Author: Complete Controller

Budgeting can indeed be a pain when you do not have the time to sit down and divide your money according to your requirements. A proper budgeting system is needed for every household to ensure that finances are used effectively rather than mismanaged. 

Technology has evolved, and there has never been a better time to be alive. If you hate going through the hassle of sitting down, laying out all your finances, and then creating a budget, there is good news for you. 

There are now mobile phone applications in the market that do the deed for you. All you have to do is find an application that works for you, then sit back and enjoy as you have one less thing to worry about. 

The Best in the Market 

Following is a list of applications that would cater to your needs of domestic budgeting. 

Please ensure that you do your research before trusting an application with your financial data. 

1. Mint

Mint is a free app available in the market for the sole purpose of budget creation.  

The app’s purpose is to allow you to keep track of your daily expenditure to stay within the limit while making everyday purchases. The app is highly user-friendly, so it is one of the top-rated ones in the market. 

Mint suggests the option of connecting you to your bank account so all the transactions can file automatically. Those who do not wish to use this option due to privacy concerns could always manually add their transactions to the app. 

The only con this app has been the targeted advertisements that are a part of the app interface, although they are not that bothersome to a vast majority since the app is free! 

2. PocketGuard 

PocketGuard is your next go-to application if you want to cub your overspending habits. The app’s primary purpose of curb unnecessary spending by tracking all your transactions through your bank account. 

PocketGuard comes in two different variations; a free, basic version and a paid, premium version that goes by the name of PocketGuard Plus. PocketGuard Plus costs its users $79.99 per year, which seems plausible according to the app’s services. 

3. EveryDollar 

EveryDollar is a budgeting app that caters to your budgeting needs as well as tracking all your purchases. The app was on the zero-based budgeting philosophy that focuses on creating equilibrium between the expenses and the income. 

The paid version of this application costs a whopping $129.99 per year, which may be a lot for some individuals, which is why it has the option of a free version. The crucial point that sets the two versions apart is that the user must manually add all the transactions to the app, which the paid version would do automatically. 

4. You Need a Budget

You Need a Budget, or YNAB is an application for those willing to invest some bucks to save some dollars.  

The app, charging $84 annually, is one of the most acceptable applications for budgeting—the app sync to your bank account, which takes away your worry of manually adding each transaction. Due to the in-depth approach of the company towards budgeting, it yields excellent results and claims to save $600 in the first two months of usage. 

The app is known for being completely safe and strict on data protection as it uses high-level encryption. 

Those who may be concerned about paying a considerable amount could always avail of the 34-day free trial that the company offers. It would be enough time for you to realize if the app is for you. 

If you are looking for a free application to create a domestic budgeting plan for you, Mint should be your first option due to its remarkable results and user-friendly programming. But if you are ready to pay for the services, you should invest in YNAB because of the promising results with the application. 

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.

A business calculates its profit and loss through an income statement. An income statement is created by calculating the cost of sales and then further deducting all the expenses from it (and adding other incomes, if any). Net loss is also known as net operating loss (NOL). If the value after deducting the expenses is negative, that indicates that the business did not earn any profits but is facing a loss. Causes of a loss are low revenues, very high amounts of expenses, and high competition.

To prevent losses, entrepreneurs should adopt some strategies into the business to gain profits. The owners should determine the causes of facing a loss in the industry and work to improve it. One of the most important factors to consider while finding ways to reduce costs is productivity and efficiency. Efficient productivity ensures that more work will be done in less time hence reducing costs. Here are a few measures an entrepreneur should take to prevent losses:

Building a Business Plan. To prevent failures and losses in a business, owners should create a strong business plan and execute it accurately. Usually, the creation of business plans occurs at the start of the company. Entrepreneurs should keep updating it and set more future goals according to the situation of the business. Instead of just making additions, you can also change the business plan when the old incentives are not needed anymore.

Cut down as many expenses as possible. You can start by reducing supply expenses. Office supplies can be found at much cheaper rates if appropriately researched. Large companies like BJ’s, Amazon, or Wal-Mart offer supplies at a discounted price and will save you a lot of money. Decrease your production costs by finding economies of scale. Find loans with fewer interest rates and discover a line of credit. Find efficient time strategies and make the most out of your space.

Find ways to increase your revenues. You can either increase your prices on the products you’re selling or find more customers. A disadvantage you might face while raising the fees is fewer customers if you’re dealing in a competitive or mass market. But if you are in the niche market, then an increase in prices might not be an issue. You can increase the number of customers by introducing new packaging to attract them or using social media to reach out to them.

Be aware of thefts. Try introducing safety rules in the business to prevent customer or staff theft. Protect your data to avoid cyber attacks. Train your staff and get an experienced IT staff to prevent significant losses as thefts could potentially be substantial. You should also protect customer data from gaining their trust and loyalty.

Get professional help. If your business is failing and facing losses, you should get a financial analyst’s help. A financial analyst works on your financial balances and suggests what’s best for the business’s current situation financially. They will help with making the liquidity situation stable. They locate problems and propose improvements that you can make. They also point out techniques to assure efficient productivity.

Merge with other small businesses. Find profitable companies willing to collaborate with you and use their finances to generate new products to earn profits. Merging with a firm will reduce operational costs, and your business can achieve economies of scale. A business merger can also reduce competition if you’re performing a horizontal merge as you will have the combined number of customers.

Businesses, especially start-ups, go through a lot of situations where they face losses. To prevent these situations from happening again, an entrepreneur should follow the courses of action mentioned above. Think creatively and intelligently for the betterment of your business and to make it successful. If an owner is too stressed to handle all of these problems, they should consult professional help to make it easier. It might cost the business a little, but it will be beneficial and cost-saving in the long run. If these measures are taken and executed correctly, the company will be earning profits in no time.

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.

Public finance is a branch of economics that refers to government activities and various sources of financing expenditures. Primarily, it deals with the government’s income, expenses, and debt and its impact on the entire economy.

It is the management of public finances or authorities, including central government, state government, or local state government, to manage their operations. It results in sustaining money for providing subsidies, public utility services, and prosperity to the entrepreneur. It is vital to understand the role of government and how its alterations can affect the economy. These are a few essential aspects of public financing.

Companies that are just beginning ask for sufficient funds to start their business venture, and that’s where the “angel investors” come in handy, which are well-known as public investors. Public financing is appreciative because it prioritizes investing in new firms that are relatively small-scale but carry the potential to grow substantially. They also provide valuable advice for upgrading products and services. Conventionally, public funds invest in several businesses, and then the investors get returns according to the profitability of each platform.

Steps to Request for Public Finance

1. Owning funds

Suppose you’re an entrepreneur looking for investment capital. Numerous resources provide counseling on beginning a business with minimal funds, but having little or no funds is the primary reason businesses fail.

2. Behave practically

Naturally, entrepreneurs are optimistic, and that’s a mandatory attitude for managing a business. However, the strategies of eccentric products, shooting sales, and feeble competition turn out to be illusions in the real world.

Genuinely, no startup can carry on without having a versatile and intelligent business plan. You must perceive your business’s current financial position, where you need it to be tomorrow, what issues are more likely to arise, and how well you can resolve them.

A business strategy compels you to consider your business’s potential from the basic level, challenge your uncertainties, and research when facts are unknown.

An innovative business plan attracts the investment capital and indicates the capital required to cover the initial finances. Moreover, after determining the potential of an entrepreneur, brokers and finance professionals get connected with them to execute the business plan.

3. Requesting for sufficient investment

The scariest thing an entrepreneur can do is ask for a minimal capital amount to start a business. Inadequate capital is like going on a long route trip with half-filled fuel in the tank. It also lessens the chances of accomplishing your goal.

While requesting an investment, you will require attractive investment capital. Sometimes, fresh entrepreneurs fail to determine their business’s potential and how much time it needs to generate profit. Instead, they ask for a moderate sum of money and strive for instant profitability that is the least they can expect during the initial years of the business. Furthermore, in case of a sales crisis, getting more funds will be more challenging to keep the business going. Regardless of the amount, startups must cover all the inventory, hardware, and leasehold expenses.

4. Ideas to raise capital

The most popular source of startup capital in loans is the state government aids various sponsored credits and encourages startups through the Small Business Administration on a state level. However, when these resources are inaccessible, entrepreneurs search for private sources, including getting capital from a bank, venture capital funds, and wealthy individuals. The measurement of possessions held by each of these sources depends on the agreed-upon value of the business.

The responsibility of public finance is to recognize and monitor when, how, and why government officials should interfere in the current economy. Attracting the investment capital requires honest and careful valuation of the investment, and if you get the investment, your company will accomplish all its goals and objectives. Determining specific roles played by the government and how modifications might affect the economy are a few significant aspects of public finance. We can’t deny that public finance is essential for the growth and development of a country’s economy. 

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.

Accounting information is the collection of stored data about the financial statement of a business. It is generally computerized data which usually comprises much more than the balance sheet, cash flow, and expenditure chart. It also contains the data of collective revenue, bookkeeping, income tax data, and confidential details of the employee’s salaries.  This information lends itself to human error, primarily when a professional accountant or bookkeeper doesn’t perform.

In the initial stages of a business, every entrepreneur makes accounting errors from time to time. Even the tiniest mistakes can affect the practicality of your financial statements. That is why; you must know how to detect these errors is a significant skill to develop regardless of what accounting tool or software you subscribed to carry out the business operations.

As a business owner, you must know that financial mistakes are inevitable. While you can’t resist every error, it’s essential to prevent them from escalating or compounding. To avoid these circumstances, you must be aware of the solutions to implement them at the time of need.

However, if you want to keep the accounting errors confidential and want to solve them on your own, then here’s a list of the most common accounting errors of all time, along with the preventive measures.

Data entry errors:

Entering incorrect data in the balance sheet is one of the most common forms of human error, and it causes unnecessary loss. While you can’t prevent every data entry error, you can put some procedures to ensure that entries are recognized and corrected promptly. The best preventive measures we can take to eliminate data entry errors include:

• Only one person can carry out the data entries in a day. Be practical and assign only a few employees to complete this task.
• Whether your company implements frequent reconciliations or quality checks, ensure that another set of eyes reviews the accounts, including your own. In this way, the employee will double-check his work, and your business will reflexively avoid every possible error.

Lack of documentation processes:

If you forget to maintain certain business expenses, your company might lose valuable tax deductions. The IRS doesn’t contemplate expense items logically unless escorted with supportive documentation. To prevent this, you can apply the following solutions.

•  Set a business policy that shows the expense reports unpaid unless receipts are attached.
• Utilize accounting tools such as Expensify or Zoho books to help make the company’s expenses reporting a breeze.
• Suppliers want to get paid. However, don’t pay them unless they submit a bill. 

Timely Reconciliations:

Reconciliation is the procedure of reviewing that an account balance listed in the accounts is accurate. This procedure helps to identify the issues before they get out of hand. If done manually, the process should have multiple human eyes reviewing the process. Many accounting software programs provide an advanced reconciliation feature to make it virtual and efficient.

Avoid getting help when needed:

While you are operating a growing business, you can’t surely do it all yourself. Feel free to ask for help when you know that you need it. Maybe you enjoy managing business accounts, but you’re not a professional in the finance field and can make multiple accounting errors. Recognize your strength and know your weaknesses. Fortunately, you can hire a professional and experienced accountant or adviser to look out for financial management.

Trashing the official receipts:

One of the most significant human errors occurs when official receipts are lost. Try to secure the financial tickets until the government audit your business records. Whether you’ve recorded the transactions, it is still possible that you require them as proof while preparing an audit. You can utilize the receipts to convince the auditors that you have reported the correct amounts.

Accounting errors are accidental and bound to happen, but the business’s ability to identify and prevent those errors ensures the entrepreneur’s sensibility to tackle the obstacles. Usually, accounting errors emerge during cash transactions or entries. However, it would be best if you never let faulty accounting practices undermine the financial security of your business.

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

An accountant and a tax preparer can never have equal benefit scales in the corporate world. Accountants are one tribe, and the taxing pros are another tribe. Both the professions cater to different needs of the same niche. There is no second thought in the fact that a career scope of a tax preparer is potentially more rewarding than any other career field. But the paybacks of the accounting career are way more than a tax expert. 

Many of us are mistaken to mix up tax professionals and accounting experts. Well, both are entirely different. A person pursues a taxing career with a law-associated educational background. At the same time, the bookkeeping experts are the ones that have mastered the field of mathematic and the crossword of numbers. 

Let me share some of the incredible benefits of a tax preparer and accounting expert, respectively.

Aces of being a tax expert

Taxpaying officers can experience numerous aces. Some of them are:

Sustainable Tax Deductions The most prominent advantage snipped by the tax professional is that he can get a substantial deduction on the taxes he pays every year. As he is well-known about every tactic of the taxing world, it would be easier for him to file a tax return report. Sounds fascinating, though.

• Higher Income Chances

The pay scale is a crucial factor. It increases when you pause your leisure and step forward to begin your career. The income scale varies according to the type of employment that is hiring. As for the tax preparer’s income, it is relatively a high graph. Almost in every state, a tax keeper enjoys a relishing amount of salary package every month. 

• An Accelerated Professional Careers

Getting just a degree will never help you top the law tests, shine brighter among your badge, and begin a career in the taxing field. To become a well-known tax expert, you must have an eye to understand, compile, and analyze the laws accordingly. The still unknown part of the story is that you require no accounting experience to pursue your career in a tax-related job. Go on to complete an Income Tax Officer Course, and you will be an income tax officer within ten weeks.

 Aces of being an accounting pro

Accountants are a pro in handling the battle of addition, subtraction, multiplication, and division between numbers. They are experts in portraying the entrance and exit of each dollar within the company with perfection. An accounting is righteous to enjoy the following benefits: 

• Market Competitive Pay Scale 

Bookkeepers are in demand in the market. They are genuinely essential for every industry, firm, and company. Accountants have a very high pay scale competing equally to their demand in the market. There is a thick difference between the income rate of a tax preparer and an accountant. However, an accountant earns more than a tax officer.

• Uncountable Career Opportunities 

 An accountant is lucky enough to pursue a career in any field. Also, the accountants have the feasibility and the credibility to pick up their line of employment. They can also easily choose their area for specialization. The career opportunities are unlimited for a bookkeeper. 

• Prestigious Social Status

We all breathe in a society where an accountant owns a valuable status that is also a pride symbol. Every person around the circle of employment greatly values a steadfast person in the position of a financial manager of a business. 

• Ability to open your own business

The ability to convert a start-up into a mature business with decent people is hard to find. But it is not rare in the case of an expert bookkeeper. If an accountant owns a CPA license, he is 100% capable of nurturing himself into a compatible business owner. Once an accountant steps into the corporate world, he can gain many years of experience and enough practice. 

Closing Paragraph

There is a vast difference between being an accountant and a tax officer. Both the fields have their pro and cons. But technically speaking, accountants tend to face more benefits than tax officers. The above article will clear your view about the accountants and tax preparers’ beneficial circle. Stay tuned for more.

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.

Trends either in business, fashion or marketing, keep on changing. To keep your progress up, one must stay up-to-date with these continually evolving trends.

Your business will only make progress if you stay in the competition, and that is only possible by keeping track of the constantly changing drifts and keeping up with the latest trends. If we talk about the bookkeeping trends, they are not slowing down any sooner, and one must keep pace with them.

Technology has taken over the entire world the word itself means development. It is reshaping businesses and industries in the modern setup. Taking the worldwide crisis of COVD-19 into account, it has transformed almost everything, including systems and processes, changed manual tasks into automated jobs. From the traditional ways of working to now increased dependency on digital technology like online schooling, work from home businesses, etc. Digital industries are evolving more and more, and now businesses, either big or small, are more dependent on remote bookkeeping. 

A paradigm shift has occurred with prevailing technology and the evolving IT industry, and businesses operate more efficiently and effectively.

Following are the six key bookkeeping trends that young entrepreneurs and small businesses can take advantage of in the coming years:

Bulk data transfers:

Today, data doesn’t mean numbers and figures, and accountants have been dealing with all those things for decades. It also includes amorphous numbers that accountants can analyze through natural language processing. It works like a fuel driving various transforming finance and accounting in the fourth industrial revolution through swiftly changing technology trends. The audit process is primarily handled through digitalization now. These reforms are proving to be vital and help generate more revenue by improving internal operations. Now it’s no big deal to transform numbers and figures, i.e., date in bulk amount and save a considerable amount of time and extra effort.

Majority SMEs shifting to the cloud:

Many small and medium-sized enterprises adopt cloud-based computing services, also known as software as a service or SaaS. Allowing the user access to various software applications that run on shared computing resources, making these software solutions user-friendly and cost convenient.  You can use different software like QuickBooks and Xero for this purpose; however, every user has his requirements, and he has the option to choose any such digital software according to his demands. 

Data analytics:

Data analytics is one of many rising trends in technology that helps to reach fresh, innovative, and valuable insights from your existing data. It also offers detailed and actionable statistics that help to build trust among your clients. These analytics help bring the faults and deviations into sight and also provide solutions to deal with them. All of this is possible in less time now due to analytics.

Artificial Intelligence (AI):

Artificial intelligence can help accountants and bookkeepers to be more productive and efficient. The robotic process automation or algorithms allow machines or AI workers to finish lengthy and time-consuming tasks in a significantly lesser amount of time. These machines also help reduce manual labor, which would reduce the chances of high costs and errors. Modern technologies have altered clients’ expectations of businesses and corporations. Now clients demand high-level accuracy and more efficient jobs since AI has made things more precise.

Improvement In inventory tracking and management:

With the increasing use of the internet and the development of modern technology and devices combined with artificial intelligence, communication and operation can occur without much human assistance. Now professional financers can track their transactions and other records in real-time. Audits have become much more streamlined due to this uninterrupted monitoring. Inventory tracking has become much more accessible, and checking and managing the right amount of available supply (in a business stock) is not a problem. 

Learning bookkeeping is no biggie:

Thanks to technology and the internet, every piece of information is available online, and with a single click, one can search for anything. Online video tutorials are a big help, and beginners and entrepreneurs running either small or low funds can get help from these software programs.

Bookkeeping trends will keep on changing and evolving in the future, and you can only be successful in your business if you keep pace with these shifting trends. 

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.

A Double-dip recession is the second recession followed by the first one. The gap between the two recessions is called a short-lived recovery. It means that the economy couldn’t recover properly from the previous recession and faced another one. The causes of a double-dip recession could be a crisis in the financial system or pandemics. Businesses operating in a double-dip recession of an economy face various challenges with a lot of pressure due to fear of failures. Stress levels of entrepreneurs reach the sky due to heaps of workload.

As the world faces a pandemic due to Covid-19, preparing your business for any unforeseen double-dip recessions is essential. Many companies fail to survive in the second wave of recession during a double-dip recession. Here are a few survivals guidance tips for entrepreneurs to follow when facing a double-dip recession:

• Look for changes and opportunities: Find ways to gain your market share, try moving into new markets. Introduce new and different products to the market. And increase your targeted audience.
• Identify new trends and what the consumers want: Find out if the product you’re producing or selling is really what the consumers want to buy. If it’s not something the people want to buy, then consider introducing new trendy products in the market. Make further changes to your already existing products to attract customers and to increase your revenues.
• Change your pricing methods: You could switch to penetrative or competitive pricing methods if you’re using a price maximization method. The penetrative pricing method suggests you put lesser prices than your competitors. This method is suitable to increase your revenues, but it could mean that you might go into a loss due to low prices. Competitive pricing suggests you put the same prices as your competitors. It could also increase your revenues.
• Collaborate with business professionals: Ask your business allies such as your attorney, accountant, and suppliers to promote your business through their channels. In return, you can offer to promote their businesses through your own. You can also provide them with a commission to gain their trust.
• Increase and improve your marketing strategies: Social media is the easiest and cheapest way to increase your promotion. You can also perform surveys through social media. You can start a blog to promote your business and your products. Another way to promote your business is by making your employees the brand ambassadors of the company. The best way is to use LinkedIn for promotions.
• Find ways to improve your cash flows:

1. 1. Try to cut down as many costs as possible to get a positive cash flow
   2. Try to reduce your outflows and increase your inflows. If you’re looking for a loan, find the ones that ask for the least interest rates
   3. Improve your inventory
   4. Increase your prices and expand your market and try to send and receive invoices right away

• Reorganize your financial obligations: If you have multiple debts that you’re stuck on, refinancing is the best way out. Get a single loan or a credit line to pay off all the debts altogether. You can also opt for a business credit card which can become an interest-free debt if paid back on time. Many costs will be saved this way and can help you get stable.

To make sure that your business survives the challenging double-dip recession period without failing, you must follow these practices in your industry. The key to surviving this period is to find new efficient and cost-saving strategies and to execute them properly. The business owners face a tough time and must handle all sorts of problems, from operational to financial issues and how to cooperate with the staff. They need to focus on what will make the business go and how to cope with all other obstacles. At this challenging time, the owners should not lose hope and not get too stressed and instead take an intelligent approach. They should always be looking for new opportunities to survive the double-dip recession.

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.

Do you have any talent that you are only using as a leisure activity? It is completely justified for you to think of it as just a hobby, but there is a possibility that you can monetize it and turn your talent into a profitable business.

 

How to monetize your hobby

You can turn many hobbies into businesses such as carpentry, painting, baking, dog training, web design, and anything that delivers value to others. However, the real issue is that many of us are afraid to do it, even when we know we can make profits because we are so scared of failure. We are afraid that if we try to monetize our hobby and fail, we may no longer feel that same satisfaction or happiness that we feel when doing that activity.

This can be a chilling proposition that can make many skilled individuals desist from pursuing their dreams.

Trying to monetize your hobby into a decent business idea is not easy, but on the other hand, it is not that it is quantum physics either. With a bit of groundwork and strategic execution, a person can enjoy a positive result. Below are some tips:

• Create a plan

To start monetizing your hobby that you want to draw a plan on.

Fill all your free time with students, in the evenings and on weekends, and save all the profits that you make (do not waste!). Once you have saved enough cash to cover the expenses of 4 or 6 months, quit your job and dedicate yourself fully to building your guitar lessons business.

This doesn’t have to be a particular case or the plan that works for you, but it is better to have one. It’s not about throwing yourself blind and expecting things to go well.

• Making your first sale

In days, you do not need to go from a simple, playful hobby to a multi-million-dollar company. In the early stages, your goal should be to make your first sale. It does not matter if that means a deal of 5 dollars or a contract of 5 thousand, as your first sale will be the most difficult and the most important one you will make.

There are many strategies for you to achieve your first sale. However, everything mainly depends on the product you are selling. You could start by giving customers a free trial to generate word-of-mouth advertising if you sell a service. If it is a product, doing good product placement and some advertising in the right places will take you to the sale. (Social networks are potent for people who are trying to reach many people with few resources).

It is important to remember that, although you believe in your product blindly, the rest of the people got no reason to do so.

• May your time yield

For many people, it is not practical to work full-time and then spend overtime pursuing your hobbies. There is not enough time in the day among children, couples, friends, and other social commitments. There is not enough time in the day.  

During the first stage, you will have to be creative about the use of your time. Maybe you must get up earlier than usual to do things before going to work.

Another alternative is to involve your children in your family time/ hobby, so you can spend time with them and achieve bigger things.

• Have an online presence

In today’s businesses, everyone needs to have a virtual presence to generate more activity. This means that by maintaining and creating a website, profiles on social networks, and everything that involves creating a brand as a professional.

Having consistency in how you present yourself will give you a better, more established image that will result in more customers. If you’re unsure how to begin, look for what established musicians are doing that do something similar and take ideas from there.

• Create a network

Some people will run into you online. However, many big and small businesses become successful from the network that is created by word of mouth. You must prepare yourself to be very active in this part of self-promoting yourself.

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

In the US, we are still not used to hearing about them, but in the rest of the world, they sound strong and for many reasons. We are talking about micro-insurance, a type of protection that is extending in areas. There is a low level of wealth and society’s urbanization, which can contract directly from a prepaid mobile phone.

Microinsurance and its history

You can outgrowth your microfinancing projects as it will help thousands of individuals with lower incomes. In this way, you can set up businesses and purchase houses. Various microinsurance programs will allow you a fast payout based on measurable factors or parameters. Famous and observable characteristics decide the level of parametric policies. For example, the damage expense will always indicate how the farmer’s approach should be then. You can encourage it for specific conditions. You will have automatic compensation when a hundred-mile wind in a particular area or an exact amount of policyholder and rainfall. Inspect damages and find out the loss expense then, request for the settlement. As a result, you will have claimants’ fast access to the funds that will allow you to run your business best. Suppose you want to advance farmers’ yields and purchase quality equipment. In that case, you will have to ensure your crops and livestock as collateral. As a result, your living will increase automatically.

The company, American International Group, offers a micro-insurance facility, and there will be the beginning of selling policies in Uganda in 1997. Today, many companies are making innovative microinsurance products that are helping the poor, who are the victims of financial losses.

The ‘low cost’ insurance revolution

Microinsurance is a product-focused on the social segment’s protection at a low-income level. It operates in an unstable economy and that have not been able to access the standard insurance market. According to the BIMA Movile report, the insurance penetration rate in developing countries is only 2.9% due to obstacles such as lack of education, inaccessible prices for the majority of the population, and a scarce distribution network.

You will have a promising solution, such as small insurance contracts that previously irrigated mobile phones. As a result, you will also have a massive population percentage, and you can get a considerable penetration in nations. That all includes such as Africa, Latin America, the Pacific, and Asia. In 2014, there was a rate of policy insurance that is up to 17 million policies. This rate increases up to 263% of the previous year, that is, mobile insurance.

The key to this new business model is to use mobile phones as electronic purses. According to the study carried out by the GSMA association on Mobile Financial Services, this feature is becoming popular in a spectacular way, which is projected to obtain 16 million customers. New in 2015 around the world.

Products of microinsurance

Microinsurance was born with life products, although they are extending to other sectors. It gives rise to health microinsurance, accidents, and micro pensions, among other products.

Also, they have specific coverage such as crop damage or food vouchers and collectively include an entire community.

Advantages of microinsurance

The emergence of microinsurance in the panorama entails a series of desirable advantages for the governments of developing countries, their population, and non-governmental organizations.

Among other functions, micro-insurance:

They allow access to essential services for these communities, such as healthcare or agricultural aid programs.

• They increase productivity among insured persons since they are more willing to invest if they feel supported. It’s in turn, translates into economic growth, improvement of living conditions, and social inclusion.
• Also, insurers can multiply their customers exponentially without investing a large amount of money in distribution networks, benefiting from mobile services and informal networks.

And since the sums insured are small, the payment of claims is quick.

But microinsurance also poses a series of challenges to the insurance sector since management controls are very weak, and frauds often occur. Also, many countries lack a legal framework to regulate this new type of insurance. Consumer protection strategies are usually very scarce, so many doubts and complications accompany their implementation.

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 wide acceptance of artificial intelligence in society has changed our lifestyles. When it comes to business, artificial intelligence offers a wide range of benefits. Most enterprises prefer artificial intelligence to decrease their operational cost and maximize profit. Artificial intelligence has become an essential part of our lives, and we interact with it daily while performing daily house chores or conducting business activities. The impacts of artificial intelligence on organizations are beyond our thinking.

Artificial Intelligence – A game-changer 

Artificial intelligence is a broader term and can be used to define multiple computer programs and software performing human activities and functions, including planning, learning, and problem-solving. We can’t associate artificial intelligence with some specific applications or features, as it covers several aspects. To analyze the impacts of artificial intelligence on organizations, we need to consider different areas.

Machine learning is the most common example of AI in business that helps develop and expand. Machine learning is beneficial for processing larger data sets within a short period by using algorithms. These algorithms are getting better over time—machine learning analyzing many datasets.

• Deep learning 

Deep learning is more specific than machine learning focusing on neural networks for nonlinear reasoning. It has more advanced features such as fraud detection, performing multiple analyses, and others. An example of AI in business is identifying information related to driving cars, including speed and distance.

Among the most significant impacts of artificial intelligence on organizations, deep learning models. The machine learning algorithms lose their capability once their maximum amount of data reaches the limits. However, deep models perform better with an increased amount of data.  

• Artificial Intelligence opportunities in business 

Artificial intelligence acts as a supporting tool for business. One can see the most common impacts of artificial intelligence on organizations through their operational changes. AI offers innumerable benefits to businesses, but all you need is the willingness to change its structure wherever and whenever possible.

• Transforming E-commerce 

Several e-retailers, including Amazon, are in search of AI solutions that can reduce their cost. Many online businesses leveraged technological advancement to understand their customers better, generate more leads, and offer an outstanding customer experience.

An example of AI in business is the use of cookies to offer personalized recommendations to consumers. Ever thought about how a platform knows what a user wants? They use Natural Language Processing (NLP) features such as images, videos, and voice recognition.  

Several firms extract valuable information from consumers to predict online behaviors and products that will best suit them. Usually, more personalized messages lead towards loyal customers and act as a tactic for businesses to understand their customers better.

Some companies are also implementing techniques for identifying product returning probability, which help them perform better. There is a wide range of impacts of artificial intelligence on organizations, especially in the e-commerce industry.  

• Digitization 

Artificial intelligence is a kind of decision-making software that has improved the decision-making process compared to existing software. This improved decision-making power resulted in implementing technological innovations within businesses to perform complex activities and tasks regularly. These impacts of artificial intelligence on organizations led towards more reliable decisions.   

• Automation 

Artificial intelligence has a crucial role in automation and efficient customer relationship management (CRM). Usually, businesses rely on the CRM model to organize and manage employees and teams efficiently. Leveraging artificial intelligence into the CRM model helps the company to get updated with the relevant information without any human involvement.  

The automated CRM model sends automatic updates to the responsible person, ensuring the smooth and controlled functioning of the organization. Artificial intelligence has also introduced the concept of a self-correcting system, which eased project managers’ work through the effective management of work life cycle.

AI provides opportunities to financial institutions, including banks and trading organizations, to offer a better customer service experience. An example of AI in businesses is chatbots, ensuring outstanding consumer service through query resolution and guidance.

You can extract information from the customers’ queries and use it to train your chatbots. By integrating AI in their process, organizations can cut their labor costs and reduce errors caused by human interaction.  

Nowadays, software solutions are based on predictive analysis and data science management. These are positive impacts of artificial intelligence on organizations that help them in gaining insights and resolving problems.

In a nutshell, the scope of artificial intelligence is constantly expanding in multiple areas of businesses. The impacts of artificial intelligence on organizations are not invisible anymore. Technological innovation not only makes your working techniques efficient but also makes your business market competitive.    

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.