Author: Jennifer Brazer

When most think of banking, they imagine standing in line or waiting behind other cars waiting their turn to make deposits or withdraw cash. The first sign of automation was the ATM, but we have come a long way from the ATM in banking convenience. Now you can use a computer or an app on your smart device.

 

Though most traditional banks offer similar options to online banking institutions, there are some reasons that you should heavily consider online banking. These banks are purely online with no brick and mortar option, which can be difficult if you have to make a cash deposit. However, most people don’t deal with cash, and those who do regularly may not want to use online banking options. Here are four reasons online banking beats traditional banking.

Convenience

The best thing about online banking is the convenience it offers instead of driving to a bank and waiting in line to complete a transaction. While both traditional banks and online banking institutions both offer similar services for convenience regarding online banking as opposed to traditional banking, there are some significant differences. However, the ability to do banking anytime instead of just during bankers’ hours, e-deposits of paper checks, and the ease of transfers between accounts are some of the conveniences both extend to their customers.

Lower Fees

Due to online banks not having a high overhead like traditional brick and mortar banks, they can reduce or even get rid of fees. Traditional banks have to pay staff and keep up with building maintenance and pay bills related to the building, while online banks have less of these expenses. Most online banks have no to low overdraft fees and generally don’t have any minimum balance fees. Many online banks also offer free withdrawals from ATMs and often refund fees charged by the ATM operator.

Online banks are attracting new clients with lower fees than traditional banks who rely on fees as part of their revenues.

Higher Interest Returns

While almost every bank offers savings accounts that earn interest, online banks generally offer significantly higher rates for the same justification. They can offer low to zero fees and low operating expenses. While savings accounts are certainly not going to be a get wealthy fast alternative no matter the banking institution, the variations in the traditional bank interest rate and the online bank interest rate will add up to a significant difference in the long-term.

Traditional banks normally offer 0.01% annual percentage rates (APR), while online banks offer between 0.05 and 1.5% annual percentage rates (APR). This adds up to more substantial savings, and if you are looking for a zero-risk way to increase your savings, online banks will give you the most money back.

Technology

Technology and innovation will again not be exclusive to online banks over traditional banks. However, the fact that a virtual bank is 100% built on technology will be on the cutting-edge of innovation in the banking industry. Their main focus is online and mobile device interface with banking. This technology means that online banking customers will continue to get the latest features and services possible and control their bank account.

The Drawbacks

There are two downsides to having an online bank account. As mentioned before, there is no capability to deposit cash, and online banks don’t have other services special to the traditional banking institutions. These services include notary services, loan negotiations, safe deposit boxes, and other services requiring in-person communication. Also, online banks often don’t offer CDs, brokerage accounts, or insurance products, which most traditional banks offer, although some online banks offer those products and services.

These downsides can be conquered in a few ways. You can still keep a traditional bank checking account free to use for cash deposits or open a safe deposit box. Other institutions will offer other services you may need, or you can search to find an online bank that has the services you need since some do offer brokerage accounts and insurance products.

Conclusion

Online banking has some distinctive benefits regarding the savings on fees and the higher interest savings accounts. These reasons speak strongly about choosing online banking for your primary banking needs. Though there are drawbacks, those can be overcome though you may prefer to continue to use your traditional brick and mortar bank.

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.

One of the most challenging things to do as an employee is to ask your boss for a raise. Most people will say they don’t ask even though they deserve it because they find the process of asking for a raise to be stressful. If you have improved and built upon your skills or increased your responsibilities, you should get a raise. If you don’t ask for one, it is to your detriment as the worst they can say is no, but they may say yes.

If you have confidence in your work and have been with the company or within your current position for a long time, you have every reason to go after a raise in your income. Here are five tips that will help you get that raise.

Timing

There is a saying that says, “Timing is everything.” This saying is true when it comes to getting a raise. While you should look for the best timing to ask and increase your chances of success, you have to be careful not to let timing become the excuse not to ask. The perfect time to ask that gives you the best opportunity for success will vary depending on the person you are asking and your company’s operations. If there is a hiring freeze or other company financial adjustments, you should wait until the company is in a better place.

Follow Internal Protocol

While you may deserve every penny of a raise, if you ask for it inappropriately or ask a person who has no decision-making capacity, your request may be declined. Make sure you know the internal protocol relating to asking for a raise. Some companies give that power to management while others consider all employee salary increases once a year based on their performance review.

Prepare a Presentation

A presentation can include visual aids or PowerPoint, or it can be a well-planned oral presentation. While your presentation should be assertive, it must be kept short and to the point. If you can’t convince your boss you deserve a raise in less than two or three minutes, then your performance may not hold up to the ask. When you walk into your boss’s office, they should already know you deserve this salary increase from your outstanding job performance and service record.

Focus on the Company

When asking for a raise, you must focus on yourself and focus on the company. You must show that you value the company and understand that it is a business. Showing this understanding and value and how you fit into it as an employee and how you increase the company’s worth will help your chances of getting a raise and getting the amount you desire.

Avoid Specific Salary

Some may argue that you should ask for the exact amount you would like to make when asking for a salary increase. However, it has been proven that asking for a range of salary increases your chances of not only receiving a raise but getting more than you expected. By giving a range with the lowest end of the range being the lowest acceptable amount and the high end of the range shooting for the stars, you guarantee that you will be satisfied with the amount of your raise is approved.

Conclusion

Here are some strong statistics that should encourage you to go for that raise with confidence. Of those who receive a raise, roughly 40% receive what they asked for and about 35% more than they asked for, leaving the other 25% to receive less than what was proposed. The point is the odds are in your favor that if you ask, you shall receive. It’s time for you to ask for the raise you deserve. If they say no, you are no worse off than you are before you ask.

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.

Bookkeepers are the need of every single business, whether small or large. When starting a small business, having a bookkeeper can be invaluable and define its success or failure. When obtaining financing, it would be in your best interest to hire a professional bookkeeper rather than attempting to handle the business’s books on your own. On starting a small business, bookkeeping is something that defines the success or failure of a business.

It might be a challenge for an employer to hire the right professional bookkeeper who is skilled and affordable. These challenges can be overcome by understanding what your business needs when it comes to bookkeeping. Here are five qualities to look for in a professional bookkeeper.

Knowledge of the Latest Technology

At present, the world is making use of technology to increase its productivity and stay competitive. Today, bookkeepers must not only know standard bookkeeping, but they also need to be tech-savvy and understand how to use the most efficient accounting and bookkeeping technology. Furthermore, a professional bookkeeper needs the skill to point out any inaccuracies in the data going through the technology is a necessity. Staying in touch with innovation should be the core skill of a bookkeeper, for example, knowing software that helps run specific niches of the business.

Great Communication Skills

The work of a bookkeeper isn’t bound to a single thing. Instead, the person must have the ability to work alongside other teams. For this reason, the bookkeepers need to have great communication skills to convey their message properly.

The world has evolved so much that it has taken the shape of a global village, where one country can work for another country quite easily. A business owner looking to grow his business must get hired by people of other countries. A business will get not only international clients but also the benefits of foreign exchange currency. Communication can be a call, mail, or even a social media message. This is why a bookkeeper must have great verbal as well as written communications skills.

Education in Basic Accounting

A bookkeeper must be good at accounting basics and have experience in bookkeeping to become an expert in their skills. Employers are looking for skilled bookkeepers with the appropriate education and experience to entrust with their finances, which are of high importance to any business.

Every bookkeeper must have a basic knowledge of the principles of specialized bookkeeping. Professional certification is a must for any individual in the field. Gaining experience and knowledge by working under a supervisor is a plus for any bookkeeper desiring to expand their career. The experience gained makes a bookkeeper a professional and in demand by businesses both large and small.

Accuracy

Accuracy is critical to the bookkeeping professional. A single error of one digit can cause tremendous problems. Attention to detail is a skill that all bookkeepers should possess, as accounting mistakes can destroy even the most successful business in the products or services they offer. It is understandable that people, even professional bookkeepers, are human and can make mistakes. However, they should be skilled and detail-oriented enough to catch and correct any mistakes before any damage can be done.

Organization Skills

One of the most important skills to look for in a professional bookkeeper is their organizational skills. A bookkeeper who knows how to organize their data and keep records up to date will be successful, and therefore so will your business. Working with a lot of unorganized data is a part of the job, but a bookkeeper can save a lot of time through proper organization.

Conclusion

Besides the five skills stated above, a professional bookkeeper needs to be committed to what they do in the business. Through this commitment, a professional bookkeeper shows that they value their clients and their business. This value makes them important to the companies they work for and strengthens the business by keeping on top of finances.

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.

Consumer behavior can be defined as a study of processes involved when individuals or groups select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy their individual and collective needs and desires. Consumer behavior is considered a process because it involves the issues that influence the consumer before, during, and after the purchase. The three stages of the consumption process include pre-purchase issues, purchase issues, and post-purchase issues. Understanding how a business’s consumers behave offers great insight into maintaining and growing customer satisfaction levels and maintaining market share. This article looks at how understanding consumer behavior is beneficial for a business.

Every person has what is known as the ‘self-concept,’ which is a collection of the beliefs that a person holds about their attributes and qualities. This self-concept is divided into two segments the inner self and the outer self. The self also includes three different dimensions; self-esteem, the ideal self, and the actual self. Research suggests that a person has as many selves as they have different social roles. Jason, for example, has multiple selves based upon his different social roles. He has a professional self at work (self-esteem), a family self at home (ideal self), and an adventurous self during the weekend (actual self).  The ideal self is a person’s conception of how he or she would like to be, while the actual self is our more realistic appraisal of the qualities we do and do not have.

We choose some products because we think they are consistent with our actual self, while we buy others to help us reach an ideal standard. Products may be purchased because they are believed to be instrumental in helping the consumer achieve the goal of approaching the ideal self.  Discrepancies between customers’ ideal and actual selves can help indicate to marketers what products to consumers would help close the gap between themselves. For example, if the consumer’s ideal self includes being more beautiful, the marketer can offer a product to help fill this ‘ideal self’ desire.

Demographics comprise the typical characteristics of your target market, i.e., people who purchase your product or service. These characteristics include age, gender, annual income, region or country, type of occupation, education, social status, and many more. These characteristics have defined numbers and are used to get a fair representation of market size and an idea of who the ideal consumer may be based on general statistics.

On the other hand, psychographics takes these characteristics one step further and targets customers’ psychology, lifestyles, and behaviors. Psychographics include characteristics such as where target customers like to travel to when they are on vacation, hobbies, and interests they may have, values and opinions that they hold, and how they behave. Psychographics are unlike demographics as they are more content and research-based data that cannot be easily attributed to a number.  Psychographics are an extremely important tool for marketers as it helps them stay in touch with changing consumer preferences and trends. It also helps them get into the mind of the actual consumer to identify all the key elements that make the product important for them at a more individual level rather than at a collective level. This helps in reducing the risk of losing market share because of a change in consumer preference or a new trend that other competitors would not be able to pick up upon if they were simply focused on the demographic and not the psychographic aspect of marketing.

By understanding the way, consumers behave and think, businesses can improve their products and services to meet those standards and expectations. Consumer behavior is an important concept for business owners to understand if they are to grow and succeed.

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 is an investor? An investor is a person or firm that has invested in a small business or venture and is interested in that business or project’s success or failure. When it comes to small businesses, a business can rarely get started or continue to operate without investors. As the owner, you are the ultimate investor; however, you must keep other investors happy because unhappy investors can trigger challenges and eventually affect your business.

Some of the adverse effects are continuous communication that is excessive and distracting, asking for changes within the business that cause setbacks, and issues between the investors and key staff. Here are six steps to keep your investors informed and satisfied.

Communicate

The truth is communication is key to every relationship in your life. Your relationship with investors is the same. If you have frequent and important contact with your investors, they will have no cause to be excessively involved in the company. When connecting, it is also essential that you are transparent and honest, even when you may need to deliver bad news. Most investors appreciate rare setbacks or problems, but they will often stick with you through good times and bad if you are upfront and communicate clearly.

Actively Listen

Investors will have ideas and suggestions. Even if you don’t use their suggestion, they want to feel like they have an influence, and it is being received. Investors are interested in the business’s total triumph; hence, they should be able to interject ideas and views. Actively listening is beneficial to the owner because some of their proposals may fix a problem, grow the company, or inspire growth and innovation. Keep In mind that investors are in it for the return on their investment, so they will continually be coming from a place with the business’s best interest in mind.

Manage Expectations

 Managing expectations is directly related to the economic outcomes of the company. It is also about managing opportunities for connection, communication, and the investor’s direct interest in your business. Though it would be a perfect world if every business collaborator invests and is a silent partner, that is commonly not how it is in the real world of the small business. Managing expectations will ensure you and your investors are on the same page and avoid any surprises.

Strong Leadership

Investors ought to see powerful leadership within your company. Regardless of interaction or management of expectations, if your leadership is weak, no talking will overcome that with the investors. An investor needs to feel their investment will pay off with an owner who knows how to lead the business to make a profit and be successful.

Have a Service Level Agreement

Like managing expectations, a service level agreement is a way to outline your and your investor’s awareness of what is expected to be produced. Having an agreement on production and return on their investment will ensure no one is unclear on the objectives.

Investors Are People

We need to remember that investors aren’t some unrelatable individuals. They are people who have an interest in your company, just like you have as the owner. If you keep that mindset, it will make it simpler to look out for their benefit. Handle them as you would want to be handled if you were the investor, and they were the owner. What would you need to be happy? What information would you want to know? What would you expect of yourself? 

The bottom line is you and your investors carry the same goals and needs when it comes to your business. Taking these steps will ensure that your investors are happy, and the relationship remains mutually beneficial.

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.

Social media can be an effective platform to advertise to billions of people who actively use them worldwide. Many of these platforms support the targeted audience options and charge very little as compared to the gains they offer.  Nearly 50% of social media marketers say it provides increased sales if used correctly.

Below are some of the largest and most cost-effective social media platforms that can be utilized to advertise to billions of people.

Facebook

The largest of all social media platforms is Facebook because it has the largest number of users worldwide. With around 1.32 billion active users every day, Facebook has become the most powerful platform in terms of audience exposure.

One of the best features Facebook provides to business pages is advertising. Using Facebook to advertise makes several options available with different pricing. It provides pages with a “post-boosting” option, which lets the owner choose between various age ranges, the area or country in which the owner wants to advertise, and how many days. It means that Facebook lets the business select their target audience with just three to four clicks; in an instant, the advertising post reaches the specified audiences. The best thing about this platform is the cost and exposure, most of the time cost is less than one dollar, but it can increase exponentially with the range of audience to be targeted and days of advertisement.

Conversely, if the users are not engaging enough with the advertising posts, it limits the audience. Facebook stops bothering them by showing the posts from a particular page. Hence, it is vital to keep the audience engaged by conducting polls that ask for opinions generating the most engaging content.

With all these features, Facebook is the best platform to reach and address a targeted audience as it couples the ease of use with highly cost-effective advertising.

Instagram

The second tool that can be used to advertise a business is Instagram. Instagram is also owned by Facebook and has a large audience. What is best about Instagram is its visual representation.  According to studies, only 6% of the total content is read by users on a social media platform.  Another study suggests that 80% of people remember a picture they see rather than what they read. Instagram lets the businesses do the talking through visuals as opposed to text. 60-second videos do not let the users get bored. Instagram must appeal to 800 million active users each month, so it advertises through suggestions for following hashtags and sponsored content. The visual part of Instagram makes it more interesting, and thus more engaging.

Twitter

With almost 330 million active users per month, Twitter is the third-largest social media platform. Twitter limits the number of written characters, so for a business to advertise on Twitter, it is recommended to use an image that describes an offer or product as accurately as words would. An average Twitter user spends an extra $162.00 on shopping. A study found that nearly half of females Twitter users get to know about offers from the platform, so it creates countless opportunities for advertisers. It costs nothing to advertise on Twitter, but it is important to back your ad with the website to get actual and detailed information driving traffic towards the website.

Pinterest

Number four is Pinterest, with 175 million users using it each month. It is all images, and as a result, engages the audience as effectively as Instagram does. Pinterest is the best platform to boost online shopping stores related to women because it has 81%, female users. It is best suited for promoting blogs and websites through advertising at a low cost.

The key to advertising success is using the right and engaging content on the platform that best suits your target market.

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.

Investments can come in many forms, whether it be passive or active income, short or long-term investments that will be fruitful in the future. If you are looking to be financially healthy and have great savings for your financial goals, you have to consider longer-term investments. The best way to determine your investment options is to hire a financial advisor to help you get the best terms. Even if you hire a professional, you should know about good long-term investments and their entail. Here are eight long-term investments you should consider for your financial future.

Growth Stocks

Growth stocks are investments in businesses with the potential for great growth. This high level of growth generally offers high returns on investment. These stocks don’t regularly pay dividends since most of these businesses’ profits get invested back into the corporation. Dividends largely come once the expansion begins to decelerate. If you are in for the long-haul, this sort of stock can pay off over time because growth stocks have steadily been the greatest stock performers on the whole.

These stocks are deemed higher risk because they can be susceptible to market variations. However, if you hold on to the stocks’ long-term, riding out those down times is all the shareholder needs to do to get a long-term payoff on their stock.

Stock funds

Stock funds are mutual funds and an excellent long-term investment for those who don’t have time to study stocks individually to invest. The stock fund’s return is based on the average return of all the businesses in the fund. Stock funds are commonly diversified, pulling in various businesses, not all in the same industry. This variation benefits over keeping it all in the same industry for those times specific industries will have a decline as a whole.

Stock funds are less risky than growth stocks because they are mutual funds with diversification. But they do still carry some risks in the market, of which you should be aware.

Bond funds

Bond funds are when a company or the government issues bonds investors can purchase. The company or the government pays the holder of the bond a specified amount of interest each year. At the end of the bond term, the bond’s issuer pays back the initial investment. Bond funds are a smart long-term investment due to their diversity and lower risk.

While a stable long-term investment, bonds have a smaller payoff, so if you are looking for higher return ratios, they may not be worth the investment.

Dividend stocks

A dividend stock is a stock that produces a recurring cash payout. Dividend stocks are often invested in because they generate a steady income. Dividend stocks are the best for growing dividends over time. Like with all stocks, they are the higher risk option because of the lack of diversification and market instabilities’ susceptibility. But they are a good resource of passive income when they are doing nicely as the dividends are paid out every quarter.

Real estate

Real estate is a great investment for flipping or the passive income generated over time as a rental property. Real estate is an excellent long-term financial investment because you can sell at any time if you need the lump sum revenue, or you can keep it for the long-term to earn monthly income.

Small-cap stocks

Small-cap stocks are almost like growth stocks, the main difference being that the businesses are relatively small. If you stay with small-cap stocks long-term, the pay-off can be considerable if the business you bought stock in grows significantly.

Robo-adviser portfolio

Robo-advisers are excellent if you don’t want to invest on your own. Robo-advisers leave the investing solely up to an expert. All you have to do is deposit capital into the Robo account regularly, and an investment professional automatically invests it based on your goals. The Robo-adviser is another diversified type of portfolio, which makes it have a high rate of return. It is also extra stable because of diversification, but that adds to its lower rate of return.  

IRA CD

An IRA CD is a good choice if you’re risk-reluctant and want an assured income without any risk of loss. Like the name says, this investment is just a CD inside an IRA. And inside a tax-friendly IRA, you’ll escape taxes on the interest you accrue, as long as you stick to the plan’s rules.

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.

Home mortgage refinancing is not always that easy to manage, especially when it comes to lenders who have stringent policies and lengthy approval procedures, making it even more difficult to request a loan. Homeowners today need to be diligent and well-rounded to qualify for a loan, with a healthy income, healthy credit, and excellent value in their home. Before deciding if you should refinance your home mortgage for a loan, you should ask yourself a few questions.

Do I have equity in my home?

If Possible, homeowners should have 20% equity in their homes before signing up for a loan or paying private mortgage insurance. The lack of equity can negatively affect the advantage of refinancing and make homeowners owe more than their home’s value. Going for mortgage refinancing without sufficient equity reduces a property’s value. Another issue that impacts qualifying for the loan is the mortgagor’s credit score. To be eligible for refinancing your mortgage to get a loan, you must have a good credit rating, generally as good as or better than when you acquired the original loan that established your mortgage.

What are my Financial Goals?

Most homeowners choose to refinance to reduce their monthly payments. A mortgage calculator may help you in determining your repayment plan and reduce the interest amounts. Many people that refinance are doing so with different terms than the original mortgage. There needs to be a continued focus on your overall financial goals and not only the paying back of your mortgage, whether refinanced or not.

What are the terms of the current loan?

While refinancing your mortgage, an important question to ask is about the terms and conditions of your current loan. Terms and conditions, interest rates, and expected and unexpected fluctuations are the most significant economic concerns when homeowners are borrowing. Borrowers need to steer clear of variable rate loans and stick to fixed-rate loans to protect their assets during recession or inflation.

When refinancing your home, you need to have a plan and should be certain about how long you intend to live in the home. Generally, financial professionals who specialize in mortgages will advise on rates and refinancing based on your financial abilities and utilize the terms and conditions of your current loan to help negotiate the terms of the refinancing of the new loan.

Is my credit score high enough?

As a borrower, your credit score is crucial and plays an important role in determining the mortgage rate you can get when refinancing your mortgage. If you have a score of less than about 650, you may find it difficult to refinance your home mortgage. Ideally, you have a score of over 720 to secure a loan through your mortgage refinancing. In some cases, more is expected when refinancing a mortgage because they will look to see if you have paid your mortgage on time up the point of your refinancing application.

Do I have a second mortgage or line of credit?

Whether you are getting a first-time mortgage loan or refinancing your current mortgage, it can be an issue if you have multiple loans out. One of the issues is that a lender may not be willing to extend a loan from refinancing your mortgage if you have multiple loans or lines of credit. When determining whether to refinance your mortgage, lenders tend to be more stringent when deciding if they will refinance your mortgage.

Conclusion

The most valuable thing to remember is that you thoroughly question whether you qualify to refinance your mortgage to obtain a loan. You also need to ask yourself if you should do it because it will put you on the path of starting over when paying off your home.

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.

One of the attributes of a great professional is handling change in the workplace. It is undeniable that change is a part of life, whether it is personal or professional. Having the ability to adapt to certain changes allows professionals to be more flexible and become leaders in their respective fields. However, while some people are born with this trait, others learn this through experience. If you are finding it difficult to adapt to change in your office, here are a few tips to help you improve.

Maintaining A Positive Attitude

One trait that employers look for in candidates that apply for a job is their attitude. Your attitude towards your work and life, in general, defines what kind of person you are and will be in the future. Maintaining a positive attitude will help you manage issues and find solutions easier, even in the face of adversity.

Regardless of where you work or what kind of work you do – always remember, change is inevitable. Come to terms with the fact this might not be the ideal situation for you, but your previous situation was not. All that matters is that you keep moving forward.

Change is Constant

It is said, “the only thing constant in life is change.” As a professional, you might change careers, jobs, or designations. You might be at the top of your field; however, the people around you may change their company policies. Learning to deal with change is a positive attribute; it helps you work through challenges you were not expecting. Also, regular changes keep things exciting and fresh.

Stay Connected to Previous Co-Workers

If you have a hard time letting go of the memories you’ve held with previous fellow employees, try to stay connected with those people. Coping with change does not necessarily mean letting go of the positive parts of the past. Meet with the people you’ve worked with, ask them where they are, share your experiences with them, and maintain a comradery with them. It’s the least you can do in the name of professional courtesy.

Don’t Forget to Learn

All changes come with a learning experience. Imagine your role has changed, maybe your superior found a new task for you, or you were promoted to a better position – that is change accompanied by an opportunity to learn.  Struggling with the new role and can’t find your way around the tasks? Well, you can always ask people with experience in similar roles. Whether it’s someone sitting next to you or a friend on social media, learning knows no boundaries, and you shouldn’t either.

Maintain Optimism

In the earlier phases of change, you may not be feeling good or happy – that’s okay. Nobody said it was easy, but remember that it is not how things are going to stay forever. Remember, change is inevitable. Focus on your strengths, work with things you like about the job, and try to address what seems bothersome.

Self-Reflection

Don’t jump to a conclusion and start questioning your skills when things get uneasy. Take time to think and relax – reflect on why you are struggling with your current job and what skills you need to succeed. Talk to your manager, gain some insights, and understand the expectations he or she has of you. It’s empowering when someone else shows their faith in you.

Learn New Skills

You might be forced to learn something you don’t want to, but that doesn’t mean it won’t benefit you. All good things in life take time, and it might be possible that what seems uncomfortable today is a blessing in disguise. Understand that learning never goes in vain. Every skill offers a benefit – while some may benefit you today, others might benefit you tomorrow. If you want to learn skills faster, give yourself deadlines, and follow them religiously.

Ask Questions

It was Albert Einstein who said, “If I had an hour to solve a problem and my life depended on it, I would use the first 55 minutes determining the proper questions to ask.” In the professional world, asking the right questions matters more than having the right answers. The more questions you ask, the more clarity you’ll have regarding the change.

Bottom Line

Handling change in the workplace is not so daunting if you have the right mindset. We hope this article helped you understand the benefits of change and how it can make you a better professional than you are today.

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.

Owning and running a non-profit business can be worthwhile. While there is frequently a mistaken belief that somehow non-profit businesses are easier to run than other companies, it can be as difficult as any for-profit business. Here are seven tips on running a lucrative non-profit business.

Market Research

Because a non-profit business is solely dependent on financing to operate, market research becomes crucial to success. Many financial contributors will also do market exploration before determining whether their contribution would be best used in your business. Know who your competition is, the market variations, and expected dividends according to the research.

A Clear Mission Statement

The mission statement is perhaps an essential part of the business plan for a non-profit business. The mission statement is the business’s specific goal and will inform prospective donors and fund sources of your business objectives.

Good Record Keeping

Though every business should have exceptional record-keeping, it is particularly vital for the non-profit business. Every expense and donation has to be tracked carefully for accounting, financing, and taxes.

Founding and Upholding Your Financing Sources

A non-profit business can’t succeed without financing backing it up. Finding and then upholding legitimate financing resources is very important for a non-profit’s existence and growth. The greatest way to maintain a steady flow of financing is to have a donor database and corporate sponsors. It is also suggested that non-profit keep donors and benefactors up-to-date to keep them involved in continual donations.

Maintaining Good Public Relations

Non-profits, remaining focused on financing to stay in business, must sustain good public relations. Public relations don’t have to be constrained to the community but can go beyond dependent on the business’s function and what it offers. Good public relations will also maintain the focus on the objective of the business.

Avoid Doing Everything By Yourself

Non-profit business owners often get founder’s disorder, which makes them excessively engaged in the business’s day-to-day operations. This overextension can overcome the owner, and it will ultimately harm the business. It is important to use some financing to hire support staff and a few executives to help run different business aspects. Delegation and making the responsibilities of each staff member clear will be key. Running a non-profit is challenging, and the success will be dependent on the staff as a whole.

Installing a Board of Directors

The board of directors is as essential as the staff and the owner. The main purpose of the board of directors is the legal backing and supervision of the non-profit business. This administrative structure will keep each person in check, so no one individual is in charge. The board of directors makes critical decisions on endowment distribution, staff, and overall direction.

When a business’s key goal is non-profit expansion, it becomes even more important that all actions performed by the non-profit be run through the board of directors. This is to ensure everything is done most cost-effectively and efficiently feasible. This gives donors and benefactors the idea of how their money is utilized to the best extent. Doing so will grow the non-profit’s standing and help gain further donors and sponsors who believe in its objective statement of the non-profit business.

Conclusion

Owning and managing a non-profit business can be a challenge with great rewards. There are multiple types of non-profits, but they all have in common that their primary focus is serving others. Their goal is not to make profits that benefit the owners but rather the ones the non-profit was established to serve. Non-profits can be a charitable organization. It can be a business that doesn’t gain profits but offers goods or services to certain communities or people in need—understanding how to own and operate a non-profit business properly can make it a success and can be highly rewarding.

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.