Author: Complete Controller

Everyone dreams about getting rich, but it takes a lot of effort, patience, and sacrifices to reach that point. The world is full of inspirational success stories revolving around the smart and wealthy. Henry Ford, Ralph Lauren, Walt Disney, Steve Jobs, and J.K Rowling are the most prominent examples of rags-to-riches. These figures are an inspiration for people who dream about gaining wealth. They converted their time and energy into wealth with the proper planning and strategy.

To be rich is one thing, but to stay rich is an entirely different story. Not many people know the art of maintaining wealth, and they fall back to where they started. In worst cases, even lower than that.

These inspirational figures tell the world that it is possible to go from rags to riches. These examples of rich and foolish tell the world that it is very much possible to go from riches to rags.

Michael Jackson

Seeing the name of the king of pop music, Michael Jackson, must have come as a shock for many. But those who stay updated know the whole story. At the time of his death, Michael Jackson was US$500 million in debt. Soon the king of pop began to be referred to as the king of debt. The pop music legend lived an extravagant lifestyle, which brought him into the sea of debt and unpaid bills.

Mike Tyson

The most celebrated athlete of his time, Mike Tyson, is known for his exceptional boxing skills. He won the first 19 professional fights in a row. He came to be known as the Iron Mike. But his actions paved the way for his downfall very soon. He was arrested 38 times, and he was convicted of rape, for which he served three years in prison. He spent way more than he earned on massive mansions, jewelry, luxury cars, and pet tigers, and in 2003 he filed for bankruptcy.

Lindsay Lohan

The star of Mean Girls, Lindsay Lohan, earned a great name, fame, and wealth in Hollywood. But her failure to handle the wealth made her a living example of disaster. Over 15 years of her career, she is reported to have earned $20 million. Her extravagant lifestyle and legal troubles have made it difficult for her to keep her head above the water.

These are the most prominent examples of wealthy people ending up broke due to bad financial decisions. Here are the traits of wealthy people that pave the way for their downfall.

Spending more than Earned

One of the primary reasons behind these celebrities and notable personalities end up broke was their extravagant lifestyle. These people did not keep track of their expenditures, which is what intelligent, wealthy people do.

Instead of adopting conscious spending, these people spend way more than they earn. Mindful spending is a common practice among wealthy people. It is a strategy they use to maintain their wealth. Wealthy people spend only on their needs. Once their needs have been fulfilled, they move towards their wants. Their priority is their needs.

Wrong Investment Decisions

Investing in the wrong places is one of the most highlighted traits of people who go from rich to rags in no time. Not hiring an expert financial advisor and planner is the most significant mistake these people make, leading to wrong investing ideas.

Carefree Attitude

A carefree attitude is not a trait that will help people maintain their wealth. Getting into legal conflicts and living like they own the world is the biggest mistake a rich person can make. It takes thoughtful planning and strategy to work out ways to maintain their wealth. With a carefree attitude, things are bound to go in the wrong direction.

A person needs a full-fledged financial plan and a genius mind to stay wealthy. It is not what many people possess, which is a significant reason why only a few people stay on the top of the list of the wealthiest people in the world.

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.

It is almost outlandish these days to keep a private company running with cash drawn from your pocket. Whether it is buying stock, recruiting new representatives, or opening different areas, any extension requires additional working capital.

Every year thousands of Americans fail to find a balance between this new economy and the changes that come with it. One of the most discussed financial instruments is the concept of loans. People have different views on whether a person should take loans or not. Typically, media reports view loaning as a negative aspect of finance, and rightfully so, the misuse of loaning can lead to debt. However, many people believe that they were saved from getting ruined financially due to these loans.

After acknowledging the media’s negativity regarding loaning, it is hard for a person to decide what to believe in these loans. It is a fact that many people were able to regain their financial stability with the help of these loans, but many have lost a lot using these same methods of financing. Below are a few disadvantages of taking a loan that a person needs to look for before they consider taking a loan:

Can cause debt

One of the most significant disadvantages of taking a loan is the fear of falling into debt, if not the most critical disadvantage. Debt is the primary concern when taking a loan from a bank, especially if you are not financially stable yet. There are many ways/guides that a person can easily find online that will help them avoid debt, but still, it is like playing with fire. According to experts, financial loans are not suitable for youngsters and people with limited income.

A person can lose their vehicle

Suppose a person ends up being a car loan defaulter. In that case, the lender can take that vehicle away if they like because the title amount a person paid for the car is not worth the vehicle’s total net value. The risks can be devastating; therefore, it is better to take out a car if you can pay it off under the due time.

Stern demands

Since numerous banks require some guarantee to approve the loan, new companies and organizations without any assets can discover that it is tough to make sure that their application for the loan is accepted. If individuals select to apply for loans that do not necessitate security, they are forced to face high-interest rates.

Irregular payments

If an individual gets a bank loan whose interest rate is flexible, that means that the interest rate will change following the economic situation of the market. It makes it hard to decide what is the precise amount of the sum that must be paid in the future. Therefore, it turns challenging to ensure that the budget and other financial plans are made.

Troubles in acquiring loans

One of the significant drawbacks of borrowing loans from the bank is that it is tough to acquire except if a small company has a good reputation or something valuable to place in the mortgage. Banks only accept the offers of loans from the businesses that can undoubtedly pay back the loan. Additionally, the banks are confident that they can cover the bank loan in an unfortunate loss such as an accident or natural disaster.

Bank loans cost

Banks’s demand higher interest rates from small businesses that can be remarkably high. The bank’s loan that the businesses are eligible for is usually not adequate to meet the company’s problems. Because of the higher interest rates, the loans that an organization gets frequently stun the company’s development. The businesses are unable to get enough money for the growth of the business.

 

All in all

We hope the reasons mentioned above are enough to understand why you should not take a bank loan. We should avoid the loan itself, but if you ever find yourself in a situation where you see no way out but ask for financial support, make sure the bank is still your last priority.

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 rent a home, we expect that it is insured against possible risks. But suppose there is negligence on our part, or it is our personal property that is affected by robbery or fire, for example. In that case, the company with which the owner is insured will not have responsibility. The renter is not covered by the homeowner’s insurance used by the owner.

Therefore, the home insurance for renters is a home policy designed to protect the renter against any incident in the rented home.

Who Should Pay for Home Insurance in a Rental Home?

To understand the advantages of home insurance for renters, it is essential to know your rights and obligations first. Imagine that the fridge breaks down. By being part of the inventory, the owner is obliged to repair or replace it if necessary. However, if the renter is at fault for the broken fridge, the repair would be the renter’s responsibility.

In the case of robbery, if the owner has home insurance contracted for housing, this may cover the damage caused by forcing the door, but in no case will you be compensated if you have been robbed, for example, your personal computer. The owner’s home does not protect the contents that are not in the owner’s house.

There are other situations in which home insurance for renters could save you from a severe problem:  in case of loss, if the responsibility is yours, the owner’s home insurance will not respond, and you will have to bear the costs for the damages caused unless you have your home insurance for renters to back you up.

On the other hand, even if conditions have been agreed and signed in the rental contract, the owner may not comply with them. For example, they are refusing to return the deposit. Home insurance for renters will support you in these situations, both to recover this money and know what legal steps to follow when claiming.

It is recommended that the owner has contracted home insurance that, at least, covers the contents of the property in the face of possible situations that may affect and seriously damage the home. It is also advisable that both the owner and the renter have civil liability insurance that protects them against possible damages that the house may cause to third parties, such as a flood.

What Does it Usually Cover?

Keep in mind that each company may or may not include specific coverage as standard or optional and also offer different types of rental insurance, depending on the level of protection you want for your home and your assets. In any case, there are a series of guarantees usual in most policies, which we will detail below, so you know in what situations you can protect home insurance for renters.

The most exciting coverage for you as a renter is protecting the content, that is your personal assets, in case of theft or fire. With this guarantee, the company covers the replacement costs of the goods and the material damages that the loss may have caused.

Some companies extend the guarantee of theft abroad. For example, suppose you are robbed on the street and robbed of jewelry, cash, or credit cards. In that case, the insurer offers compensation for the stolen property up to the limit agreed upon in the conditions of the policy.

With the guarantee of damages for water, you will be protected against one of the most common incidents. Imagine that a water leak causes damage to the house’s roof below. If you do not have home insurance for a renter, you would have to bear the repair costs.

In addition to water damage, electrical damage can be included. For example, if there is a voltage surge and an appliance breaks down.

Conclusion

If you are renting your home, whether the owner carries insurance or not, you should purchase renters insurance. Even if the owner has insurance, your personal property and assets may not be covered in some instances. Therefore, it is imperative that you purchase renter’s insurance when you are renting a home.

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.

Financial success has been the goal of every person since the beginning, as it is the only way of survival. However, there are many exciting ways of achieving it, such as being successful in stock market investment.

The bait of enormous cash has consistently tossed speculators into the lap of securities exchanges. Nonetheless, bringing money in value is not simple. It requires heaps of persistence and order, a lot of exploration, and good market comprehension. Added to this is how financial exchange unpredictability has left speculators in a mess over the most recent couple of years. They are in a problem whether to contribute, hold, or sell in such a situation.

The ordinary purchaser’s choice usually is vigorously impacted by his associates, neighbors, or family members’ activities. Along these lines, if everyone is putting resources into a specific stock, the inclination for potential speculators is to do likewise. Yet, this technique will undoubtedly reverse discharge over the long haul.

Legitimate examination ought to be consistently embraced before putting resources into stocks. Financial specialists, by and large, pass by the name of an organization or the business they have a place in. Be that as it may, not the correct method of placing one’s cash into the financial exchange. Never put resources into a stock. Put resources into a business. Also, put resources into a business you comprehend. At the end of the previous day, you should recognize what company the organization is putting resources into an organization.

The struggle between stocks and bonds

In an article entitled, investing in the stock market is the most profitable, right, we considered everything related to the comparative performance between stocks and bonds.

In the end, we concluded that, no, stocks are not always more profitable than bonds, even in the long term!

Are you surprised? Read the article here.

Your tolerance for volatility and your patience

Another article talks about big stock-exchange cycles, the patience that a stock market investor must have to succeed, and the stock markets’ volatility.

My objective?

Make them think about his patience as an investor! You will see that it often takes between five and eight years to recover the capital after going through a stock correction.

So, it is!

But these figures are based on an average made based on the performance of all stock portfolio managers. And not the best. Then, we ask you to reflect on this big question: “Should we invest in the stock market or not?”

Suppose your answer is: “Yes, we do!”

To succeed financially in the stock market without trying

In chapter 12, Where and how to invest? In my book Living and Investing, we mention six criteria to select the world’s best portfolio managers.

Who are they?

How do they achieve their results?

This article will discuss two of my selection criteria because we have noticed that many investors are lost when choosing among thousands of financial groups that offer wealth management.

It is necessary to say that some management firms spend more on promoting their funds than on managing them. Their objective is to attract it without paying the required attention to the comparative performances of their peers. The best eats what they cook for you!

It is proven that managers who have more than $ 1 million in the funds they manage have outperformed most of their peers over five years. (Morningstar Research, Inc. “Win Fund Managers on Your Side? Pick Those That Walk the Line”)

The management costs are reasonable

For me, this criterion is not absolute. We do not pay much attention to expenses if the performance you get is truly above average. And I am always willing to pay 1% more to whoever makes me earn 5% more. Then, you should see the expenses as comparative data.

Regarding what?

Suppose that, on average, managers have achieved an 8% performance in the global stock market since 2010, but that your performance has reached 12%: would not you be willing to pay a little more?

The problem is that you do not know in advance.

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.

Labor laws were established to protect employees from wrongful termination or retaliation in the workplace. These laws were also established to protect the employer from lawsuits or other unlawful pursuits by a terminated or demoted employee.

Terminating an employee can be difficult, especially if they have been a loyal employee up to termination. When a decision to let the employee go has been made, you must act according to labor laws to protect your business. Here are ten steps to take when terminating an employee to comply with labor laws and protect your business.

1. Verify effectively that the worker has committed a behavior that merits dismissal: Do not rush to decide as severe as dismissing a worker without employer responsibility. Take your time to investigate. Article 603 of the Labor Code establishes one month to dismiss the person who has incurred a fault from the commission of the facts or since the employer knew of them.

 

2. Seek advice: Often, employers are condemned not for the absence of a fault that merits the dismissal but for how it is executed in the courts. Consult with professionals with experience in this type of process, which can adequately guide you on proceeding with the termination.
3. The suspension of a worker while the facts are investigated must be paid: The labor courts’ jurisprudence has established that a worker’s suspension must be paid while investigating possible faults.
4. Document the lack and investigation: Any worker can sue even when the fault committed is evident. Think about the possibility that your employee will take you to court, so you must adequately document the fault committed, and the internal investigation carried out. These documents can be decisive for a judge to give him the reason if litigation occurs.
5. If you do not have to prove the fault, better dismissal with employer responsibility: Sometimes, it is not easy to establish a fault committed by a worker for multiple reasons. If this happens, it is better to dismiss employer responsibility.

 

Article 85 clause d) of the Code allows the termination of employment relationships by the sole will of the employer, without having to justify the reasons. In the long run, that may be simpler and cheaper than going to a trial and not being able to prove the fault because you may have to pay in addition to the extremes that the law orders, damages, and losses to your former employee.

6. Deliver a detailed dismissal letter: According to articles 35 and 478 subsections 5) of the Labor Code, it is the employer’s responsibility to deliver the dismissal letter with a detailed, detailed, and precise description of the event or facts on which the dismissal is based. And it is up to him to prove, in possible litigation, that delivery. You cannot argue in a court other facts than those indicated in the letter.
7. Consistently deliver the letter in the company of another person: It is common to hear employees at the trials saying they were forced to receive the letter or that the employer physically or verbally assaulted them when the dismissal was given. To avoid these situations, when delivering the letter, be accompanied by another person who can say, if necessary, what happened during the dismissal process.
8. Deliver the letter to the Ministry of Labor if the employee refuses to receive it: In case the employee refuses to receive the letter, the employer must present it at the nearest Ministry of Labor and Social Security office, and if not It exists, send it by registered mail at the latest within the ten calendar days following the dismissal. Already the traditional practice of looking for two witnesses who give proof of the refusal to receive the letter is not valid.
9. Comply with the authorization procedure before the Ministry of Labor if you will dismiss a person covered by a protection jurisdiction: There are categories of workers who are given special protection by the law. Among these categories are pregnant or lactating women, union representatives, minors, and complainants of sexual harassment.

The Code requires an administrative procedure of authorization to dismiss the employees covered by that jurisdiction for protection before the Ministry of Labor. If that authorization is unavailable, the dismissal is null, no matter how severe the fault has been committed.

10. Pay the liquidation simultaneously as the dismissal or as soon as possible: If possible, have the liquidated employee’s list dismissed without the employer’s responsibility at the time of delivering the dismissal letter. In many companies, good looks and signatures are required to make payments, so try to manage those signatures as soon as possible internally. Prompt payment of the settlement helps reduce the possibility of a claim, although it does not prevent it altogether.

Ending a working relationship is complicated and traumatic. Therefore, it must be done in the best way. These tips can help in that challenging task.

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.

After applying for a home or car loan, many people began searching for that perfect house or the ideal car. However, if their loan application is rejected, it can be disheartening. A prudent approach is to take the opportunity and review finances then rather than be sad about the rejection. Typically, a loan is rejected based on poor credit or a high debt-to-income ratio. Fortunately, both these factors can be addressed and improved so a second loan application can be submitted.

Below are steps to take if a loan application has been rejected.

Step 1: Analyzing the Situation

The first step is to analyze the situation and thoroughly look at the rejection letter. It will help you understand why your application was rejected, which can be poor credit or not having credit at all. Lenders look for a solid credit card history and are one of the basic elements for loan application acceptance. Consistent payment history notifies a lender that you will be willing and able to repay this loan as well. Another reason for loan application rejection is insufficient income. Lenders calculate the ability of a borrower to repay before they accept the application. If a borrower has a high debt-to-income ratio, the application will most likely be rejected.

Step 2: Address the Cause for Rejection

After analyzing the situation, address the cause of the rejection. Fortunately, there are various ways to resolve the reasons for rejection, but there are no instant solutions. Resolving the reasons for rejection will take time, but a rejected applicant will eventually be able to reapply. The initial step is to look for errors in the credit card report. Also, lenders sometimes look at the amount a borrower spends on repayment of other loans every month, so an ideal approach is to reduce the expense.

If the applicant does not have time to resolve the issue, some strategies an immediate approval include:

1. Larger Down Payment: A larger down payment can be beneficial for a house or car loan. It increases the chances of a loan being approved because a larger down payment means that a borrower would require a smaller loan and have lower monthly payments. It may help the lender overlook imperfect credit card history.
2. Use Collateral: Collateral guarantees repaying the loan fully as the borrower pledges to offer something of value in return for the loan. Collateral is typically an option when business loans are required. Borrowers can either offer their car or their home if the requested loan amount is large. However, failing to repay a loan may result in foreclosure or car repossession. Collateral should only be used if the loan is for something significant.
3. Get a Cosigner: Having a cosigner means that if an individual fails to repay the loan, the cosigner will be responsible for it. In matters where a borrower’s income is insufficient, this strategy may be used. It is advised to use a cosigner who is willing to take risks.
4. Look for Other Lenders: People who cannot wait may look for other lenders. Applying somewhere else after one lender rejects a loan application requires no waiting.

Other than these immediate strategies, borrowers can take some time to evaluate their credit and income. Some long-term strategies can make reapplying easier, as the risks of rejection are eliminated.

1. Build Credit: Strong credit history makes borrowing easier and reduces the chance of application rejection. A person needs to borrow and repay loans on time to help improve credit and provide a better chance of future loan approvals.
2. Increase Income: Another solution is to look for better income options. A good income increases the chances of loan application acceptance.

 

Following this guide will provide clear direction to individuals who do not know their next step after loan application rejection.

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.

If you are hoping to purchase a crossbreed vehicle, figuring it will assist you with setting aside cash, you better reconsider. For some individuals contemplating whether mixture vehicles are justified, the appropriate response is most likely not despite all the trouble. Actually, as a rule, half and half vehicles wind up, costing you more cash than purchasing a gas-controlled vehicle. So then, for what reason do endless individuals buy a half and half reasoning, it will set aside their cash? It is because many people spotlight the expense of gas as an explanation behind purchasing a half-breed vehicle. Furthermore, this bodes well.

Every week you head over to the service station to top off your tank. Contingent upon the cost of gas, you are taking a gander at the expense of around $40 or more to top off each week. To calm this torment at the siphon, we center around answers to evade the service station. The arrangement that flies into your psyche is to purchase a more eco-friendly vehicle, to be specific, a crossbreed vehicle. Better eco-friendliness implies fewer excursions to the corner store, which implies you set aside cash. It’s a successful win-win. If solitary, it was that straightforward. Gas is just a single aspect of the image regarding getting a good deal on your vehicle.

First of all, a half breed utilizes the brakes to recover the battery. It implies brake cushions on crossbreeds will generally last longer contrasted with gas, just vehicles. Once more, this is certifiably not an enormous reserve fund, yet it is significant. Another distinction is the expense of protection. Some insurance agencies offer limited rates to proprietors of mixture vehicles. It is because the average crossbreed proprietor isn’t known to be a forceful driver and speed.

The debate about the future of urban mobility is increasingly hot. Surely you have heard about the economic advantages of hybrid models, half conventional vehicle, half electric. But there is always doubt: is it profitable to buy a hybrid car?

An electric hybrid vehicle is an alternative propulsion car that combines an electric motor with a traditional combustion engine. In other words, it has two engines, a fuel tank, and a battery.

This combination is very beneficial because it allows the car to have great efficiency. Hybrid models can recover energy during braking and thus power their batteries. It makes them a perfect form of mobility for cities, where accelerating and braking are two very recurring actions.

One of the reasons for buying a hybrid car is energy saving. To start, you do not need to plug the battery into the network, as it recharges itself, although there are hybrid models with plug. It is an advantage over pure electric models, which you must plug into the network.

Keep in mind that there are not too many electric recharge options yet and that installing a point at home is not exactly cheap. In any case, the hybrid rechargeable battery of the hybrids has a disadvantage: a short autonomy that does not allow them to circulate too many kilometers with electric power.

It is profitable to buy a hybrid car for energy use with these characteristics. The final fuel savings are evident, considering the current price of both gasoline and diesel. A hybrid can consume 46% less than a gasoline model, according to an Autobild report.

Is it profitable to buy a hybrid car from a maintenance point of view?

Yes, it seems that it is more profitable than a traditional model. According to ABC news, the annual maintenance cost of a hybrid car can be half that of a model with a traditional engine, whether diesel or gasoline.

These two advantages, fuel economy and lower maintenance costs, compensate for the current major disadvantage of hybrid cars. Currently, the purchase price of a hybrid is higher than that of a conventional model. However, prices are approaching faster and faster.

Consequently, if you are thinking of getting a new vehicle to move around the city, you know that it is profitable to buy a hybrid car. There may not be many models yet, but they are becoming an alternative for the future if you want to consume and pollute less.

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 a term deposit? They are the sums of money contributed by people to a financial institution to receive the interest generated in a set time. The saver or investor becomes the creditor of the bank. Now we will know the types of bank deposits that we can contract.

What are term deposits?

Now let’s know the definition of term deposits. In term deposits, we deliver money to a financial institution such as a bank or credit union for a particular time. At the end of this period, the entity returns the money plus interest, previously known. Interest can also be paid periodically during the term of the deposit. These interests will be credited to our checking account associated with this deposit.

Classification of term deposits

Then the classification of term deposits: fixed-term deposits, renewable term deposits, indefinite fixed-term deposits, and repurchase agreement deposits.

Time deposits

The deposits are fixed a day of interest payment. The amount accrues interest only to that particular date.

 Fixed-term deposits

The deposits renewable fixed term are fixed deposits. Still, they can extend the deposit for a new time equal to the initially hired. The renewal has the character of automatic if the depositor does not withdraw the amount. In the new period, the capitalization is greater because it has the initial amount plus the interest accrued in the first period. The renewal interest rate is the one that exists in the market at that time. It does not have to coincide with the initially agreed interest.

 Indefinite term deposits

In the case of indefinite term deposits, there is no predetermined time. The saver notifies the financial institution that wants to withdraw the money. The interest is calculated during the period between the initial delivery and the withdrawal of the capital delivered.

 Deposits with a repurchase agreement

The deposits under repurchase agreements are invested in sales contracts instruments Chilean government debt and buyback is agreed, they can be stipulated in fixed or readjusted in UF.

Term deposit conditions

The minimum terms range from 7 days for non-adjustable deposits in UF or 90 days for deposits indexed in UF. When speaking of readjustment, it refers to having the deposit and its interests adjusted to inflation’s evolution.

It is noteworthy that the capital cannot be redeemed before its expiration, depending on the financial institution’s consent and that the holder formally requests it. They must spend at least three days between the request and the withdrawal of the amount.

Money-back duration

Mostly, you will not have funds before decided times. As a result, you will not get your money back. You will have redeemable term deposits with a price that you can’t lock into a non-redeemable term. You will pay interest according to the maturity date of the term deposit. We can consider maturity a term deposit birthday rather than a cake slice to celebrate. As a result, you will have an excellent form of interest as it will be a present that we can have behind it. 

Deposit uniqueness and other kinds of investments

Here, we will categorize savings into three: short-term, medium-term, and long-term. 

• Short-term – It will be suitable for you if you have three to four months of contingency savings. It means you can keep your savings in this account. 
• Long-term – It is better for those who want to save their deposit for more than seven years. Usually, it is suitable for retired investors. The amount includes mutual funds, registered savings, and ETFs, etc. 
• Medium-term – You consider everything that comes between the matters discussed above categories. This division includes funds you will have to put aside for the assets, such as the home’s down payment, a new car, and a vacation. If your needs match with medium-term financial requirements, the term deposit will be the best choice for you. There is a specific time length that you have full control over. 

Main operations for the term deposit facility 

There are two main term deposit facility operations: the term deposit facility overview and fixed-rate format or floating-rate format.

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.

If you are an owner and a tenant has failed to pay the rent or administration, this article is for you. If it has not happened to you, but you are the owner and want to give a rental property, it is also in the right place.

Lease insurance will give you peace of mind when entering into such a contract if you have the bad luck of finding a delinquent tenant.

What does the lease insurance cover?

The basic insurance covers the lease payment in case of non-compliance with the tenant (up to 36 months) and legal costs. In case a process of this type is carried out. However, there are policies with greater scope, as they cover public services, administration payment, or damage to the property.

How to buy this insurance?

There are two ways to acquire it. One refers to an insurer that offers this type of service. It forces the owner and the tenant to do all the paperwork or through a real estate agency. In the second case, the real estate agency is in charge of the process and provides the owner with additional benefits.

The cost of insurance varies depending on the city and is borne by the beneficiary, that is, the owner. The property owner will need to pay a specific amount in a month. That amount is around 2.5% of the sum of the lease value. It also connects the worth of property administration and VAT, which also refers to a commercial establishment.

What benefits does the owner have when purchasing this insurance through real estate?

• In the case of collective policy, lease insurance is cheaper.
• Lease insurance is perfect. Generally, it covers damage to the property, failure to pay the administration, among others.
• The real estate company assumes all the paperwork of studies and contracts.
• The real estate agency ensures proper use of the property.
• The landlord is guaranteed the advance payment of the lease, whether or not the tenant pays.

Remember that when you lease your property, you put your assets at stake, the result of years of work. That’s why you must have a real estate professional’s advice. They will assure you about full lease insurance. In this way, the owner will have peace of mind with a fair price. It also offers property at a flexible time.

Renters as a source of peace of mind

Again, if you are a renter, look at the additional value of rental insurance to your budget. You can reduce your stress level and catastrophic risk by using the renter policy. Everybody is anxious about daily expenses, especially the expensive ones—the tension increases when you calculate the total expense. Then, you think about the monthly payment of insurance premiums. You evaluate how you can get a sense of peace through your renter policy of insurance.

Renters insurance covers the expense of damaged property, including personal assets, as it protects your residence from natural disasters. It includes electrical surges, weather events, water-related damages from home utilities. Also, it gives coverage of the damage from falling objects and glass, aircraft, civil commotions, and vehicle explosions.

Think deliberately for the reason of your rental if it becomes unlivable. Renter policy helps you in managing additional living expenses. It happens while finding temporary lodging at the time of compulsion. Renter’s insurance policy will also cover the cost of a visitor’s injury if he/she falls or is injured in your home. If you need to pay a fine or amount for damages, this policy will be liable for you. It will also help you pay medical bills and thousands of dollars in damages. Other policies are liable for you, but you must follow a specified limit.

The renters’ insurance policy also gives you peace of mind if you or your house meet an unexpected accident. No doubt, accidents may happen any time or every day. Even a pot of potatoes that you boil over the stove can cause an accident. It may be a severe one that can turn your house into a firehouse. If it happens, can you control it with the help of your fire extinguisher, as it can damage your owner’s property? It can increase the expense, especially when it spreads to another apartment. You can get financial help by using your registered rental insurance policy.

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.

Operating a small business is stressful and time-consuming. Also, maintaining the inventory can become a troublesome task. Keeping track of how much you have in stock of any particular product and knowing when you need to order more can help prevent situations like having to oversell or urgently needing to order an item. A good quality inventory management software can make the tedious task of tracking your inventory a whole lot easier.

An inventory management software can help you focus on other more important aspects of your business. The inventory software should be able to:

• Give you an alert when any particular product is low
• Track sales and adjust the number of products in stock
• Record and display customer information in an organized manner
• Update any product requirements upon the receipt of new orders
• Provide sales and purchase data that can be used for bookkeeping purposes

When choosing the right inventory software, many things need to be considered. Trial and error aren’t always feasible when it comes to utilizing a particular software’s services in your business. The many aspects used in selecting the right inventory management software can be related to User Interface, Accessibility, Data Representation, etc.

The basic criteria for our top 5 list below are accuracy and efficiency. Any inventory management software should be able to report your inventory accurately. Furthermore, it should have a good enough user interface to allow users to utilize its services and features with ease. The basic purpose of inventory management software is to track your inventory easier, and it would serve no purpose if it complicates the process altogether.

Another aspect of inventory management software is Product Importing. A good inventory software makes adding new products to the stock an easy process with accurate results. One of the most common ways to import products into the system is via a bar code. Still, recent innovations in product logistics require software to have the ability to import through CSV files and other methods.

Finally, the decision on which inventory management software you should use for your business depends on your business’s requirements. Warehouses and stores each have different requirements when it comes to inventory software. Similarly, how you sell your products also impacts what you may need from your inventory management software.

 The Final Verdict – Top 5 Inventory Management Software

Fishbowl

One of the best inventory software on the market. It is especially a good choice for warehouse businesses, although it works for other businesses as well. It helps manage inventory through user-friendly prompts. It is also designed to handle larger inventory amounts, so it is the top software available for warehouse businesses. It is also recommended for small and medium-sized companies.

inFlow

This inventory management software provides a good set of features. It has an easy-to-learn user interface. The interface is also supported through an online database. The features are easy to use, and the software is good for any business but is recommended for small to medium-sized companies.

TradeGecko

This software is efficient in terms of product importing. It is also known for having a fantastic user interface. The interface is also supported online, and the features cover a wide variety of inventory needs.

Odoo

Odoo offers ease of integration with various parts of your business. Odoo helps bridge your inventory needs with other daily operational needs. It is user-friendly and does not require a lot of tech knowledge.

Inventory

One of the more cost-effective solutions for inventory management software. Small and individually owned businesses widely use this software because it is easy to use and at the lower cost afforded by small businesses.

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.