Author: Complete Controller

Criminals will speculate on your feelings, promise mountains of gold, and disguise themselves as bank employees or government organizations to lure money out. Anyone can become a target of criminals, and it does not matter if he uses a bank card or chooses to pay in cash. Fraudsters know how to swindle money online, using calls and SMS, in social networks and offices.

Expert Opinions

Experts also advise – that when paying in cafes, restaurants, and supermarkets, do not give your card to the cashier or waiter but apply it to the payment terminal yourself. If you notice suspicious transactions, immediately block the card through the mobile application or the bank’s call center. Do not turn off SMS notifications about transactions in order not to miss suspicious charges. Card blocking is a reliable guarantee that suspicious transactions will not be repeated. And to understand how the suspicious write-off happened, you must immediately contact the law enforcement agencies and the security service of your bank.

How to avoid fraud on your credit cards?

1. Before withdrawing money from an ATM, inspect it. There must be no foreign objects on the card capture reader. The keyboard must not wobble. It is enough to use such an ATM once and not cover the keyboard with your hand while entering the PIN code – and your money can be withdrawn, transferred to several accounts, and cashed out. Even in a cafe or shop, your card details can be stolen. An attacker could be a merchant who gets access to your card for at least five seconds. Having photographed your card, he will be able to use it for payments on the Internet.
2. When typing the PIN code, cover the keypad with your hand. Do this even when paying with a card in a cafe. If you receive a Confirm Purchase notification and a code, and then a call is heard again from an absent-minded person who says that he has entered your phone number by mistake and questions to dictate the code to him, by no means do this. Fraudsters are trying to swindle your code to deduct money from your account or sign you up for an unnecessary paid service.
3. Connect mobile banking and SMS notifications. Let us say you still withdraw money only at the bank’s money desk and do not pay by card at all. You feel safe. Suddenly, you receive an SMS or a letter from a bank with a link, a request to call back an unknown number, or a notification of an unexpectedly big win. Or they call on behalf of the bank and ask for personal data, a PIN code from a card, or an SMS confirmation number. Or they report on social networks on behalf of relatives or friends who suddenly got into trouble (hit the police, got hit by a car, stole a bag) and ask to share a certain amount of money to an unidentified account. In 99.9% of cases, you are negotiating with scammers.
4. If you make purchases via the Internet, do not tell anyone the secret code to confirm transactions that come to you via SMS. If you receive an SMS about the crediting of funds (and the message looks like a familiar bank notification) and then a slacker who mistakenly credited you with money and asked for a return call, do not rush to return anything. This situation is more like a dishonest scheme: the money did not come, the SMS was not from your bank, but the attacker called you. Check your account status, order an online bank statement, or contact the bank before transferring money to someone.
5. Do not give out personal data to anyone, and even more so, passwords and codes. Bank employees do not need them, and fraudsters will be given access to your money. Do not store card data on a computer or smartphone. Check the information. If they suggest that you won something or that money was accidentally debited from your card and you need to give your details to stop the operation, end the conversation and call the bank at the phone number revealed on the back of your card. Try never to lose sight of your card.

Conclusion

Many payment systems have developed contactless payment technologies to speed up and simplify cashless payments for purchases. When paying with such a card, you do not need to enter a PIN code as well as put a signature on the check if the amount does not exceed one thousand dollars. A particular POS terminal reads information from the card at a distance and makes it clear with a sound or visual signal that the required amount has been deducted from it. Often, fraudsters use psychological tricks to control a person’s actions to steal money from a card. They portray buyers of puppies, cars, land, garages, etc., on free classified sites or social networks.

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.

He completes assignments on time and within agreed-upon conditions, works consistently to reach the objectives, and seeks to complete work without errors.

It is easy to say that these are the characteristics of a professional accountant. But how do you make them a reality? You should develop these six behaviors to run a successful accounting firm.

Full knowledge of finances

Keeping track of data connected to spending and payments is a habit that enables proper management and planning of your company’s or clients’ next steps.

Knowing your cash flow situation allows you to identify needs and priorities, which leads to making the best decisions possible.

Of course, this is in addition to avoiding mistakes like inputting incorrect numbers or having duplicate data. We are talking about scenarios that can be avoided by following some basic accounting principles.

Check for updates

A successful accountant devotes a portion of his time to staying up to date in his industry. Learning about new regulations and legislation allows you to ensure that your job is efficient and dependable.

Knowing what IFRS is and how they are used in SMEs, for example, allows you to act in line with the law and avoid any complications with the authorities.

Communicates on time

Communication between the accountant and the client is essential. It can determine whether you succeed or fail. When significant financial events in an organization are not reported, there is a risk of making decisions that are not in sequence with what occurs.

Making decisions with only a portion of the information available makes it easier to make errors. Furthermore, in many cases, this might lead to bankruptcy. For example, not disclosing bonus payments can result in gaps, making cost control hard.

Use a schedule

Any field, including accounting, benefits from increased productivity. Doing more in less time -and more efficiently- involves avoiding delays, managing obligations on time, delivering reports on time, etc. A calendar allows you to visualize all your tasks and so employ time management tactics like:

• Keep track of your assignments with to-do lists
• To define action paths, make thought maps
• Divide your time into work blocks using the Pomodoro technique

Back up your information & relies on technology

Many people keep backup copies of their data on external hard drives, but even then, there is no guarantee that it will not be lost, corrupted, or exposed to third parties.

Because all these devices, including your computer, can be damaged, cloud storage is the greatest solution for managing your and your client’s data.

Saving files on external servers increases security because the location from which you wish to access them is irrelevant; all you need is a device and an Internet connection.

We live in the digital age, and the tools available on the market enable us to achieve and optimize various accounting operations. Excel is, of course, still necessary. There are, however, more options.

An ERP system, for example, allows a corporation to oversee numerous areas such as organization, accounting, and inventory. On the other hand, accounting software is good for managing money because it is a cost-effective solution that assists both freelance accountants and small and medium-sized businesses.

An effective accountant adjusts to a market that is always changing and digitizing. True, more training and effort are required. The outcomes, however, are satisfactory.

Apply accounting in your personal life

An accountant cannot be effective if he cannot manage his own finances: how can he manage the resources of a small business if he cannot manage his own? Any result obtained will always be consistent with the person who accomplished it.

Starting with proper personal money management is the greatest method of learning how to control and record business costs.

Practicing these six habits can help you become a competent accountant, allowing you to meet your clients’ needs or the organization you work for.

The market is brimming with opportunities, and only those that dare to be the greatest will be able to establish themselves as industry leaders.

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.

Investment Risk

Based on the name, investment risks are associated with investments and trading. There are several forms of investment risk, but most of them depend on price fluctuations in the market. We can consider the market, liquidity, and credit risks as separate components from the group of investment risks.

Market Risk

Market risk is the risk associated with fluctuations in asset prices. For example, if Alice buys bitcoin, she will be exposed to market risk as the price of the coin could fall because of volatility.

Market risk management begins by considering how much Alice could lose if the price of bitcoin moves against her position. The next step is to create a plan to determine what actions Alice should take in response to such movements.

As a rule, investors face both direct and indirect market risks. Direct market risk is associated with the loss that a trader may incur due to an unfavorable change in the price of an asset.

Liquidity Risk

Liquidity risk is the possibility that investors and traders will not be able to buy or sell a particular asset without a sharp change in its price.

In a liquid market with high volume, Alice can quickly sell her $10,000 cryptocurrency portfolio; more buyers are willing to pay $10 for each unit. But if the market is illiquid, only a few buyers will be ready to buy assets at the required price. For this reason, Alice will have to sell most of her coins for less than she wants.

Credit Risk

Credit risk is the risk of losing a creditor’s funds due to a default by a debtor. For example, if Bob borrows money from Alice, she is exposed to credit risk. In other words, there is an option that Bob will not repay Alice, and it is this possibility that we call credit risk. If Bob refuses to fulfill his obligations for any reason, Alice will lose her money.

Operational Risk

Operational risk is the probability of monetary loss due to errors in the operation of internal processes, systems or during operations. This type of failure is often the result of a human factor or deliberate fraudulent activity.

To mitigate operational risks, every company should conduct periodic security audits and adopt proper procedures for performing operations and ensuring effective internal management of the enterprise.

Operational disruptions can also be caused by external factors that indirectly affect the company’s operations, such as earthquakes, thunderstorms, and other natural disasters.

Compliance Risk

Compliance risk is the loss that can arise when a company or institution does not comply with the rules and regulations of the same jurisdictions. Many companies employ certain practices such as anti-money laundering (AML) and Know Your Customer (KYC) verification to mitigate these risks.

Suppose a service provider or company does not comply with any internal or external requirements and regulations. In that case, the activities of such a legal entity may be suspended or subject to a large fine. For this reason, many investment firms and banks have faced lawsuits and sanctions due to failure to comply with necessary requirements. Insider trading and corruption are also common examples of compliance risks.

Systemic Risk

Systemic risk refers to the possibility that a particular event may have an adverse effect on the business or the market. For example, the collapse of Lehman Brothers in 2008 set off a budgetary crisis in the US that eventually affected many other countries.

The presence of systemic risks is confirmed by a strong correlation between companies representing the same field of activity. If Lehman Brothers had not been so intricately connected to the entire American financial system, its bankruptcy would have been less significant.

An uncomplicated way to understand and remember the concept of systemic risk is to imagine the effect of falling dominoes, where one piece falls and drags all the others with it.

Systemic and Systemic Risk

Systemic risk should not be confused with systemic risk and cumulative risk. The latter is the most difficult to define, as the terminology refers to a wider range of risks beyond economics and finance.

Systematic risks can be associated with a number of economic and socio-political factors such as inflation, interest rates, wars, natural disasters, and significant changes in public policy.

Exchange Rate Risk

When a business goes beyond the national currency market in trading, investing, lending, etc., it runs the risk of losing money due to changes in exchange rates. Let us say a company took out a loan of $1,000,000 for business development, the annual payment was $100,000, and inflation did not reach a standstill.

Do not take loans in foreign currency if the company’s income is not formed from it to a sufficient extent. You can mitigate the risks of currency fluctuations with the help of financial instruments, such as futures and forward contracts.

 Discount Rate Risk

If your company is highly dependent on credit resources, an increase in the loan rate will lead to a rise in debt service costs. A large debt or a sharp fluctuation in the size of the rate can then be the thing that drowns the company. To protect yourself, you need to build a portfolio of short-term and long-term financing instruments, which will allow you to adhere to the payment schedule under any circumstances.

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

The IRS scrutinizes your whole financial life during a tax audit, including your income, assets, and expenses. If you cannot show your statement was true to their satisfaction, you could face penalties, fines, or even jail time.

However, most IRS audits are not conducted at random. They are triggered by computer “red lights” that statistically imply sloppy reporting, a high likelihood of undisclosed revenue, or both. Although there is no alternative for employing a trained tax preparer to guarantee that your declaration is complete and accurate, several of the best online tax preparation services, such as H&R Block and Tax Act, now provide notifications if your return has the red flags listed below.

High earnings

According to the most currently available data, the IRS audited 0.62% of all tax returns or one in every 161. However, the larger the stated income, the more likely an audit is.

Taxpayers with an income of more than ten million dollars had a terrifying 14.52% risk of being audited: more than one in every seven declarations. Why? Because that is where the IRS money gets the most bang. They might raise millions of dollars in unpaid taxes if they uncover a billionaire making $10 million a year cheating on his taxes.

Undeclared income

The IRS is aware of your employment, whether you are a W2 employee or a 1099 contract worker.

Unreported revenue is not reported.

The IRS usually requires the payer to file W2 or 1099 documents. Your stockbroker may also deposit 1099s for dividends received on your stocks.

That is correct.

You should wish to hear from the IRS if you fail to declare income, but the IRS obtains paperwork proving you received it.

Even if you receive cash and your employer does not issue 1099, the IRS employs algorithms to compare your spending patterns to your reported income. You can expect to be audited if they do not match.

High deductions compared to income

If you make $95,000 a year at your employment but claim $90,000 in tax deductions, you can bet the IRS will raise an eyebrow.

Inflated business expenses

Deducting company expenses on Schedule C is a dream come true for self-employed taxpayers. They can still take the standard deduction, but they can also deduct various costs, including travel, a home office, and office supplies. Even better, the business expenses deducted here minimize both their income tax and self-employment tax liability.

Foreign Financial Accounts

If you have more than $10,000 in foreign financial accounts at any point during the year, you must file a FinCEN 114 (FBAR) report. Failure to do so can result in severe consequences.

Cash-intensive companies

For IRS audits, restaurants, bars, hair salons, nail salons, car washes, and other cash-only or cash-intensive enterprises should be prepared. Why is that? Because the IRS is aware that cash-intensive enterprises are more likely to underreport their earnings, the IRS has taken steps to ensure that this does not happen.

Claim the same dependent twice

A child can only be declared dependent by a parent.

If you are married but filing separately or if you are divorced, one parent will be unable to file. Use the IRS Publication 501 tie-breaker rule if necessary.

Claim rental losses

The tax advantages are one of the many advantages of real estate investing. If you are claiming losses from a rental property, be prepared to provide evidence.

Rental losses are not deductible from taxable income.

Report losses for a hobby

Tax deductions for hobby expenses are not available. Period.

The activity must have a realistic expectation of profit and be managed like a business to qualify as a legitimate business with deductible costs.

Not declaring gambling winnings

Many recreational gamblers are unaware that casinos file Form W-2G with the IRS. They know more than you believe, and you can expect an audit if the casino reports a large win from you and you fail to report it.

Final Words

There has been a lot of chatter in recent years about robots and automation replacing all employment. Given the rule-based and logic-based tax preparation, accountants are firmly on the endangered professions list.

Tax laws give so much flexibility for interpretation that it is frequently necessary to decide. An accountant is one of the financial experts you should contact when your tax return grows larger and more involved.

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.

Have your money in a savings account

The first big mistake that many of us make when we do not have a unique financial education, which is the basics, is to leave our money in a savings account or a checking account.

Never leave your money in a savings account; the reason is inflation.

You do not have to learn economics, you do not have to be an expert, but if there is something you should always be aware of in the country where you live, it is inflation.

Live beyond your means

Living beyond your means is when you spend more money than you earn in the month, or when you live from month to month spending all your money, and be careful with your money is yours, nobody says otherwise, and you can do what you most want with him. However, I assure you that it is bad for your future.

Buy things you do not need

Something that often happens, and in terms of statistics, women suffer more is buying things they do not need; here comes the psychological part again, and that is that many of us buy things on impulse, which is terrible for our money.

Be aware that when you buy something, you are not paying with money; you are paying with time spent in your life.

Since to get that money, you had to invest time of your life.

Loan abuse, lousy debt

Loans are not bad; they are tools; it would be the same if you talked to me about a knife that is a cooking utensil. However, it can be used to kill a person ─ it is an example already very burnt, I know ─ that is how credit works with your finances.

If you ask for a loan for television, let us go wrong; if it is for a game console, the loans should seek to offer you peace of mind or comfort, not a luxury.

But be careful with this; I am not saying that you should not take out a loan for this type of thing personally, I have never done it, nor would I do it; I prefer not to have a television than to be paying a loan to see it in my living room when it will not give me anything more than a luxury, entertainment.

Not saving month to month

Something you should never do, and this is the most dangerous thing of all, is not to save constantly; month after month, allocate at least 5% of your income to savings.

And it is that living the month, spending it all, will only lead to ruin because at some point, you will have a health emergency, or a home emergency, or a study emergency, and if you do not have anything saved, you will have an inconvenient time.

Never buy a new car

The car is less and less necessary, and many of our countries, although with a poor transportation system, also can mobilize us, which is what we are looking for.

However, if you need a car for your job, or just because you want it, never buy a new one.

Gambling, an invisible enemy

It is a tax on the poor because naive are those who think they will win the lottery. The funniest thing is that many see on television or in newspapers when there is a new millionaire for the lottery, but they do not realize the Millions of people who bet every day.

Better go save that money to invest and start a business; it will always be better than giving it away to a group of already millionaires for people who “believe” will be millionaires.

Buy low-quality things

Something in which many of us fail, and in a big way, is to buy useless or poor quality things that to save money; however, what we do is spend more money in the long run; why, when purchasing something of low-quality quality, this one gets damaged quickly and then we have to buy the good one, a quality one, that was what we had to do from the beginning.

The most expensive is not always the best, but if you buy something of inferior quality to save money, then you will have more terrible things than good things because, in the end, you will have to buy the good one.

Lending money to family or friends

This point is risky to deal with, but in my experience, it is that you should not lend to relatives. Unfortunately, that is the case; it has gone well, I mean very well in my case. I am 50/50, I have lent, and they have been bad, and I have lent, and they have been good.

Invest in something you do not know

The most crucial point and it connects with number one, is that leaving money in a savings account is not convenient, but neither is investing in something you do not know about.

There are many fraudulent businesses, but I will give you a trick to identify bad companies.

There will be good businesses, but you should know about them before investing, you should know about the risks, and something that I tell many is that you must take opportunities advantage of, yes, but if you are alive, there will be many opportunities that will not be the only one.

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.

I made a few rules. The main one is to be prepared and have a plan of action in a downturn. Some respondents even suggested drawing up official regulations. One study participant said, “It’s never too early to prepare. You should always have an emergency idea that you can implement quickly.”

When developing such a plan, think about how it will affect customer satisfaction, employee satisfaction, and the image of your business overall. If you lose sight of this, you can put all this at risk and damage the profitability and viability of the company. Here are a few tips that I explained as follows.

Don’t Panic:

 Respondents talked about the need to remain calm and look for solutions. One respondent succinctly noted, “Don’t panic. Do not compare periods of decline to past successes. Think more in the long term.” Read and learn how to survive the economic downturn. Go to a library or bookstore and buy/borrow a book: Financial Settlement Day: Experiencing a 21st Century Mild Depression by William Bonner and Beating the Crash: You Can Survive and Thrive in a Deflationary Depression by Robert R. Kaznodzey.

Position your business in changing conditions

The competitive environment in a recession is vastly different from the usual. Consumer preferences are shifting dramatically, forcing businesses to adjust accordingly. Again, respondents recalled how they thoughtlessly used discounts during a downturn and how long it took to recover. One respondent said: “Don’t drop prices or rather don’t lower your public/retail price. Use it as a starting point for lowering prices and limit your discounts wisely.” Another participant in the study commented: “I advise you to be incredibly careful when playing with price cuts. We have been trying to increase our corporate prices for a long time, and in just a few months, all this and much more have gone to pieces. We crossed out three years of demanding work in just eight months. It will take 3 or 4 years to return everything to its previous level. If you want to give discounts, do it wisely and think about how to present them initially.

Increase and accelerate the flow of funds

Remember that there is a difference between your “public” price and your “private” price. Focus on creating packaged offerings that add value to the customer without costing you too much. Watch for download drawdowns, which can be offset by online promotion or non-transparent sales channels, which will not significantly impact your pricing strategy in the future.” Think about what customers want and try to provide it to them without paying too much. Also, consider offerings3. Make a checklist of your spending habits and change it to include only the essentials. Use the extra money you usually spend to create an Emergency Cash Fund. Also, learn to do more things for yourself without hiring or paying others.

The team needs to be more productive than ever

 Ensure your current job is in a critical sector to avoid layoffs during a recession. Most jobs in healthcare, food production and distribution, and government and military positions are safe. Avoid retail and construction or any areas where you can easily do without. Do not go into debt during a recession. If you learn to live on less money (putting it aside in the cash as mentioned above reserve), then as the economy grows, you will make more money faster thanks to the skills you acquired during the crisis. You want to survive, but the goal is to develop.

Reducing and slowing cash outflows

Find a niche where you make money, are interested in it, and get involved. Even when people are scared, and money is tight, you can still make money if you have the skills or services people need. Grow food to sell, learn how to renovate a house, rent out a space, teach others about financial planning, learn or apply skills and earn money from them. Hard times won’t last forever, and you can delay recovery if you save where you don’t need to.” If customer satisfaction and service quality suffer, it will be harder to attract current and new guests when the downturn ends. Consider the following sentence: “DO NOT REDUCE COST BY REDUCING QUALITY. Prices can be lowered but set a limit that won’t prevent you from raising your ADR next year.”

Summary

Keep these five instructions in mind as you plan and implement your survival strategy during this challenging time. Do not panic; think clearly and plan strategically. Everything will be fine! 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.

High employee turnover affects more than just employee productivity. Employee turnover also affects the employer branding of your company. Due to the prominent level of employee turnover, business costs increase, and profits decrease.

The cost of replacing one person is usually more than his monthly salary – with most of the losses associated with lost profits. Replacing thirty people with a salary of $677 will cost the company an average of $30,500. Therefore, most large companies keep records of staff turnover indicators and analyze the change in turnover rates over time and by the department.

When one or more positions are frequently vacant and vacancies need to be filled regularly, it is considered that there will be a high turnover of staff.

Voluntary rotation occurs when an employee voluntarily leaves the company.

A forced rotation occurs when an employee involuntarily leaves the company.

In some cases, the root cause of churn is because an employee has decided to leave their list.

However, this can result from how your company conducts its business in many cases.

The more retention issues you have, the more likely you will notice a change in energy in the office.

The low productivity of your employees is a direct cause of constant employee turnover. This is one of the most visible signs that affect the company at a basic level.

With constant staff turnover, it is not easy to maintain an atmosphere of trust and confidence between employees.

In addition, failure to create a shared corporate culture is at risk with high employee turnover.

The amount of employee turnover for a company is significant.

Every time an employee leaves, the HR department must re-enter the recruitment and selection process.

Since employee rotation is quantifiable if you look at your turnover and the cost of hiring, you will see a direct correspondence between the two.

The goal of many companies is to reduce the average turnover. This can be done in distinct methods, depending on what works best for your company.

So, what does high turnover mean?

We can say that every time an employee enters or leaves the company, there is a staff rotation when a position is constantly filled and then abandoned due to high turnover.

High turnover of employees has serious negative consequences for the company. If you have a high turnover, it is essential to stop and analyze why this is happening.

You can then act and make the necessary adjustments to bring it down.

To create an action plan to prevent high employee turnover, you must consider the data received from all employees who left the company, at least in the last year.

If you have more time and data, you can also look further to analyze employee turnover over a more extended period.

The calculation should not include those who left the company for reasons such as retirement. The turnover rate does not take these cases into account.

When analyzing employee turnover, we are only interested in other cases, such as when people leave because of dissatisfaction with their job, duties, or the company.

Turnover types

• Voluntary rotation

As the name implies, such a rotation occurs when an employee voluntarily leaves the company.

The reasons for this may be different.

Most often, the reasons are they have found a better job, disagreements between colleagues, they feel undervalued or underpaid, they cannot adapt to the company culture, etc.

You will never be able to satisfy everyone, and the condition you propose will not suit everyone.

However, your duty as an HR manager is to create a comfortable atmosphere in the company.

In addition, it is essential to recognize the merits and achievements of your employees and praise them so that they feel recognized.

The above causes occur after an employee is hired, but sometimes voluntary rotation can occur due to a poorly planned and executed recruitment process.

In this case, you can hire an employee quickly without thinking about whether he fits the position or the company culture.

• Forced job change

When an employee leaves the company, he falls into forced rotation. It is easy to place the blame on a departing employee.

However, as a company, you must ask yourself if this situation is due to something you did wrong. This may include a lack of necessary tools and training, resulting in the employee not being able to perform their tasks properly. These involuntary rotations cannot be 100% avoided, but it is best to minimize them as best as possible.

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.

Today, risk management is one of the highest-priority professions. If you think you are going to make a career out of just calculating numbers, you are wrong. This is not just a career that you can do in a day. You must present yourself with dignity, understand and work with all departments of the company, building relationships along the way. Overnight, a career in risk management has grown into one of the most important professions in the world, and that is no understatement.

The people who work in the risk management department have the following responsibilities:

• Minimization of financial and other losses of the company in which the specialist works.
• Conducting work to identify threats of financial and other losses.
• Search for sources of risks through an audit, analysis of decisions made by top management, and work with reporting documentation.
• Analysis of assigned risks, development, and subsequent work with risk maps and other methodological documentation.
• Daily monitoring, analysis of the causes of occurrence, fixation of risks, and organization of the management process.
• Performing calculations and evaluating the risk management methods used.
• Keeping records and storing documents in a personal working archive.
• Control over the fulfillment of assigned tasks.
• Methodological support of employees and senior management.

Risk managers make up strategies that conduct research, identify and control various risks, and help companies avoid severe economic and reputational losses. Specialists allow you to maintain the profitability and efficiency of business processes in any situation. In 2021, the career guidance center ProfGuide created a reliable career guidance test. He will tell you what vocations are best for you and give you his judgment on your personality type and IQ.

Risk is a situation of uncertainty that can make the company vulnerable to different market circumstances.

For this reason, here are the following tips to become a successful risk manager.

Risk identification

First, the manager must identify which risks may affect the company.

For this, you must analyze historical data and detect situations of uncertainty that, at the time, became risks for the profitability of the business.

In addition, you must assess the current context by using powerful tools such as SWOT analysis, interviews, Delphi technique, and brainstorming.

Qualitative analysis

This type of analysis is performed as a filter to detect the risks that need to be addressed through a more delicate, complex, and advanced study.

Therefore, this is a subjective classification stage whose results are captured in the risk assessment matrix, serving as objects of study in the next step.

Quantitative analysis

At this stage of the risk management plan, it is possible to investigate the probability of occurrence of the risks and estimate their consequences for the company.

After mapping the potential risks, you should first select them and establish an order of priority, considering that not all bets must be controlled, mitigated, or eliminated.

Probability: Each risk has a certain chance that it materializes. You can follow a quantitative (database) or qualitative line to calculate it. To order them, it is necessary to consider the following variables:

Impact: There is a dimension of the effects of each risk caused by its materialization. Its calculation requires the analysis of historical data. In some cases, it may be necessary to conduct a qualitative study – due to a lack of numerical data.

The risk criticality indicator is defined by multiplying the absolute values ​​of probability and impact. The higher the value, the more critical the risk.

The Decision Tree and the Monte Carlo Simulator are other equally exciting tools for prioritizing risks.

Once the risks have been detected and their priority established, it is time to plan the responses.

Planning response strategies

After completing the previous stage, the manager must establish action plans and plan response strategies to deal with each threat.

 

In this sense, the action plans allow the manager to focus on prevention, thus avoiding the appearance of risks. For their part, response strategies make it possible to minimize the effects of the materialization of the risk.

Finally, it is essential to control the execution of the plans and the performance of the risks.

Monitoring

The effective control of plans and risks requires the creation of reports, development of procedures and policies, implementation of control and monitoring mechanisms, and the definition of performance indicators (KPIs).

As for the latter, when properly defined, they can provide reliable data and information for decision-making.

After following all the steps and monitoring the risks regularly, your company will begin to reap the rewards of efficient risk management.

For this to happen, you must align the administration with the objectives and the company’s strategic planning. When this level of excellence is achieved, you can turn risk management into a tremendous source of business opportunity.

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.

Strategize the concept of failure

Success is not final; failure is not fatal. It is the courage to continue that counts.

We all are uniquely creative, but fear of failure suppresses it. We may have a talent we want to pursue, but social pressure and worries hold us back from achieving what we want. It’s like living without being alive.

Thomas Edison would have never been the most significant inventor if he hadn’t strategized his failures to reach his goal. You can do it; you have it inside you. So, strategize your failure, and devise a plan to move further; the courage to drive ahead matters in every journey. You open the door to unlock creativity by implementing this.

Challenge your fear to unearth the most stunning skills! You may not know what has been buried inside. So don’t let your creativity recess back in your mind. To have a great career, you need to allow mistakes and evolve daily. Develop a creative strategy that enables you to pursue what you are passionate about. A ‘great’ career asks the bulk of time, patience, hard work, and the ability to accept challenges with a growth mindset.

Do not accept success to happen overnight

Success isn’t always about greatness. It’s about consistency.

It is for individuals who perceive success to occur overnight. You’re mistaken unless your ancestors left a hunch of dollars, 17 properties, and six luxurious cars for you. It sounds like a movie, right? But, of course, it only happens in the film! Once you enter professional life, you should bend your efforts for a rewarding career. The initial years require a tremendous amount of hard work, which develops valuable experience and learning.

A growth mindset has paved the way; excellence is guaranteed if you follow this concept! It would be best if you were eager to learn and work hard for a promising future. And the ability to accept constructive feedback.

The art of working hard in the right direction

Extrapolating out the ‘right direction’ is a requirement of modern times. Therefore, learning the art of working hard, educating one on the intellectual strategies for a better outcome.’ However, maybe you are only consuming your energy in the wrong dimension, which doesn’t guarantee success.

The power of intelligent working will help you in accomplishing your milestones. Combining both will result in relatively more than ‘just energy consumption. Therefore, aligning your goals with your thoughts will make you a competent worker with a hard-working attitude.

Moreover, discover something you love, and you won’t feel like it’s burdening. A professional career coach reveals the secret to working hard is to do what you love. You are best fueled by the ‘passion’ to achieve your goals and comprehend why you want to do it.

Mastery in self-assessment

A valuable tip- conduct your performance analysis at the end of the day and note down your area of improvement. You will develop a sense of clear direction in your career by enacting this.

However, one essential attribute that contributes immensely to your career is to master the proficiency of endurance. You can take specific courses on endurance training to keep your stamina and energy level high—Groom yourself with better and success guaranteed skills to acquire a promising career.

Actions speak louder than words

Instead of boasting about your abilities, demonstrate them through discipline and excellence. The importance of action outweighs the worth of mere words.

Furthermore, to master the auspicious skills, one must make a habit of reading. Specifically, self-help books act as the sun on a gloomy day. Homework develops our ability to think logically and accumulate a great wealth of knowledge. You can learn excellent tips and implement them for better character development. Learn from those who succeeded and inspired your career.

Reading is one of the cheapest options but a valuable one! You can read articles, studies, and books and listen to many YouTube podcasts. Moreover, to become an expert at something, you should practice it consistently.

Communication is the key to success

Improve your communication skills today if you don’t already have them. To minimize misconceptions, be proactive in communicating with your co-workers and employer.

Learning new skills or researching career development is truly rewarding. Always aim to work in an environment that empowers you to be the best version of yourself and allows you to be productive and creative.

In addition, never overlook the importance of reading people. It helps you in determining who is reliable and not. For instance, many employees overshare with their colleagues, which only turns into a new hot topic for others and ruins your impression. So, never discuss your private and previous company matters with colleagues nor indulge in gossip. If you aspire to succeed in your career, you should read people and determine their reliance. Take decisions based on your actions and not just words.

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.

Here are the following clever ways to manage loans and debts.

Aerial view of your debt

The best and most practical way to handle borrowed money is to create a plan and proceed accordingly. But unfortunately, your debt can be mounting with compounding interests with the passing day. To avert this unpleasant situation, assess a broader view of how much you owe.

Make a list of the various types of loans and the debt you own, such as credit card balances with higher interest rates; making an extra payment each month can lower your overall costs. And enable you to pay back the debts quicker. Credit cards and personal loans have higher interest rates. In contrast, home or student loan has lower interest rates and tax benefits.

However, once you have devised a strategy to pay off debt more than your monthly premium, this will keep you ahead of your loan duration and may also grant you certain financial perks!

Furthermore, extra payments can reduce the period of your loan plan. It will benefit you in clearing your debt and allow you to retain your solid financial position sooner. In addition, you can significantly reduce the higher interest rate by paying early. Plus, your credit score will increase and lower when your interest amount and down payments verily. As a result, you can save money.

While you’re thinking about repaying more than the minimum on your monthly loan installments, take your time to understand the lender’s policies. Although some will permit you to repay your loan sooner, others may demand penalties, offsetting the value of making an early repayment.

Have a risk management plan

In a movie, it’s constantly cooled to see your favorite hero overcoming any problem he’s trapped in by having a backup plan. Likewise, you always find it amusing; let’s practically implement and have a feeling of ‘hero.’

Life is the name of unpredictable events. For example, when talking about finances, your loan provider could increase rates or repayment terms, or you might undergo changes in health or employment which could prevent you from working. In this case, being backed up by emergency saving funds can be turntable for you.

Time management skills

Late payments can add interest charges and black marks to your credit report, obstructing the next possibility of borrowing money. Therefore, time management is vital in excellently managing debt or loans. To avoid unfortunate events occurring in the future, consider setting up reminders to notify you regarding your next payment timely.

However, paying off monthly payments on time can be a practical way to avoid late fee charges that may ruin your credit score. These unnecessary results will turn your financial position upside down, so be thoughtful of them and ensure to pay on time.

You can pursue this option by setting up a budget. In this way, you can conveniently follow on timely making payments. Moreover, you can set aside a portion of cash to avoid the occurrence of unfortunate financial instability.

Be realistic while making choices

When you’re in debt or have a loan, it’s relevant to be realistic and classify your expenditures into essential and non-essential categories. Distinguish between requirements and desires. This challenging yet simple tip can keep you from going around in circles.

Invest your bonus wisely

Dig yourself out of debts or loans in a practical way. You may come across an irresistible buy, but paying off debts with additional funds is imperative to living a calm life. Any excess revenue should preferably be used to pay down debt.

If you require assistance, seek it

If you’re still unsure how to handle your debts, speak with a professional financial advisor who can help you understand your alternatives and establish a strategy.

Once you’ve figured out the difficulties, managing a loan may be a pressure-less and straightforward process. Being financially diligent, creating a comprehensive and practical strategy, and paying off your debt as soon as possible can put you ahead of the game and make maintaining your loan very simple.

If you assume you cannot handle the responsibility of clearing a debt after incurring it, fret not, there are several plans available for your assistance. However, consulting a professional financial advisor can turn the situation in your favor. They will guide you throughout your journey and make it stress-free. We wish you luck!

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.