5 Tips How to Simplify your Business Accounts

Keeping up with your accounting is a necessary part of doing business. Even if you don’t do it all yourself, as a business owner it’s important to keep track of the company’s financial status. Below are five ways you can simplify your accounting so you’re always on top of it but it doesn’t take up a lot of your time.

1) Keep Your Accounts Up To Date

Set aside time each day to enter sales, receive payments and reconcile accounts. It’s easy to let a little time go by without looking at your financials, but the longer you wait, the harder it is going to be to catch up with your accounting. If you make it a daily habit, it will be like brushing your teeth; you’ll do it no matter what, without letting it add to the stress of running a business.

2) Start Using a Dedicated Online Accounting Software

One of the easiest ways to simplify your budget, keep your accounts up to date and track income and expenses is by using accounting software. It’s hard to get away from technology these days and with good reason; it’s useful and can help you become more productive, organized and successful.

Software that is installed on one computer can make it difficult to keep track of your finances when you’re out of the office. Online accounting software allows you to access your sales receipts, invoices, accounts and other financial documents from any computer. Many cloud accounting programs offer a full suite of features that let you customize everything from billing to budgeting.

3) Always Keep Track of What is Due to You

Outstanding invoices may slowly be killing your business. Invoices that haven’t been paid but aren’t quite late are a cash flow problem in the making. The longer you wait to collect them the more likely your client is to default on the payment completely.

If you’ve lost track of what you’re owed, you’ve also probably stopped communicating with the client who hasn’t paid. Chances are that client has also forgotten about the past-due invoice. It’s harder to persuade someone to pay you the more time that has gone by, so keep the cash flowing by keeping tabs on open balances.

4) Create a Budget

Budgeting may be one of the most vital accounting activities you perform in your business. Creating an annual budget can cut down on the amount of time you spend managing your money throughout the year.

Online accounting software can come in handy when you’re establishing a budget. You can easily pull reports based on sales and expenditures from previous years and use them to forecast future spending. In addition, cloud accounting is often responsive, adjusting budget calculations based on the information entered into the software. This is an easy way to limit unnecessary spending, increase profits and strategize for future growth.

5) Regularly Track Your Profit & Loss and Other Financial KPI

Key performance indicators, or KPI, provide data that helps companies measure progress toward their goals. Profit and expenses are key indicators of a company’s performance, but so are more detailed markers, such as percentage of returning customers. Keeping track of the KPI that are significant in your business can help you look at what is working and what isn’t working and adjust different areas of the business accordingly.

When monitoring your accounting, keep in mind that having all of the information easily accessible and in one place can make your life easier. Accounting software can provide you with the organization you need to examine your financials. It makes it easy for you and boosts your productivity.

How Using Spreadsheets For Accounting Is Dangerous For Your Business

Six Ways Using Spreadsheets for Accounting Puts Your Business at Risk

There are many small business owners and entrepreneurs out there who rely on spreadsheet programs for their accounting needs.

Are you one of them?

Since Excel and similar programs are included in almost all major productivity suites, it seems like a convenient solution. You might be using spreadsheets to meet your needs, but it’s time to ask if using them for accounting is really a savvy business move. Here are six significant ways that spreadsheet programs fall short when used for accounting (even for small businesses!):

1) Poor Organization

Simply put, spreadsheets are clumsy. You have to build your own file hierarchy to organize them, and it’s hard to share data between different sheets. It’s even tougher to get these spreadsheets to integrate with business data stored in other applications. Imagine that you want to send a sale offer to every customer who has spent more than $100 at your store in the last month. Spreadsheet programs are too clumsy to execute that task efficiently. They also make it difficult to share essential data with your accountant, bookkeeper or tax preparer.

2) Growth Restrictions

Imagine that you need to enter data into your accounting spreadsheet in more than one currency. You can already imagine the headache. After all, your spreadsheet just isn’t designed for that, and that’s the biggest problem. When it comes to meeting your organization’s growth needs, a spreadsheet program can’t do it. That’s where accounting software comes into play. It’s purpose designed for what it does. Spreadsheet programs are designed to meet a different kind of need, and that becomes painfully apparent when you try to use them as part of your growing business.

3) Questionable Accuracy

In order to make spreadsheets work their magic, you have to write formulas to handle equations. Some of these are pretty basic. Others, though, are incredibly tricky. If you get a formula wrong, your spreadsheet program can’t tell you. It will just do the calculation you told it to do, and it could be months before you realize you have a problem. That’s not the only accuracy woe either. Spreadsheet programs don’t have a sophisticated understanding of accounting data. They can’t catch entry errors that accounting programs identify automatically.

4) Storage & Security Troubles

Many business owners who use spreadsheets for accounting needs save the data directly to their computers. The problem with doing so is that data simply won’t be secure enough. If your computer dies and the data can’t be recovered, you’ll be without those essential records. If your computer is stolen or someone hacks into it, all of your business financial data could be exposed. It’s just too much of a security risk. Even if you store everything in the Cloud, your data is only as good as your last backup.

5) Restricted Vision

Creating meaningful financial reports is one of the biggest reasons that accurate accounting matters to small business owners and entrepreneurs. With spreadsheet programs, generating such reports is either very hard or impossible. That means you can’t get an accurate picture of what’s going on in your business today. Spreadsheets restrict your vision when it comes to handling other tasks such as inventory or client credit too. Making smart decisions as a business leader means having access to the best data. Spreadsheets just can’t provide that.

6) Lack of User Focus

The folks who designed spreadsheet programs are among the minority who find them intuitive and easy to use. Yes, you might know how to make basic manipulations to cells in Excel. Doing anything beyond the basics in terms of both formatting and formulating can be a lot more difficult. Even if you’re pretty savvy with spreadsheets, there will come a day when you need to translate a business calculation into a spreadsheet formula and won’t be able to figure it out on your own. You’ll spend hours searching for the answer online, and you might never find it.

That’s the crux of the problem with using spreadsheet programs to handle your business accounting needs. They steal time you could have used to focus on growing your enterprise.

On the other hand, web-based accounting software gives you the freedom to focus on what’s important instead. If you don’t want to continue risking your business, check out what Clever Accounting has to offer and try us free for 30 days. If your company is a startup, you can even find out if you qualify for a completely free package.

How to find the ideal accountant for your business


Being an entrepreneur doesn’t mean you have to know everything there is to know about business.

One of the most important aspects of running a business that most entrepreneurs don’t know much about is financial management.

Most entrepreneurs don’t know how to manage the money that they work so hard to bring in. This is why many small businesses work with third-party accountants.

An accountant can help you in many ways such as by analysing the financial performance of your business, making sure you’re paying the correct amount of tax and by informing you of new grants and funding opportunities.

What accounting services do you need?

When you start looking for an accountant, it is very important that you start by deciding what services you want from your accountant. This is an important step as you’re going to be paying for these services, so you better be sure that you need them. For instance:

You can divide different responsibilities amongst different people. However, the important thing at this stage is to understand what your requirements truly are.

The difference between Accountants & Bookkeepers

Once you have decided what services you need, you will have to decide whether you need the services of a bookkeeper or an accountant or maybe both.

Bookkeepers tend to charge less as they are normally focused on more mundane work such as posting debits and credits, producing invoices, completing payroll, and maintaining and balancing subsidiaries, general ledgers and historical accounts.

On the other hand, accounting is more of a high-level process that makes sense of previously compiled information (by the bookkeeper). Accounting is comprised of preparing financial statements, analyzing costs of operations, completing VAT returns, aiding the business owner in understanding the impact of financial decisions, and more.

Nowadays the difference between Bookkeepers and Accountants is more blurred than in the past. One reason is because modern accounting software has simplified certain accounting tasks, such as preparing company financial statements (which can now be automated). Another task that many bookkeepers carry out is the completion of tax returns.

As I specified before, when choosing a service-provider it is important to know exactly what you are paying for. If you are a small business owner and you are using user-friendly online accounting software and you are creating your own sales invoices, you’re entering most of your expenses, creating your own reports, then you know that your accounting expenses shouldn’t be too high.

On the other hand, if you require a bookkeeper to do all the mundane work for you, then you are going to have to pay a larger bill.

Finding the right accountant

Once you know what kind of financial professional you need, where do you start looking?

Referrals are always a good place to start. Ask your business contacts who they use and whether they would recommend the services of their accountant/bookkeeper.

It is generally recommended to shortlist at least three different service-providers and to interview each individually. The accountant and/or bookkeeper that you choose should have the necessary qualifications and also the experience of working with similar companies in your industry.

During the interview, it is important to ask about their charging structure and about what accounting software they use. Ideally you want an online solution that you can access at any time and from anywhere with an Internet connection. Considering we are living in an increasingly mobile world, you will want to be able to, for instance, check your sales using a tablet.

Finally, it’s important to choose an accountant that you feel comfortable with. The relationship with your accountant will be one of the most important relationships your company has and this is why your accountant needs to be able to speak your ‘language’.

Being able to communicate clearly with your accountant will help you get more value for what you are paying for, and it will help your business survive and prosper.

To learn more about how to manage your accounting successfully, download our ebook “Entrepreneur Accounting for Success”.

3 Reasons Why All Entrepreneurs Need Accounting

A great business-person needs accounting

It’s true that not many people who start a business do it because they are good with numbers. Many times “accounting” and “financial analysis” seem very annoying and overwhelming. They are just another task that need to be marked in an entrepreneur’s must-do checklist.

The fact is that in order to run a successful and profitable business, as an entrepreneur, you need to have some understanding of your business finances.

However, we konw that it can seem daunting that you have to pay attention to your tax structure, to the good management of your bookkeeping, to maximizing cashflow, to finding out what you can deduct from taxes, and so on.

How can you do all this?

To begin with, you can gain the knowledge yourself. There are some great eBooks and courses available on these matters. You can download our eBook and you’ll learn some important basics of accounting and how to reach a more professional understanding of it.

You can also work with a bookkeeper or accountant. Someone who can help you sail through all tax rules and organize your affairs responsibly. All entrepreneurs reach a point when they understand that finance is not just about paying taxes and reporting results once a year.

The reasons why entrepreneurs should learn some accounting

There are many reasons why entrepreneurs benefit from Accounting. Here are three key reasons according to Forbes:

1) Making predictions about the future

Visions in projects, startups and small businesses are great. However, visions need to have a solid pragmatic base, in order to turn from wishful thinking to palpable reality.

That’s why any entrepreneur has to stick to three basic projections: “future revenues, future operating costs, and assets needed to service future demand. ” Accounting and finance step in, as they offer the analytical tools for connecting expectations with what’s actually possible in the real world.

2) Remaining Responsable

Accounting helps entrepreneurs be more responsible when it comes to time, energy and money being invested. It helps them be more efficient in attracting customers and in selling their goods or services.

All entrepreneurs make commitments over time. Cost accounting, which measures costs and relates them to activities, is essential. Through this it becomes clearer for a business how profits and cash flow are impacted by operational and financial decisions.

3) Measuring and reassessing progress.

This way you can encourage profit, review your progress, make reports, and organize your business as is required in the long run.

You can track your progress by measuring profits and expenses to see whether you’ve turned out profitable & productive, and also to highlight problem areas. Through financial analysis you become more transparent and responsible in running your business.

Would you like to learn more about accounting?

There are more reasons why accounting benefits entrepreneurs. However, I hope that by now you appreciate the importance that Acounting plays in running a successful business.

To learn more about this subject download our eBook. It will help you grasp more basics of this essential business skill. What are ou waiting for?

How accounting controls your business

Accounting is a major part of your small business or even startup. While you might not realize this completely, it has a powerful impact on how profitable and successful your company is in the long run.

Why is accounting important?

Actually an accountant is more important than you might think. He/she is not just someone filling in papers and corresponding with you at tax time once a year. Their position in your business is not only for receiving your receipts and reports, and for keeping you pressed for time a few tedious weeks every spring.

An accountant keeps you focused on your business, both because you see how you’ve done in the previous year via your yearly tax return, and because you receive expert advice to set future goals and make a solid plan for your business.

I’m sure that by now you know that in every business you need to keep score and to maintain cash in your bank control. This is what basic accounting and cash flow control deal with. For a successful business, there needs to be a dedicated commitment and responsibility in using financial tools.

An accountant deals with the classic financial measures, such as the balance sheet (which tells you how much your business is worth), the profit and loss statement, and the cash flow statement (which help you understand the inflows and outflows of cash).  All these indicate the financial health of your business.

In order to evaluate the success of your competitors and your position in the business eco-system, you need this kind of information. You can read the annual reports of your competitors, to see whether they have financial success. You can also check the information provided for your company to determine whether you have the possibility to expand, to hire more staff, or whether it’s time to slow things down a bit.

How accounting impacts on your business

Accounting influences decisions to be taken in 4 major areas: finance, investments, operations and dividends.

Financing decisions

In any business, there is a need for finance. I’m going to talk about two financing sources: debt and equity. The former, by definition, needs to be repaid and has interest charge. The latter usually involves that the owner invests their money, or others invest money in the business in exchange for shares. This doesn’t have to be repaid, but investors will get a part of the future profits of the business. Although debt (a loan) will have to be paid + interest, it is usually the right option at the very beginning of the business. Equity is offered when the business has already started showing a promise. As a result, trading equity for cash at the latter stage is more favourable for the business and shareholders.

Investing decisions

After finance, comes investment. Accounting will also determine the budget you have for this. You should invest in items and assets that are in the benefit of the company, also you should invest sensibly and put money into non-current assets, which will offer benefits in the long run.

Operating decisions

These impact directly on your business and how it is run. You need to think of the price charged for your goods, of the distribution model and the marketing strategies and their costs. You should aim for profit, so that your operating decisions should result in income exceeding the expenses for the year.

Dividend decisions

It’s essential to observe cash inflows and outflows, and not only profit. Also, the final decisions should concern how much cash there is to return to shareholders by way of a dividend. The funds not to be returned as dividend are kept within the business entity, thus becoming a source for future investments.

Would you like to optimize the accounting of your business?

These are only a few details about how this process controls and influences your business. There are many more aspects and maybe you’d like to share a few with the community on our blog.

So, why do you think accounting is so important for a small business? If you still haven’t figured out this aspect of your business, download our eBook, and it will help you get in control of your business.

Turning a hobby into a successful startup

Most of us enjoy spending our time one way or the other: photography, cooking, painting, archery, solving puzzle games, etc. Only some of us have what it takes to turn their hobbies into successful startups.

Let me give you a few examples and then I will ask you if you think you’ve got what it takes to turn your hobby into a flowering business. Is it guts, money, ambition or determination? We’ll see in a moment.

Successful startups from hobbies

Terry Finley is one man that saw that his passion for horse racing could bring him money, satisfaction and the possibility of quitting his dull job of selling life insurance. As Jane Porter writes for the Entrepreneur.com, Terry Finley turned his passion into a thriving business.( Read more…).

His first horse, Sunbelt, won a few races and attracted an investor who paid $5000 for partial ownership. Within two months, Terry had 2 horses and he continued to invest in his business. So, he quit his job and founded West Point Thoroughbreds, a race horse syndication management company. In 2011 they had a revenue of $6.5 million, which has grown from $2 mill. in 2005. Now, the purses they’ve won up to the present rise up to almost $22 mill.

Another hobby mentioned by Jane Porter is sewing. Megan Duckett worked with an event-planning company, as she wanted to work in the entertainment industry. In her free time she was sewing, making bedding, drapes and costumes. In 1996 she was earning more money from her sewing than from her full-time job. So, she quit and started working at a successful startup, with only 3 hired seamstresses. In the first year she generated $80.000 in revenue. She is the founder of 2 thriving business: Sew What? and Rent What?.  Now she has over 32 employees and Sew What? had a revenue of $5.2 million last year, while Rent What? another $1.5 million.

Do you have what it takes to turn your hobby into a successful startup?

Though there can be no book of rules you should follow in order to achieve success, there are some questions you should answer if you want to know if you have what it takes. Asheesh Advani offers you “5 questions to answer before you make the leap from hobbyist to full-time entrepreneur” in her post for Entrepreneur. I believe her explanations and questions provide useful insight into what being an entrepreneur means. She shows that in order to be a business person you must be “committed to excel” and “not waver when the going gets tough”.

Another suggestion is that being a successful entrepreneur needs “confident optimism”. If you think about it, how could you push your employees further if you didn’t believe in any of your business plans and your every failure would seem the end of the world, not that which it is: a mere failure.

Asheesh Advani also highlights the importance in building a successful startup from hobbies of being a decision-making person and having enough money to encourage your business to thrive. You also need to know how to sell your product, so if persuasion and charisma are what defines you, you’re heading in the right direction.

What’s your hobby and could it bring you money? Do you think you have what it takes to transform it into a successful startup? Write me in the comments below.

Source: http://www.squirrly.co

7 Surprising Lessons I Learnt from Winning Startup Weekend


You can learn a lot in a very short amount of time.

During Startup Weekend you are surrounded by people who have their best being brought out of them.

Apart from being stimulated by the energy of other participants, mentors continuously push your boundaries through their questions, insights and experiences.

I’ve participated in two Startup Weekends. The second time, me and my team won.

The way I approached the second Startup Weekend was really different to how I approached the first one. In my second one, I had a much better idea of how the system worked.

The fact that I was part of the winning team had a lot to do with these 7 surprising lessons:

The Team is More Important Than The Idea

The way Startup Weekend works, people first pitch their ideas, then teams are formed around the more popular ideas. Important: Don’t focus on joining the team with the best idea but join the team made up of the best participants.

A great team can get a crappy idea, turn it around, develop it and end up with Gold.

A mediocre team with a great idea will probably not develop their idea enough and end up with nothing.

Always Be Networking

On the first day, there is a lot of time to get to know other participants. Make friends. At the start, many people like talking about their idea or their skill sets or just about being at Startup Weekend.

When making friends, people will ask you what you do. Make sure you communicate a skill that’ll be helpful during the weekend.

In my second Startup Weekend, half of the teams asked me to join their team whilst a few individuals were asking around to join teams. I joined what ended up being the winning team. I’m not saying this to boast, but to outline how important networking can be.

Focus On Winning

From the get-go, you want to have a winning mentality. Working in the startup space is a competitive business. Personally, I don’t love working with people who are in it just for the ride. I look out for people who are driven, motivated and ready to really push themselves.

Finishing second means you’re first from the losers. Bring out the best of yourself.

Ultimately, Startup Weekend is not about winning, but it’s a much more interesting experience when participants push themselves to win and succeed.

“Winning is not everything, but wanting to win is” – Vince Lombardi

Validate, Validate, Validate

There’s a misconception that Startup Weekend is about building an innovative prototype product to impress people. It’s not!

Startup Weekend is about getting an idea, validating it, building a business case for it, and selling it to a panel of judges.

You don’t have to build anything.

That’s why it’s important to have business-focused people in your team. If your team is just made up of developers, that’s a red-flag.

Your Primary Priority is your Presentation

Ultimately, everything depends on your presentation.

A business case, that is poorly presented will leave people uninspired, unexcited, and with little faith in you and your team.

A stand out business case, that is impressively presented will capture the judges’ attention and they might just give you the benefit of the doubt you need to win.

Enthusiasm is contagious, but it’s not enough

The first time I participated in Startup Weekend, I joined a team of Italians whose energy was infectious. Everybody loved them.

During my second startup weekend, one of the teams stood out because of their amazing enthusiasm and energy.

Both teams lost. Enthusiasm and passion are great. But alone, they’re not enough to win. Look out for teams with the right skill sets, a promising idea and the right attitude.

Having fun helps!

Although learning, winning, and working hard are all great, make sure you have fun throughout the weekend. For energy, having a laugh is better than having a red bull. Besides, Startup Weekend is a great opportunity to make friends beyond the weekend itself.


The lessons I mentioned above apply beyond Startup Weekend. They apply to the startup world in general.

Startup Weekend is a great learning experience and an introduction to startups. After my first Startup Weekend, I co-founded a startup project, an online accounting software called Clever Accounting.

After your first Startup Weekend, you’re going to be full of energy to start your own special startup.

If you’ve read this far, I really encourage you to take part in an upcoming Startup Weekend. Click here for a list of upcoming Startup Weekends. Push your boundaries and try this unforgettable experience.

Check out the Startup Weekend Trailer

Small Business Craft? You Decide!

Can you imagine Michael Phelps in the pool but forgetting how to swim? Highly unimaginable!

If you are a small business owner, can you imagine forgetting what got you started in the first place? Highly unimaginable but shockingly, many small businesses may be doing exactly the unimaginable!

Whatever the reason, whatever your “why” behind you starting your own business, the one unmistakable thing you did was to take that (hopefully) calculated risk to start that business. You became an entrepreneur. You may have already known your craft before starting out or you may have learnt it on your way or both.

Merriam Webster Dictionary defines:


If we imagine your small business like being a small boat – your craft – that involves making something with your skilful way (you craft):

Your small business is your craft that you craft!

Ever notice craft anchored in a harbor points towards the water currents?

Small business “anchors” itself in the community and “weathers” the economy. Small business owners always feel like they fight the current.

That is because it is anchored. Small business, particularly in today’s economy, needs to leave the harbor for bigger waters. Others may need to come to shore.

What use is the craft if not to explore the waters?

A ship is safe in harbor, but that’s not what ships are for.

― William G.T. Shedd

True entrepreneurs are never satisfied with anchored craft…but hungry for navigation. They know that the engine is never in the water when a craft is anchored. And that’s when the craft is always fighting the current.

You might know your industry. That’s why you created your craft and pushed it into the waters (business). But not all craft-owners may know everything about business. An accountant who has been helping small business owners for years told me that:

accounting is the engine that must be in the “water” (fully entrenched with business) to enable the business to navigate.

A good accountant will tell the entrepreneur how the currents have been affecting the business.

A great accountant will help small business owners to safely leave the harbor and navigate bigger waters.

Sara Rotman, founder of ad agency MODCo, says the best advice she ever received was from her first accountant who told her to only have enough cash on hand to barely survive and in Sara’s words “to stay hungry“. And staying hungry means you need to go out in larger waters. Unknown waters represent a risk. Anchoring is for business that stays in the harbor. Putting the engine in the water and weathering economic currents by taking calculated risks is navigating your business towards growth and success. Calculated risks, you might consider, directly relates to accounting and it’s systems. Calculated risks in business is a numbers game, is it not?

Are you a small business owner? And if yes, is your craft “anchored” in the harbor? And if yes, is it because you are not helping your accountant to put the engine in the water? Just like it is unimaginable for Phelps to forget swimming, it should have been unimaginable for you to not think about leaving the harbor into bigger waters. The question is : is it so?

Clever Accounting Update – June 2014

Improving the value we deliver to you is important and this is why we conduct updates to Clever Accounting.

The new version available includes a number of updates and fixes. These are some of the main changes:

Please note that there is no need for users to do anything to start benefiting from the latest version of Clever Accounting. The update was carried out by the Clever Accounting team, so the version available to you is updated automatically.

More Data Storage Space for Clever Accounting Users

We’ve just upgraded our data storage facilities and as a result, we are now able to offer more storage to Clever Accounting users!

We’ve kept the storage limit the same for our ‘Freelancer’ plan (we think it really provides fantastic value as is) but we’ve upgraded both the ‘Small Business’ plan and the ‘Busy Accounts’ plan. You can see our plans here.

The ‘Small Business’ plan has been upped from 200MB to 500MB (a 250% increase!) and the ‘Busy Accounts Plan’ has been upped from 300MB to 1000MB (a 333% increase!).

About Your Data Storage

Now, you may be saying…”Great, you’ve upped the storage limits. But what are we storing?”

Good question!

The storage limits apply to storing three specific things. Firstly, they apply to storing backups. When you take a back-up, it is stored on our servers. Backups are stored in a compressed format so they actually take up less space than your actual database.

The second thing you can store is documents such as scans of receipts and invoices. For example, when you’re creating a record of an invoice that you received, you may want to scan the invoice and attach it to the appropriate record on Clever Accounting.

Many countries are passing legislation to make electronic copies of invoices valid as legal documents. In such countries, companies do not have to keep hard copies but rather they can scan their invoices and keep a digital copy instead.

The third thing you can store are pictures that you attach to your items. Pictures are in turn used in price lists.

In the case that more storage space is required, users have two options. They can upgrade to the next plan and also benefit from a higher transaction limit. Alternatively, they may purchase from us added data storage space, which we’ll allocate to them. Extra storage may be purchased at the rate of 2GB for €1 / month.

Till now, we’ve never had a user who has not had enough storage space. However, we are expecting to have some users start making more use of their storage space. As companies store more and more documents, storage space will always be in demand.

Although you can store copies of your receipts and invoices on Clever Accounting, we still suggest that you keep a local back-up of your documents.

From our end, we hope you like how we’ve upgraded our plans. We’re going to continue offering more value in the coming weeks so keep visiting our blog. You can also follow us on Facebook or Google+ where we post all of our latest updates and resources.

Copyright © Clever Accounting 2023. All rights reserved.