Author: Complete Controller

It does not matter if you sell or buy a property; you will always need a real estate agent to get the best deals. These specialists will be your guide in the buying and selling process. They know the documents you need, the paperwork you must complete, and what payments you must make. 

These reasons make it essential to find the best real estate consultant. An important point is their personality; it must be compatible with yours. You will need someone with whom you feel comfortable to express all your doubts and be in contact almost all the time during the process. Remember that this person will be remarkably close to your house, your finances, and you. For these reasons, you must be precise when choosing an agent who guarantees success.

We propose these ten questions. Do not hesitate to ask all your potential real estate agents and choose the best one.

How long have you worked as a broker in the real estate market? 

It would be best if you were your first and foremost question to the real estate agent: how long has he worked as a realtor? Knowing how much experience they have will give you an idea of your realtor’s experience and knowledge of the overall real estate market and how well he will advise you on the matters.

It would help if you asked the same question to the agency the realtor is analyzing their credibility.

How big is your agency in terms of the size of the business?

When we talk about real estate agencies, their business size matters greatly. When a real estate agency is small, the staff does all kinds of tasks, but as the agency grows, the real estate company’s team specializes more and more. In principle, the greater the size, the greater the degree of specialization. Everyone specializes in a particular area.

In a well-established real estate network, people specialize in real estate marketing, legal, tax, and financial matters, and agents specialize in dealing with buyers.

Specialization means greater efficiency. How a real estate agency organizes affects its productivity, which means more sales in less time.

How long has your agency been operating in the market?

In all crises, there are companies that, luckily or unfortunately, end up closing. However, those that survive the situation are the ones that are better prepared and are more professional.

What is your selling guarantee?

It would help if you asked your realtor about the timeframe they would need to sell your house in ideal circumstances. Typically, a home takes around a few months to sell. A realtor asking for more than 2 to 3 months lacks efficiency, so you should not hire them.

How effective have you been as a real estate agency?

The agency with the most posters in the streets is the reference real estate agency in the area. It is not important how many floors or homes they have for sale, but how many of the ones they have listed sell. Some real estate agencies have 20 listings and sell 18 in 1 year, while others have 200 listings and sell 15 in the same period. Tell me, which real estate agency would you like to work with?

Will I have a dedicated broker assigned to my case?

Closely related to the above, if a real estate agent manages 100 properties simultaneously, how much time can this real estate agency dedicate to your case? Probably much less than that real estate agency whose agents constantly work with a complete portfolio of 15-20 properties. The logical consequence is that less dedication and effort imply worse results and higher dedication is the key to better results.

Why should I hire you rather than a competitor?

It is about discovering the difference between the actual estate agencies operating in the market. It would help if you asked them why they are different and better. In short, what services can their agency give you so that you hire their services instead of hiring the services of one of their competitors? Ask openly. A vague or hesitant response is a bad sign, as is a typical response based on “how good they are” and “how well they do it.”

How proactively do you communicate with customers?

Many real estate agents do not call their customers for months. It is about knowing if the real estate agent has established a communication calendar by phone, e-mail, person, etc. If they do not have it confirmed, you know what awaits you.

If you want a real estate agent who defends your interests to the maximum, helps you sell your house for the total amount of money possible, and does it in an agile, effective way and with a minor inconvenience. You can expect the best services if you work with the best in the business.

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

The small definition of s uniqueness ethics is a moral code of conduct organizations pledge and adopt to follow and commit. Ethical values prohibit tolerance and participation in unlawful, immoral, dangerous, unfair, generally harmful, and irresponsible actions. By setting the moral standard, businesses reduce the risk of becoming lawsuit targets, although sealing their means as law-abiding businesses or corporate citizens.

Accountable Leadership is Critical

Ethical businesses have a significant moral code and trustworthy behavior and expect honesty from everyone in their company. CEOs and other high-level professionals hold themselves accountable for enforcing and following the same ethical values as their workers.

Five high-level ethical leaders’ goals are engaging communication in which ethical behavior is instilled and carried out in an organization’s brand. The organization maintains a commitment to high standards and quality in the products and services produced by all members, fostering teamwork with diverse groups of advisers. The two objectives are series planning. Future organization leaders pledge to keep ethical behavior and tenure, which needs leaders to work for an organization more ethically until they agree to leave.

What is Acceptable Conduct?

Business keeps ethical office behavior by internal guidelines of conduct—the problem limitation on email content and the proper utilization of social media and general internet use. No tolerance for verbal and physical abuse, bullying, and other conflicts are standard rules.

Ethical organizations immediately and wholly fulfill the EEOC and government mandates on sexual harassment, labor practices, workplace safety, and discrimination. Companies have rules of conduct in worker handbooks and demand workers to sign contracts stating that they understand and read the hurdles for violating them.

Here are some factors that faced ethical issues.

• Physical or Mental Disability

 It is imperative to treat disabled employees equally and without discrimination. Professional business environment plans and follows a strict policy, particularly for disabled employees.

• Race or Ethnicity

All company employees have the right to be treated regardless of their race, color, or ethnic differences. 

• Religion

Equal treatment is provided to all employees in an excellent company despite their religious differences.

• Old Age

This rule applies to overage employees for their equal treatment. Organized businesses strictly abide by ageist policies with other laws and regulations. 

• Equivalent Pay

Regardless of religion, ethnicity, sex, and race, all employees deserve equal pay for their work.  

• Health & Sickness

Equal treatment is provided to sick and pregnant employees of the company without any discrimination. 

• Sex and Gender

Despite their sex or gender identity, all company employees are similar.

How to Avoid Ethical Conflicts

These factors are factors on which an organization must work to avoid ethical conflicts.

Have a Strong HR Policy

Maintaining healthy and clear communication with your company employees in the context of their employment and jobs must be prioritized. Make sure that all employees are treated equally and fairly. Plan and manage their expectations. Organize regulations and guidelines for company managers and superiors to follow.

Improper Hiring Practices Prevention

Regular human resource department training is mandatory to keep your company safe from the eventualities of improper hiring practices. Each HR department employee must be fully aware of company policies, anti-discrimination rules, and regulations. You must provide thorough training to them regarding discrimination in the hiring process. Principles prove to be very resourceful for updating HR and everyone related to the hiring process by quickly swapping perspectives on discrimination laws.

Trustworthiness And Promise-Keeping

Ethical experts are valuable for trust. They are forthcoming and candid in providing relevant data and correcting disintegrations of fact. They make every reasonable effort to achieve the letter and spirit of their commitment and promises. They need to understand contracts in an unreasonably legalistic or technical way to justify non-compliance or build to escape their pledges.

Loyalty

Ethical experts are valuable in trusting and validating loyalty and fidelity to institutions and persons through friendship, devotion to duty, and adversity; they do not utilize or disclose data learned confidently for personal benefit. They protect the capability to make independent expert judgments by conscientiously avoiding unwarned conflicts and influence of interest. They are worthy and loyal to their organizations and colleagues. Suppose they have a plan to switch to other employment. In that case, they give proper notice of their former work’s proprietary work and deny involvement in any activities that take undue benefit from their prior positions.

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 expenses refer to costs unrelated to labor, raw materials, or manufacturing. Still, they are more like fixed costs and concern general business functions like facility costs and paying accounting personnel. In other words, they are the current business expenses not directly assigned to producing goods or services. It is essential for budgeting purposes and anticipating how much a business charges for its commodities to make a profit. These costs are usually ongoing regardless of whether a company makes any revenue. Unlike operating expenditures, these are fixed costs, which can stay constant over time. 

Overhead expenses are vital, not only for the sake of bookkeeping and budgeting but also for setting an optimal price for the products and services to generate profit. Companies’ strategies measure and examine overhead expenses. Consequently, these expenses eventually impact the proceeding of an income statement. If there is an increase in costs, the profit will decrease. Your income statement influences you entirely, and you will have to adjust. 

Understanding Overhead Expenses

A company must pay the overhead expenses regularly, regardless of how much or little the sales are. For instance, a service-based company with a workplace has overhead expenses, including rent, utilities, and insurance bills that tag along with direct costs for the services. 

Expenditures associated with overhead appear on a business’s income statement, and they directly impact the comprehensive profitability of the business. A company must account for overhead expenses to calculate its net income. Net income is determined by deducting all manufacturing and overhead costs from the business’s net revenue.

Overhead Expenses for Business Accounting

Depending on the company’s activity level, these costs can be fixed or variable. For instance, a company’s workplace rent can improve, while shipping costs might be inconsistent. Some overhead expenses might fall into the semi-variable category, which makes them sustained regardless of business activities, and others are related to circumstances. 

Utility bills can be considered semi-variable expenses as fixed charges, while the remaining depend on your utilization. These expenditures can be general as well as departmental. General overhead expenses would be divided among the entire company, while departmental overheads would be charged to a particular department. Typically, a service-based company might have additional public expenditures in the form of utilities and insurance.

Categorizing Overhead Expenses

You can also implement overhead expenses to numerous operational categories, including administrative and marketing. Administrative costs refer to the business administration and involve service providers’ hiring and appointing procedures. 

Branding for your business includes certain costs that fall into overhead expenses; your business accounting requires you to recognize raw materials, commercial printing, and other charges. 

Reporting Overhead Expenses

As mentioned earlier, these costs directly influence the company’s profitability and appear in the income statements. Applied overhead is recorded under the cost accounting method. They often vary from general overhead and usually cover insurance and depreciation expenses. 

Applied overhead expense invoices according to a specified formula for business accounting purposes; for instance, if an expense is sustained by marketing, it might not be fully allocated. Instead, it will be divided among various departments per a certain percentage. 

Overhead Rate

This rate is implemented to assign overheads, anticipating the resources utilized to produce every product and then distributing the expenditures accordingly. One feasible way to proceed is to set a fixed rate based on the machine hours needed to craft a product. 

Setting up a fixed rate is a more leisurely approach. However, a practical business accounting approach requires accounting for various cost drivers and applying overhead rates. Accurately estimating the overhead expenses can be daunting; therefore, the costs are usually calculated based on the overhead rate. 

Under-Applied Overheads

Often, the allotted cost of ongoing goods manufacturing does not equalize the assigned and must be recorded as a prepaid expense on a balance sheet. Debiting the price of goods sold at the end of the period neutralizes the divergence. 

Underapplied overhead costs are also known as unfavorable variances. Adjusting your accounts for overhead expenses is a significant task every business must prioritize to estimate profitability.

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.

Farmers must understand what drives their profits and tactically manage their business plans to improve their profit margins in a highly competitive industry like farming. For many people, the price has the most significant impact on their earnings. Still, when small changes are made to the business, things become far more achievable and deliver large profits overall.

In Western Australia, the region is well-positioned to lead in the export of wool, sheep meat, and grain. To thrive in the international market, producers can take proactive steps to address challenges such as competition, rising costs, and climate change. By focusing on understanding their profit drivers and developing targeted strategies, farm managers can enhance profitability and effectively navigate diverse scenarios. Embracing these practices will not only strengthen their competitive edge but also contribute to sustainable success in the industry.

When analyzing business, farmers need to have a vision, i.e., to look beyond gross margins and capture all cost items with exceptionally high fixed costs like machinery allowance costs and finance. Through critical examination of the complete cost structure of their plans, managers can:

• Evaluate expenditure on inputs
• Knowing the profit implications of pricing decisions
• Plan more effectively for the future
• Assess the flexibility of the business under different scenarios.

Debt can either support or constrain a business’s profitability. Knowing your business’s financial capacity to repay debt is critical to running the business when considering increasing debt levels. Financial responsibility means understanding the reliability and volatility of pre-tax profits and how they influence debt repayment.

Profits should be the focus for anyone in the farm business as it helps repay the debt. The value of your land does not assist with repaying the debt as a security for the bank to liquidate in case insufficient profits are generated. When considering the obligation to find an investment, managers in the farm business need to ensure that their investments generate greater returns than the debt cost. In an ideal case, the return should be sufficient to repay the debts within the next 10-15 years.

High-performing business managers share common management skills and practices that further enhance business profitability. In a survey of some of the best managers working in the farm business, some commonly identified skills included organizational skills, tactical skills, and good planning. These skills were considered essential for managing seasonal volatility.

Here are some different farming options for their potential to generate profits.

Vegetable Farming

Growing local vegetables has the potential to generate high yields in a short time. There is always a threat of pests and insect infestation. However, most farmers use range shelter or greenhouse technology to counter that. Using these technologies helps farm business owners grow vegetables all year long. They also give you complete control over the temperature and humidity levels. The initial investment in this type of farming is not high, making it a much better option for beginner farmers.

Areca Nut Farming

The arachnid palm is the source of a standard chewing nut known as a beetle nut. This nut is exported to Asian countries with excessive use and demand. India is the largest consumer of beetle nuts and is a hot market for shipping them. 

Betel Leaf Farming

Betel leaf is also a popular item in Asian countries. There are more than 90 varieties of betel leaf globally, of which 45 are in India. Betel leaf is grown in tropical and subtropical regions, and its evergreen leaves are used in several religious events worldwide. The leaf is relatively easy to grow and requires less care. For just 10 cents of land, farmers earn $250 per month on average.

Apple Ber Farming

Apple Ber Farming has all sorts of soils suitable for it. The ground is highly acidic and low in organic matter content. To cultivate the apple ber plant, black soil with a 5-9 pH level is required. For best production, the ber fruit requires hot and dry climate conditions. The plant has a high tolerance for high temperatures.

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.

Bookkeeper to CFO – How to Grow the Accounts Department

A proper organizational framework and efficient utilization of human resources are pivotal to a company’s success. Be it the HR department, marketing department, or the finance department. It is essential to have a proper hierarchy and dedicated human resources to perform tasks to the best of their capabilities. 

Most start-up owners do not realize the importance of having a structured team, especially in accounting and finance. Whether a start-up or a full-scale company, having a proper financial infrastructure is particularly important to keep your business operations running smoothly. 

SME owners ignore the importance of accounting functions and manage accounting all by themselves, either missing the recording of crucial data or piling up the accounting tasks until the very end, making it difficult to finalize taxation or record business projections in time for closing. 

Procrastination often leads to piling debts, increasing interest rates, reduced finance optimization, and thus eventually increased losses. Adopting proper bookkeeping and accounting practices from day one is essential so that your company’s financial records remain straight and your business is forever ready for an audit or expansion. 

We are not suggesting you hire a full-fledged team of accountants or a highly paid chief finance officer right from the start of your business, but it is essential to dedicate a resource or time from your schedule to the bookkeeping tasks.

Here is a step-by-step guide on how to grow your company’s accounting function. 

Hire an Efficient Bookkeeper

In your company’s start-up phase, it is unnecessary to have a complete team of bookkeepers, accountants, and tax managers. However, having at least one person manage these tasks with focus and efficiency is crucial. You can achieve this either by hiring a simple accountant for your business, someone with limited qualifications but enough knowledge of bookkeeping so that they can record day-to-day transactions and maintain a regular record of your business finances, or you can outsource the task to an accounting service or hire a part-time accountant. 

If you have an in-house finance manager (bookkeeper/accountant), be it full-time or part-time, it is also essential to have appropriate accounting/bookkeeping software to help you conveniently record all the transactions and minimize the risk of human error. Most SMEs utilize QuickBooks for crucial accounting functions. However, many other options are available online to help you manage your accounting functions. 

Get a Part-Time CFO or a Senior Accountant 

Once your company starts growing and the revenue starts coming in, you might be able to plan your expansion in terms of products or clientele. Either way, this means increased transactions, businesses, and workload on your bookkeeper. If you were outsourcing your bookkeeping tasks until now, it is high time that you hire a full-time bookkeeper and a part-time or consulting CFO to oversee your finance management. While the bookkeeper continues to do the day-to-day job of recording transactions, the CFO will now make projections and analyses based on revenue figures. This added function will help make well-informed financial decisions and better taxation. 

An Entire-Fledged Finance Department with Accountants, Bookkeepers, and a CFO

Once your company has grown and the income has become stable, it is essential to set up a proper finance department, overlooked by the CFO. Suppose the number of employees in your company has significantly grown. In that case, it is better to have multiple people in the finance department, each dedicated to payroll management, transaction and client dealing management, and company operation management. All three of these tasks are done by the full-time CFO, thus making your finance department operate like a well-oiled machine. You can choose to grow your finance team from this point onward, adding more people as needed. 

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.

According to a report prepared by GAO (Government Accountability Office) in 2019, around ten major federal agencies spend over $337 million yearly to support IT systems between 8 and 51 years old. However, the statistics show a deviation from the push towards the cloud and modernization that the companies need to adopt.

Innovation and cloud systems work in tandem, and it is only possible to define one with the other. Cloud computing supports emerging technologies such as automation, machine learning, and artificial intelligence. Automation requires extensive manual processes to allow workers the necessary time to learn automation for efficient results.

In retrospect, a high percentage (60% to 80%) of human resource, finance, and procurement tasks are automatable. Moreover, the adoption has resulted in organizations saving at least 30% of the net cost. Another study depicted that resources worth $40 billion to $80 billion could be transferred to other value-added practices.

In the contemporary era, federal agencies opt for automation for conducting their day-to-day operations. For instance, NASA currently powers George Washington, the first digital bot run by the government. The bot manages a variety of HR and procurement practices due to its automation capabilities. Another automated feature the government uses is the bilingual chatbot Emma, who works for the US Citizenship and Immigration Services (USCIS). Emma gets her name from the renowned poet Emma Lazarus, and its function is to answer questions. The US Army works with the chatbot Sgt—-Star, which manages inquiries about joining their services.

Such technological innovations rely on modern infrastructure and provide benefits such as cost savings, citizen engagement, and exceptional use of the employees’ skills and time. They also have an essential function to cater to, which is data. However, even with such high importance, most federal organizations need help using these automated devices.

For a better understanding of the concept of automation and cloud, we prepared this report. Here, we will discuss the challenges of updating legacy systems and how an efficient cloud-based data management platform can counteract them.

According to GAO, the businesses spent $90 Billion on IT Modernization.

An Integrated Cloud Data Management System

One thing that links old systems with the new ones is data. In other words, if agencies want to transform their infrastructure, they must efficiently move their data to these systems and use them for future operations. However, federal organizations need a robust cloud-based data management system to ensure these modern legal systems work proactively. The system can provide a single, secure source of on-premises data integrated into the cloud. Moreover, the cloud platform’s flexibility can allow it to collaborate well with various hardware and software components.

Statistics by Deloitte show that the Government Sector Can Save 1.2 billion Working hours By Involving Automation in Their Ranks.

To combine automation and cloud systems for a high-function IT service model, agencies should invest time during the design phase. They need to understand the nature of the data and technology they possess to determine the gap between them and devise practices to fill them. In hindsight, to implement cloud-based automation, the following steps are mandatory.

1. Develop an implementation plan.
2. Establish a sound infrastructure that will assess and modify the program.
3. Deploy software for daily operations.
4. Monitor the pivotal points and perform exceptional operational steps.
5. Commence work on the next plan.

Moreover, federal organizations should use tools that complement each other. In other words, old systems work well with more senior operations and require manual monitoring. However, automated systems reduce risks by developing, testing, delivering, remediating, and monitoring practices. They need to determine which tools fit in which category and their compatibility with them. With enough knowledge and robust planning, federal agencies can embrace automation perfectly.

“Modernization is a constant state of change and part of the day-to-day business of technology at every agency.” – Cloud Smart Strategy.

Here are the best practices to improve the impact of cloud-based automation.

A Solid Foundation of Automation

With the help of cloud-based systems and their data manipulation, the agencies can enhance the efficiency of their operations. They can touch the glory of innovative brilliance with advanced initiatives such as implementing automation efficiently.

Develop Application Programming Interfaces From the Start

APIs are the future of development since you can connect everything with them. They permit automated backend access to any application, regardless of its age. With the help of APIs on multiple applications, the agencies can create special programmatic software to work with them.

According to research by Garter, around 22% of the national budget is based on Cloud Transformation. While 20.6% of the local Governments’ Expenses are Spent on Cloud

Infrastructure as Code

Another effective practice is using the IAC descriptive model. This method is used by the DevOps team, which sources the code for every project deployment. It also enables the development team to perform production by losing the monitoring of the operations team.

Avoid Creating Silos

Simplicity is the key to success, so it is unnecessary to go overboard and create silos. Previously, organizations had little to no success building and sharing infrastructures among departments. However, with the help of APIs, the agencies can attain a single set of tools for various applications.

Conclusion

When people talk about innovation, their minds divert entirely towards the big picture, like massive systems, architectures, etc. On the contrary, the fundamental aspect of modernization is data and how the different systems utilize them. The transformation can only be successful if the agencies integrate data exceptionally and optimize their operations.

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.

Efficient bookkeeping is essential for the success of any business. Many business owners need to put more good accounting practices in place during the starting phase of the company, which eventually leads to significant losses and often bankruptcy.

It is imperative to have certain bookkeeping practices enforced to ensure that your business is always audit-ready and the financial statements are updated.
Staying prepared is particularly important because if you want to expand your business and need an investor, your updated financial records will be vital to acquiring investor confidence and bringing in more money.

Besides helping score potential investors, efficient bookkeeping also helps file taxes and better manage the cash flow. While you may find professional bookkeepers to hire in-house or professional bookkeeping companies to manage your company’s accounting and bookkeeping functionalities, it is best to have little, if not much, understanding of general bookkeeping practices and why they are essential to your business. 

Mastering Timely Financial Recording

Whether you have an in-house bookkeeper or outsourced the department to a bookkeeping or accounting service, ensure you emphasize timely recording of all financial transactions. Do not let your bookkeeper leave the recording of commerce on the last date. Make sure to record every transaction and all accompanying receipts and invoices are filed. Often, accountants procrastinate data recording and make blunders when compiling financial statements for taxation or audit purposes. Ensure your accountant records data daily and has a short meeting to keep the practice up.

Choosing the Right Accounting Software

There are tons of options available online. Accounting software has evolved over the years from cloud-based storage to multiple integrations. At the same time, you might be reluctant to spend every penny at the start of your business. Sometimes, investing in a superior product from the beginning is best to keep things in line. Accounting software is one such thing.While it is usually not pricey, good accounting software must offer integration, projective functionalities, guided help boxes, essential accounting functions, and risk elimination functions to smooth accounting tasks. If you do not know much about accounting, getting advice from a professional accountant on what software suits your business needs best is best. 

Creating and Adhering to a Conservative Budget

As a business owner, it is essential to be frugal to avoid business losses and keep the cash flow secure. One of the top tips experts give to new business owners is to create a budget with conservative figures, allowing a margin of losses, and what they think is even more important is sticking to that budget. Of course, a conservative budget does not mean compromising the quality of your services or products. Still, it keeps your finances under check and identifies any areas of weaknesses and strengths if you follow the budget duly. 

Importance of Separating Business and Personal Finances

Even if you have the best accounting software and a resolute bookkeeper to help record business transactions, keeping business and personal finances can lead to serious tax issues and put your financial stability at risk. Having separate credit cards, bank accounts, and other credit lines for business and personal use is best. It not only helps to keep your financial statements balanced but also caps your expenses. 

With these tips under your belt, you can easily manage your small business’s financial operations and ensure your company stays afloat without any severe disruptions in the financial statements. 

Conclusion 

In conclusion, efficient bookkeeping is the cornerstone of business success. From timely data recording to savvy software use, conservative budgeting, and separating personal and business finances, these practices pave the way for stability and growth. Embrace these tips to navigate the financial landscape, attract investors, and ensure your small business thrives without disruptions in its financial statements. Stay audit–ready, financially secure, and poised for 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.

The COVID-19 pandemic dealt a severe blow to the American automobile industry, with 2020 marked by unprecedented challenges. Global supply chain and production disruptions sent shockwaves through the sector. Despite a somewhat optimistic outlook towards the end of the year, the industry faced a tumultuous journey into 2023, characterized by resilience and adaptation.

However, as 2023 unfolded, a new set of challenges emerged. Several markets, including the United States, found themselves grappling with prolonged periods of lockdowns, once again impacting auto sales. Even with the cost-cutting measures implemented by original equipment manufacturers (OEMs) in the previous year and the successful rollout of vaccines in the United States, the specter of COVID-19-related risks persisted at alarming levels.

As the auto industry navigates the unpredictable landscape, cautious optimism exists for a rebound in 2024. The hope is that the sector will gradually return to pre-pandemic sales numbers, but uncertainties linger, and the road to recovery remains fraught with challenges.

 The American automotive landscape is poised to witness the continuation of trends already in motion before the pandemic. The momentum in electric vehicle (EV) investment, which gained traction amid the pandemic, is expected to intensify. Automakers will increasingly focus on digital platforms, with technology playing a more significant role in car buying, customer experience, and sustainability.

A commitment to innovation and sustainability will define the year 2024 as automakers strive to meet evolving consumer expectations. The intersection of technology and transportation will create a dynamic landscape, with electric vehicles becoming more mainstream and digital solutions reshaping the entire car-buying experience. In the face of challenges, the American auto industry is poised not only to recover, adapt, and thrive in the changing automotive landscape.

The Electric Revolution

With high global zero extrusion goals, it will be the decade of the EV, and this year is the critical year in the step change. We will see primary OEMs increase or begin promoting EVs overall in their car lineup with various recalibrating and scaling their business models to retail EVs at scale. Both old and new automakers will start many awaited cars in 2024. There are differences between sports cars, such as Audi, Mustang, and many more. Whereas it is improbable this quick rollout will cause the Tesla crown to slip, increasing competitive prices in the industry will similarly knock-on consequences in the upcoming days.

The automobile industry has had an increasing effect on the electronic revolution. Batteries replace fuel and diesel.

 Digital Experience

As customer buying behavior changes and COVID-19-linked restrictions remain at a minimum for the start of 2024, enhanced consumer experience will become critical in 2021. After that, you will make further investments in digital. Internet sales tools and accessories will be enhanced and included in the process. Even though the models behind them will still need to change, they will identify and evolve spaces in the recent customer experience.

Digital leaders such as Daimler presents a single sign-on to streamline the consumer experience for prospective and current consumers. Most automakers are concerned about accelerating their voice-activated and connectivity abilities to enhance the in-vehicle, shopping, and service experience. To do this, they are implementing more than just innovations and technology. Still, they are also creating data platforms to start on the information and make more competent and faster decisions on evolving and evaluating the consumer experience.

Innovation in the automobile industry has now covered the traditional culture of self-driven cars. New technology has been implemented on vehicles. There is no connection to self-driving. It would help if you fixed the destination using a map or Google Maps. The car reaches the designated point safely because of the vehicle mechanism’s sensor chips.

Connectivity

A big concern for automakers in the current year and creating an EV platform will be linked vehicles and how they could give a more rigid and 2024-like experience for increasingly demanding customers. The new research displays that prospects for automobiles pre-fitted with connected tech are now mainstream, with almost all people surveyed demanding at least one linked feature in their upcoming vehicle, with cameras and navigation coming out the top. The car’s look and feel and how it engages and improves customers’ digital lives, building the most brand-loyal customers.

Streamlining

The procedure of streamlining business might differ from the automakers. With a challenging year behind them, and probably also a hard year ahead, they immediately must reduce the difficulty of their business and develop profitability, lessen the number of unlucrative derivatives, reduce their nice-to-have project, and grow the speed of change to make a change. The other outlook is unfavorable.

Bottom Line

Eventually, 2024 will be a particular concern about maintaining the auto market’s future, with connectivity and EVs being the central zone for transformation and growth and targeting operating costs and approaches.

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.

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.