Author: Jennifer Brazer

The budget is a variable forecast summary that is transposed from the financial and strategic objectives of management. It is a navigational instrument to direct the organization towards its strategic management financial objectives.

When the strategy, by management, is converted into a numerical form, one can easily identify potential sources and gap analysis.

In the modern budgeting scenario, the organization should be focused on two key elements in budget development. Those two elements are profitability and the development of planning a contingency. Globalization and its impact on the organization’s culture have compelled management to revamp its budgeting strategies.

A paradigm shift of paramount importance has been witnessed in the company’s leadership to adopt new and modern budgeting techniques from conventional forecasting numbers. Traditional budgeting does not consider contingency planning as if it is hard coated on a tablet stone.

The factor of macroeconomic indicators, awareness of the competitive environment, market share, and wallet size is an integral part of modern budgeting. A few items are taken as variables and subject to change, leading to a change in the forecasted numbers.

In the rapid and evolutionary environment, the stakeholders need to liaise closely so that the budget and strategic planning could be molded and preventing the organization from taking any risky measures. Therefore, proactive leadership always prepares two kinds of budgets; a budget based on business as usual and a worst-case scenario budget.

The latter type of budgeting technique is also referred to as contingent reserve planning or “plan-B.” As the terminology suggests, the latter type of budgeting technique comes into foreplay if the original budget plan does not adhere to any vulnerable economic shocks.

Since the shareholders and business operations are limited, their commitment towards the company is less. Another drawback of this budgeting technique is that it only talks about cost and revenue, such as wholesale or retail business. The decision-makers have already geared up their minds on utilizing the funds within the ambit of available sources.

Budgeting for Manufacturing Units

Manufacturing Units, engrossed in high-scale production of the same material, prefer conventional techniques for budget forecasting. Such operating units can adopt this budgeting approach, either for a single product line and its affectability.

The material’s marketing dynamics can differ according to the market demands, but the manufacturing unit will never compromise on the quality of the produce. In the contemporary scenario, even manufacturing units such as buyers demand customization in the product, arising out of the end-consumer needs.

In this scenario, such large-scale corporations have to resort to modern budgeting techniques instead of conventional ones. The riddle of customization and tailor-made products can be solved by adopting the technique of modern budgeting to maintain and sustain customers’ loyalty.

Capital Employment

It is inherent for the corporation to employ its capital or equity adequately. The organization needs to be proactive, cautious, and guard all accesses and tangents that may impact the performance. Internal or external forces can cause the effect. In adhering to the conventional approach of budgeting, the unit is more concerned about increasing the product’s capacity and enhancing the efficacy of the process.

Nonetheless, such an approach by the company fully disregards the concept of customer experience. The frequency of customizing the products as per the customer needs warrants modern budgeting techniques instead of the conventional approach.

The modern budgeting technique can be used in almost every scene as it factors in both the intangible and tangible assets of the company and at the same time taking adequate measures to meet the satisfaction level of the customer. Modern budgeting techniques can utilize both the tangible and intangible resources of the company along with the increment in customer satisfaction.

When comparing the techniques between conventional and modern management, it was revealed that the latter was more efficient and advanced. Perhaps this is the foremost reason that numerous organizations are slowly and gradually adopting the technique of modern budgeting, not only to determine the performance, productivity, efficiency but also to factor in customer satisfaction globally.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

As long as there are consumers of products, there will be manufacturers of products. The banking model has been redesigned to manage many transactions without human intervention and risk for the issuing institution. One dollar here and another, multiplied by millions of transactions, is billions at the end of the year. Simple but effective.

Consulting services seem to contradict this model since it requires time and involves people. It also has the disadvantage of creating risks of complaints and lawsuits. You will not be surprised to hear the AMF trumpet that the sale of insurance without advice on the Internet is imminent. Despite the flagrant contradiction of this option with the fully justified ethical obligations regarding consumer protection, advisers must respect when they help their clients choose a financial product.

Ongoing pressure will continue to be put on regulators to end the need for advice before underwriting financial products. Financial institutions can then flood the market with mass products to subscribe to on the Internet without advice and human intervention.

The hunt for licensed financial advisors regarding the sale of financial products may soon disappear. Independent financial advisors and proprietary agent networks will have to revise their model and start charging fees for their consulting services, even if they are currently receiving a commission. When she disappears, they will at least have the honorarium.

Independent financial advisors risk creating insurance products that are accessible via the Internet without advice. The Financial Services Professionals Council (FPSDC), in partnership with other national associations of financial advisors, should design the products, retain full ownership and control, and assume the risk behind the scenes by an insurer chosen from time to time by submissions. Independent financial advisors will direct their customers to their products rather than lose them to financial institutions.

Transparency

The financial services sector is so powerful that it alone can trigger a global disaster. The crisis then provoked was so fraught with consequences for humanity that it became fully justified to demand more transparency from the actors of this industry. This movement seems irreversible. However, financial institutions were created based on the famous banking secrecy. The transparency demanded by the world’s population requires them to go against their very essence.

Independent financial advisors who increase their level of transparency beyond the genetic code of financial institutions will improve their chances of differentiating themselves from the more knowledgeable segment of the population. It will be beneficial for the CDPSF to convene a few cohorts of financial advisors to collectively develop a unified code of practice that promotes transparency for its members, who can use it for marketing purposes.

Framework

Repeated scandals have legitimized, more than ever, the desire to strengthen management to increase its effectiveness. The collective awareness of human greed and corruptibility has disgusted us all. Concrete actions had to be taken by the regulators, and that was done, and I welcome that.

Of all the current distribution networks, only one general agent imposes practically no ethical framework on its advisers. For the most part, general agents do not share the professional responsibility stemming from the actions of counselors who are not attached to them. There is no doubt that the general agent channel is of the greatest concern to regulators.

The guidance of the industry should continue to intensify—counselors who continue to resist this irreversible movement risk being brutally eliminated. General agents seem doomed to become as responsible as national accounts or exclusive agent networks for the activities of advisers who place business through them.

Complaints and Prosecutions

Advisers in exclusive agent networks who believe they are exempt from this obligation should also question themselves. The basic principle is simple: a financial advisor cannot delegate to others the responsibilities incumbent on him under the laws that govern him. The word “other” obviously includes the insurer or the firm to which you are attached as well as your assistant.

Finally, I do not even want to know the percentage of licensed advisers who have not yet drafted the regulations required by the regulations. And among those who wrote them, how many have put in place procedures to respect the content? The number of complaints and lawsuits will increase at an unsustainable pace in the coming years, leading to escalating professional liability insurance costs.

Commissions and Profitability

Financial institutions manufacture their products and distribute them through their networks. They, therefore, reap both the profits from the product and those from the distribution. They also distribute the products of their competitors in some of their networks.

The disturbing comments in this article published on Advisor.ca regarding sales quotas that some employers impose on their staff suggest to us that they could favor their homemade products in several ways, to the detriment of the consumer’s supreme interest.

This practice would allow them to sacrifice the portion of income related to “distribution temporarily.” Still, it would push their advisers to violate the code of ethics of their profession with impunity. To the extent that this testimony reflects reality, successful employees would be rewarded with bonuses, while others would be paid less, demoted, or fired.

Note that financial institutions also have the luxury of reducing their unit costs by leveraging technology, structure, control, and volume. Like Saudi Arabia, which keeps the price of oil incredibly low voluntarily, they can use their almost unlimited financial capacity to sacrifice some of the medium-term profitability of a coveted sector and eventually take control of it.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Marketing strategies can be defined as any strategy past, present, or future geared towards selling more products and services to increase profits and grow your business. Many marketing strategies worked in the past that are no longer effective today.

Some marketing strategies are still as relevant and useful today as they were decades ago. Here is everything about marketing strategies, past, present, and future, to help your business thrive.

Using the 3P’s

People

This element of service marketing comprises direct or indirect involvement of all the people to accomplish the services. The traits of people take account of commitment, personnel training, interpersonal behavior, appearance, incentives, attitude, the degree of involvement, discretion, customer contact, and other customer behavior.

Process

This element of service marketing comprises the mechanism, the flow of activities, and the mechanism through which products and services are utilized. The traits of the process take account of procedures, policies, employee discretion, customer discretion, the flow of activities, mechanization, customer involvement, and policies.

Physical Evidence

This element of service marketing, based on the environment in which products and services are being delivered. This aspect is also comprised of tangible goods that assist in performing and communicating the services.

The Importance of Marketing Strategies

There are marketing strategies comprised of three features that represent the overall marketing activities of the organization. The first feature is the growth strategies comprised of market development, marketing penetration, diversification, and product development.

The second feature is the compatibility of the company to compete in the robust competitive market. This feature comprised of strategies proposed by Porter in 1980, termed as generic strategies that are cost leadership strategy, focus strategy, and differentiation strategy.

The third feature is comprised of the marketing strategies proposed. As an offensive strategy, vertical integration strategy, defensive strategy, and first-mover strategy. Strategies are being used between the competing organizations based on the diverse situation of product supply, namely: situation related to ample supply of product, a situation related to a shortage of product, a period of depression, and boom period.

The strategy that the company designs greatly influences the marketing practices because they are designed to achieve the defined targets. If the company’s strategy changes to provide any service, the marketing practice will also be changed to provide it.

Strategic Management vs. Marketing Strategy

Successful organizational performance, strategic management, and marketing strategy should be related to each other. The competitive advantage will only be achieved if a strong organizational relationship exists among the departments.

The competition in the market is fierce, and the company will entertain any disorganization in strategic management and marketing strategy decisions. The processes and the organization’s performance can never be effective and efficient if both strategic management and marketing strategy act contradictory.

To enhance the efficacy of the processes and improve the organization’s performance, both the factors work together to achieve the organizational objectives and improve the organization’s stability in the robust competitive environment.

Standardization of Marketing and Globalization of Strategy

The standardization of marketing and globalization of strategy are both reflected but do not follow each other. This has been in debate for a long and has been the most critical problem in global marketing. This aspect has failed due to not answering some questions regarding the transferability of marketing techniques through markets (countries).

The marketing strategies are different for Europe, the US, or other regions because every market has different priorities and buying behavior. The satisfaction level of the customers of every region differs from each other due to which the marketing strategies are also different for regions.

Geocentric ideal in global strategy deals by accepting the national adjustments it reflects for international standardization. This is clear from a geocentric approach that how standardization accomplished when chasing for global strategy. There is a distinction between the two as the first signifies the restriction, and the other signifies a strategic choice.

Based on this analysis, a multinational organization can transfer its marketing techniques through countries. In strategy formulation, the identification of marketing areas is important. It comprises decision-based on target markets and the marketing mix that is 4ps: product, price, place, and promotion.

In international marketing, the mode of entry also being the foremost aspect to be considered. The organization’s aspect is also considered for the comparison, like one firm can promote standardization of marketing activities better as compared to that of other firms.

Many debates on global marketing mainly focused on “target market” and “mode of entry.” Some other authors considered the product variable and concluded their case related to standardization based on product validation across markets. The organizational variable promotes the quick distribution of marketing techniques across countries. 

Price variable being the most crucial aspect, as companies are not paying attention to price variable. The number of variables that make efficient or inefficient marketing techniques will be recognized. The proposition will be engendered to determine the relationship between the degree of standardization that can be accomplished and variables.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Every business should have a Financial Performance Evaluation, and Ratio Analysis is done to keep on top of the business’s financial health. Making money is how every business functions and keeps its doors open. Therefore, there must be a Financial Performance Evaluation and Ratio Analysis done regularly for the business.

Here are the reasons every business needs the Financial Performance Evaluation and Ratio Analysis.

• Investors can analyze balance sheets and profit and loss accounts using ratios.
• Financial statements are normally not easily understood by some investors. So, the performance evaluation through ratio analysis will help the investors summarize and a systematic long array of accounting figures to make them more understandable.
• Performance evaluation is useful for diagnosing the financial health of the enterprise.
• The study will also help the investors locate the weak spots in the business even though the overall performance is good. For example, investors find that the increase in distribution expense is more than proportionate to the
• This study will help the investors to make an intercompany comparison to decide the best company to invest in. This study will also help compare the performance of different units belonging to the same company, known as an intercompany comparison.
• Investors will be able to judge the earning capacity, financial soundness, and operation of the company.
• Investors will be able to judge the credit standing of the company.
• This study should predict the prospects of the company.

Business Definition for financial performance evaluation is ” Cumulative consideration of factors (that may be subjective or objective) to determine a representative indicator or appraisal of an individual or entity’s activity or performance about some subjective (or standard) over a while. Factors to consider may include the degree of goal attainment, how items are measured, and what standards are to be applied”.

The financial performance evaluation is usually related to how well a company can use assets, shareholder equity, liability, revenue, and expenses. Performance evaluation measures the overall efficiency and performance of a company. It is also used to analyze the company’s past financial performance and establish the future trend of financial position.

Often, the decisions and recommendations are acquired from the evaluation about providing capital to companies – specifically, whether to invest in the company’s debt or equity securities and at what price. An investor in debt securities is concerned about the company’s ability to pay interest and repay the principal lent.

An investor in equity securities is an owner with a residual interest in the company and is concerned about its ability to pay dividends and the likelihood that its share price will increase.

Major statements used in financial performance evaluation

A complete set of financial statements includes a balance sheet, statement of income, statement of comprehensive income, statement of changes in equity, and cash flows. However, normally, Income statements, balance sheets, and cash flow statements are basic statements used for financial performance evaluation, interpreting the quantitative data of a company’s performance. The publicly traded companies publish their financial statements quarterly.

Balance sheet

The balance sheet is also called a statement of financial position or statement of financial condition. It presents a company’s current financial position by disclosing the resources the company controls (assets) and its obligations to lenders and other creditors (liabilities) at a specific point in time. Owner’s equity represents the excess of assets over liabilities. This amount is attributable to the company’s owners or shareholders.

Income statement

The income statement is also known as the statement of operations or profit and loss statement. The income statement presents information on the financial results of a company’s business activities over some time. It also communicates how much revenue and other income the company generated during a period and its expenses to generate that revenue and other income.

Cash flow statement

Cash flow is also vital to a company’s long–term success. The cash flow statement classifies the company’s cash flows into three categories: operating, investing, and financing. Cash flows from operating activities are those cash flows not classified as investing or financing and generally involve the cash effects of transactions that enter into the determination of net income.

Cash flows from investing activities are those cash flows from activities associated with the acquisition and disposal of long–term assets. Cash flows from financing activities are those cash flows from activities related to obtaining or repaying capital to be used in the 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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’s become increasingly clear that cryptocurrency is the future of money. Still, some prefer a more traditional means of exchange. Businesses worldwide are changing all of their transactions to cryptocurrency with the hope of maximizing profits and improve business acumen.

However, cryptocurrency has exceeded its expectations quite significantly in the last few years. For starters, there are several kinds of cryptocurrencies that are available on the market. One of them is the Vancouver Bitcoin.

Vancouver Bitcoin aims to combine the new with the old by offering a more human element to trading cryptocurrency. Here we discuss how Vancouver bitcoins can be the future of cryptocurrency and how businesses can expand.

A Human Touch, For a Digital Age

Vancouver Bitcoin is a brick-and-mortar currency exchange where clients can trade paper cash for virtual cryptocurrency. Trading in crypto can be a daunting and unfamiliar experience for many. Agents at Vancouver Bitcoin are waiting to help traders both new and experienced in the cryptocurrency market with their every need.

Unlike other digital services these days, their customer service doesn’t use automated voices or chatbots. Vancouver Bitcoin connects customers to experienced and knowledgeable customer service representatives that can assist each customer with their specific needs; this works to foster familiarity between the client and the company.

What Does Vancouver Bitcoin Offer?

At Vancouver Bitcoin, anyone can set up a virtual wallet or use one they already own. They can buy and sell not just Bitcoin, as the name suggests, but other virtual currencies as well. Customers can choose to add to their digital wallet or cash out and leave with money in their hands. Transactions are carried out instantaneously.

Vancouver Bitcoin’s website also features helpful guides that can teach new traders about the world of cryptocurrency, how and when to trade, etc. Their encyclopedia provides a comprehensive list of technical terms anyone must know to navigate the cryptocurrency market.

A Rising Threat, an Unlikely Savior

Such a service has proven to be more essential now than ever before, as it offers clients and traders a level of security not usually found online. Just last month, Vancouver police announced that victims of a cybersecurity attack had lost a staggering $2 million. To protect their customers from such losses, Vancouver Bitcoin is licensed by the Financial Transactions and Report Analysis Centre of Canada.

While other players in the crypto-exchange market move further and further toward an all-digital future, Vancouver Bitcoin is Canada’s last line of defense in the fight to keep the human element of currency trading intact. Their success is evidence that many people still prefer the comfort of brick-and-mortar stores over purely digital services. It will be fascinating to watch how the company plans to continue thriving in a market where many consider business models such as theirs obsolete.

Benefits of Cryptocurrency

Easy Transactions: One of the most outstanding benefits of cryptocurrency is that it offers easier transactions to its users. Long gone are the days when quick transactions were the need of the hour since it has become a norm now.

Low Transaction Fee: Transaction fee can be a cribbing experience; especially, if you’re transacting a hefty amount. With cryptocurrency in the mix, you can reduce transactional costs extensively. On top of that, you can send large amounts with no effort whatsoever.

Confidential Transactions: Cybersecurity has been a concern for business owners in the present era. With the number of mishaps happening in the last few years, maintaining transactional activities securely is a problem. Cryptocurrency, with its additional security, can virtually transform your banking prospects. So, if you’re looking to expand your horizons on the digital forefront, then you need to adopt cryptocurrency.

Conclusion

Cryptocurrency has been a saving grace for many businesses in the contemporary era. People have opted to expand their horizons on the digital forefront by cryptocurrency. So, if you’re a business owner who wants to make quick inroads, cryptocurrency is the way to go.

Cryptocurrency is essential for startups since they help business owners take the technological step right from the get-go. On top of that, you can change your entire digital landscape with this implementation right from the beginning. So, what are you waiting for? Cryptocurrency is here and is going to stay. So, if you want the best possible results, you need to expand on it quickly!

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The arrival of Covid-19 in late December 2019 renewed concerns for food security worldwide. In addition to the ongoing pandemic, the looming threats of climate change and population rise further intensify global food security issues.

The demand for food has immense potential to drive the agricultural industry towards greater profitability.  If you aim to tap into the agricultural market, it is best to research before investing your hard-earned money into this venture. If you are considering starting a business, here are eight profitable agricultural businesses you should consider.

1. Organic farming

Organic farms and greenhouse agriculture businesses are all the jazz these days. Owing to an increase in awareness about the harmful effects of pesticides and fertilizers, more people are now switching to organically grown food.  

According to a United Nations’ Food and Agriculture Organization study, organic farming is more profitable than conventional one. Although organic farms may initially have lower yields than regular farms, this is compensated for by lower production costs and higher prices for products.

2. Beekeeping business

The changing views concerning healthy lifestyles and wellness consciousness have contributed to the increasing demand for honey. Several health experts suggest that honey has several health benefits.

So, if you aim for a lucrative agricultural business, beekeeping can be the right venture. Beekeeping has a relatively low initiation cost. Moreover, it has a huge established market both locally and globally. Do your homework, and you won’t face much trouble capitalizing on honey.

3. Snail farming

Snails may seem like an unusual choice. However, snail farming has a huge potential in the years to come. These fascinating creatures are rich in proteins, iron, and essential vitamins such as B12. Besides, snail consumption is considered a delicacy in several countries worldwide, such as France, Italy, and China. This agricultural venture has a low start-up cost and is expected to generate high revenues for you.

4. Dairy farming

There is a common misperception among people that dairy farming is a highly capital and labor-intensive business venture. However, that is not true. Even with a small investment, you can initiate a small venture and then expand it over time. If you have adequate knowledge regarding modern rearing techniques and are open to the idea of a hands-on approach, this business can earn you good revenue.

5. Dried flower business

Flower production is one of the fastest-growing sectors in the agricultural business. If financial freedom appeals to you, the dried flower venture is your answer. There is an established market for dried flowers where you can supply your product to hobbyists and craft stores all year round. To break even in this agricultural business, you will need to consider specializing in some rare flowers, and your venture will bloom.

6. Fish farming

Fish farming has also witnessed a surge over the past few years due to changing views around red meat consumption. Hence, this is a highly profitable agricultural venture in which to invest. You may, however, need to have proper knowledge of modern fishing methods and considerable start-up capital to begin this business. Once you have figured out these necessities, you are ready to jump into the pond.

7. Fertilizer distribution

If you do not have a keen interest in farming, you can also tap into the agricultural supplies market. Fertilizer is a critical component of farming and is constantly used in heavy amounts. If you want to set apart your venture from other businesses, you may want to look into organic fertilizers that are environmentally sustainable. It will certainly foster a positive image for your brand and may also expand your clientele quickly.

8. Mushroom farming

In 2017, the global mushroom industry was estimated at $38.13 billion. These numbers reflect the growing demand for mushrooms in the eatery business. Given the sizeable market mushroom farming enjoys, it presents a substantial money-making agricultural venture. A major advantage of mushroom farming is that it requires low investments. So, if you want to embark on the path of self-employment, mushroom farming may be the right choice 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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Most people can save more than they currently save without losing their quality of life. Often, we still have certain avoidable expenses because we do not have a budget. We also do not record our expenses, so we do not know where our money is going. Where are we throwing money every day or every week? In what ways can we save a little more?

Often, when it comes to financial health, many people don’t focus enough on their mistakes that are costing them money unnecessarily. Having a budget can help with this dilemma. Keeping tight records on where your money is going can make financial mistakes glaringly obvious. Here are eight money mistakes you are making and how to avoid them.

Using ATMs Outside of Your Bank’s

At least in Spain, the cost of using a teller from another network of banks can range from € 0.60 to € 1.80. Even something more depending on the amount we want to get out of the ATM. Here the advice is simple. If the logo of your banking network is not in the ATM, try not to use it.

Late Payment Fees

The surcharges for late payments are throwing money foolishly, and in most cases, the only cause is to leave things for the last minute or poor financial planning. While it is true that surcharges for late payments are a great source of income for banks, it is also true that they can negatively influence if at any time you request a loan or credit. That’s why we should try to keep up.

If you have payments that, for some reason, you cannot domicile in your account, or you must transfer money from one account to another every month, put a reminder in your calendar application to let you know.

Little Used Subscriptions

Whether we talk about TV services, software, online services, or subscriptions to magazines that we do not give the use we had thought of, do not hesitate to cancel your subscription. Your finances will thank you.

Going to the Bar

After analyzing the expenses of different people who wanted to put their finances in order, the biggest expense is often the bar tab. You don’t have to cut having a few drinks during your time off from your budget. However, you do have to find ways to save. Spending money on entertainment should not be a large expense compared to housing, utilities, and food.

Take Out and Restaurants

Understandably, cooking is something that many don’t have time or want to do in today’s busy world. However, spending money on take-out and going out to eat can add up to big costs. Cooking at home can save you tons of money, and you can make it easy with food prep.

There are also healthy and quick alternatives that are fast cooking options if you do a little research. Many food items can be cooked in ten minutes or less while still having great nutritional value with advances.

Up to Date Technology

Most people would be served with a smartphone of $100 or $150. Buy the latest iPhone or another brand that makes us spend $700 or $800 on a mobile phone often has more to do with the whim than with the need.

Similarly, analyze very well for what you need a PC because sometimes people buy “machines” very powerful to perform tasks that do not require much power.

Impulsive Shopping

We already explained some of the tricks that stores use to spend more money. Avoid buying more than necessary and begin to distinguish between desire and need for everything. Whether we talk about clothing stores or supermarkets and electronics, controlling yourself in purchases will save you a lot of money.

Household Expenses

The stipulated expense that you can afford in a mortgage or rent from a financial health point of view is approximately 30% of your income. If you spend 50%, your finances could be in danger in the face of unforeseen events that arise in life.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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 are the mistakes we as leaders cannot make if we are going to start? According to the Talentfy human resources platform, we will not get too far with our business project if we lie, risk more than necessary, or if we are not clear about our priorities. In this sense, the company has developed a decalogue which details the errors that we must avoid at all costs. They are the following.

Lie

Credibility is one of the foundations of any professional career and most of any life itinerary. Fundamentally, we do what we say and fulfill all that we commit ourselves to.

If we are credible, the people around us will believe and trust us, which is the fundamental basis for building any project, activity, or company. This principle, applicable to all, takes on a special relevance for who leads a project, with a team and/or a group of investors behind their backs.

Remove the whip

The bosses of the “command and command” and the “because and what I say” have gone down in history. The style of authoritarian and hierarchical leadership is falling into disuse because it works poorly, especially at the start of new projects in which the team’s enthusiasm, energy, and flexibility are key.

Treating the people who work with us for what they are, the most important thing of any company, is essential for a good working environment.

Risk more than necessary

It can be tempting to be 100% involved in this new project that we are passionate about, but it is necessary to establish limits so as not to be devoured by our own creature. You have to know at all times what, when and how much to risk. It is important to meditate and make good decisions. Sometimes the “what the body asks us” is not the best decision.

Not communicate

There is no point in doing great things if we are not able to communicate abroad later. The entrepreneur must have the tools to transfer the essence of their organization and services in an attractive and “sexy” way so that everyone understands and arouses interest. Either to sell, to attract an investor, or a potential employee.

“Better alone than in bad company.”

A common mistake among those who start a project is to devote body and soul to carry out each day’s task, forgetting to seek new alliances, networking, or deepen our relationships. The leader’s ecosystem requires the frequent company of other entrepreneurs and/or external professionals with whom to explore synergies.

The entrepreneur always accompanied, especially if he manages to surround himself with the best, yes, careful when choosing the company.

Do not prioritize

Falling into procrastination can be very damaging. To avoid it, we must know how to identify the importance of urgent, set priorities. The paradigm should be “better today than tomorrow.” It won’t be easy to manage a business or a group of people if you do not self-manage yourself.

Not being constant and persevering

The difficulties and continuous challenges with which an entrepreneur is going to stumble, which will often generate pessimism and temptations to leave, are well known. Being constant and perseverant is at the base of the success of the company.

Learning every day and listening to all those who can give us something can help us not to falter. Constant, persevering but at the same time patient.

Fall in pride

The business may go better or worse depending on the moment, but at no time can you stop being humble. Entrepreneurship is not a competition against anyone, nor will we be better or worse depending on whether the business works better or worse. Humility should never stop accompanying us.

Lack of adaptation

An entrepreneur may have a business idea, but he cannot be oblivious to the often-changing market trends in his development. To take advantage of these changes, the entrepreneur must have a “waist” to adapt and make the necessary changes that may be beneficial for their own business.

Obsessing with the short term

There will be challenges and problems that will require immediate or short-term solutions. But the overall business strategy must be fixed in the long term. Being obsessed with immediate problems every day can lead to losing the perspective and goals that we have set ourselves when undertaking.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.

Gold has been a controversial way of investing since its value has always been considered strong. Many financial specialists and savvy investors are convinced that you should add gold to your portfolio.

Gold can depreciate or increase in value much as stocks do. However, some believe that paper money will have no value, and owning gold and other precious metals will be the way to survive the death of paper currency.

Whether you are looking to diversify your portfolio or survive the future financially, it seems clear that owning gold or stocks in gold mining companies may be valuable to any investor. The main thing to remember is that gold should only be added if you feel confident in it as an investment for the future.

Also, since, in most cases, gold is purchased rather than invested in, it will be crucial that you have a safe place to store the gold until you will sell it or use it as currency. Regardless of your reasons for investing in gold, you have to take everything involved in the process of owning it before making that decision. Here are a few things you need to factor into your decision-making before investing in gold.

How to Invest in Gold

Buying Gold

You need to know if you are going to buy gold physically because the physical purchase of gold requires some preparation. You need to decide whether to purchase gold coins or bullion. Both carry the same value. This is just a preference for storage purposes.

When physically purchasing gold, it is important to understand that the gold market is like the stock market. It will fluctuate depending on demand and other gold market factors. This fluctuation means that it does not have any more stability than stocks or other risky investments.

The prices of gold change daily, and as with stocks, you should buy low and sell high. Many people are preparing for an uncertain future with the economy so unstable in the US, with the national debt soaring, and the value of the US dollar falling. Purchasing gold coins and bullion may be the only safeguard against the possibility that it will need to be used as currency.

When buying gold, you need to comparative shop for it and check the market thoroughly before making your first purchase of gold. There may be a lot of variation depending on where you buy it, so you must be clear about the market price and compare prices on different sites before doing so. The same type of gold could be much more expensive in one place than in another.

The purchase of gold is like any other tangible purchase. It can be higher priced at one purchasing source over another depending on the market value, and if the person selling it is great, they need to let it go for the money.

Investing in Gold Through Financial Products

Buying physical gold and other precious metals is not the only option. The other option is to use financial products, such as Exchange Traded Funds (ETFs), investment funds, and ownership certificates. These options may not be useful if, at some point, gold will be used as currency. However, these options are an easy way to invest in gold without physically purchasing and storing it.

Storing gold coins or gold bars can be cumbersome, depending on the amount you purchase. Considering it is priced by the ounce, you could feasibly own enough to take up a lot of space. It is also more vulnerable to theft. Therefore, if possible, investing through Exchange Trade Funds, investment funds, certificates, and stocks in gold mining companies may be safer and physically easier.

Conclusion

Investing in gold is not right for everyone. However, it is as good of an investment as purchasing stocks and may give you peace of mind in the case where paper money has little or no value. Researching whether investing in gold is right for you is suggested.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

If you cannot pay your taxes, the Internal Revenue Service (IRS) can work with you and provide a payment plan to keep you on track. Any debt you have with the IRS can be paid with a portion of your future reimbursements. Here is information about the types of debts that are collectible or could intersect your tax refund.

The Department of Treasury’s Bureau of the Fiscal Service (BFS), which issues the IRS tax refunds, has been authorized by Congress to execute the Treasury Offset Program (TOP), a Treasury Compensation Program to compensate debts. Through this program, your refund or overpayment could be decreased by the BFS to compensate:

• all arrears of child support payments for minor children;
• all federal non-tax debt (such as student loans in arrears);
• all-state income tax debt; or
• certain unemployment compensation debts owed to a state. (Generally, these are debts for (1) compensation that was paid due to fraud or (2) for contributions owed to a state fund that were not paid due to fraud).

You can contact the agency with which you have a debt to determine if the debt was remitted for your tax refund to be applied against it. You can call the BFS TOP call center at the telephone number listed below to obtain a certain agency’s address and telephone number. If your debt was remitted to the BFS for compensation, it would take your refund as much as necessary to settle the debt and send the payment to the agency to which you owe some amount. After being applied against your debt, any remaining part of your refund will be sent to you in a check or deposited directly into your bank account.

The BFS will inform the IRS of the amount it took from your refund. You should contact the agency indicated in the notice if you believe the debt is not due or if you want to dispute the amount of your refund that was applied against a debt. If you do not receive the notification, contact the BFS TOP call center at 800-304-3107 or, for TDD team users, at 866-297-0517. Only call the IRS if the original refund amount indicated on the notice sent to you by the BFS is different from the amount shown on your tax return.

If you filed a joint return and are not responsible for the debt but are entitled to a portion of the refund, you can request that portion of the refund by filing Form 8379, Injured Spouse Allocation, in English. You can file Form 8379 with your original joint return (Form 1040, Form 1040A, or Form 1040EZ), with your amended joint return (Form 1040X), or file it separately after receiving the notice telling you that your refund was applied against an amount owed. If you file Form 8379 with your joint return, write the words “INJURED SPOUSE” in English on the upper left corner of the first page of the joint return. The IRS will process your Form 8379 before your refund is applied against an amount owed. If you file Form 8379 along with your original or amended joint return, processing the electronic return may take up to 11 weeks or, if you file a paper return, it may take up to 14 weeks.

If you file Form 8379 separately, it must show the social security numbers of both spouses in the same order in which they appear on the joint income tax return. You, the “injured” spouse, have to sign the form. Carefully follow the instructions on Form 8379 and attach the necessary forms to avoid delays. Do not attach to Joint Form 8379 the joint income tax return presented above. Send Form 8379 to the Service Center where you filed your original return and wait at least 8 weeks for IRS to file your Form 8379. The IRS will calculate the portion of the joint return that corresponds to the injured spouse and, if you lived during the tax year in a state where the community property law governs, the IRS would divide the joint reimbursement according to state law. Not all debts are subject to compensation from the tax refund. To determine if you have a debt (other than federal tax) and if compensation will occur, call the BFS TOP call center at 800-304-3107 (for help if you use TTY / TDD equipment, call 866- 297-051.

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-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure 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.