Author: Complete Controller

Business owners find more comfortable ways to quit the workforce, leaving their businesses to shut down. The absence of succession planning is approaching at an alarming state. To secure their business, the business owners must focus on the sustainability of their practices and train and develop the following line of succession.

Business owners may not find a competent person on their in-house team. You may look for someone from the industry. There are chances that you might be left alone with no resources if you do not allow your team to run your business as the industry’s top companies will recruit them.

Although the need for succession may not be unique, successors may be. Improving a firm’s succession viability necessitates embedding a succession process into the culture and day-to-day activities. Here are three strategies for navigating the succession process and ensuring your company’s long-term viability.

Start grooming your successors at the initial stages

It is essential to groom your employees ever since they join your company. One recommendation is to train your team as per your company values, objectives, mission, vision, culture, and client services. Developing the foundation services among your employees is particularly important. The foundational understanding will aid you in identifying future leaders who will reinforce your company’s distinctive success elements. Business owners should create teams for succession planning, assign duties and set timelines.

Create a succession planning team with roles, duties, and timelines. Business owners can outsource the specialized team from outside the industry. With proper planning and strategy, efficient succession planning can be made successful.

Delegate tasks to specialized persons

Job delegation is a crucial element in any organization. Business owners do not complete all the client tasks themselves. Instead, delegate the tasks to the most specialized person. Another recommendation is to know your best employee. Ensure that current and future partners work in positions that allow them to provide the best possible service to the clients. The partners should be in roles that suit them for firm managers, IT specialists, marketing and business development professionals, and other specialized team roles. Be willing to promote someone who is not a CPA to the owner’s position, especially if they have good administrative and operational management skills. If you must outsource specialized jobs, do so.

Have flexible work schedules

Flexibility is an essential element that needs considering. Remote working has taken a boom globally since the pandemic. Work flexibility can increase the success rate of the business as this can

Two part-time partners, for example, a better fit if an outgoing owner worked full-time and had a substantial chunk of client business. When it comes to your senior leadership needs and what will lure the best succession prospects, do not be afraid to think creatively.

Every business finds out diverse ways and approaches other methods for their succession planning. Business owners are highly encouraged to define their succession plans to make the objective accessible.

Let your partner run your business

If you founded your company with a partner or partners, you might be considering them as potential successors. Many partnerships have a mutual agreement that if one of the partners dies or becomes disabled unexpectedly, the surviving partners will agree to purchase the dead partner’s family business interests.

This arrangement can help both the business and the family cope with the stress of a sudden transition. A spouse who wants to keep their shares but does not have the time or skills to help it expand may be unable to do so. A buy-sell agreement ensures that they compensate while allowing the remaining co-owners to retain control of the business.

The earlier a person gets involved in the business plan, decision-making, and rainmaking, the more likely a pool of possible successors forms. There is no such thing as a small or large company that cannot begin the process early.

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

Have you ever wondered what the distinction is between for-profit and nonprofit businesses? It is clear to see how the main difference is linked to the revenues of these groups, as their titles suggest.

To begin, it is essential to understand the differences between for-profit and nonprofit businesses. A for-profit organization might function as a single proprietorship or a general partnership, for example. It could organize a corporation or a limited liability business (LLC).

One of the numerous types of charities is a not-for-profit organization. The 501(c)(3), which covers charity organizations, religious organizations, private foundations, social welfare groups, labor organizations, and several other organizations, is the most well-known and widely used.

Rules, tax deductions, and other factors differ based on the type of business and the organization’s location.

Organization objective

Every business has a mission, but the distinction between a nonprofit and a for-profit is most noticeable. While for-profit companies may have several objectives, their fundamental goal is to make money and provide valuable products and services for customers. Companies create goods and services that directly fix issues or improve general efficiencies, such as mobile phones or self-driving cars. On the other hand, it dedicates a nonprofit to promoting a social cause or advocating for a specific viewpoint rather than profit.

Reason for raising the finance

Establishing a consistent approach for funding projects and operations is one of the most crucial components of running a business. For-profit organizations are more likely to fund their initial efforts using bank loans, local investors, and sales revenue. Suppose a company’s product or service is to have a high prospective market value. In that case, national or international investors, such as angel investors and venture capitalists, may be interested in funding it. Nonprofits frequently adopt a unique strategy, pursuing private gifts of time and money, business sponsorships, and government grants, among other things.

Knowing your target customers

Another significant difference between for-profit and nonprofit businesses is the diversity of their audiences. On the other hand, nonprofits frequently do not have a well-defined target audience, whereas for-profit enterprises do. While for-profit businesses strive to build relationships with customers who purchase their goods and services to generate income, nonprofit organizations aim to reach a wider audience, including volunteers, corporate sponsors, funders, and the public. As a result, nonprofits must consider the diverse interests of each sector of their audience.

The work culture of your organization

Because of the variations in mission, for-profit and nonprofit organizations can develop two separate corporate cultures. The culture of for-profit firms tends to focus on cash and business measurements, such as key performance indicators, due to financial gain (KPIs). Employees are also encouraged to be creative in developing new goods and markets, which can help the company increase short- and long-term revenue. A nonprofit’s culture is often more community-oriented. Employees are frequently encouraged to address and solve problems for which there is no financial motivation (for example, advocating) in opposition to deforestation.

Taxation payments

Because for-profit businesses make money for their benefit, compelled by law to pay taxes. On the other hand, nonprofit organizations are free from paying taxes because they produce profits to benefit society. Individuals and organizations who donate to nonprofits can also claim tax benefits.

The fact that an organization is non-profitable does not preclude it from becoming lucrative. Nonprofit organizations, like for-profit ones, frequently take the same approach to generate revenue and increase profits to expand or strengthen existing activities (s).

Working staff

A for-profit company might be a small firm or a major corporation with boards of directors and stakeholders. Individuals or a group that contributes to the company’s financial success are assigned responsibilities. On the other hand, trustees, a board of directors, or committee members lead nonprofits that are not solely responsible for the organization’s financial success. Their primary concern is social and environmental issues, not the economic achievement. A nonprofit’s staff can be vastly different from that of a for-profit firm. A for-profit company will often have paid employees and interns, but a charity will rely on volunteers. As these volunteers will typically be on the front lines communicating the nonprofit organization’s goal to prospective future funders, this element connects with many other components of a nonprofit organization.

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.

Whether individuals or companies both take benefit from the tax incentive programs to lower their overall burden. Tax shelters, exemptions, deductions are some of the benefits you can get. You can get more benefits from these when the state or federal government is involved.

Tax deductions, credits, and exclusions are advantages that decrease the amount taxpayers owe to the federal and state governments each year; however, tax shelters are a different type of tax benefit that can assist in cutting taxes by making investments. These are legal structures that provide taxpayers preferential tax treatment.

Tax Deductions

After the deductions, taxable income reduces to a certain level. There are two types of deduction which you can opt for as per your objectives and goals.

Typical deduction: It is a set sum of money that decreases taxable income. A single taxpayer can take a standard deduction of $12,550 in 2021 ($12,400 in 2020).

Deductions for specific items: The Internal Revenue Service (IRS) allows a taxpayer to reduce their taxable income by generating a list of qualifying costs on their tax return, the total of which is used to reduce their adjusted gross income.

Expenses are increased to lower the income, thus reducing the taxes. It is easier for business owners or individuals to calculate their tax deductions. For companies, taxable deductions and other tax liabilities calculate the financial statements.

Tax Credits

Another tax benefit that you can get. A tax credit is calculated in the same manner as deductions are but in a different method. After completing all tax computations, a tax credit adds to the amount of tax owing. If an individual owes $3,000 after deducting all deductions and calculating taxes using their marginal tax rate, a $1,000 credit will decrease their tax bill to $2,000, for example.

These tax incentives are beneficial for companies & individuals. The healthcare premium tax credit, the earned income tax credit, and the child tax credit are three of the most prevalent tax benefits.

Tax Exemptions

With some exceptions, it exempts taxes. Companies providing health benefits to their employees are exempted from the taxations. Companies doing charity for a social cause or allowing for tax deductions are tax exemption items.

The employer-based health insurance payment scheme is one of the most general exclusions. When an employer accepts pretax healthcare payments, the employee’s taxable income is reduced after the pay period, lowering the amount of tax payable.

The corporate cap has been raised to 25% of taxable income

For charitable contributions of cash made to qualified charities during the calendar year 2021, the legislation now allows C companies to impose an enhanced limit (Increased Corporate Limit) of 25% of taxable income. Usually, a corporation’s permit for a maximum deduction is 10% of its taxable income.

The Increased Corporate Limit does not apply immediately, once again. On a contribution-by-contribution basis, C companies must pick the Increased Corporate Limit.

Shelters from the IRS

A tax shelter offers a range of tax benefits to taxpayers. If the investor agrees to the conditions of the contract, it is usually a vehicle with lower or no tax requirements. The 401(k) plan is one of the most popular plans. It protects investors from paying a more effective tax rate during their better-earning years than they expect to pay in retirement when reducing their income.

Tax havens are a form of tax shelter that corporations frequently use. Companies may opt to incorporate in particular areas to reduce their tax burden. Bermuda, the Bahamas, and the Cayman Islands are among the most popular tax havens.

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 an inventory sells, it appears in the income statement under the COGS account. COGS applies to costs that are related directly to producing goods that specifically mark a sale. The balance sheet has an account, and that account is known as the current assets account. An item is under this account, and it is known as inventory. Inventory is an essential asset for distributors. They use the manufacturers’ raw materials.

 

Periodic inventory

Under the periodic system, the amount in the inventory account does not update when they are purchasing it or during that time. The account is only updated after a year is completed, and the new year starts after the end of one year. It means that the statement will show you the cost of the stock for last year. All the purchases that are related to merchandise are entirely and profoundly recorded in either one or more than one purchase account. When the year is about to end, the purchase accounts are closed by the company. By following the periodic system, there is no cost of goods sold in the account to record the sale of merchandise.

 

Assumptions for cost flow

IRS accepts three methods to move the cost to the income statement from the balance sheet. Three methods are accepted FIFO (First in First Out), LIFO (Last in First Out), and Average Cost takes ways and manner. They display what their names suggest and mean that the order in which costs skip the inventory can stay from removing goods from it in physical form. First in, first out has a meaning. They mean that goods that arrive first should be removed first at their original cost. It does not matter if the cost of goods sold has increased for the new batch. It would be best if you had to record their actual price.

 

Perpetual form of inventory system

While following a perpetual system, the stock account is being updated at regular intervals by the company. The actual cost of products purchased from the suppliers is initially and without mistakes added to the account. On the other hand, those products and merchandise sold to the customers are continuously being removed from the account. There is no chance for purchase accounts in this perpetual system of inventory. The actual price of sold products has a history, and that account is under debt at the time of the sale, which applies to the cost related to the merchandise. Sale and accounts receivable are added to the record as one entry. On the other hand, the assorted products added to the inventory list are decreased, and they start to maximize the price of products sold to the customers.

FIFO (first-in, first-out), LIFO (last in first out), and Average cash flow assumptions are merged with any inventory systems, either perpetual inventory systems or periodic inventory systems, to find out about the actual cost stock at hand. It depends upon you that how you can choose any one of them according to convenience and ease.

 

Indication of a perpetual system

The perpetual system clearly shows and ensures that their Inventory account will be continuously or perpetually updated at regular time intervals. In other words, you can say that the balance in the Inventory account will start to increase by the amount of the goods purchased. This cost will be decreased by the cost of the goods that are being sold. So, it illustrates that the balance in the Inventory account should tell you more about the cost of the inventory items that are on your hand right now. Also, the companies should count the actual number and cost of their goods that they are having at the current time (take a physical inventory) at least once a year. They should adjust the perpetual records if necessary for the company.

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.

Many businesses are now using Artificial Intelligence to automate simple processes to increase the efficiency and productivity of their business, boost revenue, and stay ahead of their competitors. We are at a point where for a company to grow, the employees need to work side by side with AI systems. Artificial intelligence can benefit your business and provide countless benefits with technology ranging from high-end data science to automated customer service. But the question arises, how to successfully implement artificial intelligence in your business? Machine learning (ML) can oversee accounting processes, allowing accountants to focus on more important tasks and save valuable time. On the other hand, Virtual assistants and chatbots have entirely transformed the customer service game by answering customer questions without waiting for a customer service representative to come online. 

But to unlock these countless benefits, you will have to adopt artificial intelligence in your business. It will increase the efficiency and productivity of your business and improve the speed of business, improve monitoring, and reduce human error. Here are the steps to how you can adopt AI in your business.

Identify your Business’ Problems 

First, identify a problem in your business that needs to be solved and assess those problems to determine where artificial intelligence can positively impact your business. You need to look for processes that assume the most time, require more employees, or cost more than necessary. It will allow you to recognize the weak points of your business and understand where you can use automation to your benefit. For example, using automated customer service, like chatbots, for answering customer queries will serve more customers faster and reduce human error. At the same time, employees will have more time to indulge in creative and more critical tasks that will eventually benefit the business and boost revenue. 

1. Create a road map
   

   To incorporate machine learning in your business, you need to get organized and create a road map. It is essential for business owners to know how their business is doing and whether they are prepared to manage an Artificial Intelligence system. To figure out if the company operates and supports an AI system, you need to consider a few things.

   The Right Tech Capabilities

   Determine the technology you will need to successfully support AI automation of processes and solve your business problems. It involves both the hardware and the software.

   Development

   Determine the resources you will need to implement your plan to solve the identified problems quickly. Also, figure out the processes you will have to perform to design and develop your approach effectively.

   Sustainability

   Determine the amount of capital you will need to effectively implement Artificial intelligence and Machine learning in your company. 

   Governance

   After the initial Implementation of Artificial intelligence and Machine learning, it requires continued reinvestment and resources.

2. Set a goal

Determine the criteria you see as a measure of success and set a goal for your company. Artificial intelligence and machine learning systems are only as good as the data they train. The data and feedback created through their processes will be available for analysis, which allows the employees or the business owner to determine if there is more room for automation or support. It also shows the company’s progress and growth using Artificial Intelligence and Machine learning systems in terms of hours saved, better monitoring, increased productivity, and increase in revenue. 

The business owner should also start with a small project with a pilot vendor instead of a huge task. Doing so allows the employees to get a grip of the AI and ML systems by replacing one process at a time and gives them a clear view of how each process is affected by Artificial intelligence. They can then aim for big projects complete their goals one step at a 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.

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

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

# 1: FreshBooks Accounting

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

# 2: Wave Accounting

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

# 3: Zoho Books

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

# 4: Xero

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

# 5: Sage 50Cloud

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

How to Choose the Best QuickBooks Alternative for Business?

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

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

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

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

Healthcare Benefit

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

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

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

Maternity Benefit

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

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

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

Paternity Benefit

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

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

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

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

Benefit for Risk during Pregnancy

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

Temporary Disability Benefit

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

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

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

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

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

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

Human Resources

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

Information Technology

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

Understand the New Talent

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

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

Be More Mobile-Centric

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

Offer Values Then Just Benefits

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

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

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

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

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

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

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

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

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

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

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

Set the priorities of your debts

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

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

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

Evaluate your resources

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

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

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

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

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

Place your plan in action

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

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

Continue like this until all consumer debts disappear.

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

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

What is an emergency fund?

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

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

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

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

Do you need an emergency fund?

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

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

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

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

How to create your emergency fund step by step

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

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

You can start creating your financial cushion automatically:

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

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

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

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

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

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