Author: Stephen Huck

Marketing is one of the most critical aspects of business, whether startups or existing businesses are looking to grow. While traditional marketing plans that have worked for decades are still effective, the online environment, social media, and how people consume entertainment have moved marketing in a new direction.

If you want your business to be successful today, you must implement digital marketing options. There are a few essential factors to consider when implementing digital marketing plans. There are also different types of marketing you can use. For the most success, you can use them all. However, implementing any of them can bring success to your business.

Here are four crucial areas of focus in digital marketing and how to implement them.

Audience

Before launching any successful digital marketing campaign, you must determine your target audience to purchase your product or services. The factors you need to consider are age, gender, and region.

Some products and services don’t have specific targets that fall in all three of those areas. For example, those needing a plumber won’t need to be of a particular range of age or gender, but they will need to be in the same area as the plumber they hire.

Products rarely have a general audience that covers a multitude of demographics. Whether it be age, gender, beliefs, or region, you need to find that audience and, in some cases, a combination of them. For example, if you have a hair and nail salon, generally, that will be used by women and in a specific region. Therefore, you would focus your marketing primarily on women in your area. You might also focus on a particular age.

Content

Once your audience is determined, it’s time to build content. Content can be anything from Tweets of 140 characters or less to keyword-heavy blog posts on your website. The most crucial factor to remember is that content aims to drive people to your product or services. When composing posts or ads, keywords are the primary focus.

Adding eye-catching visuals when possible can boost the effectiveness of your content. The most important thing to remember when it comes to content is to be on brand and leave no doubt to the consumer about what you offer and how to get it.

Social Media Platforms

When it comes to marketing, people might think more is more, but that is not necessarily true. If you are a business with a large and well-funded marketing department, you can afford to post on every social media platform. However, small to mid-sized businesses must be more thoughtful and choose a few platforms on which to work. The fab four to focus on would be Facebook, Instagram, Twitter (X), and YouTube.

Other sites to consider are Snapchat and TikTok. Both had a substantial market share among social media platforms and are climbing in popularity regarding digital marketing. The four mentioned have remained strong, with no signs of slowing down soon. Therefore, they are where you should focus your primary digital marketing strategies.

Email Marketing

Email marketing is still a strong contender when it comes to digital marketing. Some services will assist you in launching email campaigns, but you still have to understand your target customer. A successful email marketing strategy will drive customers in and stay.

Customers who subscribe through your website or business page expect occasional updates, not daily inbox-stuffing emails they will delete. Most customers are comfortable with weekly or biweekly emails featuring relevant content.

Conclusion 

In conclusion, the evolving marketing landscape demands a strategic embrace of digital options for business success. Determining and understanding your target audience, crafting compelling content, leveraging selective social media platforms, and maintaining a robust email marketing strategy are pivotal.

While traditional marketing plans retain effectiveness, integrating digital approaches enhances reach and engagement. The synergy of these digital marketing pillars positions businesses to thrive in a dynamic market, driving customer acquisition and sustaining lasting 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.

Though it should be a priority in every financially responsible adult’s budget, most don’t have any savings. Those that have managed to save don’t have enough put away. At the same time, few have healthy savings, including an emergency fund and retirement savings.

Even if people manage to save, most will deplete it before using it for the intended purpose because it is easy to dip into savings when you have it available. For those with no savings, it is never too late to get started.

Here are five tips to help you build your savings.

Make a Budget 

Making a household budget is more accessible than most people think it is. Gather all your expenses and sources of income use, a spreadsheet or a calendar or planner, and input the amounts in categories that make sense to you.

Some free online budget templates will help make this process simple. The vital part of the budget is that you add savings to your expenses and make it your most necessary expense. Financial planners and advisors agree that if you pay yourself first by prioritizing savings, all other financial responsibilities will benefit you because you will be more thoughtful about spending.

Make it a Habit

Saving money is just as much a psychological endeavor as a physical one. Most people don’t save because they think it is too difficult or they don’t make enough money to spare some of it to save. The truth is no matter the amount you save, just doing it regularly, even if a few dollars, will build a savings habit. As you find more places in your budget where you can spend less, you will already have a savings habit and grow the amount you have saved more quickly.

Make it Automatic 

Most banking institutions have savings accounts, and some even gain interest. They can also deposit a portion of your paycheck directly into the account. Setting up a direct deposit and allocating a certain amount into your savings account each payday does a few things to boost your savings.

It helps with the psychology of saving because the amount is not in your main account of disposable income, and often, people don’t miss it and budget accordingly. It also sets a certain amount of consistent savings that can add up quickly.

Seek Extra Income

When working on your budget, you must find places to cut spending and put 100% of that money into your savings. If you cut out some unnecessary expenses, you might be surprised how fast your savings grow when you transfer those funds into your savings account. When considering your budget and savings, you may also want to earn more income through side gigs or other income streams, such as investments. It is easier to find side work in our gig economy that doesn’t take too much time and can generate enough income to build your savings quickly.

Use Company Benefits 

Most people who work for corporations are aware of company savings plans like a 401(k). Generally, it is talked about in your orientation. Still, often, employees don’t precisely understand how it works or what contributing to company savings and retirement plans can do for their savings goals.

A significant number of companies that have a 401(k) also have a matching program. When deciding on what percentage of your income to contribute, consider contributing the percentage your company will match. If your company matches up to 10%, you should contribute at least 10% of your income. You can, of course, contribute as much as you can afford.

Conclusion

Review your budget and check your savings accounts every month. Monitoring your accounts will help you stick to your savings plan. However, it also enables you to identify problems and fix them quickly. When you focus on saving in this way, it could inspire you to save more.

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.

Whether you are attending college straight out of high school or going back to obtain a degree, you have to cover expenses associated with college, such as tuition, textbooks, a computer, and general college school supplies. Not to mention other expenses related to college that are more indirect, such as housing or transportation.

Obtaining financing to cover college expenses can be a challenge. However, if you know what is available, you can plan to get assistance with college expenses and make your future brighter.

Here are seven ways to finance college and cover the related expenses.

 

Company Tuition Reimbursement

Many corporations promote from within the company. Often, a degree will be required when moving to higher positions and management, so many companies offer full or partial tuition reimbursement if an employee pursues a work-related degree. Some companies will provide some reimbursement for non-related degrees. However, you will not know unless you ask.

Grants and Scholarships

When applying to college during the admissions process, admissions specialists can help you determine grants and scholarships to apply for and give you valuable information on the process. There are also many smaller scholarships and grants you can apply for online. Also, check with the college financial aid office; grants and scholarships should be applied for every year you are in college.

Community College

Many community colleges offer valuable four-year degrees. Even if the degree you seek is specialized, community college is great for getting an associate’s degree and getting the basic required classes out of the way at a lower cost. If you complete your degree at a state or private college before beginning community college, ensure your credits will transfer.

Free or Used Textbooks

Besides tuition, textbooks are one of the most significant school expenses. There are a few options to keep textbooks and required reading costs at a minimum.

• Check availability at the school or local library
• Search for websites and apps that offer free ebook books and textbooks

Share Costs with Other Students

• Check with the school. Some have textbook and book exchange programs
• Check used book sites and stores to get the books and textbooks at discounted prices
• Search for sites or stores that rent books and textbooks

Minimizing Computer Costs

Even if you already have a desktop computer, most college students opt for a laptop for school. Laptops have gained popularity due to portability and the ability to use them in class for notes and recording. There are ways to keep the costs of purchasing a laptop to a minimum.

• Keep it basic; most lower-cost laptops will meet the needs of a student
• Purchase a refurbished computer; they are often like new and come with limited warranties
• Look for rebates, student discounts, or back-to-school sales
• Shop at a pawn shop or second-hand electronics store

Minimizing the Costs of Supplies

Other school supplies are needed for college students, such as pens, highlighters, notebooks, and other items specific to certain classes, i.e., scientific calculators. Many stores offer discounts to students. You can also look for sales and coupons; some supplies can be bought and used as students may only need them for a limited time.

Taking Online Classes and CLEP Testing

Many accredited schools offer online courses. Because overhead is low to conduct these classes, they can be less costly for a student. The only drawback to going to college online is that it is self-directed, and some students may need the structure of a classroom to excel.

Many colleges not only offer online courses but also accept CLEP credits from CLEP testing. CLEP (College-Level Examination Program) tests allow students to test out many courses needed to earn an associate’s degree. Each exam costs under $100, significantly less than a school semester. Check with your school if they accept CLEP credits before taking the exams.

Conclusion 

In conclusion, the financial challenges associated with college can be daunting, but there are practical strategies to alleviate the burden. From leveraging company tuition reimbursement to exploring grants and scholarships, attending community college, and minimizing expenses on textbooks, computers, and supplies, students can make informed choices. Opting for online classes and CLEP testing further expands affordable alternatives. By being resourceful and proactive in seeking assistance, individuals can navigate the financial landscape of higher education, ensuring a brighter future without compromising on quality.

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.

Cash flow is the bloodline of any business, determining whether your business financials are running successfully. Positive cash flow means paying off your debts and liabilities and maintaining more equity than liability. 

Businesses have often needed help maintaining their cash flow, even those with a profitable financial period. Just because your business is posting a profit does not necessarily mean it is doing well in terms of liquidity, and it may face problems covering overhead expenses and payroll. 

A business must have a positive cash flow to manage its day-to-day business and have a credible balance sheet. 

Here are four ways to improve your business cash flow.

Offer Incentives for Early Payments   

Try sending out invoices as soon as you send them out. It helps keep track of everything that’s going out, and the sooner it is sent out, the sooner means, the sooner you can expect payment. Try to offer discounts to customers who pay on time. 

For example, if your terms for payment are net thirty days of invoice submission, try offering incentives where you will give them a small discount if they complete the terms within fifteen days instead. This incentive especially helps customers buy bulk orders of your product or services. 

The incentive will also help you save on your costs and liabilities, as you can get your cash faster to pay off expenses or invest further. Maintaining liquidity fortifies your business against market or economic shifts, a crucial aspect for both shareholders and potential investors scrutinizing your balance sheet.

Impose Penalties for Late Payments

Try to set it in your terms and conditions that any payment made after the net 30 period will be penalized with a late fee. It shows that you are running a serious business with professionalism and that there can be no compromise regarding payment collection. 

Furthermore, it facilitates market exposure and, through trial and error, aids in identifying the right business partnerships. Any customer who doesn’t honor your net terms and offers late payments is ultimately detrimental to your company’s bottom line, and you would be better off not doing business with those kinds of unprofessional practices.

Keep Track of Your Spending and Remove Unnecessary Expenses

Identify and remove necessary expenses by doing monthly or semiannual expense reports. Try to cut out any unnecessary expenses as much as you can. Research and invest in software that can help your business grow, such as accounting software tools to help you do your bookkeeping more efficiently. 

Keep track of your purchases and remove those that don’t show any significant purpose or that be replaced with something more affordable. Try purchasing your supplies in bulk as, just like with your net terms with customers, more suppliers will offer discounts if you pay them in time. 

If available, take full advantage of these discounts and try paying off your vendors as soon as possible so you don’t have cash tangled around in loans and back payments.

Open a High-Interest Savings Account and a Business Credit Card

Try investing in high-interest savings accounts, as it is a safe way to help generate cash and improve your cash flow in the long run. Pay attention to applying for a credit card that has cashback options. 

Be sure to use it responsibly, and you will be able to enjoy the benefits of receiving cashback on purchases paid on time. It is also one of the best ways to help boost your business’s credit score and help get you approved for future loans and other banking benefits.

Conclusion

Cash flow is about managing expenses and keeping your business flush with cash. The more liquid your business is, the better equipped it will be to anticipate unforeseen circumstances. 

It is vital for future investments, expense budgets, and the daily welfare of the organization. Regardless of the profitability of your business, it will not be nearly as successful as a company that may project fewer profits but with a much stronger cash flow statement in the same period. 

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.

Online marketing campaign strategies are designed to help establish your brand identity and consider factors such as the target audience’s goals and objectives. All online marketing campaign strategies aim to drive consumer traffic on its website and help create awareness amongst its target audience. 

However, if not done right, it could lead to monetary loss and tarnish your brand image. When deciding to invest in an online marketing campaign, there are several factors you should keep in mind.

You must research when applying the right strategies designated for your target audience and prospective consumers. 

Here are seven online marketing tips every business should use.

Follow SEO Optimization Guidelines

Familiarize yourself with SEO optimization guidelines, as it is imperative in helping identify if your message is coming across to your target audience. Additionally, keep your website simple and ensure that your information is easily accessible and the site visually appealing.

Stay updated with Google algorithms daily, which frequently change based on consumer spending patterns. Continue to be well-informed, evaluate your work, and maintain a flexible marketing strategy that can adjust to anything.

Keep Your Message Clear and to the Point

Be sure to present a clear, concise message to your audience. Additionally, remember that although there’s a key demographic and target audience you’re trying to appeal to, you should always use every opportunity to attract the casual browser. There is no such thing as too much content as long as it is to the point and informative for all audiences.

Keep it Mobile-Friendly

Online devices aren’t exclusive to PCs and laptops anymore, and they have shown that more people use cell phones and tablets for online browsing than their PC counterparts. Make sure your content is mobile-friendly and accessible to users of all devices. 

Remember that your competition isn’t limited to other businesses in the same industry but includes all the companies on the Internet.

Hire Professionals and Dedicated Staff 

Be sure to keep a dedicated marketing staff to help address all issues. If you have the expertise and ability to drive the campaign on your own successfully, don’t hesitate to reach out to a third-party business marketing business. 

Not only are they equipped with the best software tools to help track and boost traffic, but their expertise could help in the long run. Additionally, they can provide valuable information on how to drive your business in the future.

Identify your Key Performance Indicator (KPI)

Identify your key business metrics and track them using a KPI, a key performance indicator. Keep track of the KPIs that apply to your goals. Some critical digital marketing KPIs to track include web analytics, site engagement, social media metrics, lead generation, and audience interaction.

Invest in Influencers to Drive Traffic

Social media influencers are one of the more powerful advertising platforms to come out in the past decade. Many major corporations and small businesses have sponsored influencers to advertise their product through their pages and channels. 

Influencer marketing is projected to grow to be worth $27.2 billion in 2024. Moreover, 67% of established brands are using Instagram for Influencer Marketing. A recent study found that influencer outreach was the fastest-growing form of online customer acquisition.

Create a Blog

Create a blog page alongside your website, and also add a separate page where you can answer FAQs and produce articles on topics that I’ve related to your brand. They are a good way of retaining a customer base and can help drive traffic to your site. 

Keep your audience informed of who you are and update them regularly. Have your blog posts highlighted in your email marketing and social media posts. 

Conclusion

In conclusion, tailor your marketing strategies, keeping these guidelines in mind for a successful online campaign. There’s no one-size-fits-all approach – customize each strategy to suit your product and audience.

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.

Managing a new business venture can be a gratifying experience, especially when you begin hitting those milestones. However, the agenda list of an entrepreneur covers everything from digital marketing and customer acquisition to payroll and several accounting records for small businesses.

As an entrepreneur, you might have to wear multiple hats at a time, but you must prioritize the accounting sector above all. Accounting might seem like a tiresome part of running a business, but it is the most significant element to keep your business on track, especially during the early stages.

Before starting your business, you must manage your money efficiently. Consider which parts of the company can be outsourced or automated and which require professional counselors and advisors.

While starting a new business venture, you must contemplate how to tackle the financial issues. Every business requires a structured accounting method that ensures the recording of your business’s external and internal cash flow. 

Here are nine accounting steps to keep your small business on track.

Open up a Bank Account

Once you’ve legally registered your company, you’ll need to open a bank account as per your feasibility. LLCs, partnerships, and corporations are lawfully required to have separate business accounts. Moreover, the entrepreneurs are strictly notified not to merge personal and business bank accounts. In this way, you can keep the business and private funds separately.

Track Your Expenses 

Many small business expenditures are tax-deductible, including startup expenses. However, the IRS asks you to record every expense to claim these deductions. Also, two of the keystones of a successful business are intelligent financial recording and expense tracking.

Get an Accounting System

Accounting is as important for a small business as fuel for a car. Keeping financial records is the foundation of your accounting system, and it covers the regular maintenance of cash transactions, categorizing them, and accommodating bank statements.

With a wide array of accounting software at your disposal, along with the option to enlist the expertise of a professional accountant, you have the freedom to make the best decisions for managing your books as an entrepreneur.

Organize a Payroll System

As an entrepreneur, you’ll probably have a one-person show. However, you’ll need to sort out a payroll system if you lend an extra hand, both full-time and part-time. If you’re appointing individual contractors, such as web developers and designers, calculate how much you pay them individually.

Examine Import Tax

Generally, small businesses can’t afford to import goods as the tax ratio is slightly higher. But if you’re considering importing, you must research the higher tax amounts and customs duties.

Determine the Mode of Payment

When sales start pouring in, you’ll need a way to accept the payments, and in such circumstances, you have to decide whether you’ll opt for online payment systems, credit cards, or money orders. You will decide on service at your convenience.

Develop Sales Tax Procedures

The world of e-commerce has made it effortless to sell to clients outside your town and even your country. While this is an excellent opportunity for striving brands with specific objectives, it initiates confusing sales tax regulations. Tax amounts vary from state to state, so check in with your counselor for evaluated information on taxes that apply to your business.

Acknowledge Your Tax Obligations

Besides sales tax, tax obligations depend on the legal structure of a business. You’ll claim your business revenue on your tax return if you’re self-employed. On the contrary, companies are separate tax entities and are taxed individually from the owners. Your income from the company is taxed as an employee.

Anticipate Gross Margins

Improving your gross margin is the primary step towards profitability. To do this, you first need to determine the cost of production. Gross margins refer to the total sales revenue after subtracting expenses.

It might sound like accounting 101, but it’s surprising how many entrepreneurs initiate a business without considering gross margin. Rearrange your business requirements and ensure that you maintain an optimized accounting system.

Conclusion 

In the dynamic journey of entrepreneurship, mastering the intricacies of accounting emerges as the cornerstone for sustained success. As you embark on this business adventure, wearing a myriad hats, remember that prioritizing financial acumen is paramount. Efficiently managing money, outsourcing judiciously, and adopting an organized accounting system are crucial steps.

These nine accounting essentials serve as your compass, guiding your small business through the challenges, ensuring financial resilience, and paving the way for sustained growth. Embrace the power of strategic financial management to truly optimize your entrepreneurial endeavor.

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.

Freelance work is on the rise as more professionals have started turning to significant sites like Fiverr and Upwork to find work. Unable to commit to the regular grind of a nine-to-five job where the company owns all their work, many have opted to become freelancers.

Being a freelancer allows you to gain independence and freedom from the chain of command, allows real-time interaction with your customers, and helps build your brand. Industry professionals have found it helpful in helping grow their portfolio of work as well as helping set them up for when they open their businesses.

However, there are numerous pitfalls to being a freelancer if you don’t research first. Despite being professionals, people have struggled to balance building a brand and portfolio and addressing consumer demands.

Here are three crucial steps you should take to become a successful freelancer.

Freelancing is a Business

Despite not answering anybody and having time for yourself, we recommend treating your freelancing career as your own business. Remember, your brand is everything when you apply for a job, a mortgage, or start a business. 

Try to maintain your original work routine and keep the illusion alive. Wake up early in the morning, freshen up, and get dressed. Appearance is everything, even if it’s just for you sitting at home. As long as you maintain a strict routine where you dedicate your time to work, you’ll be able to find it easier to avoid distractions. 

Freelancers working from home often complain that they get too easily distracted by other people in the house without office space or work area. Try renting an office space or working in a quiet area like a library if you can. It would help if you also designated a workspace in your home where you can comfortably dedicate your time to work.

Maintain Boundaries

The problem with freelancing is that there doesn’t tend to be any regular work schedule. Therefore, you must work to maintain boundaries between your personal and professional life. Although you must dedicate time to work, you should also know when to give yourself a break and decompress. 

People tend to reach the breaking point, burn out, and become so detached from their work that it’s hard to concentrate without a clear objective. Remember, with no supervisor to take responsibility. You are responsible for addressing all customer concerns and proofreading your work before submission.

Create Your Brand Identity

One of the biggest freelancing problems is that people seem to lack identity when approaching their business. Their inability to differentiate themselves from their work paints a confusing image, and it’s essential that you first design a profile of your body of work to prove who you are. 

It is not enough that you cite your resume as evidence of your expertise. It would be best if you also allowed personal details to be mentioned so that others could understand who you are. Remember that anybody working with you might be with you long term. 

To prevent misunderstandings or confusion, establish yourself and familiarize yourself with the client so that correspondence can be done smoothly and quickly. Your online reputation matters, and you should try to get as much feedback as you can from customers to see where there may be lines of improvement that you still need to work out.

Nobody is perfect, and don’t take it personally if some of the feedback may be too negative at first. It’s a marathon, not a sprint. Thank them for their honest critique and strive to improve rather than hide behind what you’re comfortable with. You’ll have to break out of your comfort zone and take more responsibility to succeed.

Conclusion 

In the expanding realm of freelance work, independence, and brand-building thrive. Yet, success demands business-minded approaches, maintaining boundaries, and crafting a distinct brand identity. Strive for growth, embrace feedback, and embark on the marathon of freelancing with adaptability and responsibility.

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.

Within a few years, artificial intelligence has gone from a clunky, half-baked technology many wrote off as a fad to an industry standard for many businesses to leverage. Here are a few ways companies are using artificial intelligence in 2024 and moving towards the future.

Automation

Automation has always been about using technology to do what man can’t, and this has never been truer than the advent of artificial intelligence. AI doesn’t just perform tasks faster and more efficiently than humans; unlike the old machines, it learns as it goes. This form of machine learning makes AI a valuable asset for companies that are set to appreciate in the long term rather than depreciate. 

Nasa was one of the first major companies to embrace AI automation and one of the most successful. Their accounting, IT, and HR departments are now optimized thanks to artificial intelligence, with 86% percent of transactions across these three departments taking place without human intervention. 

Cognitive Insight

Data collection has always been one of the industry’s most critical and resource-hungry practices. Artificial intelligence can perform data collection faster and more effectively than any computation technology that came before it. 

AI opens up new possibilities for business growth and innovation by analyzing data more deeply than some ever thought possible and finding new profitability and business optimization methods than human data analysts ever could. 

In an era where marketing, advertising, and communication are moving farther and farther toward digitalization, artificial intelligence isn’t just a fancy perk but a necessity. This is the only technology, and certainly no human, that can perform the computation and data crunching required in modern industries. If businesses hope to survive in the modern economy in the future, they have to embrace AI, at least to some capacity. 

Cognitive Engagement

Cognitive Engagement refers to the use of AI in communication. As internet speeds get faster and broadband technologies like 5G become commonplace, we need systems that can allow us to communicate with each other quickly and consistently. 

In modern society, people like to stay connected at all times, and such communication is vital for business. Various communication methods between firms, customers, and other industry partners leverage AI. 

One typical example of such technology is AI chatbots. AI chatbots have revolutionized the customer service experience. They can solve customers’ problems faster than the average human. Still, they also learn over time, allowing them to develop new and better solutions and adapt to new issues that customers may face.

E-commerce

It may seem like a long way away, but cryptocurrency will permanently replace paper money one day. It isn’t just a baseless conspiracy anymore, and it’ll happen sooner than we all think. 

The market is already preparing for the day it happens. Still, when it does, artificial intelligence will be a necessary means of calculating complex data processes across millions of virtual transactions worldwide at any given time. Banks and other finance-based businesses are already taking the first step toward this brave new world becoming our eventual reality. 

Examples of Companies Using Artificial Intelligence Today 

Many companies already leverage AI’s power in their products and end-to-end processes. 

• Of course, the most famous is Tesla, whose cars feature self-driving AI and are manufactured using AI-powered robotics. 
• Speaking of robotics, Hanson Robotics uses AI to create its state-of-the-art ‘social learning’ robots. Hanson Robotics believes their robots could eventually replace on-screen actors and social media personalities. 
• Pathai specializes in producing new technology solutions for pathologists using AI. Their products aim to help pathologists diagnose accurately and provide better treatment options.
• Pager is another player in the medical industry. They use machine learning to deduce every client’s best possible healthcare option. Their AI platform also makes medical appointments and carries out payments.

Conclusion

For years now, skeptics have parroted the fear that AI will cause an economic collapse due to mass redundancies and layoffs, but as markets worldwide have embraced innovation, this has proven far from the truth. Artificial intelligence is creating new jobs every day, jobs with more market value than those made obsolete. Thanks to AI, the future of the global economy is looking brighter than ever. 

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 chart of accounts is created in a business’s general ledger to record all the financial transactions and balances. The chart of accounts acts as an index and lists every account in the general ledger in subcategories.

A chart of accounts is used to organize all the financial balances to make it easier for bookkeeping and for stakeholders to better look at the finances. The chart of accounts index is created to categorize each account differently by giving them a name and a brief description of the category.

Most of the time, the categories are also given an identification code to locate the accounts quickly. For startups or small businesses, the chart of accounts is a foundation for all the bookkeeping and double-entry systems.

For small businesses, including many different accounts in the chart of accounts is not essential as it will complicate and confuse things. A chart of accounts helps a bookkeeper identify what account to perform the transaction in.

A small business chart of accounts mainly consists of five major categories. The main types of accounts a chart of accounts include are Revenue, Expenses, Assets, Liabilities, and Equity.

Revenue: As the income statement already includes the revenue, the revenue account in the charts of accounts is almost the same as the income statement. The revenue account keeps track of all the incomes the business earns, such as sales, rent receivable, or other charges for your services.

This account will help you determine the errors performed while bookkeeping and will identify the difference in balances. The revenue account also includes the cost of sales, and it is essential to remember to include this in your revenue accounts. It will consist of the discounts the suppliers offer you, along with the transportation costs you charge or the ones charged to you.

Expenses: The expenses account in the chart of accounts includes all the expenditures you perform in your organization to generate sales, such as wages and salaries, utilities, and rent. An easy and efficient way to record your expenses is by using the IRS’s Internal Revenue Service tax form, readily available online.

The Internalnalnue service tax forms report financial information to the Internal Revenue Service. This form is efficient as it can be used for two purposes: filing taxes and recording expenses in the chart of accounts.

Assets: The assets account in the chart of accounts is listed below the balance sheet accounts. This is called a balance sheet account, as assets are essential while creating a balance sheet. Assets are valuables a business has that are used in the process of generating revenue for the business. Land and buildings, Equipment, Inventory, and Cash are a few examples of assets.

Liabilities: Liabilities are also listed below the balance sheet accounts. Liabilities are debts that go to another party, which can be in the property or any equipment. Examples of liabilities are loans from banks, trade payables, and mortgages.

Equity: Equity or capital is the difference between the aa businesses and the liabilities, representing the leftover funds in the business after the liabilities have been subtracted from the assets. The equity includes all the investments made in the business. For a sole trader, the capital they invest in the business is called Equitequityity and identifies its value after all the calculations are made.

The chart of accounts helps separate the major accounts into different categories to help you have a better look at the financial situation. You can identify what part of your accounts needs more attention and improvement and work on it specifically.

It gives you an idea of what is going on in your business. You can provide the information from the charts of accounts to your stakeholders, especially potential investors or shareholders. The chart of accounts can also be used in the decision-making process. The accounts mentioned above are the major and the most important accounts to include in your chart of accounts index.

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.

You cannot have too many tools to ensure you get the best rates and financial deals regarding finances and accounting. Several tools and financial calculators will determine loan payments, interest, debt tolerance, and many other financial calculations you need to make sound financial decisions. Here are eight financial tools and calculators and how they work.

Loan Calculators

The operation of loan calculators is similar whether it is mortgages or not. Remember that the differences between a personal loan or consumer and a mortgage are that the amounts are higher in the mortgage, and the guarantee offered by the borrower is the home acquired.

Within the loan calculators, there are several utilities:

Debt Capacity Calculator

It indicates the maximum amount to request according to our current financial situation (incomes and balances already committed, such as existing debts, fixed expenses, etc.) since the foremost indebtedness credit institutions allow is usually 35-40% of our monthly net income.

Here, it will be easy to calculate the monthly installments, as the interest will remain fixed throughout the life of the loan. Knowing the amount requested, the fixed interest, and the number of years to return it, we will know the installments (monthly, quarterly, semi-annual, etc., as the case may be) fixed until the end of the loan.

For Variable Interest Loans

This calculator is much more complex than the previous one, and its results are not exact because it is an estimate in which we predict how interest rates will vary.

The necessary data are capital granted, term, initial interest, rate of variation of that interest, periodicity of the installments, periodicity of the type reviews, and reference index (EURIBOR normally).

In any case, these calculators are handy for comparing loans since variable data, such as the interest rate, will be the same at the time of comparison.

Financial Tables to Calculate Quotas

These are tables in which various types of interest appear in a column, and in rows, the possible terms of the loan so that the different monthly installments to be paid can be cross-checked (for example, for every 1000 euros of the loan). So we can have a rough idea of ​​the fees we will deliver.

Therefore, the loan calculators help us know what maximum amount they will grant us, what fees we will pay in the future, and most importantly, they help us compare different options.

Pension Plan Calculators

We can estimate the total amount of the pension plan at the end of its term, knowing the annual contribution, the increase that we will make of that yearly contribution each year, and the term of the plan, always bearing in mind that it is an estimate as the profitability varies annually.

In addition, many of these pension plan calculators also indicate the expected annual fiscal savings according to the taxable base in the IRPF of the person making the calculation.

Investment Calculators

As in mortgages, we will distinguish the investments with known and safe returns from investments with variable and uncertain returns to calculate the returns on investment.

Investments with Safe Performance

For safe yields (bonds, fixed-rate deposits, etc.), knowing the amount to be invested, the type, and the term to obtain the annual, monthly, etc. yields will be enough.

Investments with Variable Yield

The calculators are meaningless for uncertain investments (stock market, mutual fund, currency market, etc.). Known as the past phrase, profitability does not presuppose future returns, and we can only calculate the gains or losses already incurred.

There are indeed mixed investment funds, which combine investments with certain returns and other equities, guaranteeing (except colossal economic collapse and massive bankruptcies) yields in a possible range. We can then calculate the different profitability of these mixed products as the variable income part evolves.

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.