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You cannot ignore the financial manager’s role and scope for objective quantification and its goals for economic performance. To better understand the concept, please read this article.

Regarding fiscal management, the aim is to explain the role of a finance manager, the objective and importance of cash flow and valuation and approaches to assets.

Role and Responsibilities of a Finance Manager

The primary aim of a finance manager is to manage cash flow (inflow and outflow). The finance manager is an intermediary between the investor (individual and corporation) and the firm’s operations. The finance manager is responsible for ensuring that functional needs are financed from operating sources only to avoid any mismatch. 

Depending upon the agreement between the firm’s finance manager and a third-party contract, what terms or services are procured to be provided, either cash, credit, or a partial mix of both? It is essential when the finance manager accounts for expenses regarding account receivables, purchase of inventory, and account payables. The finance manager needs to consider the terms of payment or receipt, such as 30 days, 60 days, and 90 days. They are responsible for cash management, credit management, capital expenditure management, and financial planning.

Wealth Creation: The Primary Goal of Finance

The primary goal of finance is to create wealth in any business to meet the operating sources (working capital) or non-operating sources (long-term asset financing). Finance is all about profitability and the bottom line of any business concern. Since the inception or formulation of the business, it has acquired tangible and intangible assets (both natural and financial). Simply put, finance in business is deduced to the valuation of assets. 

Classification of Assets in a Firm

Typically, any firm comprises two types of assets: Short-Term Assets and Long-Term Assets. Any asset with a lifespan of less than a year is a short-term asset (such as inventory and receivables), usually expensed through the Cost of Goods Sold (COGS). Any support having a lifespan of more significant than a year falls under the ambit of the long-term asset (such as plant, equipment, machinery, long-term investment in terms of shares, deposits, and equity in associated companies).

Key Categories of Finance

When firms speak of finance, they usually are domiciled into four broad categories: investments, financing, repayment or payout, and risk management. The firm wants to assess what kind of projects it intends to invest in. How will the sources be funded or financed to complete the project? What is the payout scope regarding yield, profit, or return? Is there any risk associated with the project in which the firm is about to invest? How to mitigate or minimize the element of risk. These are the four questions that the owner needs to answer and, at the same time, secure (comfortable and at ease) before a financial decision is made.

Industry-Specific Financial Decision Making

The above four categories depend on the industry in which the firm is involved, and hence, the dimension of its finance will change subsequently. For example, an organization engaged in manufacturing, trading, or services or industries such as banking, FMCG, insurance companies, brokerage houses, or automotive assemblers will have unique and distinguished financial decision-making. 

Macro-Level Goals and Shareholder Value

Regarding macro goals, they are also responsible for creating value for money for the firm’s shareholders. As earlier stated, the finance manager, acting as a bridge to shareholders, must have complete knowledge and awareness concerning an investment decision, valuation of the securities corporation, and risk associated with financial contracts.

Managing Cash Flow and Business Capital

Companies must oversee emergencies and operational expenditures to make their business thrive. For this, they need better cash flow and sufficient business capital. To determine whether your cash flow is adequate, check whether your accounts are receivable or payable through your fiscal management strategies. 

The Role of Financial Reporting in Economic Management

The company’s financial reporting is an integral part of your economic management. It is economic predictions and planning based on your fiscal management decisions. You can use it as a database. Such strategies also help in risk prediction and mitigation plans to efficiently manage emergencies and unknown risks. You must enroll in a professional short-term finance course to work well for financial professionals.

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

When deciding on a career, many consider becoming a truck driver. It is not a job for everyone. You spend many hours alone and on the road away from your friends and family. However, it pays well and has excellent benefits that make sacrifices worthwhile.

The truck driver’s salary comprises the number of miles they traveled, with a set rate per mile. That rate varies depending on the years of experience different drivers have or the region they will be driving in.

For example, Werner Enterprises invested more than $30 million in 2018 to increase the salaries of its truck drivers. The investment increased their pay per mile by 11.8%. So, even if you begin at a specific rate per mile, you can increase it by improving your performance and matching industrial demands.

In addition, truck drivers have the opportunity to earn bonuses in addition to their regular pay. But it also depends on what kind of driving you do, your certifications, and the materials you have in your arsenal.

Several factors can be considered if truck drivers want to improve their income. Here are some of the significant factors that are essential for improving the salary scale of any truck driver. Here are eleven factors that go into calculating a truck driver’s salary.

Mileage

If you’re a driver who loves to go the distance, then you can earn money quicker. Smaller driving distances are often convenient, but they provide lesser pay.

Education and Licensing

Truck drivers with a Commercial Driver’s License earn more than drivers without one. Furthermore, trucking training and education also play a significant part. For starters, if you enroll in a commercial driving school, you will have a higher chance of landing a job than those who opt for private training.

For starters, you don’t get hands-on experience while learning through private tutoring. If you’re looking for a good trucking school, contact a U.S. trucking school right now.

Experience

In today’s trucking sector, the employee turnover rate is relatively high. Let’s face it: Most people don’t have the endurance for this job and join the cause because of good pay. But they end up quitting within a short period. But if you stick around for some years and prove yourself on the road, you can command a more competitive package.

Location 

Usually, locations don’t play a heavier role in the salary difference for a truck driver. But some regions might help you earn more than other regions.

Bonuses

Bonuses depend on what the companies offer their truck drivers, such as outstanding rewards and bonuses, which take their salary scale to a better level. Several bonuses are provided to Class A truck drivers. A few of them are as follows

• Monthly mileage
• Fuel efficiency
• Layover pays
• Clean DOT Inspections

Specific Roles

There are specific truck driving roles in the industry. And different types of trucking jobs offer different salaries. So, if you want to build on your truck driving experience, you must research.

Different Structures for Devising Truck Driver’s Salary 

Within the trucking industry, you will find that some carriers and companies use different ways of calculating wages. Of course, we mentioned that getting paid by the miles you drive is the best way to finalize transactions. However, there are other ways to measure a truck driver’s salary, which we will elaborate on below.

Truck Driver’s Salary on Per Hour Basis 

Hourly compensation is quite common in employment, and similar is the case for the trucking industry. According to statistics, a truck driver’s average wage is $24 per hour. What makes hourly payment advantageous is that you will receive your assigned weekly hours to record your steady income and plan accordingly.

Truck Driver’s Salary on Per Mile Basis 

Most young trucking drivers opt for trucking salaries based on the number of miles driven. The mileage may vary from time to time, but when comparing their wages to other salary structures, they earn a lot more. It all depends on how much you can endure. If you have a good tolerance level, go for the per-mile option.

Truck Driver’s Salary on Route Basis

Similar to hourly pay structures, some companies pay on a route basis. In many cases, a truck driver with a standard delivery route will more likely get paid an hourly wage than a lump sum amount. If the routes are relatively short, there’s no need for you to travel overnight, reducing the overall pay.

For long routes, drivers should follow the FMCSA regulations before they take the trip. Remember that these regulations are only effective if you take longer than the 150-mile radius. 

Should you work for a Small-scale Trucking Company or a Large-scale one for Good Truck Driver Salary?

However, this is an essential question if you want to make the most of a promising trucking career. Larger companies offer a broader range of salaries than smaller ones. A study reported that truckers who worked in smaller companies had CPMs ranging from $0.35 to $0.50. On the other hand, truckers who were part of large-scale trucking organizations had CPMs ranging from $0.23 to $0.60.

But you must consider other factors as well. For instance, a small trucking company will help you build strong connections with coworkers and higher-ups. You might also have a flexible job and be offered more responsibilities to demonstrate leadership. So, think about that when you’re applying to a trucking company.

Conclusion

So, what are you waiting for? It’s time to take the wheels and hit the roads. A new career with a spectacular future awaits you. Truckers can potentially make a lot of money annually if they are persistent and have the qualifications to do so. You can start respectably and quickly move up the ranks in less than six months. So, start your CDL training search right now and contact the local trucking schools right now.

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

The internet has been a part of everyone’s lives for the last two and a half decades. It is not going away and is continuously developing and innovating. Twenty-five years ago, most businesses were brick-and-mortar. Today, more businesses are operating wholly or partially online. 

Because business is done more online than ever, it is an excellent place to look when considering starting your own business. Brick-and-mortar businesses will never be obsolete. However, the cost of running them instead of an all-online business can be the difference between success and failure. 

When contemplating becoming a business owner, you can start a more traditional business with a storefront or office. However, starting an online business is the best option for entrepreneurs with little to no capital and specific skills. Here are six online businesses you can start today.

Freelancing

Freelancing is one of the most sought-after careers in the modern era, and the revenue stream keeps coming. The advent of the internet further polished the role of freelancing and outsourcing, where people or companies choose freelancers to resolve their concerns.

These days, different websites allow ordinary people to earn money via freelancing. Platforms like Fivver, Upwork, and so on comprise millions of online workers available at your service. 

However, these platforms are task-driven; their algorithm ensures that you get paid after you do your job. This establishes them as the preferred option for individuals across diverse niches seeking to generate income online.

E-Commerce 

Online retail has become the premier choice for shopping in the technologically advanced era. At the same time, the introduction of smartphones has helped the cause indefinitely. Therefore, it emerges as yet another noteworthy method of earning money online.

However, you must ask yourself: Do you have what it takes to sell products online? If so, jump on the bandwagon because an eCommerce site can be your best option yet. Even if you don’t have your products, you can act as an intermediary and sell other products from your platform. 

All you have to do is develop a website or even use social media to sell products. Similar to the blogging method, you have to think of the niche of products you’re willing to sell. Your choice needs to be based on the demands of the products in your selected region and how much profit you may gain from them. If properly grasped, this online method can reach the top quickly. 

Virtual Assistant

The concept of remote working existed long before our battle with COVID-19. With video conferencing tools and a strong online presence, remote working provided ample opportunities for people who can’t leave their homes. This notable feature has also unearthed another online money-making method: virtual assistantship. 

As a virtual assistant, you can completely associate yourself with an organization or even try to set up your own business. It’s similar to freelancing, but as VAs, you may get more significant projects than smaller tasks. Long-term projects like technical support, customer service, project management, social media management, and so on are part of the deal. 

However, unlike freelancing, where the client only asks for the task to be completed, being a virtual assistant may require some prerequisite qualifications. It’s far more than designing a logo since you will be responsible for a significant part of your client’s business. 

Tutoring

Currently, there are many courses that you can take online and that don’t cost money. Similarly, if you’re good at a subject, you can earn it miraculously by providing tuition to people online. The best part is you don’t have to limit yourself to a specific region and can expand your playing field everywhere. 

However, if you don’t know where to start, then don’t worry. There are platforms similar to freelancing websites for tutors like you. Yes, they may cost you a little, but the cost is nothing in front of the bigger picture. 

You can even post video lectures online, be it on a website platform or YouTube. The options are countless, and you have to utilize your skills effectively. Add social media platforms to market your gig, and you’re ready. 

YouTube Influencer

Of all the money-making methods online, making a YouTube channel ranks as one of the most profitable if you are successful. Although a bolder prospect, a YouTube channel can be the kickstart you need to become a famous internet celebrity and earn a fortune. 

However, boldness in this business is crucial since it can either make or break your online career. In other words, the YouTube audience is quite selective and harsh regarding content. Thus, to succeed in this market, you must be engaging and confident enough to make the most of this platform.

The money will eventually come since countless people are famous for their YouTube channels. However, you need to perfectly align your videos with your niche to gain a competitive advantage over others in the same niche. Let’s not forget that YouTube is a universe, so you must consistently earn your views. 

Peer-to-Peer Lending

Another prospect in the chain of the eCommerce website is the peer-to-peer (P2P) platform. For those who don’t know, a P2P platform is a marketplace to conduct money lending activities. Here, you can lend people money in a more organized and structured manner. 

However, similar to other platforms, there are some guidelines to study before diving into this gig. You must always understand the recovery process before you start lending. Since this method of providing loans isn’t secured, so the risks there is a problem.

Alas, there is no business without risks. So, be clever and begin your career as a loan provider. The end goal should justify the risks involved since the interest rates provided on these platforms can range from 15 to 30 percent. 

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.

In the era of globalization, a company that deals in all sorts of products needs information technology in every field of its work to assist it. However, this information technology system has also been implemented in the supply chain.

Many companies have focused on supply chain management to increase their market share and growth. Moreover, progressive and automated organizations have developed systems to integrate the needs of their customers and their supply chain management. Additionally, the customer services department is a customer’s primary source of information, and their expectations are linked with the company’s prestige.

Network Distribution Strategies

A multinational corporation will have a distributed network for every department. Warehouses, manufacturing facilities, and offices are connected. However, whatever happens in any part of the company can be managed and instructed from anywhere. It also reduces the cost of coordination to travel between departments. Furthermore, this technology integration has smoothed the flow between the supply chain and the organization’s operational management.

Source Strategy for Manufacturing

Using IT in every field means that companies are continuously updated with orders. They have suggested that if firms are making a batch of printers and receive another order of printers, they can add the new quantity, which will reduce their cost of production and save time.

Technology and Support System

A company should enhance its customer support system with state-of-the-art and latest technological methods. Moreover, information technology is not only needed for manufacturing warehouses or business offices. Without the proper customer support technique, any firm will not be able to satisfy its customers. Furthermore, they have also implemented their IT system to support offices.

Information Technology and its Role in Supply Chain Management

With the induction of information in different sectors, the world has changed rapidly from the world to a global village in the past few decades. It has only become possible due to the advancements in the field of information technology. Moreover, in any leading multinational firm, information technology has helped them so much that it is challenging to discuss. Additionally, from the first point of receiving orders to placing orders, manufacturing and storing have all been revolutionized by the inception of information technology.

Complete system supply chain management is entirely based on the grounding of information technology. The core supply chain network starts from the business office of any organization. The supply chain network starts working when they receive an order for a specific product. Initially, the software will check their warehouse for the components they need for their products. Furthermore, it will place the order to its suppliers, and the manufacturing process will kick in. After the completion of manufacturing, products are moved to warehouses and then to the dealers. However, the people using information technology to reduce the time and the cost of production continuously monitor all these stages.

The Effectiveness of Information Technology in Managing the Supply Chain Management

From the inception of IT, everything has changed. Managing a vast supply chain network is impossible without the help of information technology incorporated in every step. In a tech-savvy firm, the supply chain network is designed in such a way that it has reduced, most importantly, their response time to any order. A simple email from the business department will initiate manufacturing packaging, ordering, storing, and transporting it to the dealers.

Companies rank in global marketing and organize their supply chains using Information technology. We see regular advancements in information and communication technologies, making the IT field more prosperous and highly demanding. By using IT tools effectively, you can integrate your trading partners and transform your business activities.

In general, modeling the supply chain and its system dynamics analyzes the effect of performance variables—this analysis is based on the inventory and amplification level. Experts have been examining the dynamic interactions between different supply chain variables. Their simulation results reveal that the impact of Information Systems on the performance of the supply chain is more significant. It has occurred through Data Accuracy (DA), Process Integration (IP), Delivery Speed (DS), and Usage of (UIT). Analysts get this result by comparing other enabler variables.

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.

We are witnessing a swift technological surge, particularly with the exponential growth of machine learning and AI across various sectors. Among their most significant impacts is the notable advancement of small to medium-sized businesses (SMEs) in today’s landscape. AI is a critical ally for SMEs, offering them a competitive edge in their respective industries by analyzing competitors’ strategies and optimizing their operations.

Though subtle, this growth has unlocked numerous opportunities for organizations to stay ahead. Survey data indicates that approximately 29.5% of CEOs acknowledge AI’s transformative influence on their operational methodologies. Today, we delve into how AI has reshaped SMEs in the new decade.

Online Retail Businesses

We are at the peak of online retail, where the concept of window shopping has long gone. The advent of AI has been a groundbreaking achievement in making online retail systems more customer-centric. From product categorization to customer support, online retail businesses have benefitted extensively from AI implementations.

Organization Businesses

Delivering goods has never been so accurate since AI came into the picture. With minimal human intervention, supply chain services are on the verge of breakthrough development and continue to efficiently provide services to various businesses. Furthermore, the online retail system has been in motion for many years. Nonetheless, flawless planning services have made delivering products more manageable compared to the old days.

Customer Support

Another area where AI has notably impacted is customer support services, drastically changing the overall consumer experience. The invention of chatbots has made the job a lot easier for providing necessary support to consumers during non-working hours. Not to mention that these chatbots now have the programming to oversee manual tasks and can operate countless consumers 24/7 without any human presence.

Efficient Sales Procedure

Those days have gone by when sales techniques rely on cold calling and transferring lengthy emails. Many kinds of media influence clients, from TV ads to social media channels. Now, Snapchat has become a remarkable tool. The sales pitch should reach the right client at the correct time on the fittest platform. Integrate AI into your CRM for an innovative and practical approach to marketing for your business. An effective AI-based CRM can multitask and manage all your business activities.

The use of AI will help you get to know your clients better while delivering customized solutions. Online businesses are using AI to ask questions to their consumers. They customize their products based on their preferences and display only the ones that suit the client’s preferences. In this way, the possibility of a high client conversion rate will increase with excellence.

No doubt, AI is transforming the sales scenario for the better by changing the sales methods. Now, clients are getting non-customized solutions. As a result, businesses are getting client insights fast, and the conversion rate is increasing quickly.

The Future is Here, and so is Artificial Intelligence (AI)

AI supports humans by reducing their manual work, but it can also improve business productivity. In retrospect, AI is the need of the hour and is here to stay for a long time.

According to the research paper of the Accenture Institute for high-performance technology, by 2035, AI could double the economic growth rates in various developed countries every year. The annual growth rate of AI adoption has risen from 2.6% to 4.6%, with $8.3 Trillion in the US. The annual growth rate of AI could increase from 2.5% to 3.9%, with 814 billion dollars in the UK.

Thus, if modern SMEs want to survive in this fast-paced world of business operations, they must fully utilize AI’s services. AI controls everything from marketing practices, organization schedules, and customer support to generating automated emails. Artificial intelligence (AI) will replace around 16% of American jobs by the end of this decade. All business owners need to do is ensure that they grasp the full benefit of the innovation.

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.

Every organization and business, irrespective of its size, keeps a record of its business transactions, such as sales, expenses, and other financial transactions that occur every day. Bookkeeping is the recording of financial transactions; the individual responsible for the recording is called a bookkeeper. A bookkeeper is responsible for recording day-to-day transactions and presenting the data to the accountants, who form different statements like income, balance sheets, profit, and loss statements. However, some entrepreneurs and small businesses prefer doing the job themselves, leading to other problems. This article explains the different situations and conditions in which one must hire a professional bookkeeper for the job!

When the Workload Increases

At the beginning of a venture, a small team can manage the workload and assign different tasks to each member. However, as the business grows, the responsibilities grow as well. It increases pressure on the team members, which may affect the quality of the work; therefore, it must reassign the tasks to ensure efficiency. Bookkeeping requires attention and accuracy, as the financial management and projections depend on the revenues and expenses incurred by the company. When a person has various things to look after, some costs may go unrecorded, making it difficult to track the efficiency and profitability of the company. 

When the Expenses are Not Categorized Accurately

It is important to track expenses accurately. The business must know when to incur the costs and the nature of the costs incurred. If the expenses are not categorized correctly, the company may pay more tax credits or face several other deductions from the business. A person who does not have a proper understanding of bookkeeping is likely to make mistakes in categorizing expenses that will lead the company to pay more. Often, the extra amount paid is more than the expense of keeping a bookkeeper. A bookkeeper will ensure that all costs are adequately categorized to avoid further payments.  

Lack of Organization

A growing business for an entrepreneur means a lot of chaos and hassle until one develops a team to manage different tasks. The work can be overwhelming, leading to unorganized work and unfinished tasks. Also, a new business must maintain a good reputation amongst stakeholders and ensure timely vendor payments. It can be a problem for entrepreneurs and small businesses because various tasks appoint one individual, and the pressure may lead to errors. To avoid organized behavior, a company must hire a bookkeeper to handle financial recordings. It will help keep the business organized and manage the work well. 

Moving Towards a Bookkeeping Software

A variety of bookkeeping software allows entrepreneurs and small businesses to practice bookkeeping without hassle. Some people may struggle with this software as they use technical terminologies that may not be easy to interpret by people who do not understand finance. Also, the software may seem confusing if he is unfamiliar with finance. When the company grows, the business may consider hiring a bookkeeper, and the need for formal and organized bookkeeping merges. Instead of involving yourself in the software, hiring a bookkeeper would be a great idea. 

When Bank Statements Need Reconciliation

Bank reconciliation is integral for ensuring accuracy and eradicating all errors in the financial data. Therefore, it is essential to have accurate data in hand. The accuracy of the data confirms that the company is paying the correct amount in taxes. However, suppose an entrepreneur or a small business struggles with bank reconciliation and does not have time to do it regularly. In that case, hiring a bookkeeper is the only option left. A bookkeeper will handle all these matters to keep the financial data accurate and updated.

Hiring a bookkeeper can reduce costs that the company would otherwise be due to financial errors. Is it time for your company to hire a bookkeeper?

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

The growth in the need for impactful entrepreneurship that creates highly relevant solutions for societal problems could never be stressed more than it is now. An entrepreneur’s job is to identify pain in society or a gap in the market, anything that consumers might need but is not present for use, and fill that gap while keeping the factor of wealth creation and maximization minds.

It is quite observable that small businesses around the world contribute a lot to global economic development. The worldwide growth and expansion of the entire entrepreneurial sector mainly depend upon these tiny startups and medium enterprises. Small and medium-scale businesses are the backbone of any country’s economy. According to economic analysts, most business sector growth is due to young prospective entrepreneurs’ creative ideas.

Many people become entrepreneurs because they think an entrepreneur’s routine is much better and more rewarding than an employed person’s monotonous routine. Some also believe they can change society for good and positively impact the global economic sector.

There are various approaches to entrepreneurship, and the field can be divided into several subcategories.

Social Entrepreneurship

For instance, social entrepreneurship has surfaced lately and caught the eye of many people interested in business. However, it is a kind of entrepreneurship strikingly different from the traditional type. This significant difference is that social entrepreneurship has a distinct value proposition from the other entrepreneurship types.

Also, it is not just about the value proposition, but the money this type of entrepreneurship makes is solely for the benefit of society and to promote a noble cause. One of the significant roles that social entrepreneurship plays in society is the development of humanity itself. Social entrepreneurs work for the betterment of society in many ways. Societal transformation is all about how social entrepreneurs address ongoing issues and help create solutions to those problems.

This sector’s progress is determined by how well the system moves toward betterment and how well people cope with the change on an individual scale. One thing that has revolutionized social entrepreneurship in recent times is IT’s involvement in every corporate sector. The participation of the latest social networking techniques and the creation of solid networks has brought about a massive revolution in entrepreneurship. It has made its key processes more efficient and effective.

The Impact of IT

The involvement of IT has also brought nations closer by making communication faster and more convenient. Entrepreneurs have been utilizing networking services. Particularly in social entrepreneurship, networking has played a pivotal role in expanding the horizons of social services.

As we know, every organization’s traditional business model revolves around wealth maximization, and social entrepreneurship differs from this conventional type at this very point. The sole purpose of social entrepreneurship is societal development and a positive system transformation.

Social entrepreneurship has never been in demand as it is in the current era. The reasons are simple and prominent. Industrialization has positively and negatively impacted the system and nature, where social entrepreneurship is needed to balance things. For instance, at a basic level, pollution’s adverse impact over the past few years is right before us. To revert it all, organizations felt the need to develop an industry with the primary objective of undoing all the damage.

Conventional trade and its players have gone so far in the race for profit maximization that they have almost ignored what they owe to society in the name of corporate social responsibility. That is where social entrepreneurship has taken the driving seat and done a lot to better nature and the system.

It would be safe to say that social entrepreneurs have played an essential role in securing the future of humanity. Social entrepreneurship has also impacted the changing conventional mindset of business and has proven in front of the world that it maximizes wealth, considering the welfare of nature. It has also shown the global economic sector that wealth maximization shouldn’t be the only objective of the corporate sector; they should also keep a check on what they owe to the society and system.

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.

Running a business in today’s world is challenging, especially after the pandemic. A lot of companies suffered devastating losses, forcing many to shut down. In a way, these losses taught many business owners that not just internal factors but external factors play a vital role in keeping your business up and running. Many business people learned this the hard way, but the world doesn’t end there. Let’s take this pandemic as a starting point to understand what other factors could influence your cash flow.

Political Instability or Changes

In economics, political instability is the number one factor affecting a region’s businesses. Whether small, medium or large, any business will suffer political instability or constant change in the political environment. Politics are one of the reasons enterprises experience variable growth rates during election years. Most major corporations of the world try to minimize their business activities during this period and wait for new policies to emerge. Then, these businesses adjust their internal procedures accordingly. Therefore, any entrepreneur should always watch for any political change that could adversely affect their business.

Economic Ups & Downs

While most major corporations of the world tend to enjoy the economy’s ups and downs, most small and medium businesses suffer significantly due to it. If you are in the import and export business or are selling imported products, then the chances are that the regular increase or decrease in dollar prices might affect your business’s cash flow. If your country’s currency’s exchange rate is down, then your overall business landscape might suffer.

Social Norms & Influences

Society as a whole plays a vital role in shaping the demand and supply situation within a country. Fashion, trends, and taboos can hurt your business directly. For instance, during this recent pandemic, face masks became a significant business. Many widely known apparel and sports brands dove into the business of manufacturing face masks simply because their other products weren’t doing well enough. Almost the entire 2020 was in a state of lockdown. Government officials advised people not to do luxury shopping. Therefore, apparel and fashion accessories did not perform well. For many such businesses, the only viable option was switching to producing face masks and gloves.

Technological Advancements

For businesses that deal with technological products and services, staying up to date with the recent trends is a dire need. For instance, Nokia was the largest cell phone manufacturer just 10 years ago, and today, the company is not even in the top 5. Why? Simply because they could not keep up with their consumers’ technological demands. While the world was moving towards Android & iOS-based smartphones, Nokia was trying to compel them to switch to Windows smartphones, which backfired, and as a result, the company almost went bankrupt.

Social Media Influence

Social media is, quite possibly, the most powerful tool in human history to shape our choices and mindsets. Social media is used worldwide by people to express their pleasure and displeasure with products and services. If you make one wrong move, your business will appear on Facebook or Twitter with a negative review. Regular social media management and reputation management are essential to avoid such instances.

How to Prepare for External Factors to Better Manage Your Cash Flow?

Feeling helpless is natural when you cannot control the external factors that can have adverse effects on your cash flow. However, while you cannot control the elements themselves, you can manage your reaction to them and be better prepared. Maintaining a backup cash flow is crucial in today’s business climate. Of course, this might not be the best solution for every business, but restraining your spending and being flexible while maintaining your cash flow usually work for most companies. Adopting a flexible cash reserve strategy with pre-determined goals in mind can help you have enough cash reserve for rainy days.

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.

Internet-based accounting, or cloud accounting as it is known, has paved the way for finance professionals to work from anywhere via remote systems. Previously, accounting teams had to be at a specific location to access and work on financial data. Managers were to share the data with employees due to data leakage or theft threats. However, today, with the advancements in cloud technology, it has become easier to share financial data with their teams for remote work. Enhanced security, better workflow software, and backup services have made this possible.

How Exactly Does Internet-Based Accounting Work?

Even today, the terms ‘cloud’ or ‘internet-based’ pose a threat to most traditional businesses. Financial teams are still skeptical about using cloud-based services, considering that data sales to advertisers and competitors are standard. However, this is not the case anymore today. Free cloud accounting software may be prone to such threats, but the paid and advanced ones aren’t. Cloud accounting today offers a plethora of benefits that traditional accounting or desktop-based accounting software may not. Here are some of the top help your company can enjoy while using an internet-based accounting software:

Easy & Reliable Connectivity from Anywhere

Probably, the most significant advantage of any cloud-based service is that you can access your data from even the farthest nooks and corners of the world. You can access the data quickly and work on it if you have an internet connection. This mobility reduces the hassle of your accounting team being at your office whenever you need anything done. You can easily access your accounting data using smartphones, tablets, and laptops.

Instantly & Regularly Updated Information

Another significant benefit of cloud-based accounting software is that you will always find your data up to date. Cloud-based accounting software regularly updates and saves any changes made to the data and displays it to all necessary parties. This way, whenever you log in to check your data, you will find it updated. Previously, you had to prevent months of data from detecting a simple and minor change in your reports. Today, you can view the change history in minutes to understand the flow.

Third-Party Integrations for Advanced Functionalities

Most cloud-based accounting software today allows you to connect third-party applications or their applications to the software. By doing this, you can customize the accounting software as per your needs. In addition, you can integrate your customer relationship management (CRM) software, inventory management software, and the like into your accounting software to have all your financial data in one place.

Live Updates 24/7

For many businesses, it is a hassle to keep tabs on their recurring, accrued, or incoming payments. Asking the bank within the working hours may not be the solution. With cloud-based accounting software, you can quickly get back notifications on your smartphone. Similarly, any transactions made will appear as a notification to instantly inform you of the update.

Higher Security, Lesser Risk of Data Loss

With cloud-based accounting software, your data is always on the cloud, continuously backed up and protected. Companies that offer internet-based accounting software comply with the national laws of data protection. One could say that top-notch security means are in place to ensure your data is never misused. Unlike desktop applications, where your information is stored in your computer and is easily a target of hackers, your data is under top-level security with cloud software.

Tax Filing Made Easier

Most cloud-based accounting software offers you the ease of filing for taxes. You have to download your income reports, tax reports, etc., to have all the data you need for filing taxes.

Should You Opt for Cloud-Based Accounting Software?

Today, especially after the COVID-19 pandemic, it is impossible to imagine your entire workforce regularly coming to your office. Lockdowns and safety measures might hinder the process. With cloud-based accounting software, you will efficiently work on the data from home or wherever you are.

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.

Below, we explain solutions that the law allows you to cushion the impact of taxes in the accounting of your business but also the options of saving your obligations with Social Security:

1. Income tax and VAT deductible to save more

However, the deductions of expenses in the IRPF and VAT should not be taken lightly by the self-employed worker, who taxes indirect estimation as an easy saving formula. Apply according to the legally established expenditure affected by the activity, duly justified and accounting registered, to help you save and increase your solvency.

We detail the tax deductions in the IRPF. This year, the Law of Urgent Reforms of Autonomous Work added a novelty. The deduction in Personal Income Tax of 30% of the expenses on the percentage of housing affects the activity and the deduction of allowances in the same terms as the workers of the General Scheme.

Also, remember that you can also benefit from deductions for maternity, large family, and descendants or ascendants in charge with disabilities.

2. Discharge of expenses before the start of an activity

The beginnings can be challenging. Therefore, it is better for you than ever to seek maximum savings. Hacienda allows the deduction in the IRPF and VAT of necessary expenses for the start-up of the business. These are investment expenses that you can deduct provided that these requirements:

• Give notice to the Treasury of the intention to undertake to present model 036 and check box 504. This procedure notifies a discharge before the start of the activity.
• Invoices issued with a date after said previous discharge in the Treasury.
• A posteriori, you must proceed to a second registration in the Treasury to start your activity.

3. Pension plans

Contributions to pension plans also have an essential fiscal advantage if the self-employed person can deduct up to a maximum of 8,000 euros or up to 30% of the net income from economic activities or work.

4. Health insurance

Do not forget to take out the health insurance. The medical insurance allows the self-employed to deduct the premiums up to a limit of $500 per person. The self-employed person can also include the spouse’s fee and children under 25. The limit of $500  per person extends to $1,500 for a person with a disability.

5. Reduction per start of 20% per start of the activity

Suppose you start economic activity indirect estimation without having exercised any other in the previous year. In that case, you can positively reduce by 20% your net return (income – expenses) in the first year and the next—20% on your income tax. If you have losses in the first year, you will not accept the reduction, although it is reserved for you when you fulfill the conditions.

6. Moving from a natural person to a legal entity

The autonomous tax determines the benefits it obtains. For this reason, the tax burden of the self-employed person, a natural person, is generally greater than that of a legal person. When you’re billing as self-employed, and the threshold of $46,000 exceeds, you should consider switching from autonomous to society.

7. Recover VAT from defaults with a rectifying invoice to save more

Unfortunately, unpaid bills are a continuum in independent accounting. Despite this, nobody escapes the quarterly appointment with the Treasury to declare and pay VAT through the 303 models. Still, the self-employed can recover the amount of the tax and thus the liquidity it needs.

This possibility, for which a judicial or notarial injunction process must be carried out, is subject to the debtor’s requirements as self-employed or a company. The collection of the invoice must not be during the six months following its issuance. The solution to the problem lies in the distribution of a rectifying invoice, canceling the VAT quota of the original, which you will submit to the Treasury, and you will include it in the quarterly model of the period in which you issue it.

8. Welcome to the self-employment quota bonuses

Already in the section of Social Security, the reductions in the quota of self-employed are among the most remarkable savings tricks of this top ten.

The most notable of the bonuses is that the current flat rate represents a saving of up to $2,700 during the first year for newly self-employed people who take advantage of it. This saving is reduced by tranches during the second and last years, except for self-employed under 30 and the autonomous ones under 35 who enjoy the bonus during the third year.

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.