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bloggers and influencers - Complete Controller

Businesses are consistently looking for ways to drive potential customers to their products and services. Using traditional routes such as print, tv, and sign ads are generally not done for small to mid-sized businesses. These businesses opt for more digital-based marketing strategies. One of the most popular strategies is using freelance bloggers and influencers to add relevant content to your site to boost search engines’ visibility. Here are the benefits of using bloggers and influencers in your marketing strategies. Check out America's Best Bookkeepers

Increase Site Traffic

Bloggers and influencers exist for the sole purpose of digital marketing. If you hire experienced writers and influencers, they will provide you with content that generates buzz and site traffic. The increase of traffic is due to the blogger or influencer using highly-searched keywords while providing well-written, relevant content that provides value to the reader. Good bloggers and influencers will also be aware of word counts as the volume of content is essential to register on popular search engines like Google. While word counts should be high, the blogger or influencer needs to keep the content readable and engaging and with the least amount of “fluff” possible to target the counts. Check with search engines to find out what the latest target word count is for an optimized blog.

Increase Customer Base

While bloggers tend to be more focused on exciting content that will land new potential customers on your site, influencers focus more on your products and services. Blog posts aim to use highly-searched keywords to boost your site on search engines than using ads and “about” sections of the blog to promote the company’s products and services.  Influencers will use social media platforms to highlight and promote your products using their influence specifically. Linking your business to someone who knows how to make their voice and opinions matter to large numbers of potential customers has huge returns on increasing your customer base. Check out America's Best Bookkeepers

Increase Credibility

Again bloggers are more about getting traffic to your site. Influencers, however, can boost your credibility, especially if you’re in a highly-competitive business. But both bloggers and influencers can have a hand in boosting credibility though in different ways. Bloggers lend credibility to your knowledge as a company. A potential customer will feel better about making a purchase or hiring a service if they feel like they are dealing with an expert. An influencer boosts your credibility by merely sharing your product and service with their social media audience and telling them they like it and why.

Generate Leads

Getting potential customer leads is one of the most challenging tasks to master for a business. Having an influencer or blogger driving traffic to your site will help with that if you have a call to action when the person enters your website. There are also the possibilities for the potential customer to sign up for new blog post notifications or to be on an emailing list that could be used as a lead to introduce them to your products or services. Check out America's Best Bookkeepers

Increase Social Media Exposure

Influencers are especially useful for generating more social media exposure since that is their primary platform of influence. Most business owners have difficulty keeping up with social media platforms. At the same time, an influencer will use their sphere of influence to promote your products or services. They can also use your social media to influence others and grab potential customers. Bloggers can also use their social media platforms to promote your blog and their posts.

Conclusion

Hiring bloggers and influencers to boost your business is a great way to increase site traffic and your customer base, strengthen your credibility, generate leads, and increase social media exposure. Ultimately, hiring good bloggers and influencers will increase your profits. Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers

Capitalism refers to the free market economy. Adam Smith coined the term. He is considered to be the father of the economy as well as the founder of capitalism. Before the Industrial Revolution in the mid-17th century, trade was never promoted outside of country borders. The invention of heavy engine machinery produced factories to manufacture finished goods and services, which required lesser human efforts. Check out America's Best Bookkeepers

The idea was then promoted by Adam Smith when he, along with his group of economists, visited England, where they pitched the idea of the trade of finished goods and services to other countries who lacked in the production element of these products and services. He further mentioned the advantages of such trade, which would generate higher profits for a state. This led to the foundation of the principles of economics, where the emphasis was on the free market economy. It would affect the supply and demand of goods as determined through an invisible hand without unnecessary government interruption. Check out America's Best Bookkeepers

This is how capitalism came into being, which allowed the consumers to decide what producers should produce and what cost they should produce. As the concept allows the market interaction of producers and buyers to determine what should be produced and what price should be set therefore it enables a market to produce maximum returns as per the demand and supply of all goods and services present in a market. Opportunity cost is another term that comes under the flagship of trade economics, which is an important part of economics. The term to the concept of exchange of goods and services between two states; for instance, two countries, country A and country B, country A can produce both cheese and wine while country B can produce both also then what should they trade? A simple answer to this question lies in the efficiency of both countries to produce these two goods. Suppose country A takes less time and resources to produce cheese comparative to wine than this is termed as the opportunity cost in which country A is paying to produce cheese at the cost of wine and vice versa. We can conclusively say that country A should trade cheese to country B while country B should trade wine to country A which depicts the great concept.

While talking about capitalism or the economic basis of a country, we can never forget the concept of budgeting. This refers to the optimal allocation of resources as per the needs and requirements of a country to generate maximum returns. Budgeting allows a country to allocate a certain amount of GDP to trade or imports and exports to increase the annual revenues of a state. Bookkeeping helps out a country in keeping records of all transactions it has proceeded, which are necessary to understand the calculations of imports as well as exports. Check out America's Best Bookkeepers

Final Note

Advancement of technology has led to an increase in economic activities where finished goods and services produce higher profits as compared to that of raw material available for trade. Capitalism allows a free market economy, which asks producers and consumers to decide what to trade and how to trade, which optimistically effects the trade, ultimately resulting in maximum returns.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers

Development and growth concept. Businessman plan growth and increase of positive indicators in his business.
Recent reports by Sageworks, a financial information company, revealed the industries that are most and least profitable over the studies of previous years. According to their research, businesses that are service based have low start-up costs, although they require specialized procedures of training and function services which fare well in today’s market. This includes law offices, real estate brokerages, and accounting/bookkeeping firms.

On the other side of the spectrum, businesses and retailers related to the food industry struggle in sales, with farming and grocery stores seeing close to no growth at all.

Bierman, a business analyst, said “Because of their volume based business model and competitive markets, margins tend to be smaller. Grocery stores and manufacturing companies are good examples. Oftentimes their goods may be considered commodities and to charge extra for a loaf bread may drive consumers to a different store over time.”

If you are starting a business or planning to do so, here are some of the most and least profitable businesses in recent years.

Most Profitable Businesses

Tax Preparation, Accounting, Payroll Services and Bookkeeping

Not sure which business to start? Well, if you are good with numbers, an accounting firm will be the ideal option to invest into. Over the previous years, tax preparations, bookkeeping, payroll services and accounting have seen a remarkable increase of 17.84 percent in the growth of sales.

They are likely to gain profits because their start-up costs are low and all you have to pay for is your employees, technology, and training. Alongside, it is a service-based business, therefore, no amount of money has to be spent on inventory. All one has to focus on is obtaining effective employees and build a reputable name for their business.

Legal Services

Similar to accounting, legal firms are a service-based industry that have seen a positive growth in sales of around 16.89 percent over the past years. They have small start-up costs that mostly include employees holding law degrees. Although an investment is required in special employee training and education, legal firms are able to generate a good amount of money.

Management of Enterprises and Companies

A 16.75 percent growth was noticed in this business realm. Therefore, it is a wise decision to invest in this industry. Typically, these businesses consist of privately owned banks of holding companies that are supposed to advise and further assist other companies in making essential and important management, operational, and financial decisions. Although the offices are niche and mostly offer services that are specialized with skilled employees, these kind of companies often bring in a considerable amount of profit.

Offices of Brokers and Real Estate Agents

The real estate industry has seen an increase of 16.6 percent over the past few years. Although the industry fluctuates and this can be hugely affected by changes in the market, it is wise to invest in this business when an increase in positive trends is noticed because real estate agents make good amounts of money when the business start-up is up and roaring.

Least Profitable Businesses

Gas and Oil Extraction

Gas prices were lower in 2017, similar to past years. Firms that are operating in the gas and oil industry have been noticing a drop in sales of around 4.24 percent. With major fluctuations in the market, competitors, and incredible barriers to entry, this may not be the best business to invest into.

Beverage Manufacturing

According to research, this is not the first time that beverage manufacturing has been on the list of the least profitable businesses to start. Although it covers both alcoholic and non-alcoholic drinks, the latest technology trends have introduced soda fountains and other types of drink dispensaries. Alongside, people are becoming more health conscious, due to which beverage manufacturing is declining. Over the past year, more than a 1.49 percent drop in sales growth was noticed.

Bakeries

Whether it is due to major competition or high costs of start-ups involving kitchen supplies, equipment, and overhead bakeries that are commercial, bakeries have been on the decline for a while now. According to research, a 0.81 percent drop in sales growth was noticed.

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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.

profits and loss - Complete Controller

A Profit and Loss Statement (P&L) has many different names: Income Statement, Statement of Operations, Statement of Financial Results, and Income Expense Statement. For this article, we will be referring to it as a Profit and Loss Statement. Every public company must submit a quarterly and yearly P&L statement for its shareholders. On the contrary, if your company is privately owned, these are still a vital piece of information necessary to be able to look at your company’s growth. A P&L statement is a formal statement that includes your company spends, how much your company makes, and what that means for you. In this article, we will answer the following questions, “What is a P&L statement, what is the difference between a P&L statement vs. a Balance Sheet, and What is the proper format for a P&L statement.”

What is a Profit & Loss Statement? Check out America's Best Bookkeepers

As stated before, a P&L Statement is a statement shared with the public (or for personal use if your company is private), that helps you look at your company’s revenue in comparison to its expenses. Important factors need to be considered when it comes to company expenses. Are you spending too much? Are you not spending enough to increase revenue? These are the questions answered by creating an in-depth P&L statement. The P&L statement is 1 of 3 statements that companies release, along with a Balance Sheet, and a Cash Flow Statement. The idea of a P&L statement is to look at the state of a company at any given time. Also, it is used to compare with P&L statements from previous years. This is how you will know whether this year, your company is creating more revenue, remaining stagnant, or decreasing.

Profit & Loss Statement vs. Balance Sheet

Many people confuse a Profit & Loss Statement with a Balance Sheet. Not to fear! The two are different but work as a team. As stated before, a Balance Sheet, as well as P&L Statement, are 2 of 3 statements a company will release every quarterly period. Therefore they go together but include different data. Simply put, a Balance Sheet is a “snapshot,” as many call it, of a company’s assets & liabilities. They are otherwise known as, what the company owns, and what they owe at any given moment. People who are most interested in this information are investors and creditors. Creditors in particular, so they can determine whether or not a company qualifies for a loan or additional credit. A P&L Statement, on the other hand, is an overall account for every expense and profit that comes into play in determining a company’s overall success in that period. Check out America's Best Bookkeepers

Format of a Profit & Loss Statement

There is no “official” format for a P&L Statement. However, some categories must be included: Sales and Revenues, costs (operating/supplies/tax expense/interest expense), and net profit. Think of the Format for a P&L statement like a math equation. Revenues – Cost = Profit. Here, we will take a look at each.

Revenues and Sales

Revenues and Sales is known as the “top line” of the P&L statement. It is the top line simply because it is what you will be subtracting from. This category should be broken down into subcategories, depending on what your company looks like and the products it offers. Subcategories of Revenues and Sales is determined by how many types of services or products your company offers or both. In the end, you will have the last subcategory labeled “total sales,” which is the total of all of your sales.

Costs Check out America's Best Bookkeepers

This is the meat of your P&L statement. This needs to be subcategorized by every type of cost your company has:

  • Cost of manufacturing/cost of maintaining supplies
  • Cost of operations (can be further broken down by office supplies, payroll, etc.)
  • Cost of interests (loans)

These are the three basic categories of Costs that a P&L statement must include. Depending on your company, it can also include cost of research and development and cost of selling products. You may find other additional costs your company needs to report not listed here.

Net Profit

This is your conclusion for your P&L Statement. After you have stated your Sales & Revenues and subtracted costs, you now have your Net Profit before Taxes. Your next category needs to be Tax Provisions (how much you paid in taxes). After subtracting your taxes, you now have your Net profit.

Check out America's Best Bookkeepers 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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. Check out America's Best Bookkeepers