A grocery store sells perishable and non-perishable products to individual customers or the general public in bulk. At a retail store, customers have the freedom to choose their own desired products for household consumption. This freedom means that the power lies in customers’ hands and that whatever they have planned to purchase for the month is at their disposal.

However, store owners use different secret tactics to lift their sales by luring customers towards unwanted products through various discounts or value-added offers. These offers help retail store owners maximize their profits or boost their sales volume and profitability. On the contrary, there are ways in which you can save time and money and help increase foot traffic in the store.

Grocery Store— the Growing Retail Industry in a Single Snapshot!

Groceries are an unavoidable expense! They eat up a large portion of our monthly paycheck, leaving us no money by the end of the month. According to the Bureau of Labor, statistics report that food is the third-largest household expense after house rent and utility bills. Retail or a grocery store business is one of the safest and highly profitable companies in the world. It offers a wide range of opportunities and positive returns to people, which encourages them to step into this industry without overthinking. No matter how sharp retail owners may be in implementing practical tactics to draw visitors and engage them in impulse buying, there are ways to save time and money at the grocery store.

It is a human tendency to fall for attractive and well-displayed products on the shelves. Even the most organized shoppers fall prey to flashy discount offers or distractions in a grocery or retail store. These offers drag them into buying more and more, and they usually leave the store with at least a dozen more items than planned.

8 Tips that can help Save Time and Money at the Grocery Store

Don’t Shop During Peak Hours

Shopping hours or time play an essential role in your grocery shopping experience. In peak hours, you may be in a rush and end up buying more than planned and vice versa. Shoppers who choose to shop during non-peak hours are more productive than those who shop during peak hours. They have more time searching and sorting the exact product they want without distraction, which will save time and money at the grocery store. So, to remain time and cost-effective, try picking a less popular time for shopping.

Go Alone

According to a study concluded by one of the top marketing science institutes, people end up buying more when accompanied by someone. It further revealed that nearly 70% of shoppers engage in impulse buying when a group influences them. This influence signifies that it is better to go shopping alone so that you are more likely only to buy those truly needed products.

Make a Budget

A monthly grocery budget may be considered a necessary evil. It helps you save a lot of time and money. Different marketing experts have argued and recommended that shoppers not to go shopping without a budget or a plan. With so many items to choose from, without a plan, you will probably end up buying unwanted products, which would ultimately exceed your budget limit. So, to stay within the budget and save time and money at the grocery store, you must strictly follow the list and stick with the allocated budget.

Don’t Shop with Empty Bellies

Don’t forget to eat correctly before indulging in any purchasing because an empty belly often finds everything attractive. Shopping with an empty stomach will encourage you to buy more, which may be hard on your budget.

Shop in Familiar Retail Stores

It’s a better shop in stores with which you are familiar. This familiarity allows you to save a lot of time and energy. You will know every section of the store beforehand, which would enable you to buy products in quick succession.

Be Wary of Cart Size

You may not be aware of it, but, yes, the size of your cart can make you buy more products. Some grocery stores use this secret tactic to manipulate customers and encourage them to buy more. According to a study, nearly 80% of shoppers don’t notice their cart size and end up buying more than planned. If you expect to save time and money at the grocery store, then you should pay attention to the cart size and focus on items that are on your grocery list only.

Don’t Shop at Eye Level

Store owners strategically place products at eye level to draw the attention of shoppers. Usually, the items displayed at eye level along with discounts or value-added offers sell to clear out stock or inventory. You need to stay vigilant and careful throughout your visit to the store.

Get in The Fastest Exit or Checkout Line

To save time and money at the grocery store, you need to get in the fastest checkout line. Checking out is the point where time-effectiveness and cost-effectiveness make a difference. Get in the checkout line that has little or no traffic.

Summary

Making a monthly budget is essential if you expect to save time and money at the grocery store. Moreover, a monthly budget will restrict you from buying unwanted products, which means you will not get distracted and stick with the grocery list. Optimal use of time and resources defines whether or not you are sincere with your monthly paycheck.

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.

All retailers need a pricing strategy for their retail products, however, for many inexperienced retailers, this can prove to be a tiresome task. After thorough research and trials, you may be able to set an optimum price. High prices will give you higher profit margins but can affect your sales. Similarly, low prices can boost your sales but you may not make enough money to balance it out. So, the dilemma is to find that perfect middle spot for profitably pricing your products.

There is no right or wrong way to pricing and, depending on your business model and type of product, you will need to set a pricing strategy accordingly. The two basic factors that you must incorporate into your pricing are the cost of goods and operating expenses. The cost of goods includes any cost that you bear while acquiring or manufacturing the product plus any additional shipping costs. Operating costs are associated with your payrolls, marketing costs, and other overhead costs.

Strategies to Price your Retail Products

MSRP

The ‘manufacturer suggested retail price’ is exactly what the name suggests. The manufacturer of a product sets a standardized price for multiple retailers. The bargaining power of the manufacturer and exclusivity of the product are the two main factors in setting up the price. Retailers now need not worry about profitably pricing their products as the prices are already set by the manufacturer, saving them a lot of nuisance. However, it is hard to sustain an advantage over your competitors using the MSRP pricing strategy.

Dynamic Pricing

A dynamic pricing for your products means that you will need to alter the prices depending on the current market conditions. This type of pricing can be beneficial for you, however, you will need to monitor the market very closely and make accurate predictions constantly. Airlines often opt for a dynamic pricing strategy as it is most optimum for their business model. This allows you to meet real-time customer expectations, however, monitoring the market and correctly predicting it is a tough job and can easily go wrong.

Mark-up Pricing

Mark-up pricing is calculated by adding a definitive profit margin to the cost of retail products. Ensure to keep the mark-up high enough to cover any price reductions, discounts, or other scenarios. It is one of the simplest pricing strategies and can be used variably for each product line. This is one of the preferred pricing strategies for retailers as you can set the mark-up at a point that’s optimum for you.

Competitive Pricing

Because of the availability of so many options to consumers, they are willing to search the market for the best price. Profitably pricing your products can be challenging in such a competitive market as you have the option to either set your product below or above the competition prevailing in the market.

A below competitor pricing strategy would work best if the retailer is able to negotiate the prices with the manufacturer and is able to reduce the cost. For retail products that are priced above the competition, the retail location must be exclusive and the product quality should be exceptional. Also, the customer service should justify the high pricing and customers should be able to associate a higher value with your products.

Psychological Pricing

Have you ever wondered why stores charge $99.90 instead of $100? This is referred to as psychological pricing as consumers are more likely to buy a product in which the price ends with a 9, 7 or even 3. These numbers have proved to appeal the audience as the tendency is to round down the price to $99 instead of rounding it up.

However, psychological pricing does not work well with high-end products as it gives away a cheaper perception. Psychological pricing is a useful way of profitably pricing your products and keeping your customer satisfied at the same time.

Discount Pricing

There is no doubt in the fact that everyone loves sales and discounts. Sometimes the situation demands you to opt for a discount pricing strategy. Seasonal discount offers are quite prominent as consumers are able to buy products at a discounted price and retailers are able to offload the inventory. A large number of customers are attracted to the store when you have put the stock on sale. However, sales and discounts should only be used occasionally as it can give away a bad reputation for your business. You can be labeled as a bargain retailer and people would not shop at your store otherwise.

Anchor Pricing

This pricing strategy for retail products also tends to be more psychological in nature. Both the original and the sale price of the product are listed together for the customer to make a comparison. The original price serves as an anchor for the sale price and customers perceive to have found a great deal. Another tactic is to place a higher priced item next to a cheaper one to attain customer’s attention.

A higher original price compared to the sale price is more likely to result in a sale, however, if the price seems unrealistic and the customer finds out, there is a probability that the situation can turn bad for you.

Conclusion

There is never one perfect approach to pricing retail products and it is recommended that you revisit your pricing strategy from time to time in order to stay germane.

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

A home mortgage refinance can be challenging, especially for beginner lenders with strict policies and lengthy approval processes. These factors make it even more difficult to request a loan.

The founder and CEO of LoanDepot.com, Anthony Hsieh, says, “Homeowners today need to be triathletes to qualify for a loan, with great income, great credit, and great value in their home.”

Before refinance your home mortgage, ask yourself the following six questions.

Do I have equity in my home?

Homeowners should ideally have 20% equity in their home to sign up for a loan request without paying private mortgage insurance.  

It may poorly affect any potential benefits of refinancing and may result in homeowners owing more than the actual cost of their house. Vice President of Home Savings for W.J. Bradley Mortgage, Mr. Roy Meshel, says that refinancing without sufficient equity only depreciates the value of a house. Another factor that impacts qualifying for the loan is the borrower’s credit score. It would help to have a healthy borrower credit score to qualify for a refinance loan.

What are my financial goals?

Most homeowners opt for refinancing to reduce their monthly installments. A good mortgage calculator may guide you in deciding on your installment plan and reduce your interest amounts. Patrick Cunningham, vice president of Home Savings & Trust Mortgage, says, “Some people are restructuring their loans to a 20-, 15- or 10-year mortgage, which works well for people with plenty of disposable income, but I worry that people are too focused on paying off their mortgage and not integrating this decision with their overall financial plan.”

What are the terms of my current loan?

When refinancing your home, another important question you must ask is about the terms and conditions of your current loan. Regarding these details, the interest rate and its fluctuation are among homeowners’ most significant financial concerns. Borrowers should stick to fixed-rate loans rather than variable rates. Cunningham explains that some borrowers can benefit by choosing the current ARM.

How long do I have to stay in this home?

While asking to refinance your home, you must be specific about the time you plan to spend in your home. Mortgage professionals, in general, inform the borrowers that a refinance may cost them 3 to 6 percent more than the actual cost. Cunningham makes it simpler for borrowers to understand by explaining that the break-even tends to happen at 15 months, so if you plan on staying in your home for the next five or more years, refinancing is a viable option. However, avoid refinancing if you plan to leave in the next two years.

Am I sufficient with my credit score?

The borrower’s credit score is an essential factor that plays a vital role in getting a reasonable mortgage rate. For any mortgage, it is necessary to have a good credit score because without it, qualifying for a mortgage becomes more troublesome. Ideally, borrowers should have a score of 720 or more. Any credit score under 620 may cause hassles when getting approved for a mortgage.

Do I have a second mortgage or line of credit?

Getting a second loan may cause the borrower additional stress. This loan comes with added complexity, and borrowers may lose track of payment schedules. Cunningham explains this by saying borrowers can pay off the first loan and then enter into the second one. They can also combine both loans by making them into one large loan. It enables the borrower to record their payment schedules better to avoid troubles.

Conclusion

In conclusion, a home mortgage refinance is a financial decision that requires careful consideration and a clear understanding of your current situation and long-term goals. It’s essential to assess your home equity, financial objectives, current loan terms, expected duration in the home, credit score, and any existing second mortgages or lines of credit. Refinancing can provide significant benefits, such as lower monthly payments or shorter loan terms, but making informed choices is crucial to maximize its advantages. By asking yourself these six critical questions, you can navigate the complexities of a mortgage refinance and make a decision that aligns with your financial well-being and homeownership plans.

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.

Budgeting is like following a rigid dieting plan: It seems you cannot escape the unbearable feelings of restriction and deprivation, but you manage to do it anyway as you know you are doing a right thing. In either case, finding a perfect formula that fits your unique situation and financial circumstances is somehow a tough job and proves tougher still to stick with it.

In addition, with all of the needs and requirements of running a house, young families often find it hard to spare some time for household budget preparation – especially when the funds left at the end of the month are less than their needs. You must take budgeting seriously as it is the only way to control your finances; or, they will control you.

Know How You Spend

Knowing where your earnings are going is one of the most important budgeting steps, without which you cannot even figure out from where to start. Although you may be conscious of your larger transactions like utilities and mortgage payments, you need to estimate what you spend on variable items like clothing and groceries.

To understand your spending patterns, track each of your purchases for the next thirty days. There are plenty of online tools like Mint that can help young families record even their smallest purchases, such as candies or filling the parking meter and, over time, give them a comprehensive idea in the form of charts and graphs.

Understand Your Needs

Analyze how much money you require to live on. Your basic needs include utilities, groceries, rent or mortgage payment, and gas for your vehicle. For most young families, it can also include such things as diapers for a new baby and medicine for their mother. Jot down your needs simply by looking at your past three months’ expenses. Then, add all of these up and figure out where you stand every month. The total amount (which considers your needs only instead of comforts and luxuries as well) may be smaller than what you might have thought, which will help you come up with a more flexible budget. This also ensures that you are living within your means that eventually implies that there are no unnecessary spending habits.

 Treat Your Savings as a Necessary Expense

This is one of the most essential budgeting steps that recommends savings as a vital element of your budget creation. Young families must initiate building an emergency fund (if they do not have one already) and contribute a certain portion of their earnings (typically 10% of their income) into it. Although it seems tough to be consistent with it as you have a social life, it pays off a lot when something unexpected happens like when your toddler breaks your laptop. Also, it tends to ensure that you are always able to afford your basic necessities.

Set Goals

Setting goals is one of the most important budgeting steps that inspires an individual to work towards achieving them. Young families should consider their financial goals like owning a new car, buying a big home, and their children’s education when preparing their budget. The bigger and more personal the goals you have, the more motivated you are to stick to your budget-map.

Create the Budget

As budget making takes time and due diligence, you need to set aside a minimum of a few hours. In fact, it is better to wait for the weekend or a day when there are no pressing obligations than to haphazardly scribble a plan that does not work. Once you are aware of your spending habits, have identified your needs and have clarity in your financial goals, then creating your spending, saving, and investment categories for your budgeting will be a relatively simple task. Remember, prioritize all of the categories from most important to least important and allocate your budget accordingly.

Monitor Your Progress

Last but not least, review your budget every month to figure out how well it is working. Whenever you revise or make any changes in your budget plan, go through all other budgeting steps to come up with a precise plan. Making adjustments is a normal aspect of a young family’s budgeting process. Thus, stay motivated by your small successes and persevere towards your goal accomplishments.

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.

Cloud technology was introduced with the same hype and commitment as any other technology trend has until now. It has become sensitive for risk-averse segments, like finance and commerce, to enter the market with monetary and informational security threats. Considering this, many companies choose cloud-based solutions for various business processes, including supply chain management, ERP, procurement, commerce, and CRM.

With cloud-based solutions, you will receive endless opportunities to improve your business’s operational and technical structure. Simply put, cloud-based models are cheaper and faster than any other system model to host various applications. It is a transformational force where businesses can measure customer responses and strengths with less cost, time, and risk.

Cloud proves to be better than traditional approaches to transform business processes with lesser capital investment against long-term implementation. The businesses must be change-oriented and follow the proper practices for successful results.

Legacy Tech Challenges 

Any business’s finance and commerce segments already have an extensive portfolio of technology systems over a period of time. It happens because of the requirement of ample storage of essential information. It limits some existing technology applications to cloud deployments, as they are too old to be compatible with cloud technology. Understanding the limitations before synchronizing with cloud computing systems becomes an essential first step for any business. A survey conducted by Frost & Sullivan declares that about sixty-one percent of financial institutions face the “inability to meet compliance requirements.” It happens because they fail to transform various applications to the cloud.

Implement Best Practices

For successful cloud deployment in finance and commerce, businesses should follow essential best practices tailored to their needs. These practices encompass creating a strategic vision that aligns cloud adoption with broader business objectives, formulating a tactical process plan to detail the implementation approach, making wise choices regarding cloud technology platforms or vendors, involving top management leaders in the cloud initiative, and conducting change management sessions to prepare employees for the transition. These practices ensure a smooth and effective shift to cloud solutions, optimizing the advantages while minimizing potential hurdles.

Strategic Vision

Before embarking on a cloud deployment, businesses should have a well-defined vision aligning with their objectives. Many businesses mistakenly view cloud adoption as a mere technology shift rather than a strategic business decision. To avoid this misconception, companies should define their business goals, ensure IT strategy aligns with these objectives, engage critical stakeholders, consider the long-term impact, and establish measurable outcomes tied to business goals. This approach ensures that cloud deployment serves as a tool for achieving broader business success rather than a technology in isolation.

Crafting a Tactical Roadmap

Again, businesses need to plan a road map that clearly defines the implementation approach. Besides a vision, the business should have a tactical plan describing the absolute purpose of cloud deployment. It would help if you ensured that the deployment is realistic enough to be managed by your team.

Choosing the Right Cloud Platform

When choosing the right technology for your business, you should be sensitive about selecting the right vendor or consulting company. The wrong selection can cause a disaster for the whole initiative. A key cloud initiative requires the right technical skills and a highly trusted long-term relationship between the business, consulting partners, and the technical team.

Involving Leadership

Companies must get the prime management leaders in the loop regarding the cloud deployment approach. If the cloud initiative is only restricted to the IT and Chief Technical Officer, the significance of the cloud deployment may be unrealized and ignored to some extent by other team members.

Get Prepared for Change Management

Introducing new technology to the organization can challenge your employees, particularly those relatively junior. Cloud technology can result in a practical approach for a business. It happens when the users, employees, and other relevant people are well-versed in cloud resources. Change management sessions should be held to familiarize everyone with cloud deployment.

Conclusion 

In conclusion, cloud technology has emerged as a transformative force, providing businesses countless opportunities to improve their operational and technical structures. It has proven a cost-effective and efficient alternative to traditional models, making it an attractive choice for various business processes, including supply chain management, ERP, procurement, commerce, and CRM.

In a world where digital transformation is becoming increasingly vital, embracing cloud technology and following best practices are essential for businesses to remain competitive and adapt to the ever-evolving technological landscape. Cloud computing is not just a technology; it’s a fundamental shift in how businesses operate and deliver value to their customers.

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.

Americans love to boast about their work ethics. After all, working hard is the gateway to achieving the American dream.

According to various stats, the average American puts in more working hours than Germany, Japan, and the U.K. However, if we refer to the Organization for Economic Cooperation and Development (OECD) data, the average American ranks around 12^th for the most working hours per year. People work hard for various reasons, ranging from buying a home, early retirement, or achieving personal goals. However, only some cities have a strong enough economy to provide a fair payback.

To identify the hardest-working cities of America, we have looked at various factors such as labor force participation rate, working hours per week, and average working hours per year.

However, it is important to note that to work hard; there should be something to work for. Many cities missed out on our list because there is no work available in the city. In some cities, the average working hours were below 25 hours per week – primarily because of the lack of work available.

Some U.S. cities have a stricter work ethic than others. However, each contributes in its own way to help build the world’s biggest economy. Let us look at which cities made it to our top 5 list.

1. Arlington, Virginia

Arlington made it to the top of the hardest-working cities’ list for the second year running. Arlington’s average worker spends around 41 hours per week and works approximately 43 weeks per year.

Around 89% of the working-age population contributes to the labor force. The average working-age population contributes over 1,500 working hours per year. With a population of over 210,000 and a land area of 27 square miles, Arlington is United States’ most heavily populated and hard-working city.

2. Anchorage, Alaska

Anchorage came second on our hardest-working cities’ list. One thing interesting about Anchorage is that it puts in fewer working weeks on a yearly basis. The average Anchorage worker puts in around 36 weeks per year, ranking the 17^th most in the country. However, when they work, they work hard. The average employee here works over 42 hours per week and 1,260 hours per year. It seems like Anchorage knows how to balance work and fun.

3. Lincoln, Nebraska

Lincoln is 3^rd on our hardest-working cities’ list, partly because of the large number of the working-age population contributing to the workforce. According to data, around 86% of people between the ages of 17-63 contribute to the labor force. This is the second-highest rate in the country. The famous city, named after Abraham Lincoln, contributes 39 working weeks every year.

Lincoln only falls behind the top 2 because of the lower average, as working hours here are short. Usually, the average workweek is only 36 hours per week.

4. Seattle, Washington

This green city, famous for its rain and coffee, works hard. According to data, they have the fifth-highest labor participation rate. The work hours per week are around 39. One reason behind such hard work is the city’s high living cost, which demands such participation. Around 70% of the working population contributes to the workforce.

5. San Francisco, California

San Francisco’ The City’ has an average of 80% of its working population contributing to the labor force. The city’s working conditions are somewhat like Anchorage’s. People here work about 40 hours per week. However, they compensate for it by working fewer weeks per year. Like other major cities, working here is necessary because of the high cost of living and high-income taxes. California has one of the highest income tax rates.

Conclusion

It is important to note that ‘people working harder’ are not equal to people earning more. According to PayScale stats, the average salary in Anchorage is around $64,000 compared to $77,000 in New York for a worker with experience of less than 9-10 years.  

However, average working hours and average earnings should not be made the basis of any judgment. The culture of working greatly depends on where you live, the standard of living, and other dynamics.

We will see how each city contributes to the next year. We will keep our bookkeeping habit-kicking to let you know who leads the race of 2021’s hardest-working cities in America.

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

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

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

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

Complacency

It is a gigantic indication that disruption is approaching. When a business triumphs and decides to coast on previous accomplishments, competitors pay attention, find a way to join in, and stake a claim. 

Lack of Automation

Presently, customers are highly demanding and desire better offerings. They will seek better options if the existing accounting practices cannot cater to their needs. Usually, manual tasks require a longer time, which frustrates the customers. 

Innovation

Many small businesses compel senior firms to alter their innovative approach, and such behavior can drive disruption in any industry. 

When two or more of the above-evaluated drivers are present, it is for disruption. Examining the financial sector and predicting how these three drivers are in play is effortless. In simpler words, disruption is imminent. 

Trends that Drive Disruption in the Accounting Industry

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

Enhancing Connectivity in Service-Based Industries

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

Big data

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

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

Demand for customization 

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

Growth of the DIY Approach

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

Automation of Data Entries

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

Conclusion 

In conclusion, the accounting industry is on the cusp of significant disruption, driven by a convergence of factors that cannot be ignored. Technological advancements, changing customer expectations, and innovative approaches all transform the accounting landscape.

As the accounting industry adapts to these trends, professionals and businesses can leverage technology and innovation. Embracing these changes will enhance efficiency and pave the way for more personalized, client-centric accounting services. The disruption is imminent, and those who navigate these trends wisely are poised for success in the evolving accounting 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.

Anyone pretentious to a business’s actions is a stakeholder for the company. Stakeholders are necessary for any business’s existence and, without whom, it would not survive. In this age of challenging social context, managing stakeholder relationships holds a lot more value than before. The stakeholders influence your business, and debauched relations could lead to project delays and terminations, draining resources, and political interference.

Efficacious recognition, collaboration, and concern for your stakeholders will foster your business‘ ability to reduce risk and deliver a fruitful project. Here are some tips to help you stay on good terms with your employees, customers, creditors, suppliers, investors, and the community.

Managing Stakeholder Relationships

Stakeholder Mapping

Before you start with anything else, you need to identify your stakeholders, from your employees to the customers and everyone in between who is connected to you. Some are more influential than others, and your priority should be identifying them.

As much as external stakeholders are critical, internal stakeholders such as employees, suppliers, and shareholders will help you determine if you have adequate resources to keep up with the desires and demands of your business. Mapping out the critical internal or external stakeholders determines the amount of leverage you can execute while dealing with them.

Prioritizing Relationships

In an ideal scenario, a business can cultivate positive relations with all stakeholders; however, there is never enough time and resources to commit to everybody, making it critical for you to prioritize. Those with the same interests as yours and similar goals and objectives can be prioritized and be a part of your success. Two of the most reliable factors to measure a stakeholder’s value for your business are their ‘ability to influence’ and ‘willingness to engage’ in your success.

Researchers have developed some different models and frameworks to guide you in prioritizing your key stakeholders. Referring to them solves most of your concerns related to managing stakeholder relationships.

Document What You Learn

When you indulge in business with the stakeholders, you learn many things. Their preferences, aims, and interests concerning your organization are evident from how they deal with you. Document their views, needs, and insights to refer to them later. Depending on your preference, you can do it in a personal diary or a computer file. The key is to understand them so that you can initiate ways to strengthen the bond by aligning goals.

You can also share your insights with them, as they will likely perceive them positively. It shows them your concern for their business and that you took time out for them. Managing stakeholder relationships requires a wholehearted effort for the cause.

Monitor and Refine

All of your earlier activities have been to identify your key stakeholders, what is important to them, and how you can work collaboratively to fulfill individual goals. Initially, your strategy focuses more on your internal strengths as you are assured of them. Still, eventually, you will get valuable insights about the capabilities of your partners that can help you both prosper. However, the results of this collaboration depend on the amount of research and preparation you have put in to execute a specific strategy.

Learning about what works for you and what doesn’t and who can be leveraged to inspire other stakeholders is critical before you draw upon a strategy. Researchers believe that inordinate insights come from connections, curiosity, and coincidence. Managing stakeholder relationships requires staying connected with essential stakeholders and being curious enough to notice the coincidences. If you are not interested, something right before you will go unnoticed, resulting in unsatisfactory consequences.

With time, your relationship with the stakeholders gets so strong that you do not have to strategize from scratch, and all you need to do is refine your existing strategy. But, unless you get to that point, you have to monitor every move of your stakeholders.

Proactive Mitigation – Managing stakeholder relationships

After a firm grasp of your stakeholders and how they can influence you as a business, the next step should be to create a mitigation plan. All the risks concerning the involved parties are accepted, shared, and avoided. You must identify your limitations early and clearly distinguish between negotiable things and those that are not. Working in such circumstances builds trust between the stakeholders, as they can rely on each other through thick and thin.

Conclusion

Your aim for managing stakeholder relationships should be to create a win-win situation for all parties and build solid credibility upon which to base future relations.

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 and bookkeeping are critical functions in any business. Accounting is the systemic and comprehensive recording of financial operations in a business. Business bookkeeping is the recording of financial transactions as a part of the accounting process.

Entrepreneurs and owners often do not realize that common small business accounting problems constitute a significant threat to the growth of their business in the long run. Here are five common small business accounting problems killing small businesses.

The Vital Role of Accounting Software

Manual work is always the hardest and is at significant risk of errors. A small accounting error can lead to considerable losses in the business. Accounting software according to your business size is as important as funding your business. Depending on company specifics, small business owners can also get specific software to meet their needs.

Working on a spreadsheet is less productive than working on accounting software.

An important and challenging step in business is to choose the proper software for your business needs. Consider its cost, usability, and extra features when choosing suitable software for your small business.

Features of accounting software must include:

• Inventory management
• Sales tracking
• Contacts management and contact history tracking
• Account to accept credit card payments
• Generating Invoices
• Financial statements, cash flow statements, and balance sheet
• Budget planning
• Payrolls
• Taxation matters

The Importance of Monthly Financial Statements 

In a small business, producing financials quarterly or bi-annually is often thought appropriate. However, monthly financials show investors that you are closely monitoring your business.

It can lead to a negative balance if expenses are incurred, but the income statement is not updated. Invoices that need to be paid may go unnoticed, leading to a bad reputation for the company. It can end terms with the suppliers. Business growth could even be halted or significantly reduced.

Not producing financial statements every month is a common problem that small businesses encounter.

The Perils of Incorrect Financials 

Incorrect financials is a threatening small business accounting problem in your business. If your financials are wrong, it may sink your funding round in your business.

Any error in financial statements leads to significant losses. Business bookkeeping and other business operations will be disastrous if you do not keep your financial data current. Your accounting statements must be clear and transparent. Income and expense statements must be clear and related to cash flow and balance sheets. Also, delayed data entry can be a big risk for fraud.

Separating Personal and Business Finances

Business owners often mix their finances with business expenses. Keeping these two finances separate is of utmost importance. If these two finances (personal and business) are not segregated, then what was intended for business vs personal matters will be intertwined, leading to problems. The profit generated from invested capital cannot be estimated correctly.

Often, a business credit card is utilized for personal expenses. Later on, this amount will be paid from the company’s income.

During purchase orders for company inventory, purchases are also made for personal or private use.

Covering small business expenses out of pocket without recording it happens as it can be more accessible. However, if it is off the bookkeeping record, your company’s income could appear larger than it is. 

Navigating Payroll Issues

Small business owners must organize their payroll section, or their company could become debt with increasing interest. You can enlist the help of payroll companies to avoid errors. Payroll issues can have significant consequences for small businesses. Managing payroll accurately and efficiently ensures employee satisfaction, legal compliance, financial stability, and overall business success. Small business owners often opt for professional assistance to avoid errors and streamline their payroll processes, which ultimately contributes to their business’s overall health and growth.

Conclusion

Small business accounting problems start with infrequent bookkeeping and accounting functions. It will not give an accurate picture of the business and leads to the inability to make wise decisions for the company. Failure to use accounting software may lead to unintentional manual errors. When running into accounting problems, small business owners may have to get loans to pay for timely expenses, such as paying for their employees‘ salaries. If small business owners focus on these accounting problems, their businesses can be stable and experience exponential growth. 

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

Why the Need to Save Money?

In simplest terms, saving money can help an individual or family become financially secure and more stable. The portion of income saved over time can help you pay for unexpected events and emergencies. Money keeps you going, and whatever you save for yourself each month grows your bank balance. This extra cash or wealth can later be converted into valuable assets such as cars, housing, furniture, and other similar things.

Dramatic Shift in Spending Habits

Saving money in a world of instant gratification where we barely notice our purchasing patterns, especially when shopping has become increasingly difficult. Pros use superior marketing and merchandising techniques across different print and digital media channels, which is why people fall prey to impulse buying. Keeping within a budget has become even more complex than ever because our spending habits and buying behavior have changed immensely as a country.

7 tips that will allow you to Save Money every month

Put At Least 20% of your Income into a Savings Account

Saving money sounds great, in theory, but saving substantial money for an uncertain chain of events is no easy feat. You have to cut down on your monthly expenses to save something for your rainy days. According to studies, at least 20% of your monthly income should go into your savings account to maintain a healthy financial life cycle. It signifies that to save money for a healthy flow of financial activities, we need to create a budget and strictly follow it–without getting distracted.

Create a Monthly Budget and Follow it Strictly

Let’s face it: Everyone struggles to maintain a healthy balance in monthly finances. The reason is apparent: our never-ending needs and desires. People often find themselves miserably stuck in continually creating a monthly budget and trying to follow it sincerely, only to fail. Families know that if they fail to maintain any kind of order in their finances, they will all suffer eventually. Moreover, household expenses and monthly paychecks should be appropriately divided into utilities, food/groceries, health, transportation, clothing, home maintenance, and other miscellaneous expenses like car insurance or maintenance.

Spend Less on Food/Groceries Items

Over the past decade, the world has witnessed a 180-degree shift towards superior retail merchandising. To save money, you need to cut your daily expenses. It can be done by making a list before going to any retail store or at least a rough spending plan. Pick only the essential items from the racks, redeem monthly points in retail stores, use discount vouchers and coupons, limit your visits, and other similar things. Moreover, you can save money by taking lunch from home, skipping the daily latte, or slicing and shredding food.

Postpone all Non-Essential Tasks

No matter how much you earn each month, spending on non-essential tasks like planning a holiday trip, buying a brand-new car, and other lavish things can be postponed. To save money, you need to cut extraordinary costs. Therefore, whatever you would save for the month by doing so will keep you more financially secure and stable than ever.

Buy Inexpensive Subscriptions for Entertainment

Instead of buying expensive DVDs or music, you can enroll in inexpensive subscriptions for entertainment purposes like watching movies/programs/reality shows online, perhaps on Netflix or other emerging dynamic platforms. It might even be time to cut the cable with so many options available now.

Avoid Paying Interest

Interests eat a significant portion of your monthly paycheck without letting you know. So, avoiding using credit cards to purchase essential or non-essential items is better. It would allow you to save money!

Watch for Occasional Discounts

There are two rules for asking for discounts. Rule#1: You must learn to ask for discounts on everything. Rule#2: Do not be afraid of Rule#1! What’s the worst thing when you ask for a deal? You already know the worst-case scenario! Don’t you? They might say ‘NO.’ Come on, when you are already on a mission to save tons of money or cut monthly costs/expenditures, this shouldn’t bother you too much. 

Similarly, it would help if you looked for promotional or occasional discount offers that clothing, retail, and home maintenance companies may offer. It allows you to save money and cut costs quite significantly.

Conclusion

If you add up where your monthly paycheck goes, you would probably notice that it goes predominantly into food, entertainment, and utilities in the budget list. To save money, you need to sensibly plan a cost-effective budget that is not hard on the wallet.

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.