Author: Stephen Huck

Small businesses are challenged to maintain their fleet, registrations, repairs, and maintenance. Small companies usually use vehicles from public or private auctions or online marketplaces to bypass specific issues. Their goal is to keep the costs to a minimum while ensuring timely transportation of equipment or employees. A small business owner usually purchases a low-cost van or truck to initiate the fleet and scale with time. Repair and maintenance costs are also kept to a minimum by authorizing only essential repairs. In any case, if the repair cost is more than half the cost of the vehicle, then it is better to replace it. 

Ensure Inspection Before Purchasing

Inspection of vehicles in a fleet at the time of purchase is essential to ensure no problem arises in the short or long term. Pay attention to the aspect of inspection if the cost is well below the targeted price range. Ask for a test drive to ensure every part is in running condition and every feature works perfectly. 

Check the tires with a tread gauge and under the vehicle with a flashlight to find leaks. Open the hood and inspect the hoses, gasket, radiator, etc., for any damage. Check if the battery terminals and the air filter have corrosion or buildup. All these minor inspections will give you an idea about the inner and external conditions of the vehicle for your fleet. 

Create a Checklist for Maintenance

Once you have your fleet initiated with the first and subsequent purchases, create a standard operating procedure for maintenance. A checklist for care is always helpful as it gives you an idea about the needed repairs and their immediate handling. Your inventory can also include registration, licensing, and insurance. 

Timely repair and maintenance are necessary for your small business fleet to operate optimally. A checklist will give you scheduled maintenance dates and keep your budget under control. 

Asset and Fuel Management

Asset and fuel management are also necessary to control maintenance and repair costs. Understanding the lifecycle of your vehicles and the best time for replacement saves you money in the long run. A newly purchased vehicle may be more efficient, but understanding the total savings on fuel is also necessary. Check fuel prices, as they are still one of the top operating costs for fleet management. Fleet managers should know all the fueling schedules to keep the trends and discrepancies under check. 

Check Brakes and Batteries Regularly

Fleet managers should take considerations very seriously when it comes to brake and battery replacements. Many fleet managers only change a battery after it dies. The best practice is to charge the battery regularly, even if it operates fine. While you can change the battery after it fails, the time and money needed to maintain an inoperable vehicle at that point will be more than you expect. You can avoid this discrepancy by regularly charging the battery and prolonging its life expectancy.

 Similarly, take care in changing the rakes of fleet vehicles. Your vehicles can cost you thousands if there is poor brake management. We recommend having a professional check the brakes with scheduled maintenance so the upkeep is at its maximum. Invest in good quality brake parts so the vehicles have a minor brake failure and months of operation. The planned maintenance could make the difference when paying for only brake pads or bearing the expense of shot rotors or calipers. 

Automate the Fleet Management Process

The development and evolution of technology have changed almost every process, and fleet management is no different. You can automate your fleet management processes and increase efficiency. Although effective management ultimately relies on the skill of drivers and the condition of vehicles, automated systems can help streamline the processes involved. Investing in fleet management software goes a long way in setting the assets for success. 

Investing in automated processes makes the management process straightforward, saves you money on manual labor, and reduces the error margin to a minimum. 

Final Word

Maintaining a small business fleet is vital to keep the operations and supply chain processes functional. The management guidance mentioned above will help you manage your small business fleet. Properly organize your fleet by caring for your vehicles and employing skilled drivers to ensure appropriate care. Efficient fleet management can help increase your productivity level and outmaneuver your competition. 

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.

Today, the internet is our primary means of communication and socialization, bridging the gap between people worldwide and providing a way for friends and family to stay in touch even when they are not together. The internet is not just a means to stay connected with those you already know. It is also a place to meet new people and forge new bonds.The internet raises a few questions, however. Are the relationships that form online as genuine as those that include in person? Can you fall in love over the internet? How well do you know the person you think you have feelings for? People have not been able to agree on this, but it is essential to understand both sides of the discussion.

The Good

Paul J Zak is a professor of neuroeconomics at Claremont University. He has conducted several studies about online relationships and how they differ from in-person ones. According to his research, there is no difference, at least not to those in online relationships. He says, “It’s as if the brain doesn’t differentiate between you posting on social media and being there in person. We are such hyper-social creatures that we release much dopamine with other people. But we can also get that release through Twitter or social media.”

Dating apps have become increasingly popular, with one out of every five people meeting someone online. These apps allow you to meet people much faster than previous generations could. They also give you helpful insight into who a person is before you meet them in person. 

Thanks to social media, meeting the right person is easier than ever; your future soul mate might live on another continent. 

But what about relationships that don’t just start online but stay there? Exclusively, online relationships are increasingly popular with the younger generation. In a survey by internetmatters.org, 20% of teenagers admitted they would be happy being in relationships that only existed online.

Uncertain times

So far, 2023 has been positive for Bitcoin, at least generally. The cryptocurrency recently broke new barriers to reach $65,000. Since then, however, we’ve witnessed a 3-month prolonged slump. Analysts are now worried the price of Bitcoin could fall as low as $32,000. You might scare holders hoping the meteoric rise would continue, but it’s an excellent time for new investors waiting for the right time to invest.Despite the slump, Bitcoin is on an upbeat track in the long run and has been trending upward for a while now, and it doesn’t look like it’s about to slow down any time soon, year after year.

CEO of Pantera Capital, Dan Morehead, predicts that Bitcoin could reach $200,000 in just one year.

The Biggest Fish in the Pond

Despite its upward trend, steep dips in Bitcoin’s market value can devastate the larger cryptocurrency market. Earlier in May this year, Bitcoin fell by 6.46, causing the total market valuation of cryptocurrency to fall by over $100 Billion. This dip may not be the warning sign of a massive sell-off on the horizon, but it’s still a significant indicator of how nervous the market is right now. In the back of their minds, every Bitcoin holder fears the worst.

It’s necessary to acknowledge the elephant in the room; even with the steep slumps that Bitcoin has already seen this year, most individuals can’t hope to make significant gains from the cryptocurrency. Only the most giant sharks can survive in the waters of Bitcoin, with companies like Tesla and Microsoft already having made back their investments into the coin. Where does that leave the little guy? Cryptocurrency firm NYDIG believes they have the answer.

NYDIG is working with Fidelity National Information Services (FIS) to enable banks to provide bitcoin trading options to their customers. They hope this makes trading bitcoin easier and more accessible to a broader audience.   

“Bitcoin is an example of a cryptocurrency that doesn’t serve the role of money at all. It’s a very speculative investment class. In terms of substituting for what money is, I don’t think it comes close.” – Gita Gopinath, economic counselor, International Monetary Fund.

Rising Demand for Cryptocurrency

2023 saw increased usage in apps such as Coinbase, Exodus, Jaxx, etc. NYDIG has seen this marketing emerging around the trading of Bitcoin and other cryptocurrencies and aims to meet the rising demand individuals must participate in trading.

The resurgence of Bitcoin since its slump in 2018 has also caught the eye of retailers and other businesses. According to a survey by HSB, 36% of small-medium companies they surveyed accept Bitcoin as payment. These are fast-food chains such as KFC, Burger King, Subway, and Pizza Hut, and even online services provided by AT&T, Microsoft Twitch, and Wikipedia.

Many countries have been skeptical of cryptocurrency thus far, some even outright banning trading within their economies. As Bitcoin proves itself as a market mainstay that can trade reliably, we will likely see more markets embracing the virtual currency shortly.

“What’s going to happen to Bitcoin? It’s unclear. The money-supply rule does not just drive the price; other speculative forces drive it. That’s why it’s multiple times more volatile than the stock market,” said Cam Harvey, senior adviser and research affiliate.

Traders have been asking for a Bitcoin Exchange Traded Fund for a while. Such a service would allow traders to practice and simulate bitcoin market activity without taking the risk of trading in the cryptocurrency. You could help Bitcoin become more stable in the long term, as those who were once novices to crypto trading could now enter the market with some prior wisdom.

The surging popularity of Bitcoin and other cryptocurrencies such as Dogecoin, Ethereum, and Litecoin has propelled the conversation of crypto trading to the forefront of the financial sector. Although some still doubt Bitcoin’s longevity, others remain optimistic about its future growth and potential as a legitimate currency. Only time will tell where Bitcoin will end up in the future.

“Bitcoin has the potential to be a native currency of the internet, and we want to continue to participate and learn in a disciplined way.” Amrita Ahuja, Chief financial officer, square inc.

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.

What is a Virtual Assistant

First, it’s essential to shed light on a Virtual Assistant.

Virtual assistants assist you in administrative operations, the creative sector, and technical support services for your brand. You can assign a range of tasks to them, and some of the common ones include the following:

• Responding to and drafting emails
• Website design and maintenance
• Content creation
• Social media management
• Content writing
• Project handling
• Calendar management
• Administrative responsibilities
• Updating blogs
• Optimizing content by incorporating relevant keywords

Depending on the nature of your client’s industry, a VA can come in handy for many tasks.  

Benefits of a Virtual Assistant 

If you’re an entrepreneur, we completely understand your struggle. You probably feel like there aren’t enough hours in the day to do everything you need to ensure smooth operations for your business.

The tasks piling up are likely overwhelming you. Large workloads are why you need a virtual assistant (VA). A VA can help reduce your work so you can delegate specific duties, allowing you to spend time on essential parts of your business. Outsourcing a job, whether big or small, helps clients focus on what they do best and lets a VA do the rest.

So, regardless of whether you’re looking to appoint a virtual assistant or if you are a virtual assistant seeking prospective clients who need you at their service, we’ve listed a range of benefits of hiring one below.

Simplifying Online Presence

In these times, companies are advancing into the digital age and trying to establish an online presence. Almost all businesses are carving their name in their respective industry by utilizing the online space to their advantage, from websites to social media pages. With so much going on over the digital platforms, you must have some digital help.

Not every client has a broad range of expertise when handling social media. Most are only savvy with carrying out limited tasks. For example, a customer may be good at email marketing but not the best at handling social media. It leaves room for a VA to come in and save the day. A VA can be highly convenient, significantly to help you navigate through elements of the digital platform. This way, clients can easily manage the workload and live an easier life.

Save Time and Money

If you hire a virtual assistant, they can take care of various operations while you can place your focus on essential tasks of the business. For instance, suppose an excellent business prospect has come up for a client. It wouldn’t make sense for them to overlook updating a blog on the website or managing their Facebook group. When a situation like this emerges, a VA will be of more help than you’ll know.

The VA can take charge of more trivial tasks requiring time. It allows you to use your valuable time to carry out more significant projects that need your attention.

It is also a cost-effective mechanism; they cover their costs since the VA is self-employed. So, think of all the expenses that hiring a full-time employee would entail- healthcare, laptops, vacation offs, office space- well, you don’t have to stress about any of those.

Liberating Your Time

The initial purpose of getting a VA, indeed, is so you can get them to do business tasks. However, they can be of much more use as they free up time in your personal life. It can be a hectic and taxing process to start up your venture. Often, you don’t get the chance to spend time with your family, friends, or even yourself. You get used to everyone complaining about how you missed yet another gathering, and there isn’t much you can do about it. While it’s a given that a particular portion of your time will be devoted to building your business, you can also allow some time for your personal life with the help of a VA.  

Navigating Specialized Fields with Expertise

Virtual assistants work because they have a niche and offer limited yet excellent services in their relevant field. So, if there is an unavoidable aspect of your business that you struggle to handle all by yourself, it’s best to get a VA. They’ll quickly do the job you were facing difficulty getting done (which is alright; we can’t be perfect at everything!)

As soon as you come across a VA that completes your business operations, you will gain confidence when handing off tasks, as you know that you have an expert managing the work.

Enhance Business Coverage

You will also find yourself looking for additional customer service or troubleshooting help. Hiring a VA from another time zone will come to your aid as it’ll enable you to cover all bases. When your clients can get in touch with you at any time of the day, it becomes a great selling point for your brand.

Given the benefits mentioned earlier, you have every reason to consider getting a virtual assistant if you’re a businessperson. Make things easier for yourself, and hire one at your earliest convenience!

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

In the dynamic landscape of organizational leadership, The CEF-Udima Group has illuminated a path to managerial excellence through its recently unveiled guide. This comprehensive resource delineates twelve distinctive traits that form the cornerstone of effective management within their esteemed organization. From adept communication skills and resilience to empathy and leadership acumen, these recommendations encapsulate a spectrum of competencies crucial for any manager striving for success.

Leadership

Joining a team to achieve a goal with motivation and commitment is an innate ability of the best managers. The leader must discover and strengthen the skills of those who form his team, like a coach who accompanies, instructs, and trains its members.

Knowing How to Delegate

A good manager must be able to delegate functions among his team members, making them responsible for the correct execution of tasks, either individually or to a group of workers. You must know how to discern which tasks can be delegated for this.

Ability to Build Equipment

Do not confuse a group of workers with a “team” that is organized, motivated, and disciplined. A team must share achievements and failures to set aside particular objectives to achieve collective goals.

Know How to Communicate

Both orally and in writing, communication must adapt to the various interlocutors, subordinates, superiors, etc. It will be essential to choose the best moments, means, and ways to carry out communication.

Problem-Solving Ability

The primary skill is to avoid them, anticipating the emergence of conflictive or problematic situations. Since this does not always happen, the manager must put all their capabilities at stake to solve problems in the best possible way and with the least negative consequences.

Resilience

It is the ability to adapt positively to adverse situations. A good manager must decide when and how to transfer complex problems to his team members, motivating him to solve the problematic moments that companies often go through.

Technical Skills

Management skills will be useless if the manager does not have a background of technical knowledge that allows him to supervise and distribute the work among his team members. In addition, you must be a reference for your team, contributing their knowledge when necessary.

Empathy and Social Skills

Empathy is the ability to perceive, share, and understand what another being can feel; this is a vital skill of any manager, who must have the ability to put himself in the position of his collaborators. This relationship will generate a good working environment and good relationships and strengthen ties between team members.

Fluency in Decision-Making

Much of the manager’s time is used to make decisions, so optimizing that process will significantly contribute to his success. It will also be crucial to make every decision at the right time; delays can make a decision no longer accurate.

Strategic Skills

A manager must be able to set priorities and design action plans to achieve the established objectives. In short, the manager must be a strategist.

Ability to Manage Changes

As Heraclitus said: “Everything flows, changes, nothing remains constant.” Managers must be able to lead changes, one of the challenges that currently adapt to the digitalization of companies.

Ability to Recognize and Reward

A team that sees its effort recognized and rewarded will increase its motivation and involvement to achieve the objectives established by its leader.

All in All

It may sound like you have to follow specific steps and take some measurements, and you’ll be good to go. However, that is not true. There are no fixed rules, but there are characteristics that you must work on. A manager is someone people look up to; your image and character must be strong, and you must be excellent at engaging and helping your team with their problems.

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.

Hiring the right accountant is one of the most crucial decisions a business owner will ever make. Having the right bookkeeper around can help a business grow faster, whereas having the wrong accountant can undoubtedly hinder a business’s progress with time. Many business owners often need help finding the right accountant for their business. Because of that, here are 11 valuable tips for finding the best accountant for a business.

Focus on Main Needs

Before engaging the services of an accountant, individuals must focus on addressing their primary needs. The fundamental question that should be posed is: what specific role will an accountant play in this business? Beyond a mere financial professional, an accountant is pivotal in managing essential aspects such as bookkeeping, accounting, and tax preparation.

Understanding precisely why a bookkeeper is indispensable, the nature of tasks they will be entrusted with, and the duration for which their expertise is required constitutes a critical foundation. Therefore, it is paramount for individuals to clarify these aspects before embarking on the search for an accountant. Defining these key parameters ensures a more targeted and effective collaboration with the chosen professional.

Outside vs. Inside

When initiating a business, individuals often find it beneficial to outsource accounting services, particularly for tasks such as tax preparation, financial reporting, and receiving valuable guidance. As the business expands, however, transitioning to an in-house accountant becomes a strategic move. An internal accountant can play a multifaceted role, managing comprehensive financial reporting, overseeing the general ledger, handling transactions, and administering payroll.

In essence, the choice between an external and internal accountant hinges on the scale of the business. In the early stages, outsourcing may offer cost-effective and specialized support. At the same time, the maturation of the business may necessitate the expertise and dedicated attention that an in-house accountant can provide. Tailoring the accounting approach to the evolving business needs and size is crucial for optimal financial management.

Qualifications

A highly qualified Certified Public Accountant (CPA) must engage in continuous education, earning ongoing education credits annually to stay abreast of the dynamic changes in tax laws. Failure to comply with this requirement could result in the revocation of their tax ID number. It is essential to recognize that possessing this number is not just a formality but a critical indicator of a CPA’s commitment to staying current with industry regulations.

When considering the services of an accountant, the absence of this tax ID number during the onboarding process raises an immediate red flag. It signifies a potential lapse in the CPA’s professional development and adherence to the latest tax laws. Verifying their active membership in reputable accounting bodies is advisable to ensure the accountant’s credibility and competence. This affiliation reinforces their commitment to ongoing education and provides additional assurance regarding their ethical standards and professional conduct.

Experience

Selecting a seasoned accountant with a wealth of experience is essential for launching a successful business. However, it’s crucial to go beyond general experience and specifically seek out an individual with expertise in your industry or business niche. Each sector has unique tax, financial records, and regulatory compliance intricacies.

An accountant well-versed in the nuances of your specific business sector is better equipped to navigate the complexities and provide targeted insights. Their industry experience not only enhances their proficiency in tax planning and record-keeping but also positions them to offer valuable strategic advice tailored to the intricacies of your business. Therefore, when considering potential candidates, prioritizing industry-specific experience ensures that your accountant brings a nuanced understanding of your business landscape.

Solid Reputation

After identifying a qualified and experienced Certified Public Accountant (CPA) with industry-specific expertise, it is advisable to delve into their reputation within the business community. Conduct thorough research and seek feedback from local sources to gauge the accountant’s standing. Inquire within the business community to determine if other business owners are familiar with this accountant and explore whether any local IRS agents have collaborated with them.

By tapping into the experiences of others, a business owner can glean valuable insights into the accountant’s professional demeanor, reliability, and overall effectiveness. Uncovering testimonials from peers and professionals who have worked alongside the accountant provides a more comprehensive understanding of their track record. This proactive approach enables business owners to make informed decisions, knowing what to anticipate and ensuring confidence in choosing a reliable and reputable accountant.

Several Referrals

When seeking a Certified Public Accountant (CPA), don’t hesitate to leverage your network for valuable referrals. Contact friends, relatives, family members, coworkers, or legal professionals for recommendations. If a particular accountant is repeatedly lauded as fantastic or exceptional, it’s worth exploring to understand the reasons behind the positive buzz.

Gathering referrals from trusted individuals provides a firsthand account of their experiences and the accountant’s capabilities. These personal endorsements offer insights into the accountant’s reliability, competence, and overall service quality. Embracing a proactive approach by tapping into the collective wisdom of your network ensures that you are not only informed about potential candidates but also increases the likelihood of finding a CPA who aligns with your specific needs and expectations.

Solid Response Time

Prompt responsiveness is a pivotal criterion when considering the suitability of an accountant. The timeframe within which an accountant responds to queries or emails is critical to ensuring effective communication. Prolonged delays, whether measured in days or hours, can indicate potential inefficiencies and may signal the need to explore alternative options.

In the fast-paced business environment, waiting excessively for a simple email response can have consequential implications. A proactive and timely communication process is essential to address inquiries, resolve issues promptly, and prevent unnecessary delays that could impact the business. For a business owner, ensuring a solid response time from their accountant is not just a matter of convenience but a crucial element in avoiding potential penalties and maintaining smooth financial operations.

Ability to Work with a Team

The role of an accountant extends beyond individual tasks; they are integral team members contributing to the business’s overall success. Thus, it is essential to select an accountant who possesses technical competence and is also a collaborative team player. Opting for an accountant who embraces teamwork and is adept at cooperation enhances the synergy within the organizational structure.

An accountant’s ability to seamlessly work with others is crucial for the smooth flow of financial processes and the successful integration of their expertise with other departments. Choosing a professional who understands the value of collaboration fosters a positive working environment and ensures that financial goals align with broader business objectives. Ultimately, a team-oriented accountant becomes an asset in driving collective success and achieving optimal outcomes for the business.

Their Personality Matches Yours

The working relationship between a business owner and their accountant is often closely intertwined, even in a part-time capacity. While technical skills and qualifications are crucial, the alignment of personalities and work ethic is equally significant. It’s essential to recognize that, regardless of the accountant’s talent, a harmonious working dynamic contributes significantly to the overall effectiveness of the partnership.

Choosing an accountant whose personality and work ethic resonate with yours fosters a more collaborative and productive working environment. Effective communication, mutual understanding, and shared values enhance the working relationship, making it easier to navigate financial complexities together. Therefore, when considering potential accountants, prioritizing a compatible personality and work style ensures a more synergistic partnership that can positively impact both the efficiency and satisfaction of collaborative efforts.

Fees & Billing

When engaging the services of an accounting firm, understanding the fee structure is crucial for effective financial planning. Typically, accounting firms charge hourly rates ranging from $100 to $275, but these figures can vary based on the firm’s geographical location and specialization. Some firms prefer a monthly deposit system for their services.

As a business owner, being well-informed about these financial aspects is essential for budgeting and expense management. Clear communication with the accounting firm regarding their fee structure, billing methods, and any additional costs ensures transparency and helps avoid unexpected financial surprises. Prioritizing a comprehensive understanding of the fees and billing practices establishes a solid foundation for a transparent and mutually beneficial working relationship with the accounting firm.

Ask About Their Other Clients

Inquiring about an accountant’s other clients provides valuable insights for a business owner seeking to assess the accountant’s familiarity with the industry. Understanding the range of industries they have served offers a glimpse into their expertise and adaptability. Additionally, it presents an opportunity to connect with these clients directly, gauging their satisfaction with the accountant’s services.

By delving into the accountant’s client portfolio, a business owner can ascertain the depth of their experience and the extent to which they have successfully navigated the intricacies of various industries. Engaging with other clients offers real-world perspectives on the accountant’s professionalism, effectiveness, and overall client satisfaction. This proactive approach ensures that a business owner can make an informed decision based on the experiences of others within their industry.

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

Over the past few years, the latest technologies and advanced tools have transformed every aspect of business management, including marketing, web designing, and HR management. It is effortless to consider accounting and bookkeeping, but with the emergence of versatile technologies, accounting has become an industry ready for disruption. 

Sweeping disruption in the accounting industry is forthcoming. Massive technological alterations and transmitting customer trends demand a better approach to how the industry produces client value. Some of the services are more exposed to disruption than others. For instance, essential transactional services have already been highly automated (though adoption has diversified significantly across the kinds of small businesses). Acceptance will be highly automatic, and limited advisory services will follow the trend. 

Before exploring the specifics of the accounting industry and the forthcoming disruption, let us review some of the most common drivers behind the general uproar. 

Complacency

When a business basks in past successes and opts to rest on its laurels, it serves as a glaring signal that disruption is on the horizon. Competitors seize the opportunity, identify entry points, and stake their claims in the market.

Lack of Automation

In today’s landscape, customers exhibit high expectations and demand more sophisticated offerings. Customers will likely explore alternatives if prevailing accounting practices fail to meet these demands and rely heavily on manual processes. Manual tasks, often time-consuming, can lead to customer frustration.

Innovation

The dynamism of many small businesses exerts pressure on established firms to reevaluate and adapt their approaches. Such compelling innovation from smaller players can potentially drive disruption across industries.

When a confluence of these drivers is observed, disruption becomes not just a possibility but a near certainty. Examining the financial sector, it becomes evident that all three drivers are actively at play, signaling an impending disruption. In simpler terms, the landscape is ripe for transformative changes, and disruption is on the horizon.

Let us dig deeper into the trends and analyze the major trends driving disruption. 

Clients Demand Better Connectivity

Examine any service-based industry; they all are opting for practices with better connectivity and services. With the advent of advanced tools and cloud technology, accountants have researched effective ways to connect with clients, which creates a cordial relationship between both parties. With the help of rapid connectivity, business strategies are discussed practically, and problems get solved as soon as they arrive. Presently, both service providers and clients have access to relevant information. 

Big Data

New technologies based on business intelligence, big data, and analytics are approaching every aspect of the business. Big data allows business owners to access exceptional information and analytical tools to make better financial decisions. 

Currently, accounting professionals are utilizing these tools for data entry and maintaining records. Big data allows one to look at business strategies better and predict their potential clients’ future requirements. 

Demand for Customization

We observe everywhere that businesses are getting a taste of customization, and now they expect it in every product and service they utilize. Customization is an influential factor in creating disruption, as clients only wish to see the products that suit their needs.
In business accounting, entrepreneurs only want to pay for the required services and diminish the unnecessary services as there is a rapid increase in the demand for customized products rather than bundled packages. If a company wants to hire a professional accountant, he must oblige. 

Growth of the DIY Approach

Another trend that we have been observing is the growth of accounting software, and now that cloud solutions have been launched, we have seen many small businesses implementing the DIY approach. Fortunately, tools like YouTube videos, web tutorials, and search engines now allow businesses to learn to handle their company’s accounting procedures. 

Automation of Data Entries

Automation is a significant driving factor in accounting disruption. Specifically, we are experiencing the disappearance of manual data entries. Tools like e-documents, automatic imports, and software solutions are emerging as a new norm. With Automation, businesses have become more efficient and can use their capital better. Additionally, Automation has also reduced the cost of human resources. 

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.

Maintaining a streamlined cash flow is paramount for the success of any business. While many companies in the retail sector operate on credit lines, it is essential to meticulously schedule repayments to prevent disruptions to the credit line that could adversely impact the business’s overall health. Effective scheduling is a crucial reason business owners implement robust credit control systems to maintain a tight grip on their credit lines. This strategic approach not only safeguards the business’s financial stability but also fosters a proactive and disciplined approach to credit management.

What is a Credit Control System?

A credit control system is a strategic framework designed to ensure the smooth management of customer services or products. This system categorizes debtors based on creditworthiness, assigning varying payment timelines accordingly. Strong emphasis is placed on providing customers with a positive credit history and an extended period for settling payments. In contrast, those with a weaker credit history are encouraged to make prompt payments. Credit control is synonymous with terms like credit policy and credit management.

The significance of credit control lies in its pivotal role in the success of a business. While high sales are essential, they do not guarantee immediate cash inflow. Without effective credit control, credit sales can transform into irrecoverable bad debts. By implementing credit control measures, businesses can maintain positive or balanced cash flow, ensuring that accounts and finances remain well-managed. This proactive approach reduces the risk of failure and alleviates the stress associated with managing accounts receivable.

The responsibilities of a credit controller encompass managing and collecting debts from company debtors, establishing credit terms and conditions, processing payments, reconciling invoices, and ensuring the timely settlement of debts. The role of a credit controller is inherently challenging, requiring adept handling of obstacles such as dealing with customers who may be untruthful or situations that may spiral out of control. Despite the complexities, effective credit control is indispensable for a business’s financial health and sustainability.

Here are five essential tips to control credit effectively.

Tip #1 – Streamline Your Credit Control Process with Organized Record-Keeping

Establishing a foundation for success begins with maintaining meticulous and well-organized records. Effectively managing credit involves creating a timetable encompassing essential details such as debtor information, sale timelines, and the agreed-upon period for customers to settle payments for your products or services. Ensure you include comprehensive debtor contact details to facilitate seamless communication during the payment process and minimize potential concerns or uncertainties. Keeping your credit control process organized sets the stage for a smoother and more efficient financial workflow.

Tip #2 – Enforce Robust Credit Control Policies Consistently

When implementing a credit control system within your business, it’s crucial to establish clear and strict policies and procedures. Develop a comprehensive policy document outlining the guidelines for credit management and ensure consistent adherence to these protocols. Having a well-defined credit control system aids in fostering familiarity among longstanding customers, minimizing confusion and potential misunderstandings. By consistently applying and reinforcing your credit control policies, you create a transparent and reliable framework that contributes to the overall financial health of your business.

Tip #3 – Assess Customer Credit History Before Committing to Deals

Prioritize due diligence by examining your potential customers’ credit histories before entering agreements. For customers with a strong and reliable credit profile, consider offering extended payment periods as a testament to their creditworthiness. Conversely, it may be prudent to impose shorter payment windows to mitigate potential risks for customers with a less favorable credit history.

To incentivize timely payments, explore offering discounts for early settlements. This strategy encourages prompt payment and establishes a positive rapport with customers. By proactively assessing and tailoring payment terms based on credit history, you enhance the financial stability of your business while fostering a mutually beneficial relationship with your clientele.

Tip #4 – Foster Transparent Communication with Your Clients

Initiate open and honest communication by gathering comprehensive contact information for your customers, ensuring they are well informed about your terms and conditions. Schedule regular calls to keep customers updated on account matters and serve as reminders for upcoming payments. Take the opportunity to share information about current offers and incentives for early payments, reinforcing your commitment to a transparent and collaborative relationship.

Furthermore, it provides insights into your credit history and any relevant financial information that may impact your business relationship. Transparent communication builds trust and understanding, creating a positive and enduring partnership with your clients.

Tip #5 – Optimize Invoicing Efficiency through Email Communication

Embrace the efficiency of email communication for invoicing, a modern approach that reduces costs associated with ink and paper and streamlines management processes. Electronic invoices are environmentally friendly and reach your customers swiftly, enhancing the overall efficiency of your financial transactions.

Incorporate comprehensive details about your policies within the email, ensuring that customers are well-informed and aligned with your terms. This proactive communication can help minimize the likelihood of delinquent payments by fostering clarity and understanding.

Moreover, the transition to electronic invoicing contributes positively to your cash flows, offering a more agile and organized means of financial management. Embracing email communication for invoicing is a strategic move that aligns with contemporary business practices, benefiting both your operational efficiency and environmental 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.

5G, the buzz around has been heating up lately! And yet another step forward in the transformation. It is here, but still, it is not here! The current information related to this technology is incoming every other day.

The widespread 5G networks are promising. Studies say by 2025, 5G subscriptions will reach 2.61 billion. 

Every US carrier has launched a 5G network for its clients. In addition to this, European countries also joined the race. So, the question that comes here is! What is precisely 5G technology? Why should we care? Why should Business owners be aware of this technology? Are you a business owner? 

Here are important factors you must know about the 5G technology.

Swift Connections for Your Web Business

E-commerce entrepreneurs can rejoice in the promising development that 5G technology is accelerating online enterprises’ connectivity and operational dynamics. The need for a swifter and more efficient web experience finds its solution in the capabilities of 5G.

Armed with 5G, business owners can cultivate a quicker and more responsive service for their clients, employees, and themselves. This heightened connectivity doesn’t just promise speed; it translates into tangible business growth.

The speed of 5G is set to astound. The results are poised to be nothing short of remarkable, offering a transformative leap in the landscape of online business operations. According to several industry experts and online web testing services, 5G will be one hundred times faster than 4G.

Enabling More Options for the Internet of Things

The advent of 5G heralds a new era of possibilities for small and large businesses. According to industry experts, introducing 5G will empower small enterprises with broader options, particularly in integrating Internet of Things (IoT) devices. These devices range from alarms and printers to inventory control tools and shipping trackers.

The transformative impact extends beyond mere connectivity; integrating IoT into stores and offices promises exponential growth in connectivity. It opens avenues for efficiency and sets the stage for tangible benefits. Businesses leveraging this advanced networking for their operations stand to achieve utility savings and streamline their supply networks, marking a significant leap in operational effectiveness.

Highlighting News to Write and Cover

The year 2020 witnessed an intense focus on 5G, captivating the curiosity of billions worldwide. People actively sought up-to-date information and news on this burgeoning technology.

For businesses, delving into the heated discourse around 5G offers a captivating and in-demand topic to cover. Digital content producers immerse themselves in a high-intensity subject, providing ample material to explore and write about.

The surge in interest in 5G benefits news agencies and presents an opportunity for digital marketers. Improving connectivity amplifies the site traffic experience, creating a fertile ground for disseminating information and engaging audiences in the ever-evolving landscape of 5G.

Better Safety and Security for Businesses

Safety and profits for businesses are promising with 5G technology. By having 5G technology installed, businesses would surely experience enhanced processes and a boost in cybersecurity.

The perplexing question is, how would 5G be a security source? The answer is simple: it allows businesses to have and utilize the Internet of Things and other networking applications to work and analyze data more effectively. You would reduce data threats, and user-end cybersecurity tends to increase.

Benefits Concerning Industries

Industries such as healthcare, financial services, manufacturing, transportation, and retail would rise with the 5G technology. Innovation and digitization would seem promising with 5G. Let us have a look at how.

• Hospitals and other health providers would indeed be meeting the ever-increasing growing demands.
• Financial services such as banks and other finance companies are likely more efficient and innovative in providing secure data, quick transfers, and swift financial recommendations through software with the assistance of artificial intelligence.
• The manufacturing industry would fill with sensors that help them monitor working conditions.
• 5G technology has potential growth, which provides better control and excellent visibility for the transportation system.

Improved Customer Service

Making the customer experience exceptional is a critical business. 5G technology promises to build industry-specific solutions and take the customer service experience to a new level. According to American Express, 90% of Americans prioritize customer service when deciding whether to do business with a company.

Improved customer service tends to generate more sales and potential leads. So, update yourself with the game-changing proportions of 5G technology.

The Ultimate Thoughts

The advent of 5G technology may demand patience, with its widespread implementation expected in the coming years. However, enterprises can proactively embark on preparations for this transformative shift today.

Undoubtedly, embracing change poses challenges, particularly regarding upgrading devices and associated costs. Yet, beyond the hurdles lies a realm of untapped opportunities accompanying the acceleration in speed brought about by 5G. Have you considered the full spectrum of possibilities that this shift might unlock?

As we contemplate the future, it’s evident that companies poised to harness the power of 5G will undoubtedly unlock a trove of exceptional benefits.

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 an aspiring entrepreneur, it is inevitable to get caught up in the most exciting elements of launching a company, such as designing the brand, choosing a name, inaugurating new products or services, and getting all the creative and exciting stuff done.

While each is essential and deserves your time and attention, entrepreneurs must wear multiple hats. You may also have to dedicate a portion of your valuable time to some of the less glamorous aspects of the business, including finance and accounting.

Utilizing money in purchasing supplies and attracting investors is often just as significant as executing your business plan, especially in the primary stages of your business.

Here is a list of strategies that every entrepreneur should be familiar with to build a successful business empire.

Managing the Cash Flow

For many businesses, the saying that states “cash is king” becomes a reality. Cash is one of the most valuable assets in new companies, with limited credit lines, and financing is a bit hard. It works as fuel to your company’s engine. Without cash, you cannot pay the suppliers and will find it hard to establish inventory, approach customers, and grow the business.

Projecting and understanding the mechanism of cash flow permit companies to create a plan and ensure they keep enough money to run the business smoothly, even in the most crucial situations. Monitoring the cash inflows and outflows allows the entrepreneur to plan accordingly, prevent any unwanted cash shortages, and utilize excess cash productively to grow the company.

Keeping a Balance Sheet

The balance sheet represents a survey of a company’s financial well-being. The act allows interested buyers to determine the company’s available resources and how efficiently those resources were financed and shows both the liabilities and assets. Moreover, it highlights the company’s market value and debts.Entrepreneurs can utilize the balance sheet to keep the business in check. While sales might be enhancing exponentially, keeping an eye on the company’s liabilities and the balance sheet is also necessary for the business’s long-term success. Although investors care about the growth potential, the balance sheet clearly shows the business’s current position.

Follow the Path to Profitability

Profitability is often defined as how much money is left from each penny of sales after the subtraction of expenditures. Fresh entrepreneurs might prioritize it while starting a business, but sometimes, it fades away during the primary years of the startup.

Furthermore, it is essential to bear a loss at some point to reach a targeted market, increase visibility, and accumulate clients. However, it cannot be a long-term strategy. Entrepreneurs must recognize a path to profitability to attract buyers and succeed over time.

Easy Communication

Solid communication skills are essential for every aspect of a business, but they are particularly crucial when dealing with accounting and finance. As an entrepreneur, you must be able to comfortably discuss the cash elements with the investors, employees, or other stakeholders.

Clear communication, especially regarding the scope of the work and terms of payment, allows you to ensure that every party is aligned correctly, protecting you and your company from miscommunication and assumptions.

Similarly, putting the proper protocols in place for everything related to payment can protect your business while working with vendors, purchase orders, multiple invoices, and tax accounts.

Forecasting the Future of Your Business

For many entrepreneurs, growth is a keystone for motivation. Some entrepreneurs are satisfied being the business’s sole owner, while others want to maximize their revenue by adding more employees. An entrepreneur must be able to predict the future of the business, regardless of the growth goals to grow successfully and responsibly,

The financial status of a company is the examiner for its marginal profits, which assures the economic well-being of a business so that it can effortlessly go to future investments and debt repayments. Therefore, these strategies play a prominent role in promoting a startup optimistically by providing it sustenance through complicated terms.

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.