Author: Stephen Huck

Digital marketing has emerged as the most effective method for scaling your business in this information era. However, digital marketing consists of several components, so it is certainly not a one-person job. This is where a digital marketing agency comes into play. A digital marketing firm can help your business flourish by providing industry expertise and the latest digital marketing tools. Moreover, it is also economical for your brand. This article will discuss a few key benefits of outsourcing your digital marketing needs.

Build Brand Recognition

Brand recognition is an essential element of your business’s success. If your company does not have an online presence, your targeted audience may be unaware of your brand’s existence in the market. Hiring a digital marketing agency can enable you to enhance your brand recognition. Digital marketing specialists know which tools will effectively convey your business’s message to the targeted audience. In the business world, time and consistency mean everything. If you are not delivering to your clients on time, your business cannot grow. An effective digital marketing strategy can help you increase brand awareness, sales, and customer loyalty.

Provide Access to the Latest Technology & Methods

To curate an effective digital marketing strategy, you need access to various resources, such as social media advertising, content marketing, search engine optimization, and pay-per-click advertising. You can unlikely gather all these resources independently as it is time-consuming and expensive. In contrast, a digital marketing agency has all these services under one roof. It has various departments where experts streamline and manage different projects efficiently. Moreover, the firm has premium software and technology to cater to all your digital marketing needs.

Craft High-Quality & Relevant Content

One of the significant factors that contribute to the success of your digital marketing campaign is great content. If you want your clients to stay loyal to your business, you must brew fresh and relevant content each day. This is where a digital marketing firm comes to the rescue. Content marketing experts always stay updated with the latest trends and news and curate content accordingly to enhance your brand recognition. Furthermore, they thoroughly analyze your business to determine what content will appeal the most to your targeted audience. Content is a crucial factor in the success of your digital marketing strategy, which an experienced firm will never compromise.

Improve Conversion Rates

One of the primary goals of an effective digital marketing strategy is to increase conversion rates. Having hundreds of subscribers on social media is a good thing, but it is not enough for the growth of your brand. It is essential to turn these individuals into regular buyers. Hiring a digital marketing agency will enhance your business’ growth by converting social media followers into loyal customers. Digital marketing experts understand all the complexities of sales and how to nurture leads into clients.

Adapt to Changing Search Engine Algorithms

A digital marketing agency can also help your business adapt to the changing search engine algorithms. Search engines, such as Google, regularly update their algorithms. These frequent updates can have an impact on your SEO strategy. The digital marketing firm will closely monitor these critical changes and adjust your strategy according to the new rules. This will prevent your pages from getting de-ranked on search engine rankings. You may think SEO depends only on keywords, backlinks, and content. However, site architecture and a responsive web design contribute to a higher ranking. A digital marketing agency will take care of all these factors.

Help Budget More Efficiently

You may think that outsourcing digital marketing will be heavy on your pocket. However, it is quite the opposite of that. Hiring a digital marketing agency can be cost-effective. The firm will help you curate a budget for your campaigns and determine which platform suits your business’s goals. The digital marketing experts will conduct thorough research and ensure that your money is spent improving your brand’s recognition, maintaining its strengths, and minimizing its weaknesses.

The Bottom Line

As discussed earlier, outsourcing digital marketing can open many growth opportunities for your business. A digital marketing firm has the experts and resources required to scale up your business, reach untapped markets, enhance brand recognition, and create a loyal customer base.

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.

Overhead cost is the sum of all the direct and indirect expenses associated with running a business. Direct costs entail expenses that are directly linked to the production of goods or services.

In contrast, indirect costs include overhead expenses such as rent, payroll, advertising, and other expenses that are not directly related to the product creation process.

Whether the expenses are direct or indirect, they contribute to the overall revenue generated by the business. The net profit is determined by deducting all the overhead costs involved. Understanding overhead costs and their impact on business operations can be challenging for new business owners. In this article, we have simplified overhead cost calculation and its effect on business operations.

What is an Overhead Cost?

Overhead costs are mostly costs that are not directly associated with profit generation. However, they perform a critical support function for adequately running the business. Overhead costs also differ from company to firm. For example, the overhead costs for a freelancer will include utility bills and seat occupancy costs, and contrarily, for a retailer, it will consist of space rent, insurance, and wages. Below is a list of expenses included in the overhead cost

• Office space rent
• Utility bills
• Office Supplies such as computers, stationery and other equipment 
• Insurance & mortgages (if any)
• Travel and logistics expenses 
• Advertising and marketing expenses 
• Taxes, depreciation, and government licenses 

Categorizing Overhead Costs

Some organizations further break down overhead costs into various categories for easy calculation and prioritizing costs. 

• Manufacturing overheads: Any cost arising from your product’s manufacturing facility is considered a manufacturing overhead. Overhead is apart from direct labor & raw material costs. 
• Selling overheads: Costs such as logistics, advertising, and all other areas that aid in selling products fall under the selling overheads category. 
• Administrative overheads: these are office operational costs and include rent, mortgages, utilities, payroll, taxes, and depreciation. 

Why is it Essential for Businesses to Consider Overhead Costs?

It’s important for businesses to consider their entire overhead cost. Inexperienced business owners often only calculate the direct cost of creating their product or providing their service and then set their prices based on those calculations. However, to be truly profitable, it’s crucial also to consider the overhead cost when determining pricing. This allows for the selection of an excellent long-term strategy and helps keep the budget in check.

How to Calculate Overhead Costs?

Calculating your business’s overhead costs is crucial, especially when deciding the pricing for your product or service. A profitable product promises profit even after deducting the indirect/overhead costs incurred. 

• Step 1: To calculate the overhead costs, you must first bind every cost incurred to a period. Any quarterly, annual, or weekly expenses should be broken down or accumulated in a month. Once you have categorized quarterly incurred and weekly expenses as the total monthly overhead costs, bear in mind that for different industries, overhead costs differ. A graphic designer is the critical service provider for a web design company and includes the direct prices. In contrast, a designer design company’s sign support services for a web design company are included in overhead expenses. With your monthly overhead cost calculated, estimate the overhead rate by dividing the overhead cost by the total sales amount.
  • Overhead rate (%) = Monthly overhead cost / monthly sale amount
• Step 2: Next, calculate the overhead allocation rate. Allocation is the amount of money allocated in overheads for every hour utilized in making the product. 
  • Overhead allocation rate ($) = Total overhead /bor hours 
• Step 3: Lastly, calculate the overhead per unit. To calculate, you will multiply the overhead allocation rate per hour by the number of hours required to manufacture the product you are selling. This equation gives you the final overhead price per product, allowing you to decide your product’s pricing quickly  
  • Overhead price per unit ($) = Overhead Per Hour X Total Number of Hours Required for Manufacturer

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.

There are several options that an owner can use to help grow their business, and the ability to finance a business adequately can significantly impact that growth. Below are a few helpful tips that a person can use to increase purchases, turnover, and new equipment and get into new premises while taking advantage of upcoming growth-related opportunities.

Using Finance to Increase Annual Revenue

A growing business will experience increased revenue, suggesting that the business position is growing, improving, and gaining more clients. It, in turn, means that the business is selling more products or that more clients are using the services. Increased annual revenue indicates the availability of capital, which can be used to increase production, expand operations, hire more employees, and improve process efficiency.

Flexible Bill Financing

Providing customers with manageable credit terms is considered practical for several different reasons. Many businesses currently offer these terms as it allows a business owner to build better relationships with their clients while helping the business handle payments efficiently over time. Invoice financing is a simple process of freeing cash from a personal invoice to customers.

Instead of waiting several months for the invoice to be paid, the owner can simply sell it to an invoice financer who will loan their invoice up to 90% immediately. With this process, cash will continue to flow through the business, which enables the owner to pay their bill while taking significant growth steps.

Business Development Loans

When the opportunity presents itself, a businessperson will need credit or capital to grow their investment further. Whether new technology is required for efficient processing and performance or the owner is seeking larger contracts, they will need additional funding for investment. Growth-related loans are easily accessed with little difficulty. While these loans may seem like a modest option, they are diverse, and a business can use them at different stages of growth for different needs. Utilizing a business development loan depends on the business owner knowing how much funding is needed and what loan requirements are possible.   

If a businessperson’s growth plan contains obtaining new equipment or profitable property, there are several options to receive funding.

Asset Economics

Proper machinery and equipment are essential to business production and growth. However, obtaining the necessary cash or capital to invest in these assets can take time and effort. Several finance options allow people to attain the machinery they require or need for development by leasing new equipment or selling outdated machinery and purchasing state-of-the-art equipment.

Equity Speculation

Business owners often need help with whether to use their equity or continue to let it grow. To avoid using equity, third parties can obtain investments to enhance or facilitate growth. Engaging with these third parties could also lead to selling a part of the business or offering possible future profits.
Similarly, many business owners must obtain external investments to achieve their business goals. As such, offering an equity share will allow the business owner to gain additional financing sources while maintaining sufficient control.

Growth Through Achievement

The best advice a person can give is “Use the finance available for mergers, acquisitions, and takeovers to grow the business.” If funds are reserved for expansion, it is best to use them to stabilize business operations. Another option is to refinance the current assets to utilize the cash that is tied up. Additionally, other financing options are available, including secured term loans.  

Protected Commercial Loans

Protected marketable loans allow a business owner to access business credits over an extensive period based on tangible assets like properties or equipment. Protected commercial loans are typically used for managing buyouts or re-organizing struggling businesses.

Conclusion 

In conclusion, adequate business financing is pivotal for growth. Strategies like flexible bill financing, business development loans, asset options, and protected commercial loans can unlock opportunities and drive sustained expansion. Smart financial choices empower businesses to flourish and achieve long-term 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.

Financial dashboards for companies are significant for the evaluation of business operations. It is a management tool that helps in tracking all your relevant finances. More than ever, accountants and bookkeepers stay under severe pressure to deliver rapid insights and transparent and reliable financial reports while maintaining the company’s growth. A business can effortlessly acknowledge and measure every data accurately using a financial dashboard. They enable financial professionals to validate figures efficiently and sneak into financial details as much as possible, increasing functionality and productivity and leading to a sound economic environment. 

Moreover, the financial dashboard is pivotal for various business purposes, including supply chain management and customer relations. These dashboards bring the required products to the businesses in a timely. It also prevents the stock commodities and funds from being preoccupied with surplus. 

Undoubtedly, entrepreneurs stay preoccupied with regular business operations and often do not get enough time to review the finances themselves. For this purpose, multiple financial dashboards with colorful graphics are available. Also, they will not appoint any bookkeeper or accountant against money as financial dashboards are utterly virtual and affordable. 

Here is a list of three professional financial dashboards crafted for several company roles and levels to track its success. 

Cash Management Dashboard

The template of this financial dashboard provides an overview of the current cash flow of your business and the liquidity ratio while providing a versatile indication to improve the situations by optimizing processes and handling accounts payable and receivables. It summarizes the quick ratio, current ratio, outstanding debts, and cash balance.

Primarily, this dashboard examines your quick ratio and the current ratio. The current balance refers to the liquidity of a business and its ability to write off short-term liabilities. On the contrary, the quick ratio provides a more conservative view of liquidity. It does not include equipment and other liquid assets with short-term assets to meet the liabilities. The balances in these cash management dashboards are influenced by accounts payable and accounts receivable turnover, which measures the speed of clearing the debts and how rapidly you collect the payments owed. 

Financial KPI Dashboard

This financial dashboard provides a general overview of the most highlighted KPIs you can implement for any business or financial institution requiring stable, initiative-taking management and operational procedures. With the help of financial analytic software, this dashboard will answer crucial queries related to liquidity, budgeting, invoicing, and the comprehensive financial stability of a firm. 

Firstly, the financial KPI dashboard begins reviewing your current working capital while focusing on your existing assets and liabilities. This information provides a frequent conclusion if your company is operationally efficient, liquid, and financially stable in the short run. On the contrary, if the current assets do not exceed the liabilities, the risk of bankruptcy will increase.

Profit and Loss Dashboard

This financial dashboard provides an easy-to-understand review of the income statement from net revenue to profit, improved by relevant performance ratios. The P&L dashboard revolves around four significant economic indicators: gross profit margin, operating profit margin, OPEX ratio, and net profit margin. 

Besides the profit and loss statement, this dashboard represents vital performance barometers that evaluate your company’s health and the profitability of its operations. When comparing these KPIs, you must consider that the figures might alter significantly across various industries. However, it is a standard way of describing a company’s financial performance so you can make the comparisons reliably and equitably. With the help of this dashboard’s template, you will have all the required information at your fingertips for practical monitoring, which also leads you toward wise decision-making. 

Why Do We Need Financial Dashboards? 

Financial dashboards provide a detailed balance sheet and income statement overview, including net profit, revenue, and other performance ratios. Each dashboard shows four critical economic indicators: net profit margin, operating profit, OPEX ratio, and gross profit margin. 

The revenue helps calculate the selling price by determining the total cost of goods sold without involving details for other taxes and expenditures.

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.

Nearly all individuals who want to be an entrepreneur have considered investing in real estate at one time or another. If you are like-minded and considering investing in real estate, first and foremost, understand that there is no perfect time to begin your venture. Real estate investment will never be ideal because there will be problems and roadblocks each time. Even the most profitable investors encounter their share of problems, but their determination and continued hard work help them succeed. For people who are looking to begin investing in real estate, below are a few tips that will help them get things underway:

Join an Investment Club

For a beginner, networking can be overwhelming. According to experts, joining a networking group can benefit a new investor. It is no secret that if a person wants to learn, they must surround themselves with people who have been in that business for years. For a person who wants to learn the dos and don’ts of investing in real estate, joining a networking group is the first step.

Listening to experts will enhance understanding and realistic expectations. The time and the knowledge a person will obtain through these meetings will help them determine the nature of the industry and if they can meet a possible business partner.

Understand Data and Costs

A person who wants to start investing in real estate needs to be able to handle and comprehend data to understand every transaction fully. Closing Costs are the first thing a person needs to learn before entering the real estate business. Even for people with prior experience, there are many factors regarding cost that they need to understand before they start to invest in real estate fully. Many new investors start with a small amount of capital, so they need to be able to utilize these funds appropriately. Having an excellent applicable knowledge of costs, fees, and data will only benefit them as they begin to invest.

Pick a Market

New investors often have a clear vision of the kind of property they want to invest in; however, they may not always be sure about the location. An investor must narrow down the market before they start investing. It requires gathering relevant research regarding the market they want to invest in, knowing the prices and taxes, and paying attention to developing areas and local businesses.
After choosing a market, visiting the neighborhood and surrounding commercial area before investing is essential. Knowing every detail about a particular market will enable an investor to make better offers and sound business decisions.

Assemble a Team

Most people need to realize that real estate is a team business. Even agents who work alone need a support staff at times. One of the most important initial steps of investing in real estate is to get in touch with an agent. Find a reliable real estate agent and reach out to them regarding your concerns and questions because they will know more about the market in a prospective area than almost anyone. Also, a great way to find a reliable contractor is to look in a networking group or ask a real estate agent. It is essential to develop a team where each person specializes in an area of real estate so you can leverage their expertise and maximize your investment.

According to experts, a person should first start by making small offers. Have a reliable team in place and consult with them before making an offer. In real estate, some risk is involved, but make sure that Rick is worth the profit. Fortunately, a person considering real estate investment does not readily need money or even a license to get started. Anyone willing to follow the steps mentioned above and learn can invest in real estate and be successful.

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.

When a person, group of people, or company decides to begin a new startup or expand an existing business, they are usually faced with several problems that they must immediately solve. It is not enough to have a good idea and demonstrate its feasibility; a person must be able to implement it.

Therefore, financing becomes a fundamental issue for these new ideas. Unfortunately, people who decide to undertake a new venture face numerous problems when obtaining sources of financing, including:   

1. Inaccurate estimates or financial plans for realistic project costs.
2. Naiveté of current market possibilities and limitations.
3. Inherent investment risks that generate uncertainty in front of third parties.
4. Scarce resources are initially available.

Challenges in Securing Financing for Startups and Business Expansion

An entrepreneur’s options when financing a startup project may be limited, so it is essential to know what options are available and clearly define the financial needs of the prospective business. It is necessary for an accurate and realistic budget to be created and reflected in the volume of the investment so as to absorb any unexpected costs.

Similarly, the business plan must detail those financial needs to start the project. Currently, there is no single financing model as the size of the company, the sector, and even the country can impact any company’s financing structure, causing the investment amount to vary. In general, there are two financing options: personal resources and third-party resources.

Navigating Financing Options

Personal resources or partner contributions are scarce, and the cost of maintaining them is high. It is a common misunderstanding that personal finances are the best option, but that can be a mistake. Depleting private equity or investing personal funds can significantly impact one’s livelihood, and if the venture fails, the entrepreneur could be in dire financial stress.

Exploring Third-Party Resources

Conversely, third-party resources have limitations, and the periodic interest payment reflects the cost of utilizing them. Loans are the most common products, but other financial tools, such as leasing, should also be considered to finance fixed assets and production.

Another funding source is subsidies, a type of financial aid whose access can be cumbersome because of the requirements necessary to obtain them. Subsidies should be utilized as a secondary financing option, and a startup or expansion should not be considered if it depends solely on this type of aid.

Venture Capital and Global Trends

If personal resources do not allow an entrepreneur to implement a structure of healthy financing, it may be necessary to consider introducing new partners, either industrial (or sector) or financial. Financial partners can vary, although it is worth highlighting that venture capital companies are developing in major economic powers, including Spain, compared to the rest of the European Union, especially the United States.
Venture capitalist firms specialize in investing capital in companies during a specified, limited time and with a minority participation. They act as a partner in rights and obligations since they directly participate in the company’s share capital and, therefore, can contribute economic resources, experience, and knowledge to the company’s management. Generally, before investment, these firms will ensure there is an option to abandon the project as they will seek to maximize their profitability and protect any remaining resources.

Strategic Capital Planning

Finally, it is essential to emphasize the need for an entrepreneur or company to understand and define investment needs and capital planning clearly. They must consider deadlines, obtain excess capital to avoid unexpected costs and study the market for potential economic fluctuations. When these factors are carefully considered and monitored, a balanced financial investment structure can be developed to obtain financing through personal or third-party resources.  

Conclusion

Launching a startup or expanding a business necessitates careful financial planning and strategic decision-making. Challenges in securing financing, such as inaccurate estimates and investment risks, highlight the need to navigate available options wisely.

Successful financing demands a solid understanding of options and a proactive, adaptable approach to the dynamic entrepreneurial landscape

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

Businesses rely on bookkeeping to ensure financial accuracy and security. Bookkeeping involves keeping transaction records and business-related information up to date and inclusive. This data lets you know where your business is spending, where your income is generated, and which tax deductions you can claim. It can become difficult for many companies when they allocate unnecessary time, cost, and valuable human capital to this process. Eliminating all redundancies and addressing process gaps becomes necessary for further efficiency and accurate record-keeping.

Maintain a smooth bookkeeping cycle by following these tips!

Keep Records Updated

Carefully record every detail of business information and transactions, including sales, purchases, and payroll. Some transactions may seem insignificant, but even the slightest activity can significantly impact bookkeeping. Check all your necessary documentation with the help of the Internal Revenue Service (IRS). Accurate documentation can help you keep all your financial records updated and avoid unnecessary losses.

Categorize Expenses Correctly

Categorize all your expenses and revenue rates properly to track business profitability. This way, you would not miss details even if you are not finance-savvy. An accurate record of tax management activities helps businesses with tax savings, so expenses must be appropriately categorized.

Reconcile Bank Accounts

Combined personal and business accounts make the process of tracking records difficult. Therefore, separate your business-related activities from your expenses and reconcile your monthly bank statements. It will help you eliminate any existing documentation problems and identify potential issues.

Synchronize Backups

Issues can suddenly emerge due to technology-based activities. Anything could happen to your data if you are not well-prepared to cope with its loss. Therefore, backing up all your business data to keep it secure and readily available is prudent. Making a habit of backing up data will ensure business continuity in unforeseen circumstances.  

Supervise Sales Tax

Supervise your sales tax and accounting records to eliminate bookkeeping problems and avoid mistakes while collecting them. Otherwise, you may face significant fines and legal ramifications. Enter all your data accurately so that your total sales amount and tax do not increase.

Categorize Employees

Businesses have strong links with employees and contractors. Classifying each of them correctly without misfiling is vital to avoid overpaying taxes.

Manage Petty Cash

Businesses use their cash on hand for small expenses but do not know how to monitor it properly. As a result, it is necessary to set up a system that will help you track how much cash you are spending on business activities and for what purpose you can use this available cash.

The best way to initiate this system is to buy a petty cash lock box from the local office supply store and utilize a proper record of all cash removed from that box.

Communication Must Be Strong

Increase communication between your bookkeepers and workplace associates. Your employees should update bookkeepers about all business activities so accountants can make financial statements to fulfill business requirements.

Monitor Reimbursable Expenses

Small business owners may pay business expenses from their savings. With time, business owners often overlook the payback. As a result, they lose all funds as well as tax discounts, and the company’s financial health is inflated. If necessary, only spend the amount from your savings that the business savings can refund. Similarly, create a definite timeline and monitor and record all your reimbursable expenses to ensure timely reimbursement and accurate business records.

Do Not Waste Your Time

Managing time is vital to running a business, but small business owners frequently ignore time management and record all business and accounting data independently without hiring professionals. This practice only wastes their time.

As a solution, hand over all financial tasks to professional bookkeepers since they will know:

• What to record
• How to record
• All accounting innovations that could influence current business processes

It significantly reduces your business responsibilities, giving you time to focus on advancements to help your business stand out in the market.

Last Words

These tips can help you eliminate your bookkeeping problems, so apply the relevant and suitable tips for your business operations. Similarly, consider upgrading your bookkeeping system to allow you to focus on business development and growth.

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.

Content marketing focuses on adding value for your audience and using Search Engine Optimization (SEO) to determine its value. Therefore, it is evident that content marketing and SEO go together. Marketing expert Neil Patel says that content marketing and search engine optimization cannot be separated from each other, so consider them peanut butter and jelly.

In SEO, we frequently use search keywords extracted from search engines and then place those keywords on your top website pages. Search engines, like Google, read or scan your webpage for search-related keywords. Consequently, the words you use will determine which result page on the search engine shows your webpage. Keywords are determined based on your understanding of your target audience. If you know the people you are trying to reach, it is easier to create content for them and put it where it belongs in their search.

When you complete competitive research, you will see that some brands and businesses post content daily, which leads to others believing more content will result in better search engine ranking. However, generating traffic and increasing website visibility will not necessarily increase your website’s ranking. Creating more content might cause damage in the long run.

More Content Is Not Equal to More Views

Regular content updates on a website keep it relevant in the search engine’s eyes and your reader, but that does not mean constantly posting 500-word blogs will be helpful to you. Many marketing experts believe that marketers are entering a time of content overload. You may see multiple posts on a similar topic, each claiming to be the best guide or option. Hurriedly posting content with typos will confuse your readers and damage your brand. Similarly, it can influence your reader to leave your website and go elsewhere, possibly your competitor. There must be a balance between your content posting frequency and the diversity of posts uploaded on a topic.

Keep Things Relevant

You should put yourself in your client’s mind and critique your work to create the most relevant content. If you do not find your content relevant, why would your client? Always remember that content loses its relevance with time, and a blog written in 2018 might not be able to be applicable today in 2023.

Rather than amassing new content, try to revamp the old ones. Try to look back at the old content for any grammatical mistakes, edit the typos if there are any, and check any spelling errors. Poorly written content is flagged by search engines and can cause your website to drop rankings. Check all links integrated within the content to see if they are active and working. A great way to make your content more SEO-friendly is by using software like Google Search Console. This program can show you which articles you post to get the most clicks or impressions so you can modify or adapt content accordingly.

Ranking Higher Is Easier with Longer Content

A pattern has recently emerged regarding blogs and websites. Marketers post smaller blogs of 500 words frequently to keep things less repetitive and on-point. However, only a few people know that three blogs of 500 words equal one blog of 1500 words. Recent marketing research shows longer web pages and articles rank higher than short ones.

It does not mean that your word count affects SEO performance. The implication is that longer articles have more relevancy and address things in greater detail. For instance, if you are a doctor and your patient wants to learn about a disease, rather than going over three different blogs on the matter, he can read your singular detailed article on the website and then schedule an appointment.

Conclusion

Longer content offers no ranking guarantees for your website or increased traffic for your website. Plenty of other factors impact your ranking and give you the desired results. Your best bet is to ensure your content is relevant, updated, and has reliable keywords.

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 Simple Guide to Understanding Your Profit and Loss Statement 

An organization’s finance department creates a Profit and Loss (P&L) statement to identify the expenses of a business and the revenue. The result of the calculation in a profit and loss determines if the business has made a profit or incurred a loss at the end of the fiscal year. A P&L statement, also known as an income statement, is one of the three main statements a business creates and maintains for record-keeping.

Creating an income statement is the responsibility of the finance department of an organization. A finance department in your business is crucial because it is the organization’s backbone. The primary responsibility of the finance department is bookkeeping. The other important role of the finance department is to manage and plan the business accounts. Usually, the first step to keeping and calculating records is to make a P&L statement since it is the core of all other financial statements. Almost all statements require a profit sum dependent upon the business’s expenses or the revenue for the period ended, which is all included in the income statement. Understanding your Profit and Loss statement is essential to ensure that all further calculations and bookkeeping occur correctly.

Unlocking Financial Insight: The Significance and Purpose of the Profit and Loss Statement

As stated, a Profit and Loss statement is one of three significant statements a business creates to measure the profit or loss made. The other two significant statements are the balance sheet and cash flow statement. The primary purpose of the Profit and Loss statement is to record the revenue and expenses of your business within a period, usually a year.

One of the purposes of a P&L statement is to show potential investors the financial health of your business so they can make decisions regarding their investment. The information provided by the income statement can be used together with the results of the other two statements to make better analyses and decisions.

The Critical Role of Profit and Loss Statements in Business Success

Lawfully, most companies need to create their P&L statements as the government uses them to monitor business transactions to ensure all operations are legal. It is also essential to the board of directors of a company or the managers of a business since the profits give insight into your business’s financial and liquidity situations. A business’s net income is essential for the owners to make further decisions about business growth and investment opportunities.

Understanding the Contrast Between Income Statements and Balance Sheets

A balance sheet provides you with a summary of the assets and liabilities along with the capital in the business at a particular time in your business. A balance sheet identifies the amount your business will be left with if you sell all your assets or pay off all your debts. Whereas a P&L statement lists all the expenses along with the revenue made by your business, so calculating the profit or loss at the end of a business year is essential.

The Process of Creating a Profit and Loss Statement

The first step of calculating a Profit and Loss statement is calculating a gross profit. Cost of goods sold is deducted from the net sales to calculate a gross profit. Then, if your business has received any other income, such as delivery charges or discounts, that is added to the gross profit. Then, all the expenses are subtracted from the calculated amount to determine a profit or loss.

Creating a P&L is a business’s most important statement when determining its net income. You can know the stability of your business to an extent, but the profit calculated in the income statement is used in many other financial planning and activities. Consequently, creating a Profit and Loss statement is the most crucial step for every business.

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

Investment Management and Wealth Management | Which is Best?

Financial management is significant for everyone, particularly those who earn a considerable salary but are not financial professionals. If you do not manage your money correctly, what accumulated during your career might not sustain the peaceful retirement you hoped for. Working with a financial advisor to handle your investments could differ between an average and an exceptional retirement.

It would help if you found someone to assist you, like a financial advisor, to ensure you accomplish your economic objectives. They will consider two primary services: wealth management and asset management. You might require only one of these services or both based on your finances and goals. This guide investigates wealth management vs. asset management to help you determine which service might be best for you.

What is Wealth Management?

Although asset management concerns investments, wealth management yields a much broader view. Wealth management is about observing a family or an individual’s overall economic condition and taking steps to grow their wealth safely.

It can take different forms and include several services from a wealth manager, including:

• Tax planning
• Legacy planning
• Education planning
• Estate planning
• Charitable giving
• Insurance
• Retirement planning

While asset management is concerned with developing an investor’s money, wealth management focuses holistically on a customer’s overall economic situation. It takes steps to ensure their wealth will be protected in the future.

A percentage of assets is paid to a wealth handler or manager during management, while some are paid an hourly or flat fee.

What is Asset Management?

Asset management is only the management of assets. Assets are all your economic properties, but asset management emphasizes your investments. It might include bonds, mutual funds, stocks, Exchange-Traded Funds (ETFs), and other investments you make to increase your wealth.

An asset handler will control which investments best suit your economic condition. It means they will assist you with asset allocation and selecting how to split your investable asset with various asset classes. Specifically, this involves determining what part of your portfolio must be growth products and what percentage must be fixed-income products like bonds.

Asset handlers or managers usually rely on a percentage of assets under management, which will frequently be advanced and reduce the more money an asset manager oversees for an investor.

Finding Wealth and Asset Management

There are numerous approaches to finding an asset manager or a wealth manager.

Commonly, the best method is to use a manager recommended by a friend or family member. While this can be a positive experience, be cautious because the advice provided by a manager to a friend may not apply to your financial situation and goals. For example, many people inherit a manager from their parents, but this may not be the manager best matched to their financial objectives. Your parents are at a different stage of their life from you, so search for a financial advisor who expertly provides customers in an economic situation similar to yours with management advice.

Which Option Is Right for You?

Determining whether you require wealth management or asset management depends on your objectives and the services you need. If you want help investing, an asset manager is the correct option. An asset manager will assist you in finding the best investment choices for your portfolio and leave all the other parts of your economics to you to manage. If you need somebody to help you comprehensively set up your investments, you need a wealth manager because they can assist with everything from education planning to estate planning.

There may be a time when you require services and various economic advisor companies offering asset and wealth management. You may have to pay separate fees for both services, and some companies may bundle fees to encourage you to use both services.

Conclusion

Wealth management vs. asset management comes down to your required services. Asset management is about managing and choosing investments, while wealth management involves an individual’s portfolio and financial life. Various financial advisors do both, permitting you to hire only one person for the job.

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.