Author: Complete Controller

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

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

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

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

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

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

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

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

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

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

In summary

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

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

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

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

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

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

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

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

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

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

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

Collect Information

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

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

Stay Focused on Your Goals

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

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

Dedicate Time to Review

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

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

Make a Plan

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

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

Automate

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

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

Search Support

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

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

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

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

The amount of money you earn by itself does not help in building wealth or achieving financial freedom. What truly matters is the money that remains from your salary or income at the end of the month. Although it may seem obvious, many people overlook this simple rule.

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

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

2. Everything starts with saving

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

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

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

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

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

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

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

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

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

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

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

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

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

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

5. Where does the money we spend go?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Accounting consultants can help you in the following ways:

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

Choosing the right accountancy consulting services for your business:

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

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

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

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

Although the business entrepreneurs have always been on the border with technological and scientific developments related to this crop, it took on the task of finding solutions generated by entrepreneurs, other research centers, universities, and companies that could solve one of the most critical challenges in the sector. In total, it received 64 proposals from 15 countries around the world with solutions focused on assisted harvesting, automated harvesting, robotics, technologies, and the internet of things.

It is just one example of organizations that have used open innovation models in Latin America and the Caribbean to find solutions and develop new products. It also shows the scale that this model can reach and why it has become so striking.

Startups: An open platform to solve a business challenge

100 Open Startups is an initiative of a non-profit corporation that articulates public-private networks and promotes meeting spaces to promote innovation and transform collaboratively.

In this blog post, I share the elements behind 100 Open Startups, the platform used by the Coffee Growers Federation challenge, and explain how you can take advantage of it to promote open innovation and solve a business challenge:

Identify the challenge – What area can benefit from an open innovation process?

The process starts from identifying a business challenge or specific problem that a company wants to solve or a new product or service that it wishes to develop and introduce to the market. This transformation consists of identifying needs, opportunities for improvement, or new horizons. It defines the technical aspects examined, the impact of the expected solution, the type of relationship with the potential solver, and how to measure the effectiveness of the result with indicators is determined.

For example, Coffee PickINN defines as a challenge: making coffee harvesting more efficient in Colombia? Because this step is the most critical part of the value chain and the secret of grain quality. In the country, the process is manual, so the costs are higher, labor is scarce, and it is not accessible to technical due to the geographical conditions of the land.

Share the challenge with possible solvers – the innovation network opened in Latin America and the Caribbean

Solutions to innovation challenges can come from research results of universities and their technology transfer offices or entrepreneurs, among other actors.

100 Open Startups connects, classifies, and generates business opportunities between large companies and entrepreneurs through a system of evaluation of crowdsourcing (open collaboration). In addition, it is open to the public and is accessible for solvers. To participate, you must register and report some basic information about the venture.

In the case of the CoffeePickInn challenge, it was possible to find solutions with different approaches. From entrepreneurs with business models and financing platforms to acquire tools to technological developments based on the Internet of Things (IoT) and specialized collection robots used in other industries.

Guide diverse and creative inputs with mentors and expert advice

Open innovation processes frequently require additional technical advice, including technological surveillance, evaluation of the state of intellectual property, and economic valuation of technologies, among other things.

In the case of the connection platform between entrepreneurs and companies, 100 Open Startups have evaluators of other entrepreneurs, senior executives from the region, and accelerator experts who make collective evaluations. It allows identifying the attractive proposals with the most substantial potential. Thus, both parties find opportunities and evolve the value offer that will enable them to solve a business challenge.

It would be best if you had the opinion of different areas of the organization in the process so that the solution is technically viable. From the financial point of view, you have the approval and commitment of implementation. The research team carried out technical management, innovation, representatives of the leading regional and external consultants.

Establish a strategic alliance that appropriates and finances the innovative solution

You achieve success when there is an “entrepreneur-company” or “corporate company any” alliance. The idea is to work hand in hand and bring the result of research from the laboratory to the market or make a commercial alliance between the enterprise and the company to develop or sell a product or service. Likewise, some ventures receive funding from organizations or angel investors interested in betting on an innovative project.

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

It has happened to all of us. You are in your living room, sitting in your office, or in the shower (it happens a lot in the rain), and an incredible idea comes to you. “Eureka!” You think. But how do you get from a simple idea to a profitable business?

Keep reading these five steps to turn your great idea into a business.

1. Look it up

Great minds think alike. There is a possibility that such an incredible idea has already been thought of before. Not only that, but it could also be that someone else has already turned it into a business. The first step to realizing if your idea is worth being turned into a business is to find out if someone else has already done so. It will give you two options. If someone else has already done so, you will be able to know their processes and offer of service or product and validate if it is worth moving forward, considering the competition that already exists. On the other hand, it could be that your idea is original and there is no such thing in the market. It will give you the advantage of offering a unique product or service, and you can have many business opportunities.

2. Seek the opinions of others

In Mexico, we love to keep our ideas for fear of being stolen or that the business “ceases.” But talking about your idea with people you trust will help you hear their opinion about whether they would acquire or hire your product or service. When you are an entrepreneur, you usually enter what is known as a “closed idea,” this means that because it is your idea, you think it should not modify it, that it is the only way to get the business going, etc. The opinion of others can open your eyes to challenges you have not considered, or it can give you options or new points of view to improve.

3. Create an identity

If your friends and family receive your idea well, it is time to create a brand. Today’s business world moves very fast so that what today may seem like an incredible idea tomorrow could be obsolete. As we said before, you are never exempt from anyone who wants to steal it. Start by choosing a good name and ensuring the website and social networks that may belong to you. Even if you don’t think you would use social networks, it is preferable to have your brand registered to prevent another person from doing so under another concept.

4. Develop an action plan

After reviewing the first three steps, if your idea still seems viable, it is time to make an action plan. If you already have the capital to start the business, investigate the legal requirements you must comply with, quote the equipment and facilities you will need, or think about interviewing the personnel you must hire. On the other hand, if you still do not have the capital think about the available options: you can ask for a loan from a financial institution or get a group of partners or investors. If you approach your local or federal government, you can also get financing for entrepreneurs. Another good option could be to come online collection platforms such as funding. Where those users who like your idea invest a certain amount to make it a reality. The best way to get this capital is to create a sales folder where you explain your idea and how you will do business with it. If it is a product, take an example or prototype to convince your potential investors that your idea will succeed.

5. Develop a plan aimed at your customers

You have already designed how to get the capital to start your idea. Now you must think: how will you get your first customer? You may have the best business plan globally, but you don’t have a profitable business without clients. Create a strategy aimed at your clients that thinks about their needs, their location, and how you can communicate with them. Once you manage to find those who want or need your service or product, sales will begin to arrive, and you can say that you finally have a 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.

Everyone, everyone, must go through this phase of their life. Yeah, I am talking about the interview. An average person changes his job seven times in his whole life that means seven interviews and seven new interviewers. If a person is preparing for your interview, here is the list of six types of interviewers a person might encounter during your hunt for your dream job.

The Einstein: We all know giving interviews can be scary, especially when their interviewer is ready to tear them apart with his out worldly knowledge. Feel free to expect questions about the subject matter, subject matter, and subject matter.

A person can prepare for this type of interviewer from books, this type of interview requires a good command of the subject and its applied side. A person will want to become a bookworm if they want to pass one.

The Question Paper: 

This one will start asking questions after questions as soon as a person enters the room. You will not have enough time to start a conversation, and a person will find yourself preparing for the next question. A person should prepare every question that they can find online or any other source.

The Traditional one:

This type of interviewer will suck the last drop of one’s problem-solving abilities out. It will take thirty to forty-five minutes to finish with each candidate, so it is better to be ready and bombarded with every question. Some of the questions are likely to repeat, so it is beneficial to consult the interviewer.

The Friendly one:

This type of interviewer is way too friendly. This interviewer will make a person feel at home. In that case, it is better to accept this warm gesture and go with the flow. Try to start a conversation and establish a bond, yet do not forget to cast a professional expression on the interviewer. Even though this interviewer is friendly, that does not mean he does not take his job seriously. The best thing to do here is not to cross the boundaries yet answer his questions in the most professional way possible. There is no need to worry much about this type of interviewer because you will not be as nervous with him as with other interviewers.

The Grumpy Cat

As the name suggests, a person cannot impress this type of interviewer, no matter what they do. This interviewer will maintain a grumpy expression on his face or no expression at all. This person will make you feel uncertain about every answer, and an interviewee will never know whether the answers were right or wrong. Such interviewers are most challenging to deal with, so the tip is to be confident about yourself and the answers because this person will not give an appreciative smile no matter what.

The professional one

This person is the most balanced interviewer of all the above five. This person is not too rigid, nor too friendly, and knows well how to conduct professionally. An interviewee can expect a few smiles. The tip is to adjust to his mood and answer the questions carefully and appropriately.

The Busy one

This person will make it look as if he is the busiest person on the face of the earth. A candidate will find this person going through his phone and mail all the time while an interviewee is answering the questions. You can expect the least attention from him. Do not get annoyed with this behavior. This is not the way to conduct oneself, yet a person should not forget that these people have years of experience in their respective fields so they know they can have a good relationship with a bit of attention. Please do not get distracted and do not try to trick them.

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.

By: Jennifer Brazer

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

Fact Checked By: Brittany McMillen

Common Organizational Strategies for Tax Minimization

Tax minimization strategies allow businesses to legally reduce their tax burden while maintaining full compliance with IRS regulations. These approaches help companies retain more profits, reinvest in growth, and improve cash flow by strategically timing income recognition, maximizing deductions, and leveraging favorable tax code provisions.

I’ve spent over two decades helping businesses implement effective tax strategies at Complete Controller, and I’ve witnessed firsthand how proper planning can transform a company’s financial outlook. Through smart tax planning, businesses typically save 10-15% on their annual tax obligations while avoiding costly penalties and audits. In this comprehensive guide, I’ll share proven methods for reducing your business tax liability, from income deferral techniques to corporate structure optimization—all tactics our clients have successfully implemented to strengthen their bottom line.

What are common organizational strategies for tax minimization?

• Tax minimization involves income deferral, strategic deductions, entity structuring, and benefit optimization
• Businesses can legally reduce tax burdens by timing income recognition and accelerating qualified expenses
• Family employment strategies shift income to lower tax brackets while providing legitimate business services
• Corporate retention policies help avoid double taxation on distributed profits
• Proactive planning with accounting professionals prevents costly mistakes and maximizes available deductions

Strategic Income Timing and Expense Management

Tax minimization begins with controlling when you recognize income and expenses. By legally shifting income into future periods while accelerating deductible expenses, businesses can significantly reduce their current tax burden.

For service businesses using cash accounting, simply delaying December invoicing until January can push income into the next tax year. Similarly, paying January expenses in December increases current-year deductions. This timing strategy works particularly well when you expect lower income or higher tax rates in the coming year.

According to a survey from American University, 37% of small businesses experience tax-related anxiety despite 76% having college degrees. This knowledge gap costs companies thousands in missed opportunities. By implementing proper timing strategies, one of our retail clients reduced their taxable income by $85,000, saving approximately $30,000 in taxes during a particularly profitable year.

Consider these common timing strategies:

• Delay customer billing in Q4 if advantageous
• Prepay upcoming expenses like rent, insurance, and supplies
• Purchase needed equipment before year-end to capture Section 179 deductions
• Contribute to retirement accounts to reduce taxable income
• Pay employee bonuses before year-end for immediate deductions

The right approach depends on your business structure and projected income patterns. An S-Corporation might benefit from different timing strategies than a sole proprietorship, which is why customized planning is essential.

Leveraging Tax-Advantaged Employee Benefits

Employee benefits represent one of the most powerful tax savings opportunities for businesses of all sizes. Properly structured benefit programs create a win-win: tax deductions for your business and tax-free compensation for your employees.

Health Savings Accounts (HSAs) have become increasingly valuable, with assets growing 38% to $64 billion in 2024 and average invested balances reaching $22,032. These accounts offer triple tax advantages: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.

When implemented strategically, benefit programs can reduce both income taxes and payroll taxes. Consider these high-impact options:

• Health Savings Accounts (HSAs) paired with qualifying high-deductible health plans
• Flexible Spending Accounts (FSAs) for healthcare and dependent care expenses
• Health Reimbursement Arrangements (HRAs) for businesses not offering group health plans
• Education assistance programs (up to $5,250 tax-free annually per employee)
• Adoption assistance benefits
• Group term life insurance

For small businesses, a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) can provide tax-free health benefits without the complexity of a traditional group plan. These arrangements allow businesses to reimburse employees for qualified medical expenses up to annual limits ($5,850 for individuals and $11,800 for families in 2024).

Retirement plans like SEP IRAs, SIMPLE IRAs, and 401(k)s offer additional tax savings opportunities while helping attract and retain talent. The tax benefits extend beyond deductions—they can substantially reduce your overall labor costs while providing valuable benefits to your team.

Family Employment Strategies for Tax Savings

Hiring family members creates legitimate opportunities to shift income and reduce overall family tax liability. However, these arrangements require careful structuring to withstand IRS scrutiny.

When a sole proprietor hires their children under age 18, the children’s wages are exempt from FICA taxes (Social Security and Medicare), resulting in immediate savings of 15.3% on those wages. Additionally, the first $12,950 (2023 standard deduction) of each child’s income is effectively tax-free to them.

For this strategy to work, several requirements must be met:

1. The work must be legitimate and necessary for the business
2. Compensation must be reasonable for the services provided
3. Proper documentation (timesheets, job descriptions) must be maintained
4. Regular paychecks must be issued (not lump sums)
5. All required tax forms must be filed

For example, a business owner paying their 16-year-old $12,000 annually for legitimate marketing work saves approximately $1,840 in self-employment taxes while providing income that falls within the child’s standard deduction—resulting in no income tax for the child.

Hiring spouses can also create tax advantages, especially when establishing separate retirement plans or shifting income to a lower tax bracket. However, these arrangements require different considerations than hiring children:

Family Member	Tax Advantages	Required Documentation
Children under 18	Exempt from FICA in sole proprietorships	Timesheets, job descriptions
Spouse	Income splitting, additional retirement plans	Employment contract, market-rate compensation proof
Parents	Potential for additional business deductions	Documentation of legitimate services

 

The key to successful family employment is legitimacy—the family member must provide real services at reasonable compensation rates with proper documentation.

Corporate Tax Optimization Tactics

C-Corporations offer unique tax planning opportunities, particularly since the corporate tax rate dropped from 35% (2017) to a flat 21% in 2025. This substantial reduction makes corporate tax efficiency strategies more valuable than ever.

One powerful strategy involves retaining earnings within the corporation rather than distributing them as dividends. This approach avoids the “double taxation” problem where profits are taxed first at the corporate level and again when distributed to shareholders as dividends.

For example, a profitable C-Corporation can:

1. Retain earnings taxed at 21% for business expansion
2. Pay reasonable salaries to shareholder-employees (deductible to the corporation)
3. Implement shareholder-friendly fringe benefits (health insurance, disability coverage)
4. Use corporate-owned life insurance for tax-advantaged asset accumulation

Accelerated depreciation represents another significant opportunity. An industrial manufacturer saved $4.4 million in first-year taxes by reclassifying 30% of building assets for accelerated depreciation. This approach front-loads deductions, improving cash flow when businesses need it most.

Businesses can utilize:

• Section 179 expensing (up to $1.16 million in 2024)
• Bonus depreciation (100% through 2022, phasing down through 2026)
• Cost segregation studies to accelerate real estate depreciation
• Tax liability management through Net Operating Loss planning

These strategies require careful planning and documentation but deliver substantial savings when implemented correctly.

State Tax Planning and Location Strategies

State tax obligations can significantly impact your overall tax burden, with rates varying dramatically across jurisdictions. Strategic business location decisions and multi-state planning can create substantial savings.

The first step is understanding your nexus—the connection between your business and a taxing jurisdiction that creates tax obligations. Physical presence clearly establishes nexus, but many states now impose economic nexus based on sales volume or transaction counts.

Consider these state-specific planning opportunities:

• Establishing operations in low-tax states for certain business functions
• Utilizing pass-through entity tax elections in states offering them
• Taking advantage of state-specific credits and incentives
• Implementing proper sales tax collection systems for multi-state operations
• Structuring interstate transactions to minimize state tax exposure

For businesses with flexibility in location, states like Texas, Florida, Nevada, and Wyoming offer no state income tax. However, these states may impose higher taxes in other areas, such as property or sales tax.

Remote work arrangements create both opportunities and compliance challenges. Employees working across state lines can trigger unexpected tax filing requirements and potential double taxation without proper planning.

The most successful state tax planning approaches balance tax savings against business needs and compliance requirements. Aggressive strategies may generate short-term savings but create long-term audit and penalty risks.

Proactive Tax Planning for Long-Term Savings

Effective tax planning requires ongoing attention, not just year-end scrambling. Quarterly reviews with a tax professional help identify opportunities throughout the year while ensuring compliance with changing regulations.

One software company saved $522,200 (52% of their R&D costs) by systematically tracking and documenting qualified research activities throughout the year. This proactive approach to the R&D tax credit delivered five times more savings than their previous last-minute documentation efforts.

Regular tax planning tips include:

1. Maintaining a tax calendar with all filing deadlines
2. Scheduling quarterly planning meetings with your accountant
3. Reviewing entity structure annually to ensure it remains optimal
4. Tracking business metrics that impact tax planning decisions
5. Documenting all business expenses contemporaneously
6. Staying informed about tax law changes affecting your industry

The most successful businesses integrate tax planning into their overall financial strategy rather than treating it as a separate function. This integrated approach maximizes savings while minimizing compliance risks.

For example, when considering equipment purchases, effective planning evaluates not just the business need but also:

• Timing to maximize tax benefits
• Financing options with tax-advantageous terms
• State and local incentives for certain investments
• Trade-offs between immediate expensing and long-term depreciation
• Impact on other tax attributes like net operating losses

This comprehensive view transforms tax planning from a compliance exercise into a strategic business advantage.

Final Thoughts: Building Your Tax Minimization Strategy

After working with thousands of businesses across industries, I’ve found that successful tax minimization requires three key elements: knowledge of available strategies, disciplined implementation, and professional guidance to navigate complex regulations.

The strategies outlined in this article provide a foundation for reducing your tax burden while maintaining full compliance. However, the optimal approach for your business depends on your specific circumstances, including entity type, growth stage, industry, and long-term goals.

I encourage you to take a proactive stance toward tax planning, working with qualified professionals to develop a customized strategy. The investment in proper planning typically delivers returns far exceeding the costs.

For personalized guidance on implementing these strategies in your business, contact our team at Complete Controller. We specialize in helping businesses optimize their tax position while building sustainable financial systems that support long-term growth.

FAQ

What is the difference between tax avoidance and tax evasion?

 Tax avoidance involves legally minimizing taxes through permitted strategies like deductions, credits, and timing techniques. Tax evasion is illegally reducing taxes through concealment, misrepresentation, or fraud. The key distinction is legality—avoidance works within the law while evasion deliberately breaks it.

How can small businesses minimize taxes legally?

Small businesses can legally minimize taxes by maximizing available deductions, choosing the right business entity, hiring family members appropriately, leveraging retirement plans, timing income and expenses strategically, and utilizing available tax credits. Proper documentation and working with qualified tax professionals are essential for implementing these strategies correctly.

Which business entity structure is best for minimizing taxes?

The optimal entity structure depends on your specific situation. S-Corporations often benefit businesses with significant profits by reducing self-employment taxes. LLCs provide flexibility and pass-through taxation. C-Corporations may benefit businesses planning to reinvest profits or seeking certain fringe benefits. Entity selection should consider income levels, growth plans, and exit strategies.

Can I write off my home office as a business expense?

Yes, if you use part of your home regularly and exclusively for business. Two methods are available: the simplified method ($5 per square foot up to 300 square feet) or the regular method (calculating actual expenses based on business-use percentage). Home office deductions require meticulous documentation, including photographs and usage logs, to withstand potential IRS scrutiny.

How far back can the IRS audit my business taxes?

The IRS generally has three years from the filing date to audit returns. However, this extends to six years if you underreported income by more than 25% and has no time limit for fraudulent returns or unfiled returns. Good recordkeeping practices include maintaining all tax documentation for at least seven years and permanent records for assets.

Sources

• American University. (April 18, 2023). “New Survey Shows Critical Small Business Tax Literacy Gap.” Bruckner & Robles. https://www.american.edu/media/news/20230418_carolinebrucknertaxliteracysurvey.cfm
• ASCSP. (Sept 10, 2024). “Cost Segregation Case Studies.” https://www.ascsp.org/cost-segregation-case-studies
• Bluesky WA. (April 17, 2024). “14 Proven Corporate Tax Reduction Strategies for 2024.” https://www.bluesky.wa/blog
• ChangeCaptain. (2025). “Software R&D Tax Credit Case Study.” https://www.changecaptain.co/post/software-rd-tax-credit-case-study
• Chatterton, Inc. (March 24, 2025). “10 Effective Tax Reduction Strategies for Businesses.” https://chatterton.com/blog
• Devenir Research. (April 7, 2025). “HSA Assets Reached Another Record High in 2024.” https://www.napa-net.org/news/2025/4/hsa-assets-reached-another-record-high-in-2024/
• Internal Revenue Service. “Small Business and Self-Employed Tax Center.” https://www.irs.gov/businesses/small-businesses-self-employed
• Internal Revenue Service. “Publication 969: Health Savings Accounts.” https://www.irs.gov/publications/p969
• Merrill Lynch. (2025). “Tax Tips and Strategies for Small Business Owners.” https://www.ml.com
• Thomson Reuters. (January 9, 2024). “How C corps Can Avoid Double Taxation.” https://tax.thomsonreuters.com/blog
• TPI Group. (January 8, 2025). “Tax Minimization Strategies.” https://www.tpigroupinc.com
• Trading Economics. (2025). “United States Federal Corporate Tax Rate.” https://tradingeconomics.com/united-states/corporate-tax-rate
• US Chamber of Commerce. (April 7, 2025). “12 Money-Saving Tax Strategies for Small Business.” https://www.uschamber.com
• Wikipedia. “Net Operating Loss.” https://en.wikipedia.org/wiki/Netoperatingloss

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