Author: Complete Controller

You can only invoice your internal and external customers if you know the costs of individual processes and services. With process cost accounting, you determine the charges for sub-processes in overhead expenses, determine transfer prices, and identify the potential for improvement.

Activity-based Costing Makes Overhead Costs Transparent

Process cost accounting is a method of controlling costs to get more transparency. The focus is on overhead or indirect costs. Companies have the peculiarity of regularly increasing over the years. They are usually distributed to products or services, the cost objects, with flat-rate surcharge rates. Distribution makes products and services too expensive and others too cheap.

Classic cost and performance accounting are no longer sufficient for a differentiated pricing policy on the market. 

Activity-Based Costing

Process cost accounting determines and analyzes processes and associated costs (process costs) in the indirect company areas. Activity-based costing should enable the causal allocation of all charges to products, services, orders, or customers.

Goals of Process Cost Accounting

The main goals to be achieved with the use of process cost accounting are:

• The costs of a process, a service, or a product cause should be determined as precisely as possible.
• The total cost of a company or division must be appropriately attributed and offset against the processes, services, or products that cause it.
• Cost structures and cost drivers should become more transparent.
• Potential should be visible where you can improve performance or save costs.
• It would help if you pursued a strategic pricing policy on the market.
• It would help if you sharpened the cost awareness among the employees.

These goals show that process cost accounting can provide beneficial results for both strategic and operational control.

Screen Processes and Identify Cost Drivers

In process cost accounting, the company will view a value chain in which processes create direct value for the customer and, thus, for the company; these are the value-adding processes. Other methods indirectly generate this value, as they are auxiliary processes for those who add value. These aid processes take place in the so-called indirect areas. Research and development, HR departments, information services, or management are examples.

To identify the reasons for inflated costs in such areas, you should take three steps:

Step 1: Narrow down the search area for cost drivers.

Those using process cost accounting want more transparency in these indirect company areas. First, you need to analyze the processes, procedures, and activities. The central initial question is: “What does it cost us?” Methods whose costs are unknown can be, for example:

• Planning and execution of orders
• Processing customer complaints
• Vacancies and selection of applicants
• Conducting training
• Participation in a fair

Step 2: identify cost drivers.

In the second step, the cost drivers are determined. These are the factors that determine how expensive such a process will be. It depends on the amount of power. Example: In the area of personnel development with the implementation of training courses and seminars, the number of workshops or seminar participants can be the number of services and thus cost drivers. Criteria for defining cost drivers are:

• The cost drivers must be measurable, predictable, and, therefore, calculable.
• There must be a correlation with process costs; the total costs (all cost types) in this process are directly dependent on the number or quantity of the cost drivers.
• The effort to measure and record the cost drivers must be reasonable.
• The employees should recognize from the cost drivers that they significantly impact the total costs, which sharpens their cost awareness.

Step 3: Allocate the process costs to the cost drivers.

In the third step, the total process costs are fixated on the cost driver. The allocation results in the process cost rate that you can use to plan and optimize processes and billing.

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.

All restaurants need more new clients. A constant flow of new people implies that more verbal referrals result in more business. However, getting new clients can be difficult. The following are some ideas for business owners to attract more restaurant clients.

Click Remarkable Pictures

A restaurant’s food is the main thing that attracts clients as they are there to eat. The business owner should invest in an efficient camera. If you cannot click pictures to your liking, hire a photographer to take photos of the delicious food that your restaurant makes. These pictures can be used everywhere: on the website, social media accounts, flyers, and other advertisements. Advertisements will get people to develop a longing for your food. As a plus point, photos on social media are easily shared, which will pull new clients into the restaurant.

Provide Free Wi-Fi

Wi-Fi has become an essential part of the life of today’s youth, and it has also become a necessity for some restaurants. Numerous individuals decide where to eat based on Wi-Fi if the restaurant has free Wi-Fi. The clients want to keep socializing on their mobiles even while eating or having work they need to do. That is why a restaurant must have free Wi-Fi as an incentive for clients to come.

Offer Discounts for Special Days

Valentine’s Day, Mother’s Day, New Year’s Eve, sports season, and holiday parties are ideal for restaurants to exploit. Individuals continuously look for places that provide discounts on special occasions that people could spend with their loved ones. Ensure that the restaurant starts the advertising and booking a few weeks before any event and offers hearty discounts so that the customers will want to visit again. There would be a significant increase in the number of regular clients of the restaurant if they could get people to at least try their restaurant on a special occasion.

Lead a Charity Campaign  

Restaurants should ensure they generate generosity in their neighborhood by giving something back. Make sure that your restaurant hosts charity events that will boost the restaurant’s goodwill and turn the present clientele into long-lasting regulars while also bringing in new customers.

Be Active on Social Media

One of the best and easiest ways to advertise and promote something is through social media, whether through Facebook, Twitter, Instagram, Snapchat, or others. Most, if not all, of the restaurant’s clients are always searching on social media for new places to eat. Make sure you update your page and profile daily so that the clients see what you offer. Often, the restaurant with the best online presence is the most frequented by the clients. Your restaurant should be on the clients’ minds when discussing where to eat.

Partner with Neighboring Businesses

Begin a discussion with the businesses in your neighborhood. Many companies regularly need catering for meetings or special lunches. Show them the full menu yourself and assure them they will get whatever they want at a discount.

Offer Online Ordering

Most people do not have the time to go to restaurants to eat. Some do not even have the time to pick up their mobile phones and order food. Also, picking up and answering phones at the restaurant will waste the employees’ precious time there. Therefore, the restaurant should have an easy-to-use website where customers can easily order their food. The procedure could be made less tiresome by also accepting online payments.

Last Words

Make sure to employ these tips to get new customers to your restaurant.

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 many personnel selection processes, aspects that are not of concern to the company are questioned, nor do they affect performance in the position offered. Some of them are even illegal. This article will center on the realization of unlawful questions in a job interview.

The Personnel Selection Process

We live in a world in which the labor market is competitive, and many people are interested in practically any possible job you can create. Thus, when a company needs to fill a vacancy or expand and make that demand visible, it usually receives hundreds (sometimes even thousands) of answers. And in that situation, he must choose between the candidates systematically filtering the opponents, something that has happened for thousands of years.

The selection of personnel is the process through which a company, having defined criteria for the type of worker needed and the required knowledge for the specific position undertakes the task of identifying and choosing the candidate who best aligns with the specified requirements. Different techniques are used, such as psychometric tests that measure the subject’s capacity in certain areas. Another of the main pillars in the selection of personnel is the interview.

In a job interview, a subject belonging to the corporation or company in question or directly interested in hiring a worker establishes an interaction in which they can observe the characteristics or aptitudes of the candidate and assess whether it may be appropriate to the sense goes through a series of questions or even activities.

The functions of the job interview are first to contact the applicant and collect information about their suitability as a candidate in terms of knowledge, skills, attitudes, and attitudes that may be useful in the position offered in question. However, they should limit themselves to that: they should not enter the subject’s personal life unless it is essential to exercise the position.

What are Questions Illegal in a Job Interview?

Sometimes, the questions posed by the interviewer can go beyond these limits and refer to aspects that have nothing to do with the job’s functions or the individual’s skills. These questions are illegal because they violate the right to privacy, in addition to being able to suppose discrimination and exclusion for reasons unrelated to one’s professional competence.

Among the aspects that you should not question are marital status, sexual orientation, the expectations of having physical characteristics or not, the presence of physical or mental illnesses, the race of belonging or nationality, religious or political beliefs, or details of personal life irrelevant to the exercise of the profession examples of situations in which you had to use a required skill, for example.

In this way, questions as frequently as ” Do you want to have children soon? ” or ” Are you married? ” are illegal. You should use different strategies if other aspects are to be evaluated from these questions. Even something innocuous as age is irrelevant (the same does not apply to professional experience).

In addition, these questions can generate a bias that leads to discrimination for ideological reasons, gender, sexual orientation, race, or religion, which is contrary to what is established by law. For this reason, although we can decide to answer them, we also have the option of denying ourselves without having to harm us. It is also possible to file a demand for labor inspection, resulting in a sanction or fine to the company or company in question.

Why do They do Them?

Due to the high prevalence of this type of question, it is legitimate to ask the reason for its realization.

In some cases, they can be done to observe the candidate’s reaction to the question in question. It would help if you considered that it is a selection process and, considering the importance of attitude when carrying out a specific project, observing how a subject behaves when faced with a strange situation or an uncomfortable or unexpected question can serve to elicit the way of thinking and acting in the face of pressure or surprise. 

As written in an article on Coursework help online, in these cases, the response’s content is not relevant, but what would be assessed would be how the candidate answers it or even how it is not responded to. That does not mean that it remains an illegal question.

However, on most occasions, these types of questions are intended to obtain direct information regarding a person’s life to predict their productivity. For example, suppose a woman is pregnant or plans to have children shortly. In that case, the company may think it is better to hire someone without such plans, avoid maternity leave, or find possible substitutes.  

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.

Automation and artificial intelligence are frequently used when discussing the future of the technological world. Combining both technologies, i.e., Intelligent Automation, is one of the hottest topics of this age and will take the world by storm in the future.

Intelligent automation deals with robotic process automation and operational analytics to operate tasks that involve artificial intelligence algorithms and automated workflows. Let’s dig in to see how our future is automated and intelligent.

Benefits of Intelligent Automation

Businesses and enterprises can achieve new feats by adapting intelligent automation. IA can help them achieve the goals that human beings cannot and bring them to an increased efficiency rate. 

Various organizations worldwide are turning towards intelligent automation, and this trend will continue in the coming years. Most businesses these days are trying to transform their processes with the help of automation. This growing number is due to the countless benefits of automation and how it can change a business in a limited period. 

Intelligent automation can do what seems impossible, from doing hundreds and thousands of tasks and making calculated decisions to giving customers a personalized experience. 

How Intelligent Automation Will Change the Future

In just a few years, the world will witness a rapid growth of IA, which IA will use to make significant business decisions, create preventive measures, and produce helpful business insights.

According to a Boston Consulting Group (BCG) report, the retailers who utilized customization plans saw 6-10 percent revenue gains, two to three times as much as other retailers.

The following technological solutions will help the vendors in countless ways in the future.

Intelligent Visual Search Engine

According to David Jaeger, almost 50% to 80% of new e-commerce retailers come from visual search. As humans, we buy from experience; visual experience is the closest that imagination can prompt. 

At times, we all struggle to search for something of which we have incomplete details. Visual search engines alleviate all problems and improve the search with a nice snap. 

All you need is a picture clicked in or downloaded from the Internet via your cell phone or stored on social networks. Once inserted in a program or search engine, the user figures out which items precisely fit the concept or are identical.

Enhanced Customer Service

A recent survey suggested that 75% of the customers opt for the brands that provide the best customer service. Let intelligent automation jump in here, as BOTs can make a considerable contribution provided the knowledge and awareness of user profiles and interests. 

The Chatbot’s 24/7 availability and the instant feedback platform add a special touch to interaction. The conversation will go beyond knowing the consumer’s purchasing preferences, including specific product details and getting feedback that will motivate them to stick with the brand for a long time.

Hyper-targeting

Marketers can attract consumers well outside high populations. Machine learning algorithms can identify online and offline trends to analyze what customers may want to purchase. 

The potential customers are easier to find for marketers who can gain insight from their results. Search history, purchasing history, contact information, connections, and geolocation are gold mines for customer knowledge. 

Deep learning enables consumer experiences to blend with potential sales. Targeting is reliable and subjective with the aid of machine learning. Through machine intelligence, retailers can know what pages their potential clients follow and their order history. All this data may fuel purchasing reviews on blogs, email, or social media through marketers.

Inventory Management

Intelligent automation helps make future demand forecasts much more accurate. IA enables you to regulate your supply chain easily and guarantees you understand more about your clients and their behavior. Regulation reduces the shrinkage and saves you time and money. Forty-six percent of U.S. companies confessed to not monitoring their inventory, while more than $1 trillion of capital is stocked. 

Using a stock management tool to make wise choices based on your products’ past performance would be best. Use your device to prevent you from overstocking and understocking.

Virtual Buying Assistants

You may use IA to build a virtual shopping assistant to help shoppers select which goods or services to order. Digital assistants can notify the consumer whether the price of the product in which the customer expressed interest drops. If led, they will even purchase the item on behalf of the customer. 

Using intelligent automation programs may also be personalized with a promotional message meeting the right client on time. 

Final Words

Ignoring emerging technologies that will maximize production and expand sales will only leave you behind. You should welcome intelligent automation and let the IA innovations help you transition to the modern age of interactive digital consumption.

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.

Are you tired of doing business the old way? If so, now is the time to do it differently, so get started already. Entrepreneurs who can see far and beyond are likely to incorporate modern business concepts. Your business will thrive if it has a presence on social media. In other words, the business may not survive long without modern concepts of business for long.

We are Doing Business in a More Connected World

Marketing concepts combined with modern social media tech will rule the business world. Even then, the ever-changing marketing concepts will continue to change. Effectively, we are in a world where marketing and business concepts are changing forever. The next era of social media is here or is about to enter elegantly.

Think about the old ways of using social media platforms. Back in the day, only a few platforms were available. Social media is no longer the situation as we have numerous platforms where businesses feel their presence big time. So, is this the end of the road, or have we just begun? Mark Zuckerberg is on record saying he wants to see a digital living room happening soon.

Perhaps he hinted that social media’s early days are now long gone. Operating without social media marketing is a no-brainer. It is just a matter of time before media marketers develop fresh ideas for innovation to achieve better business results. As social media expands into our lives in a big way, we are about to witness a boom in marketing and promotion.

Use of AR

Augmented reality is becoming more common these days. Companies are using VR and AR to train employees and arrange conferences due to pandemics. Augmented reality is fundamental in social media platforms such as Instagram, Snapchat, and Facebook. One social media platform has added AR functionality during video calls.

Live to Stream

It started as entertainment, but live streaming is now more mainstream in social media marketing due to its popularity. A recent study explains that marketers look to include live streaming when running social media campaigns. A unique social media platform, Instagram, has included live streaming in the list of features for its users.

Live streaming continues to be popular, and social media marketers constantly tap into solutions that attract the masses and show interest. Live streaming channels such as YouTube are among the most popular globally, with over a billion users worldwide. Marketers actively use social media channels that host live streaming and allow users to upload videos or host streaming sessions on their accounts.

Influencer Marketing

It is trendy among corporations. Companies love to attract social media users using various techniques. They do not hesitate to use methods such as influencer marketing. For this purpose, they hire tremendously popular social media influencers. These fans would follow anything their beloved influencer asks them to do.

This way, companies get access to millions of users that influence others to use their services and products. Influencer marketing can be costly, but it is one of the quickest ways of getting noticed and attracting a sizeable audience.

Storytelling

Did you know that Instagram stories attract a minimum audience of 500 million every single day? Storytelling goes to show how many users read stories. Storytelling is also equally common on other social media platforms. Storytellers have 24 hours to come up with stories that are highly engaging and attract readers. Millennials show great interest in stories as they find them engaging and readable. They are interactive, so they attract those who may not initially be interested.

Transparency

Social media marketers can establish a large fan following by ensuring excellent transparency. For one reason or another, social media has had its share of controversy. Most of this was related to privacy, which Companies addressed through different means. Media platforms have worked hard to ensure users’ privacy and have successfully achieved this for the most part. Social media users show satisfaction over these measures.

Using the next generation of social media marketing will likely give your business better recognition while raising your return on investment in little 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.

As a business owner, the last thing you need is downtime for your business transactions. However, with everything functioning with the internet, you’d want relentless and reliable connections. Such is the case with Voice over IP telephones, which far surpass traditional landline phones and are necessary for today’s businesses. 

If you think your business can survive without the internet, you’re sadly behind times. In hindsight, companies rely heavily on internet connections, both for their internal and external processes. You are starting from creating an integrated network to having a cloud system for storing important information. 

VoIP is undoubtedly the first step toward the future of communication in an enterprise. However, users must know its stance in the coming year to unlock its full potential. Here, we will highlight the role of VoIP as we move towards a more technologically dense era.

 

VoIP – The Evolution from Old-School Office Phones 

It would help to remember those old office phones when you had to stay close to the desk to receive or make calls. Not to mention that those business phones were quite expensive, which made it a costly solution. In the age of fast internet, programmable VoIP phones provide better services than old landline connections. 

Moreover, VoIP phones can store hundreds of contacts compared to old phones, which could save as many as 100 contacts at a time. Additionally, it has an LCD screen that divides different contact numbers into separate sections.

Save Money with VoIP 

For an enterprise, having multiple locations is quite common. With the advent of VoIP, you can reduce costs by setting up similar networks for your offices in different areas. More so, you can reduce the cost of the communication system. Reduced prices for eradicating communication barriers can help business owners increase customer experience and business transactions. 

VoIP can Make Things Convenient

Apart from ridding yourself of irritating desk phones, VoIP telephony systems’ maintenance and management make them an asset. Even if small or medium-sized businesses decide to recruit an IT professional to manage the system, it’s still feasible. 

Go for the Clouds 

Everything is on the cloud, especially for businesses. Cloud systems provide storage facilities, so business owners can breathe a sigh of relief when intensifying their data security and sharing it with every business location. 

However, for gaining the maximum benefit of cloud platforms, you need an internet connection that can handle it. Present broadband internet service providers guarantee relentless connectivity to business owners. Moreover, they provide a cost-effective solution, making it an ideal choice to maintain your cloud-based networks. 

Cheaper Than You Think 

If you’re starting your business transactions, spending a hefty amount on a fiber connection isn’t wise. While a fiber optic connection may be a better choice, you can still go for a reliable broadband connection instead. Broadband connections these days provide reliability and availability to users at meager costs. 

Reliability Makes the Business Successful

Reliability is a crucial motivator that drives your business to new heights. Similarly, reliability is the leading factor to consider when you search for an internet connection to link your business with the world. 

On the reliability scale, both broadband and fiber connections provide similar services. Fiber optic internet ranks way above broadband internet with negligible service interruptions during peak hours. However, long gone are the days when broadband connections provide distortion in their streaming. So, if you’re searching for an internet connection to kickstart your start-up’s journey toward excellence, broadband is the service you need.

IoT – Enhancing the Services of VoIP 

The Internet of Things (IoT) is the future of technology and will adopt VoIP technology. Moreover, the mobile-centric nature of business transactions makes IoT a vital part of any technological implementation. 

The future for VoIP is quite bright, given that it already offers different enterprise applications. Thus, it’s going to increase as technology develops. The business world is aiming for the skies with cloud-based systems. So, if you’re not on team VoIP, then you should be on the train as soon as 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.

Income is taxed at the state, local, and federal levels, and profits or payments are subject to extra taxes to fund Medicare and Social Security, to name some. Taxes are hard to avoid. Still, there are numerous techniques to help ward them off. Here are some different ways to protect your income from taxes.

Invest in the Municipal Bond

Purchasing a municipal bond means lending money to a local or state governmental object for a specific number of interest payments over a prearranged time.

Interest on a municipal bond is excused from federal taxes and might be tax-discounted at the local and state levels as well, depending on where you live. Tax-free interest expenditures make municipal bonds appealing to investors.

Previously, municipal bonds had fewer default taxes than their business bond counterparts. Research of municipal bonds from the nineties to the twenties shows that the default rate was 0.1% for investment score municipal bonds versus 2.28% for world business issuers. However, municipals naturally pay less interest tax. Because of the tax advantages, municipal bonds’ tax-comparative yield makes them appealing to some investors. The more advanced your rate bracket, the higher your tax equally yields.

Shoot for Long Term Capital Gains

Investing could be a powerful tool in increasing wealth. An extra advantage of investing in mutual funds, real estate, bonds, and stocks is the satisfactory tax treatment for long-term capital gains.

An investor has money or capital resources for more than one year, like a special tax rate of 0%, 15% to 20% on the capital improvement, relying on the investor’s profit level. If the resource is held for a few days or less than one year before selling, capital increases taxes at average profit rates.

Consider a long versus short period; capital improvement rates are significant for increasing wealth. A married couple filing jointly pays zero percent on their tong period capital improvements for the previous year if their taxable profit falls under 80,000 USD and, in this manner, a single individual under 40,000 USD.

Start a Business

Additionally, numerous tax benefits are proposed to build more profit besides business.

Once utilized in regular business, you can reduce numerous expenditures from income and deductions from the overall tax obligation. A particularly significant tax reduction for self-employed people is health insurance reward accessibility.

Also, by severely following Internal Revenue Service (IRS) rules, a business leader might reduce their home expenditure with the home office reduction.

You might also reduce the portion of the internet and utilities utilized in the business from profit. To claim these reactions, the taxpayer behavior of the company to make an income. The internal revenue assesses several factors, drawing in publication 535. Taxpayers who understand payment in three of the last five years are assumed to be in an income business.

Use a Health Savings Account

Workers with a high reducible health insurance strategy can utilize a HAS to deduct taxes. Some amount is donated to HAS before taxes. For 2020, the donation is 3,550 USD for people and 7,100 USD for the whole family. For 2021, this year’s maximum deductible donation level is 3,600 USD for a single person and 7,200 USD for the entire family. These funds can increase without the demand to pay tax on incomes. An additional tax advantage of a HAS is that withdrawals are not taxed when utilized to pay for qualified medical expenditures.

Claim Tax Credits

Various IRS tax credits deduct taxes, like the earned profit tax credit. For 2020, a less-income taxpayer can claim credits of 6,660 USD with two or suitable children, 5,920 USD along with two, 3,584 USD along with one, and 538 USD if none.

An American opportunity tax credit proposes an extra 2,500 USD/ year for qualified students for the first four years of higher education. The whole learning credit permits a maximum of 20% credit up to 10,000 USD of capable expenditure per return.

There is a similar saver’s credit for reasonable and low-income people searching to save for retirement; people could obtain a credit up to half their donation to plan an ABLE or IRA account.

Bottom Line

However, no one must pay additional taxes when paying all the legal taxes to authorities. A few hours spent at IRS.gov scouring trustworthy financial data sites might produce hundreds or thousands of dollars in tax savings.

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 modern-day business, one initial thought for an entrepreneur after starting up a business is being cost-savvy. Business owners usually increase their profitability by cutting unnecessary costs. There are many ways to cut down on your expenses, such as choosing effective and efficient marketing channels, deploying equipment based on the latest technology that will utilize minimum other resources, and eventually cutting down on the costs in the longer run. Entrepreneurs also consider dropping off dead weight now and then who are not resourceful anymore. Such resources may be human or equipment, and dropping them off reduces unnecessary costs.

While talking about the deployment of cheaper and more effective technology services and equipment, the internet is needed by almost every business today. An internet connection for a small business must also be fast enough to run on multiple systems simultaneously. So, internet service is also considered a prominent head in the expense sheet of small businesses, so you should choose wisely. A small business entrepreneur should think very carefully, assess their business requirements, and get a suitable internet connection for their business.

We’re deep into the internet world, where Artificial intelligence and cloud systems play vital roles in this technological world. If we look at the present business owners, the internet is everything for them. From employee management to answering customer inquiries, the internet is necessary for running a successful business.

According to a poll, 96% of small-sized businesses use internet-based technologies to run their operations. Therefore, utilizing business broadband becomes the primary catalyst for maximizing productivity and expanding corporate horizons.

Cutting Down the Cost

According to its nature, every small business has different requirements for the Internet. Companies like digital marketing agencies and software houses usually have 24/7 internet access with greater bandwidth and connection speeds. Small businesses from the manufacturing sector require the internet for minimal activities, and their Internet usage is relatively less.

Fast internet connections are costly. Therefore, entrepreneurs must assess their business’s need for internet volume and get a suitable package. This can reduce the high cost and add to their profitability in the longer run.

Everything Digital

Since every service is being operated digitally in the modern business era, no business can excel without standard internet service. Even in a small business, from marketing and sales to finance to administration, all the departments are interlinked through cloud-based software that requires an internet connection. The internet has been a very resourceful tool in making businesses efficient; therefore, it is necessary to purchase a suitable internet connection that should not add up to an extra cost to the company and serves its purpose effectively and efficiently.

Help You Prioritize Customer Service

As we enter the new decade, businesses consistently focus on a customer-centric mindset. A good broadband connection can help prevent money loss through seamless internet services. Additionally, business broadband service providers deliver internet solutions tailored to your needs.

Reliable to the Core

Consumer demands consistently increase, and one of them is that their favorite company is reliable. Business broadband connections provide reliability that will not stop their day-to-day activities. With fast download and upload speeds, you can ensure that your business is consistently up and running.

Security Enhancement

The need for security is drastically increasing due to the cybercrimes that businesses face consistently. It’s a major headache for business owners because they can’t survive without the internet, and the increase in data breaches makes them hesitant to do so. Business broadband delivers top-notch internet service and ensures that the network has the right level of security for your transactions.

Perfect for Offshore Clients

We all know that calling international clients is expensive. However, with the advent of the internet, you can call offshore clients and colleagues at low or no cost. From voice calls to video conferencing, business broadband strengthens your communication requirements.

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.

It’s becoming more and more evident that the world is moving further toward digitalization, and the printing industry is already starting to adapt. Thanks to digital printing, the print marketing industry will reach a value of $300 billion by the end of 2024. 

Preservation of Traditional Reading Preferences

Still, some would like to preserve the ways of old a little longer. A 2017 survey showed that 73% of people claimed to prefer reading a book or magazine instead of staring at a screen. 71% said reading about an event in the newspaper provided a better understanding than watching it in the news. 

79% of people surveyed said they react to printed mail immediately, but only 45% admitted to doing the same with email. 

Business Communication Through Printed Media

Many businesses also use printed mail to communicate with shareholders. One such company is Airbnb, which sends each of its shareholders a printed magazine discussing the internal machinations and other external factors surrounding the company. 

Daniel Dejan is a neuroscience researcher who has closely studied the relationship between humans and print marketing. According to Dejan, people will eventually return to print media once they experience monitor fatigue. He has said, “The brain reaches a point of saturation. And when it does, it can no longer take in any more. So, when you reach that point of digital information overload—whether you realize it or not—even younger demographics will seek out printed materials.”

Role of Paper Media in Offices and Corporate Environments

Paper media still has a place in offices and corporate environments. Business cards, sales documents, and brochures are commonly found in office buildings even today, and this will not change. 

Research by Epsilon Marketing suggested that 80% of people preferred to do business with companies that offer customization and personalization. 

Successful Examples of Print and Digital Personalized Marketing

One example of personalized marketing that was successful in print and digital was Coke’s ‘Share a Coke’ campaign, in which people were encouraged to find Coke bottles with their names on the label. 

Customers prefer printed packaging, as it carries the perception of being more thoughtful and putting more effort into it. Printed packaging also helps foster a memorable brand image so customers can identify your brand. 

Dollar Shave Club, for example, includes a printed newsletter with many of its products. They believe this is one way to ‘deepen the brand’s relationship with customers.

Coexistence of Digitalization and Print Media in Companies

Many companies may have embraced digitalization for the most part, but specific sectors still rely on print media. Many companies no longer bother to keep track of how much printing they do. Printing costs usually get buried between more essential metrics of each branch of a larger organization. 

Environmental Impact and Sustainable Production Methods

As necessary as printing has been for so many years, there’s no denying its strain on our planet’s resources. Climate change scientists have warned for years about the effects of cutting down thousands of trees to make paper, and industries are finally starting to listen. Despite cutting down on printed media as much as possible, even the most environmentally conscious companies still rely on it. New and sustainable production methods will likely be used if printed media still has an essential place in the marketing sector. 

Influence of Cloud-Based Technology on Print Media

The rise of cloud-based technology has also significantly affected print media, making printing cheaper and more efficient than ever. Cloud computing allows modern companies to print paper-based material in bulk, wherever needed, thus saving transport and storage costs. 

Print Media’s Essential Role Despite Digital Advancements

Print media is still essential but will never be a perfect substitute for digital marketing. The internet provides a globalized network that paper media cannot compete with, allowing businesses to reach broader audiences than ever before and stay connected with them regularly.

Uncertain Future: Assessing Business-Specific Marketing Needs

Each marketing strategy can only work for some businesses. Every business needs to assess its specific needs and strengths to determine what benefit print marketing brings to its company. Print media is still popular, but that could change in the future. There’s no telling what could happen. Will modern technology find a new, sustainable replacement for paper media? Will digital media take over completely?

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.

A sole proprietorship is an unincorporated business owned and run by one person – with zero distinction between the owner and the business. The sole proprietor enjoys all the profits and is personally responsible for all business liabilities, losses, and debts. A sole proprietorship is one of the latest expensive business structures to start.

Think about it: just one person owning a business all by himself, the legal requirements are as essential as they can get, and all the profit the company offers. Similarly, if things go south, just one person gets to handle all the mess. However, a sole proprietorship is a well-intentioned model for small business owners who don’t intend initially to derive large profits. In short, it is excellent if you are thinking about operating a small business.

Sole Proprietorships and Small Businesses

Most people consider a sole proprietorship and its owner identical. When it comes to small business health insurance, a sole proprietorship can be defined as a small business. Still, if you have no workforce but yourself, your sole proprietorship will most likely not qualify for a group plan.

Sole proprietors can hire people, just like any other small business owner. According to the IRS, any time a sole proprietor employs someone other than an independent contractor.

Although a sole proprietorship is the simplest form of business structure, you may be unsure how it affects health insurance options. A sole proprietorship might qualify for group health insurance if it has a few employees.

Let us look at the defining characteristics of a sole proprietorship.

• No corporate entity exists
• Ownership by one self-employed individual
• The owner remains responsible for liabilities and business assets
• The owner is an extension of its business

Good Business Practices

As the owner of a sole proprietorship, you get to make all the decisions and call all the shots. You have no partners to consult with or some board of directors to discuss with either. You will also have personal liability protection. Just like that, there are multiple benefits of a sole proprietorship; let us discuss:

Complete Ownership

Believe it or not, but at some point, sharing business ownership can be very difficult, even if you think that you get along with your co-owner well. When you are the only one managing and making all the decisions, you are not responsible for other people’s mistakes. It’s like a one-person show – you have the spotlight and get to do whatever you feel like.

You get to choose how many days your business will operate and which times to come in; plus, you are held responsible for your work by yourself and the clients. With complete ownership comes a full hold of profits. You get to enjoy all the profit you make, and you decide to use it.

A Simple Kick-Start Process 

Usually, a business owner’s job when forming a sole proprietorship is registering with the local office and obtaining necessary licenses. A sole proprietorship does not need legal counsel to build a business, which helps reduce costs. As a sole proprietorship, you can file a business name but don’t have to do it. Business owners who operate sole proprietorships can visit their local businesses and start working, which is more straightforward than any other business structure.

To start a sole proprietorship business in the United States is a massive advantage to the business owner because of the ease of starting one.

Simplistic Income Taxes

You are already connected with your business when you are the only person dealing with all business matters, so you don’t have to file business taxes separate from your income taxes. The business income is your income, so a personal tax return and a tax form (Schedule C) allow one to report income and losses to the IRS using the SSN. In addition to all your business-related expenses, they are tax-deductible, including the cost of travel, goods, fees, and more. The tax rates are lower for sole proprietors than for corporations and partnerships.  

All in All

Sole proprietorship allows people to open their businesses with complete ownership and responsibility for their successes and failures. However, it’s essential to remember that starting and then operating a business can be equally stressful and challenging as it is rewarding.

Even if you believe that sole proprietorship is the best option for you, surround yourself with positive energy and great support from other business owners; local business centers can also help you thrive in operating and growing the business.

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.