Author: Stephen Huck

Occasionally, we come across a marketing or advertising campaign that exceeds expectations compared to other campaigns in the industry. When viewing these campaigns, they may even be compared to art. Like a musician who defies their genre, marketers must know to push the limits of what they can accomplish with messaging.

Here are innovations and marketing strategies that may be on display in the future.

Virtual Reality (VR)

Today, you can virtually transport yourself anywhere globally, so savvy marketers are starting to take advantage of this technology.

For example, TOMS used virtual reality to take consumers to Peru to provide shoes to anyone in need. TOMS brought its tagline “fashion for a good cause” to life by engaging customers in a genuine experience they could explore. It created a sense of realism in the experience and brand loyalty.

Augmented Reality (AR)

Marketers everywhere have been keenly waiting to get their hands on Augmented Reality. Regarding advertising or marketing, augmented reality technology primarily assists consumers by allowing them to sample various for-sale products or services virtually.

From trying nail polish colors to screening internet design ideas and even exploring plastic surgery results before going under the knife, consumers can assume to see more innovation and interaction in marketing using ARs.

Cultural Relevance

Going viral in today’s technological era is increasingly advantageous to driving high brand engagement. Emerging culturally appropriate marketing techniques are one of the best approaches for a business to garner media buzz and gain recognition.

A brand can stay culturally relevant by playing into what is happening culturally. For example, Procter and Gamble (P&G) launched a Gillette campaign against toxic masculinity only days after the American Psychological Association (APA) proclaimed that “traditional masculinity” is dangerous to society. P&G seized the opportunity for their marketing campaign to be in front of consumers by being culturally relevant, increasing media attention, and maintaining brand recognition.

Phigital Marketing

Phigital marketing is a term that combines physical and digital. Phigital marketing is a recently invented term to denote the addition of newer digital marketing experiences and display marketing techniques.

Many London showrooms use a phigital marketing strategy, engaging users with interactive touch screens. Phigital marketing is a custom-made strategy targeting specific generations, like millennials who have grown up in the digital era, so expect this to be a common and popular marketing trend.

Social Media Artificial Intelligence

There are many Artificial Intelligence (AI) applications in marketing, but they are prevalent in social media. Artificial intelligence can do everything from classifying tweets, assembling consumer vision, and even examining social media patterns to help you capitalize on top topics at the correct time.Social media makes associating clients with their purchasing behavior and increasing their purchasing habits much more comfortable. Social media artificial intelligence can efficiently and quickly combine customer information so that marketers can make strategic decisions. By using AI to determine consumer habits, marketers can use their time efficiently to creatively develop and fulfill marketing strategies.

3D Photos

Different social media platforms like Facebook launched a 3D photo feature at the end of 2018. These pictures are taken with a dual-camera cell phone and joined with a depth map to build a photo. These pictures are also designed to show attractively in a virtual reality headset. Marketers have used this innovation to make technology banner promotion engaging so it appears to jump off the page.

Internet of Things (IoT)

The Internet of Things uses any device that links to the Internet and might be linked to other intra-connected devices. IoT technology permits organizations to accurately see where users are in their purchasing journey, allowing them to learn more about their consumer advertisement success and market accordingly.

 Conclusion

Marketing strategies are the best way to promote your business, and each business can make a unique name in customers’ minds by using innovative marketing strategies.

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.

Many people are passionate about giving back to the community. After all, helping others is the most rewarding thing to do in the world! If you’re considering starting and running a non-profit organization, this blog will tell you the most essential things you need to know. 

The list includes:

• Connecting well with the community beyond your organization.
• Optimizing operational processes.
• Getting the staff, volunteers, and board members on the same page.

Of course, like any other business, you also need to work on your branding. Now, let’s look at how you can run your non-profit organization. 

Internal Operations

Lay a strong foundation for your non-profit organization by:

Deciding on a mission statement

Articulate distinct goals to serve as the guiding principles for your organization’s endeavors. Once your mission and vision are defined, conduct regular annual reviews to assess alignment and ensure ongoing relevance, keeping your organizational compass finely tuned to its intended course.

Selecting the right board of directors

Crafting a board of directors necessitates selecting highly qualified and experienced individuals. Seek those who can fundraise, devise impactful policies, and embody humility, passion, and compassion. Establish a clear code of conduct for board members and conduct annual board meetings for comprehensive reviews of strategies and plans, ensuring ongoing alignment with the organization’s mission and goals.

Hiring the right people

Your team is your greatest asset, so the selection process is paramount. When hiring decisions, prioritize qualities such as passion for your cause, relevant skills, strong work ethic, and collaborative abilities. Provide each team member with a comprehensive written job description for clarity, complemented by an organizational handbook to guide them in aligning their efforts with the broader mission.

External Operations

With internal affairs in order, redirect your attention to external considerations. Key focal points include:

Research

To truly champion the cause you support, delve into comprehensive research to grasp its intricacies. Go beyond the surface by actively tracking and surveying the individuals you serve, ensuring their needs are met with genuine care. Consider engaging a qualified program recipient as a vital link between the beneficiaries and the board members, fostering a deeper understanding and connection with the community you aim to empower.

Manage volunteers

Recognize volunteers’ pivotal role in your organizational workforce by establishing a comprehensive volunteer management strategy. Begin by formulating clear policies that outline their involvement. Thoughtfully seek and assess potential volunteers, ensuring a suitable match for your organization. Upon onboarding, articulate precise job descriptions to set expectations. Strategize ways to foster and sustain motivation, such as expressing gratitude through personalized thank-you cards to acknowledge their invaluable contributions.

Increase visibility

Consider implementing strategic initiatives to enhance your organization’s visibility and attract more donations and volunteers. One practical approach is joining business networking groups, where you can connect with like-minded individuals and businesses that may share an interest in supporting your cause. Hosting annual dinners or events not only serves as an excellent platform to showcase your mission but also provides an opportunity to engage with potential supporters and partners.

Another impactful strategy is reaching out to celebrities and inviting them to become brand ambassadors for your cause. Celebrities often have substantial influence and reach on social media platforms, allowing your organization to reach wider audiences. Their endorsement can lend credibility to your cause and inspire others to get involved.

Creating digital presence

Digital marketing has become a cornerstone for effectively reaching and engaging audiences in today’s landscape. To establish a solid online presence for your non-profit organization, consider the following strategies:

• Develop a compelling website:

Create a user-friendly and visually appealing website that effectively communicates your non-profit’s mission, activities, and impact. A well-designed website is a central hub for information and a platform to showcase your organization’s credibility.

• Leverage social media platforms:

To connect with a diverse audience, utilize popular social media platforms, including Facebook, Twitter, and Instagram. Regularly share updates about your organization’s initiatives, events, and success stories to maintain engagement. Social media platforms also provide a direct line of communication with your supporters.

• Real-time engagement:

Harness the immediacy of digital platforms to engage with your audience in real time. Respond promptly to comments, messages, and inquiries to foster a sense of community and demonstrate your organization’s commitment to transparency and responsiveness.

• Paid advertising:

Consider investing in digital marketing initiatives, such as paid advertisements and sponsored posts on social media platforms. This targeted approach ensures that your content reaches specific demographics or interests, maximizing the impact of your message.

• Analytics and optimization:

Regularly analyze the performance of your digital marketing efforts using analytics tools. Evaluate engagement metrics, website traffic, and the effectiveness of paid campaigns. Use this data to refine your strategies and optimize your online presence continually.

The Bottom Line

Running a non-profit organization can be challenging, but you can make things run smoothly with the right approach. Remember, your primary purpose is to serve people and to do that. You will need to lay the proper foundation for your organization. These tips will help you create the right environment within your non-profit organization and deal with external matters properly. Of course, your strategies should match your specific cause and organization dynamics. Make sure you do proper research before you start a non-profit organization, and keep learning from experience.

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.

Embarking on a family vacation, celebrating a beach graduation, or having a destination wedding all require dedication, beginning with meticulous planning. Even in challenging times, making these dreams come true can be accessible. The key is saying ‘yes’ to travel on a budget by adopting strategic practices that make your journey economically viable. With thoughtful planning, turning your aspirations into reality is possible and an enriching and cost-effective experience.

Strategic Ticket Planning

When preparing for your journey, one of the critical aspects to consider is the purchase of airline tickets. Airfare significantly impacts your overall travel budget, making it essential to approach ticket buying strategically.

Start by dedicating time to a thorough search and price comparison among different airlines. This process is most effective when done well before your intended travel date. Remember that ticket prices tend to increase as the departure date approaches. To capitalize on the best deals, aim to book your tickets between 2 and 6 months before your scheduled departure, sometimes up to a year in advance.

Additionally, consider exploring alternative routes to your destination. While direct flights may seem more convenient, they often come with a higher price tag. On the other hand, flights with layovers may take a bit longer but frequently offer more budget-friendly options. Being flexible with your travel itinerary and considering different routes increases the likelihood of finding more economical ticket prices, ultimately contributing to a more cost-effective and enjoyable travel experience.

Unlocking Budget-Friendly Stays: Beyond Hotels and Resorts

Diversify your lodging options by considering alternatives beyond conventional hotels and resorts. While some still default to these traditional choices, a world of more affordable, secure, and comfortable alternatives awaits.

Hostels, for instance, provide shared accommodations, offering a budget-friendly option for shorter stays. Explore renting rooms or entire properties directly from locals through platforms like Airbnb. It often proves to be more economical and provides an opportunity to experience your destination from a local’s perspective.

For a unique and cost-effective experience, explore shared housing options, allowing you to stay with a resident at minimal or no cost. This practice is based on solidarity and cultural exchange principles, with minimum financial transactions involved. Not only does it help you save money, but it also allows you to connect with locals who can provide valuable insights and recommendations about the destination. By embracing these alternative hosting options, you optimize your travel budget and add a layer of authenticity to your journey.

Mastering Currency Exchange: Timing and Tactics

Navigating the intricacies of currency exchange requires a thoughtful approach to ensure you get the most value for your money. Here’s a breakdown of key considerations:

Strategic planning

When dealing with foreign currency, planning is crucial. Monitor exchange rates in the lead-up to your trip, allowing you to identify opportune moments when the currency’s value is in your favor. This foresight can result in significant savings when you convert your money.

Last-minute tips

In scenarios where your travel plans come together at the eleventh hour, or you secure funds just before departure, a crucial tip is to refrain from exchanging all your money upon arriving in the destination country. Rushed exchanges, often conducted in shops at bus stations or airports, tend to offer less favorable rates. Instead, focus on converting a smaller amount initially and seek out better conditions later.

Beware of tourist hubs

Foreign exchange offices in tourist-heavy areas, such as popular landmarks or transportation hubs, often charge higher prices. To avoid these inflated rates, opt for more reputable foreign exchange offices, preferably those with competitive rates and a track record of fair dealings. It ensures that you maximize the purchasing power of your money without unnecessary costs.

Diversify Your Travel Experience: Optimal Timing and Lesser-Known Destinations

Optimal timing for travel

Understanding the relationship between demand and prices is crucial. Peak travel times, such as during festivals, long holidays, and traditional vacation periods, often increase costs for accommodations, dining, and transportation. To avoid inflated prices, aim to travel during less congested times when demand is lower. This strategic approach can significantly contribute to keeping your overall expenses in check.

 Explore lesser-known destinations

Tourist hotspots like Rio de Janeiro or Paris are undeniably attractive but have a higher price tag due to their popularity. Consider diverting your attention to cities in the interior of a country or less-frequented destinations abroad. These places offer more budget-friendly options and a unique opportunity to explore hidden treasures and experience a destination authentically.

Uncover hidden gems

Venturing beyond the well-trodden tourist paths allows you to discover authentic gems that may be overlooked during peak travel seasons. Smaller cities and off-the-beaten-path locations often provide a more intimate and genuine experience, not to mention potential cost savings. You might immerse yourself in local culture, discover unique attractions, and enjoy a more relaxed and personalized travel experience.

Budget-Friendly Dining Strategies

Smartly managing food expenses during travel involves opting for cost-effective alternatives such as preparing meals instead of dining out consistently. To maximize savings, check if your accommodation provides kitchen access, enabling you to enjoy local flavors while maintaining budget control. Incorporate visits to local supermarkets during city tours, as these establishments often offer more reasonably priced essentials than restaurants.

Additionally, inquire about complimentary meals, particularly breakfast, as many accommodations provide these options. Beyond convenience, leveraging these strategies allocates your travel budget efficiently, ensuring funds for various experiences and activities while immersing yourself in the local culture and flavors.

Explore Affordably: Embracing Free and Public Offerings

Discover the joy of budget-friendly travel by tapping into public services and enjoying complimentary cultural experiences. Opt for cost-effective transportation options like subways and buses over taxis or car rentals. Take advantage of free entry days at museums and parks, aligning your visit with the destination’s calendar. Attend public cultural performances, connect with local artists, and add enriching experiences to your itinerary. Lastly, seek free Wi-Fi hotspots to save on mobile data expenses, particularly during increased roaming charges.

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

As the year draws to a close, our anticipation for unwrapping presents and indulging in festive treats grows. Yet, as a self-employed individual, you know your work for the year still needs to be finished. In fact, for many, the end-of-year period presents a significant opportunity for increased sales—a compelling reason to ensure thorough preparation. The question then becomes: How can you best prepare for this busy and potentially lucrative time?

Decking the Halls: Elevating Holiday Ambiance in Restaurants and Stores

The holiday season brings an abundance of warmth and coziness that permeates every corner. A festive spirit is in the air, whether it’s the festive charm at people’s homes or the meticulous efforts of municipalities and cities in adorning streets with enchanting decorations. Even traders actively contribute to this delightful atmosphere.

For a restaurant, infusing the holiday spirit is as simple as adorning tables with charming Christmas items, serving coffee with Christmas tree-shaped sweets, and adding a touch of winter charm to chalkboards or windows with artistic drawings.

Similarly, a regular store can enhance appeal by offering festive packaging or opting for reusable bags adorned with uplifting Christmas quotes. Visit your nearby wholesaler, and you’ll discover many delightful options to elevate the holiday ambiance!

Festive Gratitude

Many households are already proudly displaying their Christmas trees, and the subtle rustle of the first wrapped presents can be heard. It’s the season when customers turn to you for their holiday needs, and it’s an excellent opportunity to express your gratitude with a thoughtful gift!

Smaller businesses often face constraints when offering incentives—whether it’s the lack of time or concerns about expenses. However, providing gifts for your customers doesn’t have to be daunting. Many suppliers organize Christmas promotions or competitions that you can take advantage of as a business manager. Alternatively, they may offer older collection items at a discounted rate, allowing you to create personalized gifts without breaking the bank.

If those options aren’t available, consider acquiring “pocket” products. For instance, beauty salons could offer small oil bottles in festive packaging, while interior stores might include candle holders. The possibilities are abundant!

If you still need inspiration, consider distributing discount coupons of a specific value that customers can freely redeem in the first months of the New Year. It shows appreciation and entices them to revisit your shop or catering business in the coming year.

Here’s an extra tip: add a personal touch by including a heartfelt message with the gift. It adds an extra layer of warmth to the remembrance of your business!

Enhance Your Sales

Elevate your sales strategy by strategically placing enticing interior items throughout your establishment, inviting customers to make spontaneous purchases. Consider whimsical additions such as playful salt and pepper shakers adorning tables or thoughtfully curated gift packages, available at a promotional price and prominently displayed in the heart of your space. Remember to maximize the potential at your checkout area, where carefully chosen impulse items can add a final touch to customers’ purchases.

Forge Collaborative Alliances: Partner with Another Store

A rising trend in city streets is the emergence of collaborative pop-up shops featuring products from two or more independent businesses that complement each other. Consider exploring the possibility of forming a partnership with a fellow business nearby. For instance, a liquor store could seamlessly join a bookstore, creating an enticing combination of spirits and recipe books for a beautifully curated gift. Embrace the synergy of shared spaces and complementary offerings to elevate the shopping experience for your customers.

Envelop Your Online Presence in a Winter Wonderland

Beyond adorning your physical space with festive decorations, extend the warmth of the holiday season to your digital realm. Consider sharing content that adds value to your online followers:

Behind-the-scenes moments

• Share glimpses behind the scenes, whether it’s capturing the enchanting setup of your Christmas tree with a unique twist, showcasing artistic chalkboard drawings, or presenting your team donning festive smiles in ugly Christmas sweaters on December 21st—Ugly Christmas Sweater Day. This personalized communication resonates well with your local audience, fostering a deeper connection with your followers.

Useful tips

• Tailor your content to your expertise. Share party recipes if you’re a chef, delightful Christmas nail patterns if you’re a nail technician, or offer gift-wrapping tips in retail. Providing practical advice engages your audience and positions your brand as a helpful resource during the holiday season.

Trends and 2024 highlights

• Create anticipation by curating a list of must-not-miss trends and new products in 2024 related to your industry. For instance, if you’re in catering, share insights into the latest catering trends for the upcoming year. It positions your business as forward-thinking and keeps your audience informed.

Changes in services

• If your business changes in opening hours, delivery services, or operations during the festive period, communicate this vital information to your customers. Repeat these updates throughout December to ensure your audience is well-informed and can plan accordingly.

By enveloping your website and social media in a winter jacket of engaging and relevant content, you enhance your online presence and create a memorable and festive experience for your followers.

Conclusion 

These are our insights and recommendations to make the most of the holiday season. We trust they’ve sparked inspiration for alternative approaches. We wish you abundant success in advance! Here’s to enhanced sales—ching!

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 institutions, investment bankers, and stakeholders often resort to the Five Cs of Credit Analysis to approve or disapprove a business loan. These 5 Cs are a testimony of the borrower’s credit records as well as reliability. While the 5 Cs are not officially endorsed by any international body or regarded as a prerequisite for approving loans or investments, lenders usually use them to decide whether to commission a loan for the said individual. 

These 5 Cs include capacity, capital, conditions, character, and collateral. These account for the overall cash flow situation, projected figures, invested capital, total value of company assets, and the borrower’s previous credit history. These parameters help determine an individual’s or business’s creditworthiness and help investors and lenders make a learned decision when it comes to giving loans or investing a generous sum of money in any industry.

In this article, we will explore the 5 Cs of credit analysis and how each one plays a crucial role in the credit analysis of a business or individual. 

Capacity

Capacity accounts for the business’s cash flow statements. For an investor to approve loans, there must be cash-flow statements from the past and present and those based on future projections. These cash flow statements provide a clear insight into the business performance in recent history, areas of strength and weaknesses, and the potential for growth in the coming years. Investors and lenders usually require a cash-flow projection of at least three years to lend money to the business. It is essential to have updated financial statements, including cash flow, income, and balance sheets, to convince lenders of your business capacity.

Capital

Capital accounts for the total amount of personal investment, earnings retained, and any other controlled assets under the business owner’s name. The capital is primarily viewed as an alternate source of making money, either by liquidating these assets if necessary or using them as guarantees. Usually, banks measure the capital as a percentage of the total investment cost. It is more of the lender’s security: the higher the capital, the higher the chances for banks to sanction the loan. 

Conditions

Conditions refer to the requirements of the loan sanctioned itself. They account for economic fluctuation, changes in currency rates, deflation and inflation, and any other factors contributing to the loan deal’s monetary aspects. In addition to these economically dependent conditions, lenders consider interest rates, repayment schedules, and span, as well as principal amounts. The requirements make a formal part of the agreement once the loan is approved. 

Character

Character accounts for the borrower’s previous credit history and record with loans, debts, and payments. The surface reflects the borrower’s reputation in financial dealings and speaks for reliability and honesty. This assessment can be both qualitative and quantitative. In quantitative measures, the character can conveniently decide the repayment schedule promised in previous credit records and credit history score through third-party analysis. Qualitatively, this includes the borrower’s connections and reputation among the business circles. Banks put more weight on the previous credit history and character. If the borrower has filed for bankruptcy or cannot make repayments as per the schedule, he is less likely to get the loan sanctioned from the bank. 

Collateral

Collateral includes any personal guarantees or assets nominated by the borrower in the deal. You can consist of savings or any other investments for individuals. For businesses, collateral includes equipment or assets owned within the premises and any receivable payments in the business accounts. The ease of liquidation by banks usually measures collateral.

Conclusion

In conclusion, understanding the “Five Cs” of credit analysis is paramount for businesses seeking loans or investments. Capacity, examining cash flow, is crucial for showcasing business performance and growth potential. Capital, reflecting personal investment and controlled assets, serves as security for lenders. Conditions encompass economic factors and loan terms, shaping the loan agreement. Based on credit history and reputation, character influences the lender’s trust. Collateral, involving personal guarantees or business assets, determines the ease of liquidation. Each ‘C’ plays a vital role, collectively shaping the creditworthiness assessment and empowering investors and lenders to make informed decisions in the financial 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.

Accounting Functions for Non-Profit Organizations

Non-profit organizations are for the welfare of the people. People hardly do business out of non-profits, and there is never really a service and profit margin at play. If all that makes you think you will not have to deal with spreadsheets and general ledgers while running a non-profit, you are mistaken.

A proper accounting department is necessary for any organization, be it a non-profit or a for-profit one. Meanwhile, for most for-profit businesses, accounting functionalities may be similar. The non-profit is an entirely different ball game as it involves a lot of funds, grants, scholarships, procurement and distribution of funds, and the regular running of operations. 

Here is a guide on how to set up accounting functions for non-profit organizations from scratch. 

 Accounting Solutions

There are tons of non-profit organizations. You should select one that offers functionalities best suited for a non-profit organization. Some of the best software for non-profits include QuickBooks and Money Minder. If you need clarification on accounting software, use detailed Excel spreadsheets suited for non-profits (templates are readily available online). Alternatively, to save yourself from all the hassle, you could outsource the bookkeeping task to a company specializing in non-profit bookkeeping. Whatever you choose, ensure that you can record all donations and disbursements and keep track of payroll, petty cash, and administrative expenses. 

Facilitate Fund Accounting

Since non-profits usually deal with many incoming donations and grants, scholarships, and funds, it is best to have an accounting solution to facilitate fund accounting. Since the disbursement of money for specific causes must comply with government laws and regulations, it is best to keep pools of cash dedicated for varying purposes in different bank accounts to better account for taxation and disbursement.

Separate Accounts

It is the golden rule of accounting. Be it a business or a non-profit organization, never mingle your bank account with your business or non-profit one. Keep a single account for all the incoming donations and disburse donations for various causes to different secondary accounts from this one. Second accounts help keep the cash flow managed and make tracking contributions dedicated to a particular cause quickly. 

Effective Reconciliation

With multiple accounts and thousands of incoming donations and disbursements, it is essential to have a system that allows you to reconcile all your banking statements. Reconcile the bank statements and ensure the money matches all the incoming donations and disbursements combined. You can do this by comparing all your transactions in the bank statement with your accounting books. If your operations also include purchasing goods, you should use purchase orders to track all your purchases appropriately. Pro tip: Reconcile your books regularly out of practice instead of leaving them for the last minute. 

Recording In-Kind Donations

Small non-profits ignore this, but it is imperative and mandatory as per the law. In-kind donations are services attributed to the organizations by independent individuals. Take the case of a therapist who offers 8 hours of voluntary sessions for an organization for orphaned children. If the therapist usually charges $100/hour, the in-kind donation will be recorded as $3,200/month and disbursed on the books as the therapist’s fee. This in-kind donation is per the IRS laws, but both parties can mutually agree upon anything below $5,000.

Budgeting

Like any regular organization, budgeting is crucial to a non-profit. Create a budget that outlines the sources of income for the fiscal year. Lay down the projects underway and specify the budget for each project. Add operational expenses, such as payroll, coordination, utilities, administrative costs, etc., to the budget. While doing all of this, make sure you use conservative figures to alter the budget later if ever needed. 

Conclusion 

In conclusion, setting up practical accounting functions for a non-profit organization is essential to ensure transparency, compliance with regulations, and responsible financial management. Despite the generous nature of non-profits, the intricate handling of funds, grants, scholarships, and day-to-day operations requires a solid accounting system. Choosing suitable software or outsourcing to specialized bookkeeping services, adopting fund accounting practices, and maintaining separation between personal and organizational bank accounts are critical steps.

Implementing these tips provides a solid foundation for sound financial practices in a non-profit, aligning with the organization’s commitment to making a positive impact while ensuring fiscal responsibility and accountability.

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 Business Accounting Tools to Help You Manage Your Finances

Many small business owners face the challenge of managing their accounts properly and efficiently, as they usually lack information about fundamental accounting principles. This software acts as a time-saving and easy-to-use tool to make bookkeeping trouble-free.

Using accounting tools in a business will help you focus on other essential things to keep it relatively hassle-free. Accounting tools manage a business’s cash flow and invoices and create balance sheets and income statements. As the business will not need a bookkeeper anymore, it will save costs in the industry in the long term as the software is only a one-time investment.
The accounting tools will also decrease the chances of incorrect balances. Accounting tools make tax filing more convenient as they keep all the proportions and invoices to make the calculation effortless. Access to the accounts is also more suitable for the owners as it will be available out of business premises. 

Investing in accounting software is incredibly beneficial for the business to manage its finances smoothly. 

Here are some of the best accounting tools to consider for your business:

Wave Financial 

Wave Financial is a software company offering free financial services tailored for small businesses, presenting a compelling alternative to paid software. This platform eliminates the financial burden associated with traditional paid software options. It efficiently handles crucial tasks such as invoicing, expense tracking, and overall financial management. With Wave Financial, businesses can access essential financial tools without incurring additional costs, making it an attractive and cost-effective solution for small enterprises.

Sage Group 

The Sage Group stands out as a top-tier software solution for small businesses. Renowned for its excellence, Sage facilitates the creation and tracking of invoices, efficiently manages company cash flow, and meticulously records both inflows and outflows of finances. This comprehensive software goes beyond basic functionalities by providing a convenient feature for making payments directly through the platform. Additionally, Sage excels in handling intricate financial systems, making it a reliable and robust choice for businesses seeking advanced financial management capabilities.

FreshBooks

FreshBooks, initially conceived as an invoice and expenses tracker, has evolved into a comprehensive software solution tailored for Small and Medium Enterprises (SMEs). Beyond its origins, FreshBooks now encompasses advanced features such as creating cash flows, seamlessly integrating with bank accounts, and handling intricate financial tasks like payroll processing and business payments. It makes FreshBooks a versatile and robust tool, offering SMEs a holistic solution for effective accounts management and financial operations.

QuickBooks Online

QuickBooks Online is a widely acclaimed and highly regarded accounting software. Renowned for its versatility, it excels in handling various functions and tasks. QuickBooks Online is a comprehensive accountant for businesses, allowing users to concentrate on tasks beyond accounting. Its user-friendly interface makes it accessible for individuals with limited accounting knowledge while providing robust features for professional accountants. Additionally, QuickBooks Online offers seamless synchronization with business credit cards, ensuring that financial records remain up-to-date and accurate. This feature-rich software is a valuable asset for businesses of all sizes.

Xero

Xero, a formidable competitor in the accounting software realm, provides extensive features, from invoice tracking to payment processing and payroll management. Xero stands out for its user flexibility, allowing multiple staff members to access the software at no additional cost. The platform continues to enhance its functionality, ensuring smooth and efficient software operation. This commitment to improvement positions Xero as a versatile and user-friendly solution for businesses, accommodating various accounting and financial management needs.

Gusto Payroll

Gusto Payroll is distinguished by its core capability to calculate staff payroll efficiently. Beyond payroll processing, Gusto Payroll offers additional features, including employee benefits and financial perks. It also provides tools for time tracking and assists in setting up HR processes. This comprehensive suite of functionalities positions Gusto Payroll as a valuable resource for businesses, streamlining payroll management while extending support to various aspects of human resources and employee benefits.

OneUp

OneUp adopts a user-centric pricing strategy, charging users based on the number of people utilizing the software rather than the number of features. This approach makes OneUp an affordable choice for start-up businesses, positioning it as scalable and adaptable to a company’s growth. Particularly well-suited for sole traders and new small businesses, OneUp aims to provide a cost-effective and flexible solution that aligns with the evolving needs of businesses as they expand and develop.

ZipBooks 

ZipBooks is an excellent choice for individuals seeking precise time tracking and record-keeping for invoicing purposes. Notably, the timer feature is prominently displayed on the dashboard, enabling users to efficiently track hours, take notes, and manage timers seamlessly. ZipBooks also offers a convenient record of invoices, complete with payment links for client transactions. The availability of a free plan allows users to explore and evaluate the software before committing, making it a flexible and user-friendly option for those looking to manage their records and billing processes effectively.

Conclusion 

Business software or accounting tools are significant time-saving and cost-saving investments for small businesses that cannot afford a professional accountant with a proprietor who does not have enough knowledge to manage the business’s finances. It is essential to consider all the options of accounting tools to choose the best-suited software for your firm to avoid overspending. Determine what type of software complements your managing accounts to prevent confusion in the operations and bookkeeping.

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.

While often considered tedious, paying taxes is a fundamental responsibility with critical implications. Failure to comply can result in severe consequences. Fortunately, the Internal Revenue Service (IRS) has recognized that a significant portion of taxpayers, precisely 70 percent, are eligible to file federal taxes without incurring any costs. This initiative aims to alleviate the financial burden on a substantial portion of the population, promoting compliance and ensuring that individuals can fulfill their tax obligations without unnecessary financial strain. This acknowledgment by the IRS underscores the importance of providing accessible avenues for taxpayers to perform their duties while emphasizing the potential dangers of neglecting this essential task in the long term.

Here is a comprehensive list of options you can explore to file your taxes for free:

IRS Paper Forms

Out of all the options, filling out the IRS paper tax form and filing it by mail is the simplest. And while the documents and filing are free, the individual still has to pay the stamp price. You can find the suitable tax filing form on the IRS website, in libraries, or at post offices. 

IRS Free File Fillable Forms

Individuals who do their taxes but prefer to avoid working on paper can utilize free–file fillable forms. People can approach these forms through the IRS website. It also shows up with simple guidelines, and as a plus point, there are no limitations to the income of the individuals. 

TurboTax

One way to file federal and state return taxes is through TurboTax’s Federal Free Edition software, in which state tax returns may cost extra to individuals. The individual is supposed to upload the W-2 as a file or photo, and the TurboTax software will fill in the appropriate fields mechanically. TurboTax asks questions to get the return and sends an electronic file. TurboTax is available through Free File Alliance and can electronically file state and federal tax returns for eligible taxpayers for free. Moreover, the TurboTax online help center is accessible to answer queries 24/7. 

H&R Block Free File

You can use H&R Block to file free e-file taxes online. Individuals can file their taxes for federal and state tax returns for free. The H&R Block’s filing process sends the completed return to the Internal Revenue Service. The H&R Block is free for the first time if you utilize it to understand the working process of the software. It is comprehensive in filing the taxes.

eSmart Tax

eSmart Tax provides a simple yet free version for tax returns with free chat support with their experts. Individuals can easily construct their rivals’ W-2 and last year’s tax returns. The individuals can also file last-minute amendments if they want to alter them.

TaxSlayer

TaxSlayer offers systematic guidelines for filing taxes for federal returns for free. Individuals are provided W-2s and can import their PDFs. The state return will cost some money even though the filing is free. It works on all devices and has free email and phone support. 

FileYourTaxes.Com

With the Free File Alliance, FileYourTaxes.com provides free federal returns. FileYourTaxes.com offers filings in the payroll tax, information return, business tax, etc. The simple tax return forms are free, but customer support restricts the questions and answers on the web page. 

FreeTaxUSA’s Software 

The software of FreeTaxUSA offers free-of-cost federal tax returns and assists in small businesses, itemized deductions, rental property, and investments. Free customer service is accessible to the free tax filers. However, audit assistance amended returns and priority support for those who have paid for the upgraded version. 

Jackson Hewitt 

The free version of Jackson Hewitt offers several levels of tax software, including federal and state tax returns. Jackson Hewitt does not necessitate a precise income; however, their free subscription only supports the more straightforward tax return, which comprises interest income, a W-2, and all unemployment income. The upgraded version you must buy includes self-employment, dependents, student loan interest, and numerous extra circumstances.  

1040.com

The free version of 1040.com is available from the IRS website, which assists with more complex returns and comes with stricter requests. 1040.com provides tax preparations through an interview and an automatic state return. The simple federal taxes are filed for free, and to qualify, the individual will have to state that there are no dependents. 

Conclusion

In conclusion, paying taxes is essential; it is a responsibility with far-reaching consequences for those who fail to comply. The Internal Revenue Service (IRS) recognizes the significance of this obligation and has made strides to assist taxpayers by providing free filing options.

Ultimately, this comprehensive guide highlights the importance of tax compliance and emphasizes the dangers of neglecting this essential task in the long term. By providing accessible and cost-free filing options, the IRS encourages taxpayers to fulfill their duties and navigate the tax filing process easily.

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

What is Supply Chain Analysis? 

Before we look at how and why Supply Chain Analysis improves a business, it is essential to understand what a Supply Chain Analysis is.

Supply Chain Analysis is the structured process by which one can observe every step of a business’s supply chain, from the acquisition of raw materials to the production of tangible goods and services, all the way to delivery to the end consumer. 

What Purpose Does It Serve?

Supply chain analysis plays a vital role in any business; by observing the processes involved in a business’s supply chain, business managers and owners can assess flaws, take the necessary measures to correct them, and find ways to improve the supply chain process. 

A Modern-Day Success Story

Walmart is the best example of a company that rose to greatness primarily by improving its supply chain. When the company was not doing well, they took the time to understand what could be improved in their supply chain process and took the necessary measures.

How did they do this? By removing redundant and unnecessary steps from their supply chain and innovating vendor-managed inventories by building collaborative partnerships with vendors to foster better and faster communication. Lastly, they took advantage of new and improved technologies to make supply chain processes more efficient.

Customer Service

Customer service is the heart and soul of nearly any business. An efficient and well-structured supply chain can improve customer service by decreasing response time in answering a customer’s queries and helping them solve any problem they may face. The best supply-focused businesses operate with high-priority customer service in mind. 

An efficient supply chain can shorten the time it takes for a business’s products and services to reach the market and shorten the time it takes for deliveries to acquire paying customers. It can even prevent inventory shortages and improve the overall quality of products and services. 

Cost-Effectiveness 

A business must operate with cost in mind to be successful for long periods. The most efficient companies produce the best products and services at the lowest possible price. A well-structured supply chain can help cut out unnecessary and cost-ineffective steps in the supply process, thus saving money. Supply chain analysis can improve a business’s cost-effectiveness in terms of transport, procurement, inventory, and waste. 

Third-Party Partners

Most businesses depend on third–party vendors and suppliers to provide the raw materials they produce finished goods or conduct services. The major caveat here is that it is impossible to guarantee the efficiency or quality of another business. It is where a supply chain can start to fall apart. 

Businesses must work closely with their suppliers and maintain long-term positive relationships. Uncertainty can threaten the efficiency and integrity of your business’s supply chain, but collaboration can go a long way in mitigating such threats. 

Customers do not usually consider the various moving parts involved in the supply chain of your business. To them, there is only the business. The most successful companies are those that remain conscious of this fact. Rather than struggle against the customer’s perception, they strive to live up to it by ensuring the same quality standard across every step in the company’s supply process. It is only made possible by a systematic and well-executed supply chain analysis. 

Corporate Responsibility & Ethics

In recent years, more and more companies have become ethically conscious and aware of the more significant obligation their organization has not just to its shareholders and consumers but to the world. This new corporate responsibility and ethics trend has made it more critical than ever for businesses to be aware of every step in their supply chain. A careful supply chain analysis helps companies abolish unethical and socially irresponsible practices from their overall business model. 

A Brand-New World

The global economy is constantly evolving. As newer technologies enter the market, businesses find unique ways to innovate. Such innovation will always play a role in influencing a business’ supply chain. Today, information and physical products can be transported worldwide faster than anyone would have conceived 50 years ago. It is just one example of how supply chains have evolved. As technology changes, businesses need to adapt as well. Supply chain analysis can help keep enterprises future-focused and always looking ahead. 

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.

Strategic Challenges Faced by Small and Medium-Sized Enterprises 

While starting your own business might be all that motivating and progressive, it comes with its fair share of challenges that can often turn into an entrepreneur’s biggest fright, primarily when you begin to consider the impending hurdles. Managing and leading a successful business along this way can be the scariest part. The initial years of a small enterprise can be crucial, and most of them fail to withstand them and succumb to the dynamically evolving and demanding industry. However, the most dedicated ones are wise enough to manage every aspect, from marketing campaigns, employees, admin, accounts, and, most essentially, ensuring they take advantage of all leads.

Every startup requires a little time to pick up the pace with other successful enterprises; undoubtedly, they face many challenges along the way. These challenges for SMEs can be various, as they often face troubles that more prominent organizations are immune to. Here is a list of strategic problems SMEs might face in the budding years.

Funding Errors

Every entrepreneur prioritizes budgeting for a business before considering anything else. Unfortunately, SMEs get to face considerable obstacles in designing a systematic budget. Whether for business purposes or personal references, having enough cash in reserve to cover the expenses is necessary. That is why SMEs initiate with the founders working on a job and building a business simultaneously. While this split focus makes it harder for a company to grow, running out of cash has the same effect.

Client Dependency

If your business is dependent on a single client for more than half of your income, you are more likely to be an independent contractor than an entrepreneur. Unfortunately, this can result in a long-term hindrance because you might act as a sub-contractor for a giant corporation even if you have a professional work staff. In such a situation, a company must diversify its client base for the healthy growth of its business; however, when a client pays well and timely, it might be impossible to ignore them.

State of Fatigue

Fresh entrepreneurs work for hours constantly to make their businesses successful. This work arrangement makes their schedule stressful and tiresome. The fear of lagging with competitors does not let them stay away from work to recharge.

The state of fatigue can lead to complex decision-making, including abandoning the business utterly.

Balancing Growth and Quality

Whether a product or a service, a business must sacrifice to scale up to some extent. Something you might have to let go of is not being able to manage every client’s relationship personally or not examining every widget. Unfortunately, many SMEs fail to maintain the quality of their products and services. A substantial middle ground exists between unhealthy obsession and shoddy work with growth and quality. The business owner must navigate the business’s processes toward a sacrifice that permits development without hurting the brand.

Absence of Social Media

SMEs face another impactful challenge: their absence or inactivity on social media platforms. Whether they have a website, there is still much more to do. Over time, social media has proven to be a versatile tool in assisting in maximizing brand exposure.

A strong online presence means companies can engage with a broader audience, enhancing profits. Indeed, it is a great way to inform the public about all your latest products and services.

Avoiding Burnout

If you are a workaholic, you probably want to manage everything by yourself as you know your product and services better than anyone else. However, you will not be able to handle everything alone, which will surely cost you some points.

Often, stress and work depression make you quit everything utterly, and you cannot concentrate on the ongoing projects. It would be great to distribute your tasks among the most reliable staff members, or you can lend a professional hand for temporary help.

The issues SMEs face are considerable, and one of the worst things a businessperson can do is start a company without considering the obstacles ahead. We have tried to develop effective ways to make these challenges effortless, but there is no way to avoid them.

Conclusion 

In conclusion, the journey of small and medium–sized enterprises is fraught with challenges, from funding errors to client dependency and burnout. Navigating these hurdles requires strategic planning and resilience. While each obstacle presents its complexities, addressing them head-on is crucial for the sustained success of SMEs in the dynamic business 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.