Which is better for you, to buy or rent a home? The decision between buying and renting a house depends largely on a person’s situation and their financials. Each of these options has its advantages and disadvantages. Both options are acceptable. Everything depends on the needs a person has. Here is a comparison between the two options to help a person make a better decision.
If a person cannot pay in cash
Intuitively people believe that the best option is to buy a house. People like to think of renting as throwing money away, but most of us also spend a large amount of money monthly to buy a house. If they choose to acquire a mortgage and pay interest, they have to borrow money from the bank. Suppose we see it from this point of view. The choice is not always as simple as it might initially seem. So, what to do? We go for the most detailed way to see the advantages of each of these two options.
To buy
If a person wants to acquire something of their own, owning property is equal to having a unique place where a person can live and is the dream of many.
You can build your home according to the plans and modifications you want.
No need to pay rent for life. If a person owns a house, they will have to pay a lot of rent over time. However, owning a house means that a person is now rent-free and leads to ownership.
In general, housing prices go up in the long term, so buying a home would not waste money.
Though you will have a mortgage at some point, you will have absolute ownership of your home.
Homeownership offers a sense of stability and security because changing one place for another can disturb our family’s peace, especially if we have children.
A person can generate passive income. If a person decides to move, they can rent their house and get income for it. If it’s a big house, a person can also rent a part of it.
A mortgage can, in some cases, be far less than monthly rent.
Rent
A person doesn’t need an initial down payment to rent a house, though in some cases, a deposit is required, which is generally far less than a down payment on a home.
A person can move if a problem occurs with the home. If you own the home, many steps need to be taken to sell.
If repairs are needed, it is the landlord’s responsibility and not the renter, so if anything breaks down, there will be no cost to the renter to fix it.
Flexibility and mobility are very important for people who continually change the city, for those with an adventurous heart go from one place to another. Also for people who, due to their employment, need to move from a city or country.
You are also not at risk if there are issues with the property or if someone gets hurt on the property. It will be the responsibility of the landlord.
You do not risk losing everything in the event of a real estate crisis or not having money to pay off the mortgage.
Renting is a good way to start instead of ownership so you can work your way into homeownership. Many people can save to purchase a home while they rent or build their credit.
Because you do not have financial responsibility for the upkeep of the property and repairs, you can save money and use it to invest or build your wealth.
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.
We all know the formula to create your business. Protect your idea, file patents, choose your legal form, write a business plan, do a market study, and get started. And yet, this formula is far from the realities of how most entrepreneurs handle starting and operating a business. Here are five mistakes entrepreneurs make and how to avoid them.
Do not talk about your idea and isolate yourself
Most entrepreneurs are afraid of being robbed of their idea. They isolate themselves and hide in a cave until the release of their product or service. Go out and sell your product or service as soon as possible, even when you are in prototype mode. When you sell, you get a concrete market study with customers who will make a relevant return. This return will allow you to improve your service or product in a much more adapted way than what you do alone.
As for the risk of being stolen the idea, know that the idea in a project is not worth much if it is nothing at all. The project you will build depends on your network, your way of doing things, and your vision, not just your idea. Two entrepreneurs will not have the same project from the same idea. The protection of the idea is not a priority when you launch your project.
Want to choose your legal status too soon
Choosing your legal status is a good thing. It helps to optimize your business. But in the early stages of creating an activity, choosing one’s status is often too hasty. We often see entrepreneurs who are not yet familiar with their market and who already want to register. Your company’s legal status is essential; therefore, you need to know a lot more about the business before choosing the proper status.
Make incorrect financial forecasts
Understand that an investor does not put money on a file but on a project they believe. If projecting a business’s financials that has yet to launch, it cannot be easy to be accurate. You will have to use other businesses to give an accurate forecast of the finances to potential investors. If the business is already operating, it will be easier to forecast and add to the business plan.
When we calculate financials over the year, it will be the consequence of each customer that we will be looking for day after day and who will have spent some money with us. In other words, we must anticipate all his year in a precise way. When setting your goals, it’s important to remember all these moves and at what point the business is profitable.
Carry out a classic market study
Market studies may not always be the right way to discover how your business will do or if the public will accept your products. In most classic market studies, the response will be positive. However, once the products or services are launched, there can be a different response. While you can use classic market studies to help you get some feedback, you need to keep the costs low, and you should be sure to have other ways to test your product or service.
Not creating a business plan
Every business new or already in operation should have a current business plan. The plan should be adjusted at regular intervals of the business. A business plan should include an executive summary, company objectives, market analysis, sales analysis, marketing strategy, and a financial plan. The business plan is the map to the business and is essential to let investors know what you are about and what the potential profits should be. The biggest mistake most business owners make is failing to create a business plan at all.
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.
Source credibility and attractiveness are the two potential models related to the endorsement of a celebrity and the performance of the organization. In the attractive source, an attractive personality is targeted to become the brand ambassador of the product. Having an attractive personality can have a productive reflection on the targeted audience that can help a person reflect a strong impression on the targeted audience. Credibility sources tend to focus on endorsement activities that are based on justified information. It can be said that both sources are based on a unique approach. Reliable and authentic information regarding the product can allow the brand to perceive the product positively.
Schema Theory
Schema Theory is referred to as the consumer’s mind based on the cognitive structure that is attracted to the endorsement conducted through celebrities. Every person has a cognitive structure that allows them to form beliefs and opinions. We receive information constantly and shape it according to our own perception, which can be positive or negative. The perception of an individual can be shaped to enhance the performance of the organization.
Various advertising and marketing entities utilized this concept to shape the targeted consumers’ perception and behavior with the assistance of the celebrity endorsement. Assimilation and accommodation are two performance-based approaches to modify or amend the information. Endorsement conducted by celebrities proves to be more productive towards the targeted audience.
Celebrity endorsement is a phenomenon that can efficiently create positive awareness of the brand amongst the targeted audience. These aspects allow an organization or brand to transform the consumers’ perception that will have a positive impact on the targeted audience. Celebrity endorsement brands can create an effective association between the brand and the organization. Effective procedures during the celebrity endorsement can allow the audience to relate to the brand positively.
One of the reasons to consider celebrities for endorsement is, people, look up to the celebrities and follow them on social media platforms. This trait of the individual allows advertising and marketing entities to conduct effective celebrity endorsements. Advertisement via media allows the targeted audience to think that they can adopt the traits of celebrities. Such as a celebrity using a specific cosmetic product. This allows various brands to create a positive image of the brand in the mind of the audience. In the effective process of celebrity endorsement, positive traits of celebrities are utilized to exploit the psychology of the targeted audience to transform and amend the behavior of the consumers.
Promoting brands through media
Advertisement via television is one of the most common and productive forms of promoting the brand. Promoting through media allows the brand to reach the maximum number of consumers. Brand awareness can be done through various means, but television is one of the most productive methods because it eliminates any geographical barriers. It also provides an opportunity for the television industry to enhance its revenue. Radio, billboards, and leaflets are the other potential mediums through which brands can be promoted efficiently. In this modern era, one of the most economical and productive means of promoting brands is through social media. It allows various brands to approach as many consumers as they can without considering geographical limitations. It allows brands to promote not only in the domestic arena but also in the international market. Various advertising agencies are utilizing many forms of social media such as Facebook, Instagram, websites, and Twitter for promoting brands. Nowadays, web traffic allows advertising entities to target a maximum number of consumers efficiently. Various promoting agencies opted for this approach due to its cost-effective nature and improved the performance of the organization.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-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.
When you start your business venture from scratch, you realize no walk in the park. All your endeavors along the way can be draining both mentally and physically, and you can find it difficult to stand by your decision to start your new venture. From being constantly on edge to almost giving up on your decision, starting your business can be overwhelming.
However, it would help if you were sure to enjoy the roller-coaster ride this provides as there will be days when you’ll find your brand has high returns, and your sales are sky-rocketing in unimaginable ways. Other times, your customers will not come near your brand even with all your efforts and strategies, and all your routine operations will exhaust you.
There are many strategies that businesses can use to promote them, but blog writing is highly effective. Now that our digital world has evolved and developed to quite an extent, it is the way forward to grow your brand exponentially. Here are four ways blog writing can boost your business.
Helps generate Leads
When it comes to our potential customers, they look for innovative brands and products, and services that can help them resolve their problems promptly. With the blog page on your website, your audience understands your brand and what it’s all about. They get the chance to understand you, find you and your products and services. If your blog is designed right, interesting, and worth their time, it can translate into sales and customer loyalty. However, for this, you have to ensure that you write effective blogs while trying to impact your potential audience efficiently. In this way, you get to generate leads for your brand that would easily turn into sales in the days to come.
Attracts your Target customer
When you write insightful blogs choosing your words and stories strategically, they cater to your target customer. That is, with your blogs specifically targeting your desired customer, the blog has the potential to get regular readers or be found in searches to bring new recognition. If your target customer enjoys reading your content, they will likely be customers when they require the product or services you offer. The blogs do not have to be about your brand or specific products and services but should be related to them. The ultimate goal is to generate sales.
Helps in Brand awareness
Apart from helping your brand grow, the blogs you write promote your brand like no other. Blog writing, if done correctly, is crucial for your business’s growth as it keeps your audience engaged with you in the long run. From utilizing digital marketing tools to create strategies for your brand to promoting through different social media campaigns, blog writing is the way forward you should jump to when it comes to promoting your brand. Though the blog itself may not directly discuss your brand, it should be related, and you should have ads for your business and products and services embedded in the blogs.
A Solid digital Presence
The idea is, by writing insightful blogs and attracting your target customer, you get to strengthen your brand’s digital presence. That is, with new visitors flooding your website, you escalate your website’s organic rankings. This leads you to strengthen your brand’s overall credibility and converts into customers and loyalty.
Conclusion
These four reasons for starting a blog should encourage you to try it. You have nothing to lose. Be sure to draft insightful, informational, and related subject blogs that are somehow related to your brand or its products or services. A business blog aims to convert every reader into a customer and hopefully a loyal one.
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 are an owner of a small enterprise or a financial controller in a large corporation, they are various ways of financing your accounts receivables. Before plunging into the dynamics of receivable financing, it would be prudent to start from current assets. Receivable financing, in essence, is the credit amount that you will receive from the buyer after a periodic time. The reason why business owners choose sales on cash and credit is twofold. First, the other party will not pay for the product or services which you have provided. However, in extending credit, you will always factor in the price differential into the total credit amount, keeping in mind the concept of the time value of money. Secondly, it is considered a sign of long-term commitment with buyers, especially in this cutthroat competition era. If you pay close attention to the financial world, you will instantly understand that an increase in receivable is an outflow of cash, despite the fact you have made a sale.
Eventually, there will come a time when you will be required to bridge the gap arising from working capital requirements. To determine net working capital requirement, all you need to do is simple math like Days Receivable + Days Inventory – Days Payable =Net Working Capital Cycle. The calculation will help you understand how efficiently and quickly you are able to churn the credit outstanding into real cash. Ideally, you can finance the receivables of your company in two ways. First, you can seek financing through internal resources by matching the amount and number of days against days payable, equating seeking credit purchase with extending credit sale. In the second approach, you can always resort to external sources. They may include banks, other financial institutions, or non-banking channels. It is of paramount importance that you avoid your business transactions from all kinds of hard money or loan sharks.
When it comes to financial institutions, you will come across relationship managers that will offer you two types of receivable financing facilities. One will be structured and regulated, and the other will be in the form of a simple overdraft or running finance facility. Let’s try to keep you abreast of the structured receivable financing facility, which is commonly known as Invoice Discounting.
In invoice discounting, as the name implies, for any sale that you have made to any company for any amount, you will generate an invoice for the purpose of proper bookkeeping. You simply do that at the time of sale; you get the sale invoice signed by the buyer, which mentions that the total amount will be paid within the stipulated terms and agreement. Once the buyer signs it, you go to your financial institution and get the invoice assigned. In other words, this process is also known as Assignment for Receivables (AFR). Next is the bank discounts the invoice, giving about 90% of the invoice amount back to the company. When the invoice reaches maturity, the remaining amount is credited back to the company’s account after deducting the interest rate payment. The interest rate or spread rate depends on the obligor risk profile of both the buyer and the company. The bank, at the time of discounting the invoice, takes a guarantee in the form of AFR, which means that on the maturity date, the buyer will write a check or a pay-order that will be in favor of the company but assigned to the bank, where the company is maintaining its account and had the invoice discounted. For large-tier organizations, this is a routine process, and it is built into their process of ERP (Enterprise Resource Planning) and automated bookkeeping.
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.
Master Board Meetings: Essential Tips for Effective Leadership
Running board meetings effectively requires meticulous preparation, structured agendas, and dynamic leadership—these foundational elements transform ordinary gatherings into strategic sessions that drive meaningful decisions and measurable results.
As the founder of a cloud-based financial services firm who’s led hundreds of board meetings over two decades, I’ve witnessed firsthand how the right approach can shift a boardroom from confusion to clarity. Through my work with businesses across every sector at Complete Controller, I’ve seen brilliant leaders struggle with unfocused discussions, overwhelming board packs, and decisions that drag on for months. This guide shares both proven frameworks and hard-won insights that will help you lead meetings where every minute counts, every voice matters, and every decision moves your organization forward.
How do you run board meetings for maximum effectiveness and confident leadership?
Board meetings succeed through thorough preparation, purpose-driven agendas, and skilled facilitation that encourages participation while maintaining focus.
Advance distribution of board materials (ideally one week prior) allows directors to arrive prepared and ready to engage in strategic discussion rather than information gathering.
Strategic agenda structuring places high-priority decisions first when attention and energy levels peak, maximizing productive debate on critical issues.
Clear protocols for discussion, voting procedures, and time management create psychological safety while maintaining accountability and forward momentum.
Active facilitation techniques balance diverse perspectives, manage dominant personalities, and guide the group toward consensus without stifling healthy debate.
Essential Pre-Meeting Steps Every Leader Should Take
Board meeting success starts long before anyone enters the boardroom. Consider this striking statistic: the average board pack now runs 226 pages—30% longer than just five years ago. Directors need two full working days just to read through these materials, yet only 48% say their board packets actually add value.
Creating a purposeful board meeting agenda
Your board meeting agenda serves as the strategic roadmap for productive discussion. Start by identifying 3-5 critical decisions or strategic topics that require board input. Place these items first on the agenda when mental energy runs highest. Include specific time allocations for each item and clearly mark which require votes versus discussion only.
Build your agenda around outcomes, not updates. Rather than listing “Q3 Financial Review,” frame it as “Approve Q4 Budget Adjustments Based on Q3 Performance.” This subtle shift keeps conversations focused on decisions rather than presentations.
Preparing and distributing materials early
Board materials should arrive at least one week before the meeting through secure digital portals. More than half of directors describe finding key information in board packs as “looking for a needle in a haystack”—a clear signal that less can be more.
Create executive summaries that highlight:
Key decisions required
Material changes since the last meeting
Strategic implications of the data
Specific questions for board consideration
Consider implementing a two-page limit for each agenda item’s executive summary, with detailed reports available as appendices for those wanting deeper dives.
Conducting individual pre-meetings
Schedule brief one-on-one calls with key board members before each meeting. These 15-20 minute conversations surface concerns, clarify positions, and identify potential areas of disagreement. This practice prevents surprises during the meeting and helps you anticipate where facilitation might be most needed.
Running Effective Meetings: Proven Strategies for Success
The average board meeting lasts 3 hours and 48 minutes while covering 11 agenda items—leaving just 21 minutes per topic. This time crunch makes every moment precious.
Facilitating focused, timely discussion
Start meetings precisely on time to signal respect for everyone’s commitment. Open with a brief reminder of the meeting’s strategic priorities and any decisions requiring votes. Use your agenda as an anchor throughout, redirecting tangential discussions with phrases like “That’s an important point we should address in our strategic planning session next quarter.”
Master these board meeting facilitation techniques:
Summarize key points before transitions
Ask clarifying questions to sharpen focus
Table operational details for committee meetings
Use parking lots for important but off-topic items
Encouraging participation & engagement
Creating space for all voices requires intentional design. After presenting each major topic, pause and specifically invite input from quieter members. Try opening discussions with “I’d like to hear from those who haven’t spoken yet on this issue.”
When managing dominant personalities, acknowledge their contributions while pivoting: “Thank you for that perspective, John. I want to make sure we hear from others as well. Sarah, what’s your take on this proposal?”
Building boardroom relationships
Strong boards balance serious governance work with genuine human connection. Arrive 15 minutes early to allow informal conversation. Some boards schedule quarterly dinners or annual retreats specifically for relationship building. These investments in interpersonal dynamics pay dividends when difficult decisions arise.
Decision-Making Excellence: Turning Talk into Action
Only 63.56% of directors rate their board discussions as high quality—often because conversations meander without reaching clear conclusions.
Implementing voting protocols & techniques
Different decisions require different approaches:
Consensus Building: Use straw polls to gauge initial positions before formal votes
Major Decisions: Consider supermajority requirements (two-thirds or three-quarters)
Sensitive Topics: Employ anonymous digital voting to encourage honest input
Complex Issues: Break decisions into component parts for sequential voting
Create an authority matrix clarifying which decisions require board approval versus management discretion. This prevents both micromanagement and governance gaps.
Documenting outcomes and board meeting minutes
Effective board meeting minutes capture decisions and actions, not play-by-play dialogue. Assign a skilled recorder who understands the difference between strategic documentation and stenography. Minutes should include:
Attendance and quorum confirmation
Formal motions and voting results
Action items with owners and deadlines
Key discussion points affecting decisions
Items tabled for future meetings
Post-Meeting Accountability: Ensuring Progress and Results
The real work begins when the meeting ends. Without proper follow-through, even the best meetings fail to create lasting impact.
Distributing clear meeting minutes and action items
Send a concise summary within 48 hours highlighting decisions made, actions assigned, and upcoming deadlines. Format this communication for quick scanning:
Decisions Made:
Approved Q4 marketing budget increase of $200K
Authorized CEO to pursue acquisition discussions with TechCo
Action Items:
CFO to present revised forecast by October 15
Legal counsel to review acquisition LOI by October 20
Next Meeting Focus:
Strategic planning session for 2025 initiatives
Acquisition update and potential vote
Gathering feedback and continual improvement
Schedule annual board effectiveness assessments through anonymous surveys or third-party evaluations. Ask specific questions about meeting efficiency, material quality, and leadership effectiveness. Even high-performing boards discover improvement opportunities through systematic feedback.
One mutual insurance company thought their board functioned well until an external assessment revealed desires for more strategic focus and better information flow between meetings. Small adjustments to their agenda structure and communication protocols significantly improved satisfaction and effectiveness.
Strategies for Engaging Board Members and Driving Performance
Today’s directors spend over 300 hours annually on board service—20% more than a decade ago—while facing expanded responsibilities including AI governance, cybersecurity, and climate risk oversight.
Onboarding and education for directors
New directors need comprehensive orientation covering:
Organization’s strategic plan and key metrics
Board meeting protocols and expectations
Committee structures and responsibilities
Key stakeholder relationships
Industry-specific governance requirements
Provide mentorship by pairing new directors with experienced board members for their first year. This accelerates integration and strengthens board culture.
Enhancing participation in virtual and hybrid meetings
Virtual meetings require heightened facilitation skills. Call on participants by name, use features like polls and breakout rooms, and shorten session lengths to maintain engagement. Test technology before meetings and have backup plans for technical difficulties.
Psychological safety and constructive debate
Foster environments where dissent strengthens decisions rather than creating conflict. Assign rotating “devil’s advocate” roles for major proposals. When groupthink emerges, ask “What could go wrong with this approach?” or “Who might oppose this and why?”
From Routine to Strategic: Elevating Your Board Meetings Every Time
Transform your board from information processors to strategic advisors. Move routine updates to consent agendas or pre-reads, reserving meeting time for decisions and debate. Only 32% of board time currently focuses on strategy—double this by ruthlessly cutting operational details from agendas.
ClearPoint Strategy helped one organization revolutionize their board meetings by reorganizing agendas around strategic priorities rather than departmental updates. They created consistent report templates linking daily operations to long-term goals. The result? Conversations shifted from “What happened?” to “Are we achieving our strategic objectives?”
Conclusion
These strategies for how to run board meetings effectively come from decades of real-world experience leading boards through growth, crisis, and transformation. When you close your next board meeting, every participant should leave knowing exactly what decisions were made, why they matter, and what actions they own.
Great board meetings don’t happen by accident—they result from intentional preparation, skilled facilitation, and relentless focus on strategic value. I’ve helped hundreds of organizations institutionalize these practices through Complete Controller’s comprehensive financial leadership services. Visit Complete Controller to discover how my team and I can help you build the governance excellence your organization deserves.
Frequently Asked Questions About How to Run Board Meetings
What is the best way to set a board meeting agenda?
Prioritize strategic decisions at the beginning when energy peaks, allocate specific time for each item, and distribute the agenda at least one week in advance with clear indicators of which items require votes versus discussion.
How do you keep board meetings on track and productive?
Use strict time management with a visible timer, redirect tangential discussions to parking lots, summarize key points before transitions, and consistently refer back to the agenda as your north star throughout the meeting.
Who is responsible for board meeting minutes?
The corporate secretary or designated recorder takes minutes, focusing on decisions and actions rather than detailed dialogue, with draft minutes circulated within 48 hours and formally approved at the next meeting.
What steps improve participation in virtual board meetings?
Call participants by name, use interactive features like polls, keep sessions shorter than in-person meetings, test technology beforehand, and establish clear protocols for muting, hand-raising, and speaking order.
How often should board meeting rules and procedures be reviewed?
Conduct formal reviews annually or whenever significant governance changes occur, such as new regulatory requirements, major organizational shifts, or after receiving consistent feedback about meeting effectiveness through board assessments.
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.
Jennifer BrazerFounder/CEO
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.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
No matter if an owner is running a small business or a large business, it is important to hire an expert to perform tax services. Tax accountants are accountable for preparing and filing your business’s taxes. Moreover, the tax accountant’s job is to do a detailed evaluation to ensure that its economic activities are running smoothly. The tax accountant also plays a major role in keeping the business operations in a prosperous and healthy state. A business person who is thinking of introducing a startup needs to make a proper plan. This strategy includes including various approaches on how to connect experts, tax compliance, and cash flow.
Instead of preparing taxes yourself using accounting software or by hand, or using handwritten books, hiring a tax accountant for the business is common sense. Here are six things hiring a tax accountant can do for your business.
Helps Save Time
As a business owner, there are several important responsibilities to conduct properly to run business activities more smoothly. Obligations of an entrepreneur include marketing, selling of products and services, and budget planning. A tax accountant is accountable for ensuring that the business’s economic side gets taken care of accurately. Hiring a tax accountant will allow the business owner to run operations to accomplish business goals quickly.
Helps Avoid Costly Errors
Due to the number of obligations that a business owner has, it becomes challenging to ensure that every business operation is accurate. There is a high risk that entrepreneurs will make some serious errors when dealing with the tax filing process in such cases. These errors can either cost the business a lot of money or, worse, cause the business to be shut down.
To remedy these issues, there is a need for a tax accountant to help the business navigate the business processes in the easiest way possible. This approach will help the business to save the business amounts to prevent errors.
Helps with Complex Tax Filing Processes
The process of paying taxes is considered difficult because, to file taxes, it is essential to fill out the appropriate form accurately by providing facts, including details of accounts, income, expenses, and payroll. All of these factors are necessary to keep the businesses on the right track. Hiring a tax accountant will help a business owner take care of all these issues effectively.
Helps Identify Deductions
Hiring a tax accountant will help the business owner recognize the possible deductions and provide the best possible advice. This advice will help an entrepreneur to take strategic determinations concerning year-end tax deduction. It has been noted that business owners often forget to keep track of the items like home office space, out-of-pocket expenses, and depreciation.
Helps Reduce Liability
The job of a tax accountant is to know tax laws and policies. They also understand the current deductions available to the business. Understanding the laws, regulations, and deductions and finding other ways to cut taxes by reviewing the books will ensure that the business owes as few taxes as possible.
The tax accountant can also look at ways to save on your taxes throughout the year instead of just during tax season.
Helps Grow the Business
Hiring a tax accountant can help a business expand by keeping all the economic aspects of the business well recorded. These records can produce economical statements that will help the business owner understand what kind of capital the business has for expansion. With a tax accountant taking care of the business’s economic side, the business owner can focus on other business areas, such as operations, and focus on development.
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.
In the realm of finance, risk management refers to the process of analysis, identification, and acceptance of the ambiguity of financial decisions. In other words, it refers to the practice of adopting tools and methods to manage and quantify the uncertainties faced by the finance industry. Normally it refers to the threat that banks face in the form of income flow. Risk management takes place in every sector of the financial world. The industry of financial services is dynamic in terms of innovative ideas, products, and unique ways of handling the business. The business of the financial services industry has remarkably changed and expanded over the years. Among all the innovation that has taken place, it is necessary to be aware of the risks caused by products and business techniques.
Financial risk arises from the borrowing and lending decisions of a bank and any other financial institution. These risks are the results of the banks’ operational decisions. Moreover, adverse market conditions can also provide some financial risks. In this regard, there is a need to be aware of different risks and define policies to manage and avoid the occurrence of these risks.
Financial crises in banks and financial institutions are often due to mismanagement and not caused by any misfortune or environmental conditions. It suggests that the banking sector’s risks are mostly systematic in nature and are a consequence of human nature and trading structure. However, the systems of risk management are also required to ensure the consideration of various uncertainties and environmental factors that can affect a human’s decision-making.
Risk management has a significant role in financial organizations’ processes, particularly for banks where the operational risks are also regarded as financial risks. There is a need for numerous Turnbull notions to carry out risk management in banks effectively. According to this approach, banks’ management should consider regulating risks since the risk factor cannot be eliminated.
BCM maturity model
In order to achieve the continuity of business and operations, there exists a management method that addresses people and processes that appear critical for an organization’s survival. The method that ensures the continuity of such processes is referred to as Business Continuity Management (BCM). Many studies and researchers have maintained support for the BCM model. Among them, most researchers have developed great insight into the implementation requirements of the BCM model. This study defines various areas into which the BCM maturity model can be implemented. It also provides a scope for determining the BCM maturity of an industry or organization.
Financial Institutions and large organizations need to focus on the risks that become a threat to business operations continuity. Ensuring that the banks sustain their competitive position, the data must be accurate and confidential. Although banks use BCM to support their electronic systems, the systems lack some maturity in terms of efficient working. Thus, by analyzing the banking sector, it is imperative for all financial institutions to come up with a contingency plan in the shape of the BCM model.
However, it is observed that some conflicts prevail in the literature regarding the kind of risks that different banks face. It is observed in two different standpoints of competition, namely competition-stability and competition-fragility. According to the first viewpoint, i.e., competition-stability, the high level of power between the banks results in the exploitation of the market power for charging high-interest rates. It will result in incremental risk because the repaying of loans becomes harder and will lead to problems. On the contrary, competition-fragility demonstrates that smaller banks in more competitive environments are more likely to take extreme risks as compared to large banks. Moreover, the domain of financial risk management is further broken down into operational risk management, credit risk management, and market risk management.
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 you’re probably aware, GST stands for “Good and Services Tax.” This is a value-added tax that is applied to almost all of the goods and services (as the name itself suggests), which are sold for consumption on a domestic level. You’ve probably come across the words on a receipt of purchase of food or other items from a local store. As you can tell, this means that the GST is a tax that the buyers of these products pay. However, it is a requirement by the government for all of these businesses to give remittances to them. To sum it up, GST is a source of revenue for the government.
It has been said to be an indirect tax for the entire nation. A lot of countries are practicing the Laws of GST and profiting from it too. It’s implemented so globally because of how beneficial it is in many different aspects and how it helps in the betterment of the country.
There is a proper way to go about things, and it’s the same with GST. It usually has a total of five laws, and all the practices are followed accordingly. Here they are listed below:
Central GST Law
This law has to do with the management of gathering data and organizing plans related to the taxes on the goods. It is essentially the management of the mixing of all the charges, no matter what the products and services.
State GST Law
State Law handles all the dealings and bargains according to the state level. This means it covers all of the territories and overlooks the proceedings.
Union Territory GST Law
In this law, it manages the arrangements of CGST and their implementation to their rest of the territory, such as union regions or other places beyond the general mark of territorial land.
Integrated GST Law
Basically, this overlooks the taxes of the exchanged goods between two states or union regions. It has to do with import and exchange tax.
The Goods and Services (Compensation To State) Law
To conclude, the goods and services Law has to manage the ongoing process of remunerating and repayment to the states to make up for the initial loss which occurred during the first five years of executing this law.
Now that you know what the five laws are, let’s go over some of the benefits of GST:
It eliminates multiple taxes
This is generally regarded as the most significant advantage that GST has to offer; it excludes various indirect taxes and saves a lot of money. It ends the current taxes by combing them under one. All taxes such as octroi, service tax, sales tax, turnover tax, and even other local taxes become non-applicable because they come under one general GST tax.
It saves a lot more money
GST is like a dream come true in the economy. This is because it reduces cost as well as offers convenience and ease of use. The implementation of GST means there are no double charges occurring in the system. The prices of items and services are reduced, which helps the common man manage his expenses.
There are more opportunities for employment
When the GST lowers an item’s price, the demand for the product increases, and the number of purchases goes up. This means a larger supply of the same product is required to meet the needs of its consumers. This issue can only be addressed by hiring more people to do the job. Hence, creating more employment opportunities.
Increase in GDP
GDP, which is Gross Domestic Product, is also positively affected by this law. When the demand goes up, production must adjust accordingly. On an estimate, GDP is calculated to increase by 1-2%. The costs of products such as cinema tickets, small cars, electrical wires, etc., are also more likely to be reduced due to GST.
It offers ease of business
Since it combines a lot of different taxes under one common tax, it makes processing a lot easier.
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.
Financial independence is something every responsible adult should want for themselves. This independence can lead to large purchases such as a home, car, or other luxuries. It can also help you have the peace of mind that you can retire and make ends meet in your golden years. Those that have worked their way to financial independence are happier and less stressed than those who are not. Here are three ways to gain financial independence and peace of mind for your financial future.
Get Control of Debt
Often, a person cannot get out of responsibility or have financial independence due to loss of control over their money. This loss of control can occur when debt is taken on that is hard to overcome. These debts include high-interest or payday loans, credit cards, or other loans and credit lines that have you in a hole you cannot climb out of even with making regular payments.
If you cannot afford a financial planner or credit repairer, which is often the case when deep in debt. You can take control without expert help—first, work at combining your debt into one payment if possible. Identify the lowest interest line of credit you have or obtain a low-interest loan if you can cover all your debt and use it to pay off all your cards and higher-interest lines of credit.
This action will combine your debt into one payment with a lower interest rate which will help get your finances in check if you cannot get a loan or don’t have room on a lower-interest credit card to charge off higher-interest debts. Start by paying off two financial items right away. First, any high-interest loans or credit cards, and second the smallest obligation you have. These two things will help you increase control of your finances rapidly.
Cut Spending
Cutting spending is perhaps the most difficult thing for most of those getting out of debt to do. Most people automatically think that cutting spending means they cannot have any luxuries and that they will have to cut out everything fun in life. The truth is that cutting spending simply means that you cut out things that are unnecessary. Some of these things can be temporary, while others may be more permanent.
To cut spending, start with cutting out expenses for things you don’t use often. If you have memberships you don’t use often, you should consider cutting them. Also, you can cut back spending on your utilities by finding ways to cut down usage. If you are focused on it, you can cut spending more easily than you think.
Increase Your Income
In today’s economy, in which gig-type jobs are more common, it is much easier to get something going on the side of your main source of income. In the past, the only side jobs you could get were selling make-up or housewares in a pyramid marketing venture. Today, there are literally hundreds of ways to earn extra income on the side with little to no upfront costs to you. You can make food, grocery, or package deliveries as a contractor, giving you flexibility in schedule and income. You can also do countless freelance jobs on the side, using your skills and talents to increase your income.
Another way to raise your income is to obtain another source of income through a second job. Often you can obtain jobs that are seasonal if you only need the second income for a restricted time to pay off debt or build a savings account. Unlike the freelance type job, this would be a regular job schedule and revenue. You can also ask for a promotion or go for a raise. These extra increases in your income can help you work through debt more rapidly or build savings that can be used for emergencies, purchases or down payments, or retirement.
Conclusion
Financial independence is something all adults should desire when it comes to their lives. Most people will tell you that the biggest stress in their lives is money issues. These issues can be alleviated if some financial strategies are applied sooner rather than later. The advice above should help you gain financial freedom in no time.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-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.
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.
