Author: Complete Controller

According to a survey, QuickBooks is the most widely used accounting software in the US today. It comes with a bunch of features that users enjoy, especially small to medium-sized businesses. However, since it is costly and not as user-friendly, it can be tricky for novice users. You would need to have basic accounting knowledge to operate QuickBooks. This required knowledge essentially means that QuickBooks isn’t the savior you are seeking. If you are looking for accounting software that would take away the burden of accounting from you in a cost-effective and user-friendly manner, then you need to look elsewhere.

To help you out with your quest to find the perfect accounting software, we have reviewed and listed down the best alternatives to QuickBooks. Let’s go over each briefly to give you an idea of why and how they are better than QuickBooks.

# 1: FreshBooks Accounting

If there’s one accounting software that has established itself as the known competitor of QuickBooks, then that’s FreshBooks Accounting. FreshBooks has given a tough competition to QuickBooks by adding features that QuickBooks misses. One of the significant features that FreshBooks is known for is its customizable invoice templates. Other notable features include inventory management and tracking and better than QuickBooks customer service. Imagine FreshBooks does all of this in just a fraction of the price compared to QuickBooks. Who wouldn’t want to switch?

# 2: Wave Accounting

Imagine having a free accounting app that saves you hours of work and effort? Wouldn’t that be a relief? That’s precisely what Wave Accounting offers. The best part is that Wave Accounting is quite a good software that is easily an alternative to QuickBooks. It doesn’t miss out on any major features and delivers good performance. The only catch here is that while it is free to use, the company does charge you a nominal fee for processing payments from clients. The latter isn’t a big deal considering you would be paying the same price to any merchant as well. Why not combine the power of accounting software with that of a payment merchant?

# 3: Zoho Books

Zoho Books is another popular accounting software that is often regarded by many as the main competitor of QuickBooks. The central feature that has made Zoho Books a champion is the combination of invoicing with accounting software. Combining these features that you can easily customize invoices, automatically update your ledgers & cash flow. In addition, Zoho Books also comes with multilingual support. You can create invoices in different languages and send them to your customers. Last but not least, if you upgrade to the Zoho Ecosystem, you can also integrate your accounting software with Zoho’s inventory management software, giving you a complete one-stop solution for all your needs.

# 4: Xero

If you are a novice accountant trying to get hold of user-friendly accounting software that gives you lots of customization options, then Xero is for you! This accounting software is known for its minimalist, user-friendly interface within the small business community. In addition, it is a widely used software that makes it easier for you to send invoices to other businesses without the worry of the template not being accepted.

# 5: Sage 50Cloud

Among all the alternatives you can find for QuickBooks, Sage50Cloud is probably the one with the most features such as inventory management, high level of cloud security and cash flow management, etc. Essentially, this is an accounting software perfect for retail, manufacturing, and wholesale business. However, do note that this is desktop software with a couple of cloud software features. The only downside is that it only runs on Windows, and there is no support for Mac or Linux.

How to Choose the Best QuickBooks Alternative for Business?

If you are a QuickBooks user who is frustrated with the cost and lack of innovation, then it’s time for you to switch. For small businesses, Xero is probably the best software. For retailers, Sage50Cloud is the perfect alternative to QuickBooks and for someone looking for a complete ecosystem or package Zoho Books & FreshBooks are the best choice. This software is highly secure, and they come with enough features to take the heavy lifting off your hands.

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.

Given the latest changes affecting the benefits we can receive according to quotes as autonomous, we have prepared this summary with all the relevant information about them.

One of the requirements to enjoy these benefits is to be up to date in the payment of fees. If this is not the case, an invitation to a payment mechanism grants an extraordinary and non-extendable period of 30 days to correct the situation.

Healthcare Benefit

As a self-employed person, you have the right to the same benefits and conditions as any employed persons (attached to the General Social Security Scheme), that is, “… the medical and pharmaceutical services necessary to preserve or restore the health of their beneficiaries, as well as their fitness for work … “. It covers health care in cases of maternity, common or professional illness, and accidents, whether they are working.

Whatever you’re Autonomous Community you have covered: primary care, specialized care, urgent care, pharmaceutical benefits, orthoprosthetic benefits, dietary products, medical transport, health information, and documentation services, and occupational accidents and diseases.

It also includes the complimentary services necessary to complete medical and pharmaceutical benefits, especially the physical rehabilitation necessary to achieve the total professional recovery of workers.

Maternity Benefit

In general, you have the same conditions as the workers of the general regime, although with some peculiarities.

Generally, you have the right to leave due to rest in situations of maternity, adoption, foster care, or guardianship of a family member, provided that the fulfillment of the requisites that are being affiliated and enrolled or in a situation assimilated to the discharge is accredited, to be current in the payment of self-employed fees and having a minimum contribution period that varies according to age.

• None in the case of children under 21 years the date of delivery or the date of the administrative or judicial resolution by the foster care or adoption constitutes.
• In young people between 21 and 26 years old on the date of delivery, 90 days in the seven years immediately before the start of the break or 180 days quoted throughout their working life.
• In those over 26 years of age on the date of delivery, 180 days in the seven years immediately before the start of the break, or 360 days quoted throughout their working life.

Paternity Benefit

Autonomous workers are also entitled to paternity benefits under the same conditions as workers in the general scheme, granted in the same cases as maternity.

The requirements are to be affiliated and registered or in a situation assimilated to registration, be up to date with the payment of self-employed fees and have a minimum contribution period of 180 days within the immediately preceding seven years or 360 years covered of working life.

The benefit duration will be 13 uninterrupted calendar days, expandable by two more days for each child from the second and 20 days in the case of large families. The economic benefit to be received will also be 100% of the regulatory base.

Some of the particularities that apply in the case of maternity leave for self-employed workers will be applicable: obligation to submit within 15 days from the birth of the statement of activity status, the possibility of opting for Part-time paternity leave with a 50% subsidy, and activity reduction and complementarity with the cessation of activity benefit, which can be interrupted and resumed.

Benefit for Risk during Pregnancy

This economic benefit is derived from professional contingencies, offers coverage to those pregnant freelancers who have been interrupted in their professional activity due to the risk of having a negative influence on their health or that of the fetus, and who have the corresponding certified report from the Public Service of health.

Temporary Disability Benefit

Temporary disability is the situation caused by a standard or occupational disease or an accident that prevents the creation and requires healthcare, whether work or not.

You can attribute the right to a subsidy to alleviate your lack of income while receiving Social Security health care and continuing to be prevented from working for a maximum period of 12 months, extendable for another 6 when it is assumed that during them the worker can be discharged by cure.

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 today’s corporate world, recruitment is nothing short of a battle of epic proportions. It is a war to win, from placing ads to reaching out to eligible candidates to convince talents to join them in their quest for greatness.

However, the best strategies and resource utilization side will always have the upper hand in a battle. However, in recruitment, HR individuals today have the resources of IT procedures to expand their talent acquisition procedures. However, no matter the efficiency IT practices provide, they are only as good as the beforehand planning. Thus, HR and IT practices need to align perfectly for the best possible results. Let us discuss this thought in detail.

Before diving straight into it, let us first try to understand what exactly HR and IT are, what roles they play, and their importance.

Human resources

HR or human resources are responsible for screening, recruiting, interviewing, and placing workers. They can also deal with employee relations, benefits, training, and payroll. The HR managers plan, coordinate and direct the administrative functions of any organization. Human resources are significant for the employees and help them with the problems that they face at work.

Information technology

IT or Information technology uses computers, networking, physical devices, storage, infrastructure, and processes to help store, process, create, exchange, and secure all forms of electronic data. The job includes a vast category of employment that stretches from simple computer jobs to the highest paying jobs in the world. In simpler terms, an IT job is most commonly some computer support job, and no business can function without them.

Understand the New Talent

HR representatives of many high-profile enterprises fail to attract budding talent because they do not understand them. In other words, long gone are the days when employees were expecting only salaries from their employers. The present workers or millennials look for organizations that provide excellent value to their services and promise growth opportunities.

Thus, with the help of IT practices, in particular social media platforms, HR representatives can understand the new talent. From their previous job experiences to their specific roles in their workplaces, HR can identify new skills.

Be More Mobile-Centric

Various research emphasizes the importance of mobile interaction in the contemporary era. The continuous advancement of mobile technology has created expectations in the employees’ minds, which the recruiters must fulfill. In other words, the millennials think that these enterprises are ahead in their mobile usage. If these corporations fail to provide solid proof of their smartphone usage, then the talents will reject their offers altogether.

Offer Values then just Benefits

You cannot offer snacks to a person who is hungry for a complete-course meal. Similarly, these millennials know their worth, and you cannot buy them by offering just a salary package. Although salary packages are just as important, without proper benefits and learning opportunities, they will reject your offer altogether.

With the advent of IT in the frame, these millennials also look to work for tech-savvy organizations. Apart from mobile usage, they also look for the technology they are using for operations. Since we live in a technologically surrounded era, the employees know that they cannot survive long in the market if they are not tech-driven.

Overall, if you wish to attract new talent to your business’s doorstep, maximize your recruitment skills by using technology as your weapon. HR and IT walk hand in hand and are an essential part of a company. If any department is missing, it can be almost impossible for any business or work to function and prosper. Please pay attention to the factors that are important for your business. As an entrepreneur, it is your job to study and understand all the elements of your business. If you are not alluring enough, why would someone work for you?

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.

Escaping debt isn’t simple, particularly when you have a cash tree developing on your terrace. At times it takes all you have to stay aware of the month-to-month bills and keep for later, not to pay the base regularly scheduled installments on your Mastercard and advances.

The vast majority of people have debts. Debt is not necessarily bad if the debt is an instrument to achieve specific purposes, such as buying a home of your own. But if you lose control, this can leave you in a bind.

Your debt is a problem if you cannot reasonably pay your expenses, save something for the future and, at the same time, continue paying the debt. Having too many debts not only limits your financial options but also costs you money because your credit score drops. As a result, you pay more interest on your loans and credit cards.

First of all, you should honestly evaluate your situation and formulate a plan before sending an extra dollar to a creditor.

Make a list of your monthly expenses and take out the balance of each of your debts. Keep a record of the total of both amounts: This will be the basis for determining your monthly budget. With each debt obligation, make a list of the amount you owe, the minimum monthly payment, and the interest rate of each one.

Then, get the free annual copy of each of your credit reports and compare the information they give you with the one you already collected. You may find debts that you forgot or that the reports include obligations you do not have.

Claim any errors you find in your credit reports. You can make your claim for free to correct errors, but there are few benefits in hiring an outside company to do

Set the priorities of your debts

Once you have established the scope of your debts, trace the order in which you want to focus on them.

Your priority should be to pay consumer debts, such as credit cards, medical bills, and personal loans; after that is when you should consider paying any outstanding invoices you have. Unlike when you pay consumer debts, covering billing accounts will not improve your credit score.

Student loans, car loans, and mortgages should be last on your list because interest rates are typically reasonable and, often, fixed.

Evaluate your resources

The more you can cut your monthly expenses, the more money you will have to pay off debts. Each extra dollar you spend on your debt will reduce the total amount of interest you pay each month.

Look for ways to reduce your expenses. Could you save money by preparing your lunch for work instead of buying it? Could you reduce the costs of cable, telephone, and internet?

Many times, there are ways to reduce your payments without risking your credit.

If you have medical bills, ask your doctor if you qualify for a public charity program or financial assistance programs that may reduce your total amount. If the medical bill is already in the hands of a collection agency, ask your doctor to recover it and get a payment plan directly with him.

Consider consolidating or refinancing your student loan to lower monthly payments and release more money to pay off your consumer debt.

Place your plan in action

You can get out of debt faster by paying first those with the highest interest rate. If you need a psychological boost to start, pay the lowest balance first.

Already paid a debt, direct your money to the next. The total amount of interest you pay each month will decrease with each account you pay, and more money will be available for the other charges.

Continue like this until all consumer debts disappear.

The payment of outstanding debts is only part of this task. You can end up in the same place again if you aren’t diligent. Preventing that requires maintaining a current budget – one that covers your current bills, pays outstanding debts and saves something for your retirement.

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.

What is an emergency fund?

The emergency fund is your mattress against unforeseen events. It is money that you will use to cover unbudgeted expenses that may arise on a day-to-day basis. For this reason, the main characteristic of an emergency fund is that you can recover the money quickly and that it is safe. For example, an investment fund will never be a good destination for this money for unexpected expenses since liquidity is not always immediate, and you can lose money no matter how conservative.

The life of Stan and Eli at the beginning of Up is an excellent example of what an emergency fund is and its uses.

Nor should you mix your contingency cushion with the rest of the savings and investments. The objective of the emergency fund is to face unbudgeted expenses. In other words, paying for vacations or changing cars would not enter at this point. However, a car repair you did not have planned would. In other words, you should use it only for emergencies, not for whims or avoidable expenses.

Crisis reserves make budgetary support that can keep you above water in a period of scarcity without depending on charge cards or taking out high-intrigue credits. It very well may be particularly critical to have a just-in-case account if you have an obligation since it can assist you with abstaining from getting more.

Do you need an emergency fund?

The answer is affirmative. In reality, everyone needs it, regardless of the income. A contingency cushion is an essential and handy financial tool. Avoid falling into these traps with your money; it would be best to get on in place immediately.

When you have money for contingencies, you do not have to ask for a loan to cover them. Debt has dangers beyond the interest you will pay, and even the 0% loans hide traps that you should know. But if there is a type of financing that you should avoid, this is the credit card, especially if you have it in revolving mode and you do not know it.

Stop saving and do not take advantage of your money. If you save but do not have an emergency fund, you will have to change how you do it every time an unexpected event arises. Start saving is one thing that costs more, and stop doing so to address an unforeseen event that can make it difficult for you to start up again. Automating your savings can help you avoid it.

In addition, an emergency fund will provide you with something more, a guarantee that you can endure any eventuality. This tranquility is much more valuable than you think.

How to create your emergency fund step by step

Now that you are clear about why it is vital to have a mattress against unforeseen circumstances, it is time to get down to work. How can you create yours?

The reality is that you only need one action to start creating your mattress in case of unforeseen events: pre-saving.

You can start creating your financial cushion automatically:

Step 1: Choose the amount you want to pre-save every month at the beginning of the month for your emergency fund. If you have doubts and prefer a personal guide, you have to sign up for this link’s free Financial Freedom course.

Step 2: Order a periodic transfer at the beginning of the month from the account where you receive the payroll to a different one.

Step 3: See how to create your emergency fund and reach the amount you choose.

If you want, you can complete these pre-savings with a saving challenge to make the process more fun. Here you can see the Savings Challenges that work best.

Once you reach the money for emergencies that you are comfortable with, it will be time to move on to the next point in your financial path: use the three blocks of financial planning to take advantage of your money.

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.

During the last years, the real estate market of Spain has spectacular growth, from the point of view of the houses constructed as the data of sale of new and used houses. It reflects a significant increase in the number of mortgage loans requested and granted. Credit institutions have seen their profit rates reflect substantial growths.

But with the slowdown in sales due to economic uncertainty, high housing prices, and excess real estate supply, there has also been a decline in the number of applications for mortgage loans.

To meet their objectives regarding the volume of loans granted, forcing banks to adopt new strategies to attract customers in a market where they are no longer abundant. How? By taking away customers from the competition. If there are no new clients, we will have to convince those already in the mortgage market to transfer their mortgage to our entity: this is called mortgage subrogation.

This open war between the entities to snatch customers can benefit the consumer since the entities will offer more advantageous conditions for the new mortgages than those before. On the one hand, some entities offer commission-free mortgages (cancellation, subrogation, etc.), more beneficial interests (from EURIBOR + 0.20 to EURIBOR + 0.35), even an economic compensation that can be a percentage of the total of the mortgage (1% – 2%) or a fixed amount (over $600). In addition, they usually offer the possibility of extending the repayment terms up to 35 or 40 years so that the monthly installments are lower.

Of course, such generosity on the part of banks as payment to our affiliation to their services must have counterparts. Almost all entities want us to become loyal customers, and that our list of contracted products is not limited to the mortgage. Therefore, the contracting of the mortgage loan will often be conditioned to the simultaneous contracting of the associated life and home insurance, to the direct debit of our payroll, to the domiciliation of a certain number of receipts, etc.

When will it be convenient for me to take the step of changing my mortgage?

Logically, as we always recommend, the main thing is to study the multiple offers carefully, go to many entities or inform us online. We will then have to evaluate the options and decide according to several criteria:

On the one hand, assess the total savings we will get throughout the life of the mortgage (if we maintain it with a term that is not greater than before).

Also, assess if we do not save on the total cost. We can get more extended return periods to go more relaxed every month (if we do not have this problem, we do not want to extend the return period because it ends up paying significantly more).

Weigh the cons, such as the subrogation and cancellation fees, the notary expenses of the new mortgage, or the insurance already paid to the other entity that it will lose.

In summary

We can say it is possible to save a lot of money if we can find an attractive offer and we know how to negotiate well, without ever forgetting that in this type of transaction of mortgage entities, these are the ones that are very interested in having us as clients.

It must take that strength advantage to obtain better conditions for our mortgage credit and thus reduce our present and future expenses.

A negotiation option that could be interesting would be to present to the director of our entity a concrete offer agreed with another entity better than the one we currently have. The conditions improve if he wants to continue counting on us as clients.

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 we say that a company is financially stable or prosperous, what exactly do we mean? Is it just that the company is making a profit? Not necessarily. A company is financially sound if it makes a profit, but true financial success comes with attaining and achieving all financial goals. Monetary success does not necessarily define or is representative of a company’s success. A company should always see things in the broader spectrum and the longer run. For that purpose, entrepreneurs hire financial advisors for their firms or organization who have a better insight into the economic angle of a company and industry.

We all have dreams that we want to achieve and financial goals to achieve.

Some goals are more complex than others, but all are possible to achieve. You have helpful information on the Internet.

At some point in our childhood, it told us that it was unnecessary to set goals and that dreaming was for unrealistic people. They lied to us.

Big people set goals; they do not risk living an unplanned life; the rich know precisely what to achieve and how to achieve it.

Sounds interesting? Well, it is. But best of all, you can apply it too.

The following are five ways to increase your chances of achieving any specific goal, regardless of how difficult it may seem to you today.

Collect Information

That is right; do not think that having everything in your head will be enough. You have enough to deal with lots of things in your day today. You must follow a notebook with your tasks and follow up on your goal all the time.

One of the most potent things that influential people do is to keep track of their activities. Realize when you lose time and how you could improve your day-to-day to achieve more effectively.

Stay Focused on Your Goals

In achieving goals, Out of Sight = Out of Mind. If you do not have it in mind, you will forget it, that simple. People often do not achieve their goals because they ignore them. Do not let this happen to you too.

You can print a large print paper that puts your biggest goal to achieve and locate it somewhere in your room or office. Remember that the idea is to always impact your subconscious mind.

Dedicate Time to Review

In this exact order of ideas, it is good that you take time specifically to review how you are going with your goals and give yourself a grade for every good thing you have done—knowing from now on how to improve in the future.

When you review your progress, apart, you are doing an exercise of conscience and taking control over your life in a better way. You can take an hour each week (Saturday or Sunday will be fine), and you will see wonders.

Make a Plan

After a few days of acting towards your goal, sit down to define a plan. You will have a clear idea of ​​the succession of events that must occur to achieve your dream.

Define how much money, when, and how much you will save. It is that simple, but it is also that strict. Plan regardless of the size of your goal, and then try to adjust to it at 200%.

Automate

On your way to Financial Freedom, you will need help. Once you have decided on the goal you want to pursue, take advantage of the technology at your disposal. If you are reading this blog, then you have enough.

You have a device with Internet access, and therefore, access to free services like Google’s. Use Google Calendar for your reminders and events. Google Docs to keep your information in the cloud etc. Automate and help with technology.

Search Support

Human beings are social by nature. Whether you seek technical or emotional support, you will need someone who can be there for you, even for a few minutes. Do not think you can do it all by yourself.

Help others and let yourself get help. In a good excerpt from the book The Instant Millionaire, “People sometimes have a millionaire next door, and they say they have no way to get help from anywhere.”

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.

1. A higher salary does not guarantee more “wealth” than a lower salary

The money you earn, on its own, does not help build wealth or achieve financial freedom. What matters is the money you have left from that salary or income at the end of the month. It seems obvious, but many people forget this simple rule.

The only thing that matters is how much money you can save from your income. And for that, we only have several ways: save more, spend less, or earn more money.

As I always say, choosing between earning more money and saving more money, always choose to make more money.

2. Everything starts with saving

When we talked about the four fundamental pillars of wealth creation, we had:

• The money you earn
• The money you save
• The interest you get for your money
• Time

The first three pillars are alterable if we add more in one post or another. I explain. If you earn more money, you should not focus on finding ways to save more money. If you lead a frugal lifestyle, you can save more than another person even by earning less money.

In personal finance, the money you save is destined for a single purpose: investment. You can also reach the goal if you manage to get more profitability for your money thanks to your investment skills, earning less and saving minor, but investing better.

In any case, time is the most asset for the creation of wealth. So, the sooner you start to invest, the better since that is how we are putting the magic of compound interest to work.

But everything starts with saving. If you do not save anything, you cannot allocate money to the investment. Focus on increasing the amount of money you have left at the end of the month with the idea of ​​investing it.

3. Avoid early debts and credit card debts like the plague

This advice is nothing new. If you acquire a mortgage that takes more than 30% of your income when you are young, you will have put against you the probability of achieving financial freedom. However, at this time, due to low house prices, at a given time, it could be more profitable to buy than rent if you acquire a property as an investment, with the idea of ​​obtaining a return with it later. We will talk more carefully about this point.

Credit cards are the worst enemies in creating wealth because they generate an interest against us much higher than the average return in equity investment. So, if you have credit card debt, the best investment you can make is to take that debt away. If you manage to take away a 15% interest against you, it is like achieving a 15% return in your favor. Remember: “Money not spent has the same value as money earned.”

4. Do not live within your possibilities. Live below your means

It would be best if you began to distinguish between desire or need. Having a car is a necessity (in most cases). Buying a $40,500 car is a wish.

Most of the significant expenses that we make are usually wishes, in many cases, with the idea of ​​pretending. These desires and desires to act seriously harm the natural health of our finances.

There are two types of people: the one who tries to appear wealthy and the one who has wealth. As a rule, the one who has wealth is because he did not spend money trying to pretend it.

So, it always remains below your ability to generate income.

5. Where does the money we spend go?

If you want to take control of your finances, you must understand and analyze your consumption habits.

Small money leaks seem insignificant every month, but they add up precious money that we could use to invest at the end of the year. In other cases, people who carry in their day-to-day a frugal lifestyle often commit three significant expenses that ruin all the effort of saving, such as a vacation or an expensive trip.

In any case and as much as possible, try to know exactly where we spend money each month and analyze how you can cut spending.

Most experts in financial education talk about cuts in small expenses such as having a coffee at work. Still, we should keep and pay attention to the high costs, such as technological devices, it is those pleasures: cars or luxurious houses.

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.

Suppose you are thinking about starting a new business venture and have already researched your product/services, reached out to investors, and are in the process of or have already created a business plan. In that case, you are likely going to set the ball rolling any time soon. However, before you jump into action, there are a few legalities that you might need to consider. In addition to the regular business plans, forecasting and projection sheets, year-end goals, and investment cycles, you need to do a lot of legal paperwork.

From pre-planning your business goals to setting up your periodic milestones and drafting all the legal documents, there’s a lot that you need to do. It is important to review everything from both an entrepreneurial and a legal perspective to ensure that your business starts on the right track. Here are a few essential things that must be a part of your legal checklist for new businesses.

Mission Statement is Crucial for Your Business Plans & Legal Documents: It is essential to have a clear understanding of your business and where you see it a few years ahead. To have this clarity, creating a mission statement is pivotal. While the mission statement is not typically set in stone and can evolve or be changed as your business grows, it plays a vital role in the legalities of your company. Your mission statement directs the legal decisions, including the type of company you will form, the treatment of taxes, employee types, benefits, and company vendor relationships. Your mission statement should be easy to understand and define the scope of work your company will do.

Understand Your Targets for the First 5 Years & Beyond: Setting targets for the first year or more is an excellent way to dive in deep but having a long-term plan is equally important to start a business in any industry. You must know your end goal with the company. While a mission statement focuses more on your personal choices and approach towards your brand, your end goals and target define the respective milestones in numbers. Your mission statement also clarifies whether you would need an investor for expansion plans, are planning any acquisitions or mergers, want to list your company on a stock exchange, and other binding terms that set the course of your company.

Finalizing and Defining the Management & Hierarchy of Your Company: While you might think who does what in your business is not a primary legal concern, it plays a significant part in paving your legal decisions. Apart from the owner and employees, you must also clearly define the roles of other entities in your business, including any potential co-owners, senior management, third-party vendors, service providers, and investors. The most important of these are the partners, as your ideas need to align with those that your business partner has to reach a collective end goal. You also need to consider the amount of control you are willing to share.

Proximity, Location & Clientele Are Important: Like the What, Who, and Why as stated in the above 3 points, a Where is equally essential for any business. Your business’s location refers to more than your business’s physical address but also to the areas you want to work in, the locality of your customers, and the place where you register your business. Setting up an office and managing the influx of customers is crucial if you have a retail store, a service-providing company, or any other business category.

Copyrights, Trademarks & Patents: This is the most crucial part and is one of the essential things on the legal checklist. It is vital that you not only protect your brand but any other products or entities associated with it. Start by registering your brand name. Following that, if you are selling any exclusive products, you better get patent rights, and if you are a service provider, you should acquire the copyrights. Discuss this with the lawyer in detail to avoid inconveniences at a later stage in your business.

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.

Often, start-ups and small business owners prefer to get involved in every aspect of their business operations, from selecting the type of coffee machine to doing the company’s payroll taxes. Many entrepreneurs find it hard to delegate tasks to their employees or external consultants. However, if you’re an entrepreneur and spend too much time on unessential business activities, you can get assistance from financial consultants.

Partnering with financial consultants for crafting intelligent business strategies for a fraction of the cost is significant for a business’s long-term success. With the growing competition among companies worldwide, SMCs also prefer hiring a professional consultant for managing specific monetary tasks. They desire to seek specialized individuals for their consultation.

However, they mostly had scarce resources, which held them back from hiring an accountant consultant. It would be safer to say that cost-effectiveness and time are the two significant driving forces behind the motivation for hiring in-house accounting consultants.

The growing financial requirements of SMCs: From a small business to a large enterprise, every business requires someone to swiftly and efficiently manage their financial accounts, utilities, sending invoices, bank statements, and debtors. However, maintaining individual finance departments to operate financial matters isn’t only a nuisance and a costly chore. It is the primary reason why most businesses outsource their accounting matters. For them, an accounting consultant is more like a requirement than a desire.

Business accountancy services for SMCs: Many business success stories represent the commitment and dedication of the individuals involved, and it guarantees a secure future for a company. An experienced consultant offers appropriate requirements with creativity and wisdom, all the way to making sound financial decisions.

Beating the competitors motivates the entrepreneurs to get external help which means you’ll require accurate accounting tools and versatile strategies to get ahead of other business ventures. Business accounting and bookkeeping consultants’ services provide valuable insights that help your business improve its financial health.

Whether you’re starting up a new business or have an established business, the need for experienced accountants never dies. Some other concerns include qualification or expertise dilemmas that a customer doesn’t find satisfying.

Services of an accounting consultant: Many start-ups lack ideal cash flow management, which is a crucial reason they couldn’t succeed. This act kicks them out of the competition race, allowing other companies to capitalize on the vacant area. Therefore, businesses try to acquire the services of a professional consultant, which makes them comprehend various monetary operations and better decision making.

Accounting consultants can help you in the following ways:

• Financial forecasting and tactics
• Analyzes financial statements on behalf of business owners and suggests ways to solve cash flow problems.
• Calculate the profitability of your business
• Monitor cash flow both internally and externally and help you implement the strategies you see fit.
• Expands your business with significant financial insights and knowledge: Saves valuable time and money and lets you focus on important content.
• Manages payroll taxes and debt repayments.

Choosing the right accountancy consulting services for your business:

Accounting consultants certainly have better acknowledgment and understanding of financial matters than many business owners. They know the tips and tricks and can solely modify the entire fate of a company with sensible strategies and wise decision-making; precisely, they are the masters of the game. When you assign them and provide them with authority, you probably expect them to do their tasks professionally and efficiently.

If you wish to grow your business in such a competitive business industry, you must appoint the best accounting consultants in the town to ensure the business’s long-term success.

A typical small business consultant is a finance professional who can analyze your business’s problems and provide workable advice and strategies. Additionally, they can design marketing tactics for your company from social media platforms including, website/blog promotions, newspaper ads, and seminars.

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.