Waiters carrying plates with meat dish at a wedding.
The concept of restaurant inventory management is directly tied to planning your menu. Tracking inventory is one of the best ways to be efficient and cost-effective. It’s an ultimately crucial task that certifies and ensures supply. In the restaurant business, clientele satisfaction is important and every customer’s orders are met to the best of your abilities. Saying “sorry, we are out of that” or recommending another item on the men is not always what the customer is looking for and may discourage them from visiting again. Without proper tracking of inventory, that happens a lot! Apart from that, businesses’ yearly profit by regular inventory tracking and monitoring leads to increased profits.

Restaurant inventory management brings growth and positively impacts planning your menu, kitchen activities, staff protocols, etc. It is detrimental to understanding operations. Being aware of raw material is essential for the daily efforts of staff to perform their functions. Showing attention towards providing ease in their daily work load is encouraged. Small takeaways would benefit from regularly purchasing on a day to day basis. Each day, a new menu may be offered. Therefore, purchasing things on a daily basis is recommended. To keep ingredients fresh and with a small number of resources and staff, supervision is made easier.

Restaurant inventory management not only helps in planning your menu but other important aspects as well. By effectively handling all material coming in and out, along with what is needed or procured, a positive effect is achieved, setting things on the road to growth for a restaurant.

Menu Rapture

Effectively planning a menu is the first of many benefits of proper inventory management. By knowing what is in the kitchen and the tools needed on how to deliver them to hungry clients, half of the menu dilemma is solved. By tracking the ingredients used and utensils needed to furnish an item of the menu, you can easily determine how many you can serve. By planning your pantry, crafting menus becomes convenient, effective and, by keeping variety high, appreciated by devoted clientele.

Avoid Wastage

Tracking well must become a habit to avoid wastage. Keeping an excessive amount of perishables must be minimized. Tracking also keeps a healthy stock so that no emergencies happen. Always check how ingredients are used over a period of time. By buying enough ingredients, it is understood that a certain level is maintained, which is vital for cost effectiveness. For example, sometimes, a particular ingredient in restaurant inventory management is often in high demand for salt. Therefore, a sufficient quantity is procured as it’s cheap and vital. 

Calculating Costs

After all, money is being spent to produce everything, so keeping records and files help in financial matters such as setting prices. This record gives a clear picture of how much you’ve spent and how much you need to earn to yield profits. From these records, budgets can be created and an item’s usage frequency can be determined. This helps reveal an image of overall financial health.

Other Restaurant inventory management benefits

By knowing and planning your costs, many cost-effective benefits allows businesses owners to have more control over their business. An accurate inventory will lead you to be able to cope confidently and more effectively with customer orders and requests. Because of the First-In-First-Out (FIFA) rule, inventory of vegetables, meats, fruits, and dairy products are easily handled and, with a little effort, nothing will be wasted. Also, by utilizing everything and not wasting food, businesses can tackle expenses that overburden a business. By lowering wastage and utilizing efficiency, chances for success increase while creating an atmosphere for growth. Restaurant inventory management is crucial for more than just planning your menu.

Inventory Taking Pointers

  • Organizing and regular upkeep help decrease time-consuming activities such as item wise stock taking. By setting up a daily schedule and tasking a responsible staff member to update and maintain all stock levels, you can easily pay attention to quantities available.
  • Throwing out expired or non-usable items is strongly recommended and managing space well is absolutely essential.
  • Using containers and boxes by labeling and storing in a specific order for ease in retrieving. Kitchen operations are automated and your staff executes and processes orders with careful attention to stock. Track the availability of ingredients by creating routines and kitchen protocols with restaurant inventory management details and information.
  • Planning your business and using cost-effective, proficient, inexpensive software and computer programs will help greatly on many levels.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Business man touch screen concept - Green
We live in a cyber era where the world is a global village and, with the help of science and technology, has created more opportunities for millions. With this increased productivity, the global economy has demands to be met and supplied. Supply chain commentary helps manufacturers use the latest means and methods with an effective ecosystem strategy. Today’s international commerce scene is relatively different than that of 20 years ago and the speed at which development is carried out has changed drastically. Modern supply chains are consistently monitoring the need for innovative new ways to decrease complexities of today’s world trade. Acting like the blood vessels of today’s collective global economy, supply chains provide manufacturers with the means to satisfy orders that need to be delivered.

Today, customers have higher needs as compared to the yesteryear’s. With more emphasis on automation and mechanized industry, supply chain commentary reveals how quickly supply is expected by consumers. An ecosystem strategy is adopted to achieve exhaustive manufacturing prowess in many industries in which global resources are shared. With this strategy, much of the world’s supply chain problems would be simplified. The population explosion has made manufacturers and industries work overtime to supply demands and, with time, the demands continue to get more complicated and unpredictable.

Products and brands of all sorts have been flooding markets to generate competition, but it is supply chain commentary that helps make it possible to bring sanity in a world of commercial chaos. By using an ecosystem strategy, modern progress will minimize its contribution to an already depreciating world.  Already struggling to keep up, manufacturers are barely able to make a profit. The needs of modern-day consumers have reached higher levels than ever before. What this means is a change in approach. Due to present day production networks, serious challenges lay ahead such as capital suffocation and rigid laws spread out geographically, misaligned over the globe which could be covered by an ecosystem strategy.

A recent survey determined that only one out of four manufacturers has a global operations model that enables it to move resources and activities in reply to supply chain commentary, market situations or developments, or any changes in demands. In particular, those that run their own facilities. Manufacturers are using wise techniques to roll their resources in a more flexible way, inducing ease of supply. Also, partly owing to the conversion of all technologies from the analog format to digital, many manufacturers are still unable to turn towards digital technologies. As the whole world has embraced the digital trend and some form of ecosystem strategy, only three out of ten manufacturers have successfully implemented digital technologies related to manufacturing.

In supply chain commentary, it is safe to say that not one single manufacturer can manage to deliver and supply the demands of today’s markets, hence making an ecosystem strategy even more viable and essential. It is also correct to assume that those companies that are going to slug it out alone without the help of an ecosystem strategy will be shelved because eventually it will be evident that the future of manufacturing relies on ecosystem relationships and partners. It has been proven from research that manufacturers who use more third parties for activities are likelier to have more efficient output, revenue, and profit margins than others who rely only on supply chain commentary, their own services, and resource networks. To ease complex issues and by capitalizing on the collective capabilities for an ecosystem strategy, manufacturers need to come up with more innovative and creative ways to structure and operate their business activities. 


How to Build Strengthened Manufacturing Ecosystems

Orthodox team playing in a unique way

Asking other manufacturers to join the team and leveraging newer roles to shoulder design and services or, better yet, third parties utilization. This means that associates and affiliates can now combine their resources together to facilitate the combined benefits of everyone involved.

Introduce new team members to enhance supply chain commentary

Bringing in new team members is a good way to enlarge the circle of trust in an ecosystem strategy. Third party products and manufacturing design services, for example, who can loop their own services such as engineering, safety, quality assurance, etc. can help aid the collective cause.

Keep trying new concepts for the ecosystem to tweak it

For manufacturers, the dawn of the new era has brought about more than just digital technologies and supply chain commentary. It has also brought app development and other software based applications that help with specific needs. Also, manufacturers that have MRO centers can reuse them for hubs for parts or types of equipment related to various industries.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

A Conceptual vision of a Datacenter on the cloud Cloud Computing
Ah, the digital era. Technology has surpassed our expectations to give us wonderful innovations like software for office automation or IT systems like cloud hosting for increased productivity. The paperless filing cabinet is one aspect of cloud IT systems that makes life easier, not just for the trees but for staff too! By virtue of the fact that the data isn’t on paper but on a cloud where servers rule the domains and you have less control, is it a good idea? There is always a threat of data being compromised or worse, the service providers terminating vital services that would certainly impact your business negatively and create a disastrous scenario.

That being said, no amount of technology can render something foolproof. However, the best industry practices such as changing passwords periodically for paperless filing cabinet purposes, virus scanning, spam filters and encrypted connection really do help with cloud hosting.

Structuring your Paperless Filing Cabinet in a Cloud

Following a set of standards as a protocol is always a smart idea to maintain any system. A paperless cabinet works depending on the requirement. A few considerations are taken into account first. First, all of the tools are required which are software (Evernote or an equivalent) and a scanner. Secondly, realize the fact that, while you are going to a paperless filing cabinet, no one else will be. Cloud hosting or not; you still have to use paper on some occasions. 

Scan all documents that are part of your business procedures like raw material purchase orders or delivery memos, for instance. After scanning, all of this data is stored in PDF format and then placed on a cloud which hosts it for various reasons and users. It can be great for many reasons. One of the biggest advantages is being able to access it anywhere, anytime. At the same time, security for a paperless filing cabinet should be balanced so that data residing on cloud hosting that is out of your control is rendered secure by going paperless.

The risk is the main focus which is lowered by storing data. The software involved in your digital cabinet helps encrypt your data. Even if your account has been compromised, the data on it would be deemed unusable and useless. Due to the encrypted nature of the data, the software wouldn’t be able to search it or find it. Depending on the nature of the business, it is a matter of preference but also an understandable trade-off. For a paperless filing cabinet on a remote cloud hosting service, sensitive data needs to be protected and, with this form of encryption, high levels are achieved.

Carrying a briefcase is a hassle but, with this technology, a virtual briefcase is created in your device that helps you access anything, anytime. On mobile devices, a higher level of security is needed so always use passwords on all such devices. You can even program your device to run an erasing program that would wipe the device clean if a certain number of login failures or attempts happen. Data in a paperless filing cabinet that is located in cloud hosting services is an asset and, thus, holds a symbolic place in the hearts of businesses. With operating systems and servers crashing, ask yourself, is this level of unpredictability required for my business? Always ensure that sensitive data is always backed up with you before sending it to cloud services. This would render any future needs to be fulfilled locally which is faster as compared to the cloud. But, when traveling, cloud hosting really makes life easier.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.



Man holding blue helmet close up
Do you want to become a manufacturer and build your own manufacturing unit? Do you have finances to fund your manufacturing business?

If you have the financial resources, the abilities to build a team, and the drive to run a product-oriented business, you must consider starting a manufacturing business. Manufacturing businesses can be small industrial units in the start and grow to huge industrial units. Multinational companies were once small business units as well.

Starting a Manufacturing Business

Manufacturing units require a lot of dedication and commitment to your work. Not only this, you must be clear about your product’s market demand. You must know the market share of your competitors with a similar product. However, these points come after you have manufactured your product. For a manufacturing business, you must build a manufacturing unit.

Research in Advance and Plan your Business Idea

What kind of product do you want to manufacture? Is there a market already available for your product?

What kind of team will you need for your manufacturing unit? What will be the costs and expenses? Will you need financiers to your manufacturing business or can you do it with your invested capital in your manufacturing business? Get the guidance of consultants who are experienced in formulas for your product and/or acquire bookkeeping/accounting consultants that can help you start.

Sometimes, a product is going obsolete from the market and you want to restart it in your newly established manufacturing business. Do you want to take that risk?

Location of your Business

You might want to go for a cheap area to begin. However, manufacturing businesses require good infrastructures. The area must have a link to potential customers. Where will you get the raw materials and how will you supply that to your manufacturing business unit? How will you deliver your products from your manufacturing unit to the distributors or directly to your customers?

Any additional taxes in a specific area that are induced by the government is a point to be considered. Focus on what kind of product you are going to manufacture and if that product needs your manufacturing business unit to be built in a certain area per government policy.

For example, pharma companies cannot run their manufacturing units in residential areas within a city. Manufacturing businesses must obtain approval from special offices as designated by the government of that area/country.

Find the Right Factory

Your manufacturing business should be in a factory where all resources are present. Electricity and power resources are a must have in any factory. Space for warehouses, storage areas for raw materials, quality assurance and quality control checks areas should be in the factory. A storage area for finished products after quality assurance is also needed.

Build a Great Team

A manufacturing business is a team effort. Your team must be loyal and trustworthy. Select a team that is efficient and has the right skills and experience for your manufacturing business.

A great team also needs good salaries. If you offer good salaries, your employees will work happily, producing quality products every time a batch is manufactured.

You must have skilled managers. Or, if you want to manage the tasks yourself, you must also have great managerial skills.

Business Model

You might have a great idea of how to start and run a manufacturing business. You might have selected an ideal location and are planning to buy the equipment. However, before making any purchases, take a look at other manufacturing business models. Perhaps you can learn from their experiences and their mistakes so that you don’t repeat the same mistakes in your newly established small manufacturing business.

Conclusion

The above guide can assist entrepreneurs who want to start a manufacturing business. A manufacturing business is not a simple, small business as it may seem. Initial planning and getting ideas and experiences from other manufacturers can assist you and prevent you from the same mistakes they have already made. Plan and work hard to run a successful manufacturing business. Also, give credit to your team who works for you.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Handsome young man holding one hand behind head and holding a cup with another hand while sitting on working place in creative office
Are you generally known as a laid back person? If so, it can not only be a good thing but also your key to a successful tech start-up when coupled with creativity and perseverance.

In fact, many great entrepreneurs claim to be laid back themselves, such as Ryan Smith, CEO of Qualtrics. Ryan grew up in New Orleans which is an endlessly delightful, charming, calm and peaceful place where you can hardly find anyone extremely busy with an activity other than taking it easy. It is called “The Big Easy” for a reason. His father had convinced him, even in his childhood, to do as little as possible, pick the easiest tasks that could give him good rewards, and that it is always better to get a slight criticism than do an arduous activity.

With that in mind, Ryan embraced that attitude that helped him to initiate a successful tech start-up, ranked # 12 on the Forbes 2016 Cloud 100 list, as he concentrated his abilities and efforts only on the areas that really matter.

There are many slothful yet successful entrepreneurs who typically focused their efforts on reinventing ideas that were already manifested as a giant business, rather than bringing a fully diverse and unexpected idea to the plate. With innovation, creativity and a few modifications considering the present needs of society, an old concept becomes a state-of-the-art business idea. In fact, being ‘lazy’ and copying an already established model is a smart way to build a successful tech start-up just as QuickBooks is an innovative way to do bookkeeping for small businesses.

There are several incredible and innovative platforms and partners out there already waiting to benefit you through a combining of forces. Consequently, you do not have to worry about being a little bit lazy. In fact, there are certain great logical reasons why slight laziness in combination with determination and creativity can actually help you erect a successful tech start-up, rather than harm it.  Here are our reasons why.

1. The Foundation is Already Built

If you can identify an enthralling platform that will easily combine with what you love to do, you can take great benefit from that. Thus, there is no reason to create something time-consuming and extravagant when someone else has already designed, developed and maintained many of the necessary features and elements that you would need to build yourself. Rather, partnering with those people or companies who could benefit from your business, as well as designing on pre-established platforms, is a powerful methodology to unlock profits and boost your successful tech start-up, without needing to rebuild the wheel.

2. Potential Resource come with Partnerships

Whether a start-up enthusiast is combining their assets with another small organization or erecting on an expansive, renowned platform’s top, they will eventually gain many potential resources that they did not have. Certainly, there is immense benefit from getting on board with a solid platform that already accompanies a large user base and clientele who are already taking benefit from the platform and have been habitual of that system. Consequently, a lazy entrepreneur can easily save time and energy by minimizing their resource allocation and initial marketing push through partnerships with already established platforms thus building a successful tech start-up.

3. Giant Platforms will Market for You

When it comes to marketing, to make your idea a successful tech start-up, you will be saving a lot of time, personal resources and energy to build your product or service on a larger platform. This is because the platform itself is likely to promote and market its product or service with more budget than you could ever think to invest upon. For instance, Facebook is extensively promoting and advertising Messenger bots simply to help drive the customer conversion, interest and market.

4. You are Closer to Innovation and Diversity

The significant disadvantage of establishing on the base of another platform is the unexpected occurrence when the system chooses to not offer that feature further, thus, it could harm the future of your present successful tech start-up. However, once you have built your product or service, you can always diversify and adjust it for other systems and platforms much easier with very little efforts. Also, when you put your efforts towards integrating your product or service to operate in harmony with all other standard platforms, like a website for all screens, viz. desktop, tablet, and smartphone, and an app for different operating systems, viz. iOS, Microsoft and Android, you are eventually mitigating the risks.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

A successful confident businessman thinking about decisions, standing in front of wall full with graph pie charts and calculations concept
Accounting and bookkeeping are the key functions in any business. Small businesses face challenges in accounting and bookkeeping procedures. 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 business owners often do not see that common small business accounting mistakes are a major threat to the growth of their business in the long run.

Biggest Bookkeeping Challenges For Small Businesses

Not Using the Best Accounting Software

Choosing the correct software is among the biggest accounting challenges that small businesses can face. An important and challenging step in business is to choose the proper software per your business needs. Consider it’s cost, usability, and extra features when choosing a suitable bookkeeping software for your small business.

Features of an 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 cost of an accounting software is an important issue to consider. First, plan out your business needs and finances. Purchasing a costly software with highly-advanced features will not help your small business if you do not need these expensive features. A small business owner can plan to purchase an accounting software by providing a full payment at once or they have the option to make payments in installments or monthly payments. Plan to purchase the software that suits your business finances the best.

Financials are Incorrect

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

Any error in your financial statements leads to big loss. Business bookkeeping and other business operations will go into a mess if you do not keep your financial data up to date. Your accounting statements must be clear and transparent. Income and expense statements must be precise and related to the cash flow and balance sheet. Delayed data entry is a big risk of frauds and thefts.

Financials are not Produced Monthly

In a small business, it is often thought that it is okay to produce financials on a quarterly or bi-annual basis. However, monthly financials show investors that you are closely monitoring your business.

It can lead to negative balance if expenses are made but no income statement is updated. Invoices to be paid by the company may go unnoticed and it can put a bad reputation on a company. It can end terms with the suppliers. Business growth is halted or significantly reduced.

Business Owners mix Personal Finances with their Business Account

If you mix your personal and business finances, you cannot correctly estimate how much profit was generated out of your invested capital.  For example, if a business credit card is utilized for personal expenses during a trip or dinner, later on, this amount could be paid from the company’s income.


Covering Small Expenses out of Pocket without Recording

Paying  for business expenses out of your own pocket will eventually make your company look stronger in income than it actually is. It is extremely important to record everything so that you have a true picture of where your company stands financially.

Starting New Projects and Ideas without a Clear Budget

If you start a new project in your business without planning for it, you can easily run short of your budget for other business operations. You may have to quit the project in the middle if you don’t get the loan or find other investors. It’s important to always plan ahead before making big moves.  

Not Using Accounting Software or Cloud Technology

Failure to set up the correct software needed by your company leads to poor decision making. Installing the wrong (more complicated than required or lacking crucial functions) software can lead to more complexity in accounting. Accounting software prevents accounting and bookkeeping errors. Many software come with guided help boxes to make an accounting process easier to interpret. Inventory control tools are provided in software. Tax matters are made easier using accounting software.

Poor Interpretation of Accounting Information

Accounting information software is only a tool to use. Decisions must be made after completely checking the reports and interpreting the data. Data interpretation is made by comparing financial statements with the cash flow statements and balance sheets. This interpretation can be complex and hard to understand, therefore hiring a bookkeeping service may be ideal.

Entrepreneurs and business owners must focus on the long-term consequences of decisions they make after getting the full picture of accounting information. Making short term decisions after interpretation of accounts data does not provide the business with any long term benefits.


Conclusion

Small businesses face the biggest accounting challenges. Either they are running short on resources to keep an up to date accounting and bookkeeping picture or they are not using the correct software for their accounting. From choosing a proper accounting software to managing accounting tasks correctly as well as keeping them up to date are among the biggest accounting challenges that small businesses face.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Interested curious corporate spy looking at colleagues laptop, spying on rival, cheating on examination, stealing idea, sneaking peek, taking inquisitive glance at computer screen of unaware coworker
There is no denying the fact that most employees use their employer’s internet at work for personal use. Trust me! Millennials who have just stepped into the corporate sector can’t live without accessing the internet for their private use no matter how much their employers may warn them not to. They don’t give much thought about the repercussions they might have to face like official warnings, limited internet access, lawsuits, or even loss of a job. All they want is to work in their own comfort zone without the fear of getting caught due to excessive internet usage at work. Tracking online activities in today’s era is not an alien job at all. All that you may need to do is keep the right tracking channel(s) in place for precise results.

Most People Use The Internet For Personal Use At Work

When it comes to mature and seasoned employees, they understand organizational policies and, perhaps, follow the code of conduct at work. They know that an excessive usage of the internet at work can lead to serious consequences and can be costly to their company. Obviously, when your attention is diverted to other less important things, there is a high possibility to get off-track and lose focus of the bigger picture which is the objective at hand. Still, the vast majority of employees feel reluctant to give up their bad habit of using the internet for private use at work. Employers have largely blamed excessive social media use and other online activities such as online gaming, online shopping, youtube, etc. for the main reasons for excessive internet use at work.

According to a study, more than 80% of employees around the globe access the internet for their own personal use. Out of which, only 3% have to face serious level repercussions for indecent acts like viewing pornography, gambling, and online betting during their working hours. This indicates that a vast majority of employees have no fear of losing their jobs whatsoever which encourages them to continue spending more hours on the internet for their personal use and less on work.

What Is Employee Monitoring?

Employee monitoring allows employers to track their employees’ activities and engagement levels with the company and other work-related tasks such as an employee’s productivity and efficiency. The employer can also track attendance and ensure security against potential threats and more.

Employee tracking and controlling have become the norm of the corporate sector. Employers who monitor their employees and keep a close eye on their online activities, perhaps through advanced tracking software or surveillance cameras, have more control over their workforce and job environment. Undoubtedly, technology has played a significant role in restricting employees to minimize their bad conduct which may lead to lethal consequences. So, it wouldn’t be wrong to say that everything employees do at work or on their office computer can be monitored or observed.

To What Extent Can Your Employer Watch Your Online Activities?

From internet and app usage to audio/video surveillance and bookkeeping to computer screen recording and downloads, your employers can watch everything you do in their office. Since you use your employer’s internet, companies can keep a record of everything that their employees do, 24/7. It’s safe to say that employers can monitor and observe 100% of employee activity and communication. Thanks to modern technology and advanced IT techniques that have made monitoring online activities possible up to the fullest. Although companies may not keep a focused eye on you every second of the day, surveillance cameras and recording devices keep the data backed up that can be searched anytime, if needed.

Quick piece of advice: Do not try to fool your employers by using their internet for your personal use. They can track whatever you do with their internet!

Does My Employer Have The Authority To Monitor My Computer – What Is The Law?

Courts have usually given companies the right to monitor their employees at work with security and surveillance cameras and other monitoring devices as long as the employee’s personal space, such as bathrooms and dressing rooms, are not invaded. When it comes to the monitoring of employees’ online activities, employers have the right to monitor everything since they own and provide every asset of the company such as office computers, internet service , sensitive information and much more.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

concept of big data and cloud computing: real cloud and technology devices illustration
The adoption of cloud computing for small and medium accounting firms is essential for many reasons. With the information highway at our fingertips, knowledge has increased and research, along with science and technology, has made it possible for many businesses to actually do more with their time and resources. The digital era has made connectivity, and other valuable mediums used by businesses, to enhance and develop them at the mental level. With the dawn of the cyber world, businesses from every industry have sought their own share in this new space which has spawned new areas of opportunity for many professionals, i.e. e-marketing, e-commerce, etc.

The Adoption of Cloud Computing

The adoption of cloud computing, not only for small and medium accounting firms but businesses and professionals from every industry, benefits from the next-generation in Information Technology. Cloud computing is the latest innovation that changes the way IT resources are provided. It combines already-existing heterogeneous technologies into one fully compatible ecosystem instead of creating new systems afresh. Cloud computing can be defined as a model for effective, convenient, sustained and on-demand provisioned network access to a shared pool of computing resources that are configurable which require little or minimal management labors or services providers assistance. 

Software as a Service, or SaaS, is the most common and refined form of adoption of cloud computing for small and medium accounting firms where both hardware and software are offered by a cloud service provider and users are permitted to access the software. The capability and energy required to maintain their own software is relieved from the users in the SaaS model, but there are limitations regarding customization of the system. There are other forms of SaaS that are commonly used: PaaS and IaaS. Infrastructure as a Service helps users with providing storage and computing resources hardware infrastructure while users utilize their own OS and software. It minimizes the need to maintain hardware but does not always lead to relieving the users from maintaining their own software. Large corporations and other institutions, such as universities, use IaaS.

Whereas, PaaS is sort of in the middle of SaaS and IaaS. In it, a platform of systems and vital toolkits are provided and users own their own compatible applications, which are deployed at convenience. PaaS is ideal for supporting those businesses who develop their own applications without providing hardware. The main principle and purpose of cloud computing is providing multiple users with centralized computer resources as services. Not being a technology or a product, the adoption of cloud computing is the arrangement of computing resources. In fact, any type of IT infrastructure that differentiates users from providers of services can be cloud computing but the concept of shared resources certainly isn’t new. Like grid computing and application service among many others. Cloud computing differentiates from grid computing by heavy virtualization. Computing resources are accessed from the internet instead of specialized interfaces.

Cloud computing has more flexibility in the way that computing resources are used by businesses. It helps set the illusion of limitless resources due to its virtue of connecting widely with a range of computing devices. Cloud service providers are able to give an infinite amount of computing resources due to the fact that all the resources in the cloud computing model are pooled and offered to users at any given time and shifting unused resources to others who need them. This helps business users match their actual demand by configuring their IT services that eradicate the need to forecast yearly resource usage and capacity addition. This is great for businesses who’s needs fluctuate a great deal or who’s demands increase and decrease irregularly.

The adoption of cloud computing also helps to invest in IT resources and infrastructure with reduced risk by using capital investment as operational expenses. IT infrastructures do not come cheap and, even though it produces significant benefits, it does not guarantee benefits to a firm. However, building upon a cloud computing model would help use it in a meaningful method. Cloud computing has no upfront costs or investment charges so it is eyed as a desirable trait. Cloud-based services are changed on usage which helps a business acquire new IT systems without bearing greater costs for licenses, software, hardware, etc. Cloud computing is more meaningful for small and medium accounting businesses who do not possess the financial capital or expertise needed to implement, configure and manage complicated IT systems.

For businesses, centralizing computing resources and cloud computing provides enhanced and improved efficiency and lesser need for maintenance so users enjoy many reliefs. Organizations and large corporations usually have their own in-house IT support that is usually inefficient. Cloud service providers combine and amalgamate computing resources which help economically unburden businesses. Furthermore, it may even aid in cost savings by eliminating expenditure incurred to manage IT systems.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

Rear view of man working in a home office
A home based business brings a lot of refreshing ideas to mind such as coffee breaks in the backyard, giving time to your kids in between tasks, nap time during breaks, and many more. All of these seem luxuries to a person of today’s era, especially if they are currently running a business somewhere far from home and have a lot of traveling each day. This also seems very appealing if you manage your family and kids at the same time. If you have obvious reasons for staying home and managing your office work from there, it’s definitely something to think about. Or, if you just have started a business and have not earned enough to pay for a leased office space, it’s a good option to save money.

Guide to Running a Home-Based Business

Besides all of the benefits, running a business from home does not leave you without business liabilities. If you are thinking about making this change, here is a guide to get you started with running a home-based business.

Step 1: Prepare Yourself for the Decision

Ask yourself the following questions to if you are wondering whether or not it would be beneficial for you to stay home for office work.

1. Can you manage the interruptions if you are working from home?

2. Can you bear the isolation during working hours if you are living in an independent suite not shared by any of your family members or friends?

3. Do you mind your clients coming to your personal space? All clients may not be of the type to be welcomed into your home. 

4. Are you planning to grow your office and hire people? This will also require more space and furnishings according to the requirements of your office. If your business is growing already and more space is required for your employees, storage, and equipment, you are probably going to need to look into leasing a space.

Compare your home-based business with leasing an office space

Leasing an office is a very good option if it is in your vicinity with low rent and overhead costs. The cons of leasing an office will leave you bearing annual increase in rent, added utilities, etc. When you are deciding between a home-based business and leasing a space, consider all of the costs incurred with both.  

Step 2: Create an Environment of an Office in your Home

Furnish a space in your home with all of the needs of an actual office.  You may want a completely separate room so that you can contain your work space to one place.  It’s good to keep a separation between work and home, even if you are working from home. If you need to buy accounting software or other equipment, consider what you need to make your business a success.

Your home-based business office should be per the requirements of your business. It’s environment must not turn away your potential customers/clients. You can make it warm and cozy, but be sure to keep it professional as well.

Step 3: Put Your Talents and Skills Together and Generate Business Ideas

Before launching your business, consider the following “to-do” list:
  • Tax preparation
  • Bookkeeping
  • Business manager
  • Professional organizer
  • Virtual Assistant
  • Babysitter
  • Writer
  • Blogger

Step 4: Figure out the costs. Do an audit of your own business. Challenge yourself to improve with every passing day.

Consider the following benefits of home based business.

1. The best thing about a home-based office is that you are not going to pay for an additional space for your newly started small business that has yet to make its worth.

2. You do not have to pay monthly or annual rent for a home office space.

3. Your business is new and it could take anywhere from 30-90 days to start making money. Meanwhile, you will need to get a loan if you choose to rent a leased office space.

4. A home-based office means lower overhead costs.

5. You can outsource service providers for your business without hiring them, For example, accountants and contractors.

6. For new businesses, there is a tax-driven advantage to starting out of your home. The IRS allows home-based small business owners to deduct a proportionate part of their home expenses off of their annual taxes.

Conclusion

A home-based business has many potential benefits. Rent and utilities cost less. Taxation matters gives some exemptions. There are low overhead costs. Create your idea, plan it out, work on your plan, and your home-based business is ready to launch.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

Engineer hand using tablet with machine real time monitoring system software. Automation robot arm machine in smart factory automotive industrial Industry 4th iot , digital manufacturing operation.
Determining per unit cost may be taken as a very common aspect in the manufacturing industry, but it is no surprise that it has to be handled professionally. No matter what one may argue, calculating work in process requires utmost brilliance and perfection in technical accounting knowledge. Obviously, determining raw material, labor and overhead costs incurred in manufacturing a certain good is no easy feat. You have to carefully examine and evaluate the costs of each and every aspect of producing a finished good at various stages of the production process before you can determine the total cost incurred on producing a good or a commodity. The term WIP (Work In Process) is usually used in production and supply chain management which bears an immense importance in the manufacturing and distribution industry.

What Is Work in Process?

According to Investopedia, “it is the sum of all costs put into the production process to manufacture products that are partially completed”. A careful analysis has to be made at various stages of the production process in order to determine all the costs incurred on raw material, labor, and overhead costs. For determining the exact unit cost, you must have a clear picture of all the costs incurred from the raw material to the finished good.  It is important that your bookkeeping shows all of the costs in order to come up with your final cost.

As far as the calculations are concerned, the formula for calculating work in process is:

Work in process = (operating inventory goods in process + raw material used during the period + direct labor during the period + factory overhead for period) – ending inventory

WIP–In Light Of Automation and Technology

Fortunately, we have opened our eyes in such an era of modern accounting and bookkeeping where processes have become easier than before through superior automation and technology. Now, we have access to advanced accounting software and solutions which have made calculation easier, quicker, and more accurate. This indicates that calculating work in process is now considered a piece of cake for most individuals who have command and control on these contemporary accounting and manufacturing software. Plus, we now also have access to accounting and bookkeeping professionals who make the process easier and help reduce manufacturing costs at various stages of the production process.

Benefits of Reducing Manufacturing Work in Process

There are numerous benefits associated with reducing manufacturing work in process costs. The top benefits include better cash flows, higher liquidity, and diminished business risks. However, a brilliant execution strategy is required in order to make things go in your favor. Since the ultimate aim of every manufacturing establishment is to reduce raw material, labor and overhead costs in each unit produced, you must integrate innovative procedures and techniques to eradicate manufacturing bottlenecks. Moreover, calculating work in process may seem hard at first, but once you commence to sort things out piece by piece (costs), everything becomes relatively easier to handle.

Strategic Forecasting and Planning and the Need for Calculating Work in Process

Undoubtedly, strategic forecasting and planning is critical to business success. The more you get yourself involved in reducing per unit costs, the more you will save at the end of the day. For determining how many units should be produced, raw material costs, labor costs, and overhead costs, you must have a clear picture in mind about your production requirements and specifications. Strategic variety usually involves realistic vision, mission and out of the box thinking for making future projections related to manufacturing and production.

Moreover, strategic planning and analyses will define where your company is heading and what the company aims to achieve in both short and long-term time periods. For attaining ideal results, machines can be added or integrated into the manufacturing process and the workforce can be educated with newer and advanced techniques for optimal utilization of resources. Calculating work in process must be handled with the utmost care because it directly influences your profitability index.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.