roles. According to a survey by Ergotron, 56% of respondents reported that having an ergonomic setup is important for their productivity.

Stay Updated and Upskill

The accounting industry is constantly evolving, with new regulations, standards, and technologies emerging. Staying abreast of these changes is essential. Dedicate time to upskill through online courses or webinars. The American Institute of CPAs (AICPA) reported that CPAs who engage in continuous learning and leverage new accounting technologies could see a revenue increase of up to 20%.

Maintain Work-Life Balance

Last but not least, maintaining a healthy work-life balance is crucial. It’s easy to blur the lines between work and personal life in a remote setting. Set clear work hours, take regular breaks, and ensure you disconnect after work hours. The American Psychological Association found that employees with a healthy work-life balance report significantly lower stress levels and higher levels of job satisfaction.

Conclusion

Remote working in the accounting industry is more than a trend; it’s the new normal. By adopting cloud-based accounting software, establishing clear communication protocols, implementing rigorous cybersecurity measures, and maintaining a work-life balance, accounting professionals can not only survive but thrive in this remote work era. The transition may come with its challenges, but with the right strategies in place, the benefits—ranging from increased productivity and job satisfaction to reduced overheads—far outweigh the hurdles. As we look toward the future, it’s clear that remote work will continue to shape and redefine the accounting landscape, paving the way for a more flexible, technologically driven, and efficient industry.

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 today’s dynamic market, standing out among the clamor of competitors is more crucial than ever. Success hinges on not just attracting customers but converting interest into revenue. To achieve success, it’s crucial to utilize impactful marketing strategies that deeply connect with your target audience, evolve alongside changing consumer behaviors, and ultimately drive your financial growth.
Here are five game-changing marketing strategies that can steer your company toward more significant revenue generation.

Content Marketing: The Power of Value-Driven Engagement

Content marketing is far from just publishing blog posts or videos. It’s about creating valuable, relevant content that solves problems, educates, and engages your target audience, establishing your brand as a thought leader in the process. According to a study by Demand Metric, content marketing costs 62% less than traditional marketing and generates approximately three times as many leads. This ROI (Return on Investment) is too significant to ignore.

Consistency and quality pave the path to success. Companies like HubSpot have excelled by prioritizing these principles, providing a diverse range of resources that encompass inbound marketing and sales strategies. This approach has enabled them to cultivate trust and establish themselves as authoritative figures in their domain.

Social Media Marketing: Cultivating Community and Conversation

With over 4.2 billion social media users globally, these platforms offer immense potential for reach and engagement. Social media marketing goes beyond posting ads or promotional content; it’s about cultivating a community and sparking conversations around your brand.

Interactive campaigns, influencer collaborations, and real-time engagement through features like stories and live broadcasts can create a more personal and immediate connection with your audience. For instance, Nike’s collaboration with influencers and athletes has bolstered its brand presence across various platforms, significantly impacting its sales and revenue.

SEO: The Backbone of Digital Visibility

In today’s digital era, with 81% of consumers conducting online research before making purchasing decisions, it’s imperative to fully recognize the vital role of Search Engine Optimization (SEO). By implementing a robust SEO strategy, you can significantly enhance your website’s search result rankings and effectively facilitate potential customers’ discovery of your business.

Moreover, SEO isn’t just about keywords; it’s also about creating a seamless user experience, improving page load speeds, and ensuring that your website is mobile-friendly. Companies such as Moz provide invaluable insights and tools for businesses seeking to elevate their SEO strategies and, in turn, boost their revenue.

Email Marketing: Personalization Meets Precision

Despite the proliferation of social media and other communication channels, it’s important to note that email marketing continues to be an incredibly effective strategy, boasting an ROI of $42 for every $1 spent (DMA, 2019). Personalization and segmentation are the keys to unlocking the potential of successful email marketing. Tailoring messages to meet the specific needs and interests of audience segments will undoubtedly lead to a significant increase in engagement rates, foster unwavering loyalty, and drive impressive sales.

Automated workflows triggered by actions like signing up for a newsletter or abandoning a shopping cart can help nurture leads and gently guide them down the sales funnel.

Influencer Marketing: Authenticity and Trust

Word-of-mouth influence has transitioned into the digital age through influencer marketing. Consumers unequivocally trust product reviews and recommendations from influencers, and they follow them more than traditional advertising. This trust translates into buying decisions; nearly 49% of consumers depend on influencer recommendations.

The key is to collaborate with influencers who not only have a substantial following but also whose image and values align with your brand. This authenticity is crucial for engagement and can lead to significant revenue boosts. For example, Daniel Wellington’s effective use of influencer marketing helped it grow into a $220 million business in less than five years.

Harnessing the Power of Integrated Marketing

While each of these strategies can be powerful on its own, the most successful businesses understand that an integrated approach—where multiple channels and strategies work together seamlessly—is the most effective way to reach and resonate with consumers. For instance, content marketing through social media, optimized for search engines and complemented by targeted email campaigns, can have a far-reaching impact, driving more traffic, generating leads, and boosting revenue.

Embracing these strategies requires a mindset that values data-driven decisions, creativity, and adaptability. Keeping a pulse on industry trends, leveraging analytics to refine strategies, and being willing to innovate can set your company apart in the crowded marketplace. Our ultimate aim is not only to reach your audience but to truly connect and engage with them in meaningful ways that directly contribute to revenue growth and fuel business expansion.

In essence, mastering these five strategies is not just about throwing tactics at the wall and seeing what sticks; it’s about building a cohesive, integrated marketing approach that moves with the consumer, anticipates their needs, and meets them where they are. With these strategies in place, businesses can look forward to not just surviving but thriving in the competitive market landscape.

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

Many companies are familiar with non-digital marketing ideas and strategies. However, in more recent years, digital marketing has taken the marketing industry by storm. It is so prevalent that if your company is not actively using digital marketing techniques, chances are your business is not thriving.

For those in the marketing field for any length of time, you understand that marketing is a living, breathing industry, and you have to adapt to the latest marketing trends or strategies to get to work as a marketer. There are several steps you need to take to highlight yourself as a professional digital marketing expert. Here are six tips on how to become a digital marketer.

Create an Online Presence

When it comes to any job these days, you may not be able to exist without an online existence in nearly any field. A potential employer will look on the internet first to know more about candidates. If they cannot find you, they will move to another person who has a curated image.

Know the Latest Trends

Digital marketing is the sort of career that keeps changing and is always on the move. If you choose it as a career, you must keep up with the latest trends.

This industry’s needs keep changing over time, so if you tumble behind, someone else will be there, ready to take your place.

Appear in virtual seminars, attend online classes, and do whatever it takes to stay ahead of the game rather than just keeping up.

Get Creative

Digital marketing permits you to get creative in a diversity of ways. Sure, some systems and procedures have been standardized for specific requests, but there is always room to add your talent to plans, making them unique and creative.

Digital marketing is constructed on originality and creativity. Therefore, if you come up with an idea that you think can work, give it a shot. Because the more creative you are, the more chances to be noticed.

Get Out There

It’s vital to have your name out there, and the best way to do it is through networking. This way, people will remember you and give you great contacts to help you through your career. One person can know where you can get specific training, while another may lead to a fantastic job. This way, you will learn from their understanding and experience and gain a list of specialists you can use to bring together a great team.

Create a Winning Resume

Before applying for jobs, be sure to create a dynamic resume that speaks how valuable your skills genuinely are. You’ll find many different types of resumes, and don’t limit yourself to just one, particularly when you wish to work in a creative industry such as digital marketing.

Be Prepared for Entry-Level Jobs

No one starts at the top in any career, regardless of their skills, training, or experience. You cannot get the job you wish instantly, but that doesn’t mean you can’t get there if you don’t work hard.

You may start as an associate or maybe as a junior digital marketer, but until you prove that you can take on responsibilities and are willing to work hard to succeed in your chosen career path. The most important thing is to get your foot in the door. As you gain experience, you can work towards higher positions with more responsibility and challenges.

Conclusion

Digital marketing can be a rewarding career, and most in the field enjoy the work. Knowing what it entails and understanding all the factors will help you become a successful digital marketing expert. These skills also come in handy if you start your own small business.

Marketing, especially digital marketing, is a challenging but rewarding field. You have to be good at identifying marketing opportunities that work with the brand of your client. To stay relevant as a marketer, you have to learn all the trends and technology available to create the best marketing campaign possible.

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.

QuickBooks for the Windows desktop includes many features that even a novice bookkeeper or accountant can use and understand how it works. Every few years, QuickBooks releases updated versions with added features and eliminates bugs and issues.

Quickbooks is accounting software designed to be helpful to individuals using it for personal finances and business owners using it for everything on the accounting side of business operations. Though QuickBooks is constantly adding features, the company is also aware of the old saying, “If it ain’t broke, don’t fix it.”

QuickBooks has a reputation and is the number one accounting software used by businesses and individuals. Therefore, understanding what it offers and how it works will be helpful for everyone contemplating using the popular software.

While there is other excellent accounting software, there is a reason QuickBooks has been on top of the market for years. It offers top features, remains user-friendly, and has a solid customer support system. Here is an overview of the latest version of QuickBooks.

Multiple Monitor Support

Intuit, the creator of QuickBooks, has added features that make work much easier. There are around three monitors that make work simpler and faster. The reviews on this feature showed that some people were very interested in this change, and some were disappointed with the implementation. People have also reported that their productivity and efficiency have greatly improved.

It was also found out that employees ranked the #1 request for multiple monitors from QuickBooks customers.

Search in the Chart of Accounts

People who need to work with many accounts will find this feature extremely useful. Although this is an old feature, it has proved to be helpful for many and remains a top feature for businesses. Most businesses will have more than one financial account, and this feature makes it possible to search between accounts easily.

Cash/Accrual Toggle

Another feature worthy of note is the easiness of switching the basis of your financial report. Those who need to use Cash and Accrual more often will find the flip extremely useful and helpful. Those who work their reports on a cash basis and then measure it against the accrual basis reports will find QuickBooks a life changer.

Reviews showed that before the release of this QuickBooks feature, it wasn’t a lot of hard work if you needed to switch from an accrual report to a cash report, but it sure was annoying. This feature reduces time and stress when dealing with these reports.

Past Due Stamp

If one of your jobs is to past-due invoices to your clients and customers, this QuickBooks feature will help you locate those clients that are past due in their payments. No one wants to land themselves in a situation where either they are not paid on time or not paid at all.

An invoice marked “PAST DUE” in red had to be sent out in the hopes that it would help speed up the payments. QuickBooks and the past-due feature automatically generate overdue invoices that are ready to print or email.

Keyboard Shortcuts

QuickBooks constantly introduces new keyboard shortcuts that are useful in copying and pasting the lines into transactions. New keyboard shortcuts are added with each new version of QuickBooks.

Inventory Report Changes and Additions

QuickBooks has a feature that makes it easier to modify or add to inventory reports. In the past, you had to execute multiple steps to add to an inventory report. QuickBooks currently has features that allow you to accomplish changes and additions with a few clicks.

Order Fulfillment with Mobile Barcode Scanning

QuickBooks has modernized and updated workflow processes by fulfilling open sales orders through “picking” inventory items. To use this feature, you will need compatible remote devices. One of these devices will then become a barcode scanner.

Merging Vendors

QuickBooks has a feature that merges multiple vendors. Reviews show that this feature helps save a lot of effort and time, whereas this was done separately in the past. With just a few simple clicks, this previously cumbersome task has become quick and easy.

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.

Among the crucial concerns of an SME, cash flow management is a major one. An SME is a small or medium-sized enterprise or business that employs less than 250 people and produces a revenue of less than $20 Million.

SMEs face technological, communication, finance, human resources, and marketing challenges. In the long term, cash flow, equity, and debt financing are the best sources of positive revenue. As cash flow management is a responsible and challenging task, it is necessary to overcome cash debts.

Cash flow must also be recorded accurately using bookkeeping software such as GnuCash or Quickbooks. In addition to recording and managing cash flow through software, here are four ideas for better managing your SMEs’ cash flow.

Cut Expenses

To improve cash flow, you need to increase revenue or money coming into the business. However, many business owners or accounting experts will neglect to focus on cutting expenses. Some expenses can be cut permanently, while others may only need to be cut temporarily.

Another option is to negotiate bills with vendors to get better rates. In some cases, vendors that see you as a loyal client will offer discounts on their goods or services or negotiate a quid-pro-quo and trade goods or services.

Collecting Accounts Receivable

Many SMEs suffer when they allow delayed payments to their customers for goods and services. While some customers will be on time, they are more often slow to pay or neglect to pay at all.

The easiest solution to this problem is to demand payment upon receipt. However, this will sometimes lose customers who cannot afford to pay for a good or service upfront. Here are some ways you can get outstanding accounts paid.

1. Offer discounts to customers who pay upfront or in less time than given.
2. Offer multiple ways to pay for goods and services.
3. Use an automated system to bill and send regular reminders that payments are due.
4. Use accounting or bookkeeping software to keep track of payments, automated reminders, and due dates.
5. Offer discounts for referrals or other financial incentives and on-time payments.
6. Employ a person or firm to collect outstanding bills and make payment arrangements for overdue accounts.

Pricing Margins Too Small

Economists discuss the supply and demand of goods and services and portray specific rules and regulations for efficient supply and demand. To determine the exact margins for the price, similar rules apply to small and medium enterprises that face cash flow issues due to the wrong determination of prices.

SMEs seem to have more issues with pricing goods and services too low compared to larger businesses. This pricing issue is that SMEs don’t have the resources or the time to do extensive market research. However, if they find the time and resources to do market research and set their pricing to be competitive and profitable, it can open up the business’s cash flow.

Sell or Lease Unused Equipment

While most SMEs use everything they own to operate the business, there are times when equipment goes unused or is not used all the time. In these cases, you should consider selling the equipment or leasing it out when not in use by your company. Unused equipment is a source of revenue that is often untapped or not considered when looking at streams of income for your SME.

Conclusion

SMEs are enterprises that have fewer employees, which generates less revenue. This lower revenue generation leads a company to take on debts, resulting in cash flow issues. While positive cash flow is a concern for all businesses, SMEs sometimes have more significant challenges.

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

In the bustling world of small businesses, it’s essential to stay on top of your financial health. But who says keeping an eye on finances can’t be an invigorating and interesting task? Ditch those dusty old ledgers and complicated spreadsheets for a sleeker, more insightful approach. Enter the era of financial dashboards – your next secret weapon for business success. Let’s dive into three simple yet powerful dashboards that will not only keep you financially informed but also motivated on your journey to success.

Cash Flow Dashboard

What it is

The lifeblood of any business, big or small, is its cash flow. This dashboard provides a real-time snapshot of money flowing in and out of your business. It helps you track your operating, investing, and financing activities at a glance.

Why it’s essential

A U.S. Bank study noted that 82% of businesses fail due to poor cash flow management. With a cash flow dashboard, you can avoid being part of this statistic by ensuring you have enough cash to cover your expenses and make informed financial decisions.

What to track

Keep an eye on your opening balance, cash inflows (from sales, accounts receivable, etc.), cash outflows (expenses, accounts payable, etc.), and your closing balance. Watching these metrics can help you identify patterns, plan for lean periods, and make adjustments as necessary to steer your business toward success.

Profit and Loss Dashboard (P&L Dashboard)

What it is

This dashboard summarizes your revenues, costs, and expenses over a specific period, typically a month, quarter, or year. It gives you a quick overview of your business’s financial health and profitability.

Why it’s essential

By understanding where your money is coming from and going, you can make strategic decisions to increase profitability. For instance, according to a Small Business Administration report, small businesses that regularly review their P&L can increase their profitability by an average of 21%.

What to track

The P&L dashboard should include your total revenue, cost of goods sold (COGS), gross profit, operating expenses, and net profit. A well-kept P&L dashboard can help you spot trends, manage expenses more efficiently, and invest in areas with high return on investment (ROI).

Sales and Revenue Dashboard

What it is

This dashboard focuses on generating insights into your sales and revenue figures. It highlights how well your business is doing in terms of meeting sales targets and generating income.

Why it’s essential

Tracking sales and revenue helps you understand customer behavior, market trends, and the overall performance of your products or services. For small businesses, knowing these metrics can mean the difference between staying afloat and sinking. In fact, a recent survey by Score revealed that businesses with a sales plan achieve 28% higher revenue than those without one.

What to track

Monitor your total sales, average purchase value, conversion rate, and new versus returning customers. This dashboard can aid in identifying your best-selling products or services, optimize pricing strategies, and focus on your most profitable customer segments.

Bonus Tips for Dashboard Success

• Customization is key

Tailor your dashboards to meet the specific needs of your business. Focus on the metrics that matter most to achieving your goals.

• Keep it visual

Use charts, graphs, and color coding to make data easy to digest at a glance. Visuals can help you spot trends and anomalies faster.

• Regular review

Make it a habit to review your dashboards regularly – daily, weekly, or monthly, depending on the specific dashboard and your business needs.

• Take action

Data is only as good as the actions it leads to. Use insights from your dashboards to make informed decisions and implement strategies to drive your business forward.

Conclusion

Embracing financial dashboards can transform how you manage and understand your business finances. With these three powerful dashboards – Cash Flow, Profit and Loss, and Sales and Revenue – you’re not just tracking numbers; you’re unlocking the story behind your business’s success.

So, here’s to making informed decisions, embracing strategic growth, and steering your small business toward the prosperous future it deserves. Remember, every successful business starts with a clear understanding of its finances. Let your financial dashboards be the compass that guides you to success. Cheers to your business’s financial health and beyond! About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The gearing ratio measures the proportion of funds borrowed by a company to equity. It is calculated as the total loan (liabilities of the long and short-term included in this loan) divided by the total equity of the shareholder. This is an important term used in bookkeeping. A specific formula is used to calculate the gearing ratio in bookkeeping.

It is the amount of equity needed to pay outstanding debts. Low gearing is the best option for SMEs because a company with a 10% gearing ratio would pay off debts more quickly. Investors also consider it a low-risk company, while companies with a high gearing ratio of around 50% or above are considered a greater risk because they could be defaulters or bankrupts if profits decline for short periods or rates of interest increase.

The gearing ratio is one of the most common tools used to evaluate a company’s financial fitness. 

The formula to calculate the gearing ratio in bookkeeping is as follows:

Gearing ratio formula = Debt / (Debt + Equity)

Types of Gearing

• Financial gearing
• Operational gearing

 

1. Financial gearing

Financial gearing includes using debt to fund a business.

Financial gearing increases risk, though returns are raised. Debt is a risk for the business. It is a relationship between loan and equity, i.e., how a business is funded.

2. Operational gearing

This term is less commonly used. It refers to the relationship between a business’s fixed costs and variable costs.

Disadvantages of Higher Gearing Ratio

A higher gearing ratio suggests a great deal of leverage when an SME consumes debt to pay for its ongoing operations. In a trade recession, such SMEs may face distress while meeting schedules of their debt and are at risk of bankruptcy. The condition is precarious when a firm involves debt engagement interest rates with variables because a sudden rise in rates could lead to severe problems in the payment schedule.

A regulated industry such as utilities is not as affected by this. They have a monopoly in business, and regulatory authorities will increase the rate to cover the gap and ensure their continued survival. Possible requirements by financiers to lessen this problematic situation are restricting agreements that disallow the payment of shares, enforcing extra cash flow into debt repayment, constraining substitute cash usage, and requiring shareholders to place additional equity into the firm’s debt repayment.

Creditors have a similar concern but are commonly incapable of enforcing alterations in the firm’s conduct. SMEs that require large, fixed assets have a higher gearing ratio. A company with a low gearing ratio may be managing its finances with a conservative approach.

However, it may indicate that a company is engaged in extremely cyclical diligence and can’t afford to become overextended in the face of an unavoidable downturn in trades and revenues.

Methods to Reduce Gearing Ratio

In bookkeeping, the value of the gearing ratio of a company can be reduced by the following methods:

• Trade shares. If an SME can obtain permission to sell shares from its board of directors, the revenue received could be used to pay loans.
• Convert debt. These debts could be converted into shares after negotiating with lenders.
• Decrease working capital. Two ways to decrease the working capital are reduced inventory levels and escalating the speed at which receivable accounts are collected. The second is to increase the duration in which accounts payable must pay and lengthen the days required to pay. These methods produce cash, which is used to pay off debts.
• Escalation of profits. Practice all known methods to increase revenues so that more cash is generated, which could be used to pay off loans.

Conclusion

SMEs should maintain a low gearing ratio as it shows that the company is financially stable. This will result in attracting a large number of potential investors or lenders.

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.

How Small Businesses Can Strategically Increase Sales: A Detailed Guide

In today’s fast-paced business world, small businesses face the monumental task of competing with larger enterprises. However, their agility and personalized approach give them an edge. Implementing innovative and effective sales strategies can significantly propel their growth. This article delves into practical strategies for boosting sales and highlights successful small business facts that inspire.

Understanding Your Unique Value Proposition

The starting point for any small business looking to increase sales is to clearly define its Unique Value Proposition (UVP). What makes your product or service stand out? Maybe it’s the bespoke customer service, the artisanal quality of your products, or perhaps an innovative solution no one else offers. Your UVP is your banner in the crowded marketplaces, helping to attract and retain customers.

Leveraging Social Media

Social media isn’t just a place for memes and pet videos; it’s a powerful tool for businesses to increase visibility and sales. Platforms like Instagram, Facebook, and Twitter allow businesses to connect with their audience on a personal level. For example, fashion retailer Zara has mastered the art of social media marketing, using its platforms to showcase new arrivals and engage directly with customers. By consistently sharing and interacting with your followers, you’ll create a loyal customer base who are more likely to make purchases.

Fostering Customer Relationships

Word-of-mouth is a powerful tool, especially for small businesses. Building strong, genuine relationships with your customers can lead to repeat business and referrals. Providing exceptional customer service, personalizing interactions, and showing appreciation through small gestures like thank-you notes can make a significant impact. A happy customer isn’t just someone who comes back for more but also someone who cheers for your business.

Diversifying Your Offerings

Diversity in your product or service offerings can open up new revenue streams and attract a broader customer base. Consider the success story of Starbucks. They started by selling high-quality coffee beans and coffee-making equipment. Today, they’ve expanded their offerings to include a wide variety of beverages, food items, and even merchandise. This strategy of diversification helps mitigate risk and capitalize on new market opportunities.

Optimizing Your Online Presence

The internet is the primary platform for potential customers to learn about your business. A top-notch, professionally designed website can significantly influence the perception of your business. It’s essential to guarantee that your site is mobile-friendly, easy to navigate, and search engine optimized (SEO) to maximize visibility and, ultimately, drive sales. Keep in mind your website is your digital storefront, so let’s make it count!

Implementing Targeted Promotions

Comprehending your customer base empowers you to customize promotions and offers for specific segments. For example, a pet supply store can confidently offer a discount on dog food to customers known to have dogs. These targeted promotions not only drive sales but also significantly enhance customer satisfaction by providing relevant and enticing offers.

Educating Your Customers

Especially in industries where products or services are complex, education can be a powerful sales tool. Providing valuable information through blogs, tutorials, or webinars can help demystify your offerings and position your business as an authority in the field. This approach fosters trust and can significantly influence purchasing decisions.

Embracing Analytics

Data is an invaluable asset in understanding what works and what doesn’t in your sales strategy. Utilizing tools to track website traffic, conversion rates, and customer behavior patterns can provide insights necessary to fine-tune your approach. For instance, if you notice a high cart abandonment rate on your e-commerce site, it might be time to streamline the checkout process.

Successful Small Business Facts That Inspire

• The power of small

According to the Small Business Administration (SBA), small businesses make up 99.9% of all U.S. businesses. This statistic underscores the significant impact small businesses have on the economy.

• Survival rates

Contrary to the common belief that most small businesses fail within the first year, about 80% survive their first year, and about half survive for at least five years. This fact highlights the resilience and potential for growth small businesses possess.

• Job creation

Small businesses are a major source of employment, creating 1.5 million jobs annually and accounting for 64% of new jobs created in the U.S.

• Innovation leadership

Small businesses play a crucial role in innovation, producing 16 times more patents per employee compared to large patenting firms. This innovation drives industry change and contributes to economic growth.

Conclusion

Increasing sales in a small business involves a multifaceted approach, from understanding your unique value proposition to leveraging the power of social media and analytics. The success stories and facts shared here serve as a testament to the potential of small businesses to thrive and scale. By implementing these strategies with dedication and agility, small businesses can not only increase their sales but also carve out a significant space for themselves in the market landscape. Remember, every big business started small; your growth journey is just a strategy away.

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.

Self-storage units, often overlooked by small business owners as a mere extra space for personal belongings, have emerged as a cornerstone in the quest for agility and efficiency in the business landscape. These awesome spaces offer a range of benefits designed to cater to the ever-changing needs of small businesses, from retail startups to budding online ventures.

In this article, we’ll explore the multifaceted advantages of self-storage units for small businesses, supported by compelling facts and statistics, shedding light on why these unassuming spaces might be the growth catalyst your business needs.

Why Self-Storage for Small Businesses?

In an era where business agility is not just an advantage but a necessity, self-storage units present themselves as an optimal solution for various logistical and operational challenges faced by small businesses. Utilizing self-storage spaces can lead to cost reduction, enhanced efficiency, and, ultimately, significant business growth.

Cost-effectiveness

Renting commercial or retail space comes with a hefty price tag, not to mention the long-term lease agreements that can tie down a growing business. In stark contrast, self-storage units offer flexible lease terms and a variety of sizes to suit your precise needs. According to a report by Mordor Intelligence, the global self-storage market was valued at $48.02 billion in 2020 and is expected to reach $64.71 billion by 2026. This growth underscores the cost-effective nature of self-storage solutions, making them an increasingly popular choice among cost-conscious business owners.

Scalability

One of the most compelling advantages of self-storage for small businesses is scalability. To effectively address the needs of business expansion and seasonal variations, it is essential to possess the capacity to adjust inventory storage without the complexities associated with relocation or lease renegotiation. Self-storage facilities provide a diverse range of unit sizes and flexible terms, thereby empowering businesses to readily modify their storage space according to their immediate requirements.

Enhanced security

The importance of security in business operations cannot be overstated, especially for enterprises that hold valuable inventory or sensitive documents. Modern self-storage facilities are equipped with state-of-the-art security features, including 24-hour surveillance, secure access points, and sometimes even climate-controlled units to protect delicate items. This level of security gives small business owners peace of mind, knowing their assets are well-protected around the clock.

Convenience and accessibility

Small businesses, particularly those operating in e-commerce, require continuous access to their inventory. Many self-storage facilities offer 24/7 access, ensuring that business owners can retrieve or store items according to their schedule, a critical component in maintaining customer satisfaction and operational efficiency. Additionally, these facilities are often strategically located, providing easy access and reducing transportation time and costs.

Decluttering and organization

A cluttered workspace can significantly hinder productivity and, by extension, profitability. Utilizing a self-storage unit allows small businesses to store seasonal equipment, excess inventory, and rarely-used documents offsite, leading to a more organized and efficient work environment. This not only optimizes operational space but also contributes to a more professional business appearance, which is crucial for attracting and retaining customers.

Enhanced focus

Perhaps one of the most overlooked benefits of self-storage for small businesses is the mental clarity it offers. By outsourcing storage needs, business owners can focus more on core activities and growth strategies rather than getting bogged down by logistical concerns. This cognitive unloading can lead to more innovative ideas and growth strategies, propelling the business forward.

Facts and Statistics Supporting the Use of Self-Storage

• Cost savings

According to the Self Storage Association, utilizing self-storage can significantly lower overhead costs compared to leasing additional commercial space. Small businesses can save up to 30-50% by opting for self-storage solutions.

• Increasing demand

The demand for self-storage has seen a steady increase, with occupancy rates across the U.S. averaging 92.5%, according to a study by the Self Storage Association. The increasing demand indicates that self-storage is being more widely recognized as a crucial business resource.

• Diverse users

A survey by the Self Storage Association revealed that approximately 25% of self-storage units are rented by businesses, underscoring their value to the commercial sector.

Conclusion

In conclusion, self-storage units offer a flexible, economical, and secure solution for small businesses seeking to streamline their operations. From retail startups to e-commerce giants, the benefits of self-storage extend far beyond mere storage space, offering businesses the agility, efficiency, and focus needed to thrive in today’s competitive market. With the backing of compelling statistics and undeniable advantages, it’s clear that self-storage units are more than just a place to store your excess stock—they’re a strategic partner in the path to business success. 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.