Author: Jennifer Brazer

When it comes to starting and running a lucrative small business, innovation and technology have to be considered a key business piece. Due to the nature of technology and the movement to online transactions, e-billing and invoicing have become more commonly used by small businesses. There are distinct advantages for you and your customers to use e-billing and invoicing. Here is everything you need to know about e-invoicing and billing.

Convenience

Convenience is always a driving force when it comes to business operations. You have to keep it heavily in mind when you are taking on the e-billing and invoicing system. Using e-billing and invoicing is an advantage for you as the business owner and for your customer. By offering your customers various payment types, you increase your customers’ chances of paying their bills in full but on time. Customers using the option of paying online can choose when and where they complete transactions, therefore, ensuring on time or early payment.

Control of Finances

Because online bill paying is instant, this gives the user control over their finances. Sending a check takes time to arrive, process, and debit from their bank accounts, leaving time to possibly utilize the funds causing the check not to clear due to insufficient funds. E-billing eliminates this because instant account debit applies whether the customer chooses debit, credit, or e-check.

Email Reminders

E-billing and invoicing include automation to remind customers of their upcoming due date. Not only does it send reminders, but it also offers an option to “Pay Now” when it sends the reminder before the due date. This option increases the probability of the customer paying early.

Automatic Payments

Speaking of automation. Most e-billing and invoicing systems have an option for automatic payments. The customer can opt into this automatic payment debit. In some cases, the company can offer discounts or fee waivers for those using the automated option. Automation increases paid receivables by a large percentage.

E-Billing and Invoicing Business Advantages

Instant and Secure Invoicing

Invoicing is made convenient and secure by emailing the invoice to the customer with the mouse’s click. The invoices will also trigger automation for email reminders. At the time of the original invoice, there will be a “Pay Now” option increasing the possibility that the customer will pay before or on the due date.

 

Less Time Invoicing and Bookkeeping

Electronic invoicing allows you to distribute multiple invoices in less time to create and send one paper invoice. You can use automation to link invoicing to your bookkeeping software, saving time spent on reconciling accounts receivable entries.

Cost reduction

Sending automated e-invoices saves money. There are savings on time, mailing products, and postage. The savings can be quite a lot for high volume businesses. Small businesses benefit from these cost savings the most since budgets are generally tight for small businesses.

Storage

Automated notices and electronic invoices can be saved on your business computer’s hard drive. You can also back up your files on outside drives. Paper records must be stored in filing cabinets taking up space and utilizing precious time to file them. Also, Invoices can be integrated into your accounting software, making it more accurate than paper document filing, which leaves the possibility of lost or misplaced invoices.

Conclusion

Because of security, accuracy, convenience, and quick payment, e-billing and invoicing are quickly becoming the norm for accounts receivable. Whether you are a customer or a business owner, the benefits of e-billing and invoicing are numerous, and the disadvantages are few. With more customers going online to find a payment solution that works for their needs, electronic invoicing and billing are an exceptional tool for your business that offers your customers a seamless and enjoyable billing process.

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.

According to a report submitted by the World Economic Forum’s Global Gender Gap in 2017, women and their talent are still among the most underrated resources in many industries, including finance. 

When it comes to making finance a career, female representation is on a continued decline. Even though forty-nine percent of our financial servants/employees are female, that number is only fifteen percent when it comes to looking for representation at the executive level. 

After interviewing a few members of the Finance Council in Forbes who were female executives and are constantly crossing limitations and breaking barriers, a few things came to attention.  Here are a few things a person needs to know about the women in finance:

1. The Gender Gap in Finance Is both a Challenge and An Opportunity

It is not new that the industry of finance is visibly male-dominated, and it can be easily defined by a phrase called “an old boys club.”  This is largely due to the majority of men who are second or third generation as their father or a relative was initially in finance. This is one of the most common reasons why women often have trouble receiving the recognition they deserve, as they are a minority in the industry, to begin with. 

The gender gap can be a disadvantage for women as they have a hard time getting the credit they deserve. However, it also creates an opportunity for women to seek out representation and achieve positions at an executive level. There is no doubt that gender difference is a big obstacle, but it’s nothing a woman can’t overcome with hard work and determination. 

 

2. Finance is about More Than Just Money … It’s About Making a Difference

A career in finance is not simply a way to get by and manage everyday expenses. After interviewing many women actively involved in the business of finance, it is clear that most consider it a calling and a purpose in life. They wake up every day with fire in their eyes because they know that they make a huge difference for families and people around them.

It’s a fact that the people involved in the finance industry look at their work as a positive calling that is impacting the lives of people all across the globe.  Many consider a career in finance as a support system to help people who are unable to generate sufficient savings work towards saving more money through constant help and guidance.

 

3. A Finance Professional Never Stops Learning

In addition to self-sacrifice, the women who work in “Forbes Finance Council” said that they like to use intellectual stimulation to help them stay motivated throughout their career. Financial markets change and are impacted by everything.  No two days are rarely ever alike as it’s always evolving and changing, forcing people to do their best every time. For example, Kayce is a successful female worker in a field related to finance who likes to encourage women from all across the country to understand all the different opportunities available in the field of finance. She believes the field has a lot to teach people as they grow and develop a vision.

 

4. Women Are Creating the Future of Finance

Women working for the Forbes Finance Council are determined to make a name by founding their own startups and welcoming new initiatives along with developing a new culture. They believe in doing it their own way by creating their own brand. After the rise of fintech (financial technologies), both economic industries, along with fintech firms, can now enjoy new narratives. Such companies play a vital role when it comes to helping and providing better communicating options.

 

5. The Future Is Bright for Women in Finance

It is no secret that there is a gender gap when it comes to our finance industry. However, the Forbes Finance Council’s female members are changing the course, and because of their efforts, things are improving across the globe.

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.

Recent studies show about one-fifth of startups fail in the first year, and almost half fail within five years. The survival rate for ten years or more is only one-third. Entrepreneurship comes with many risks, and one is never sure whether the business will survive the rough storms of business ownership. Therefore, people who are not comfortable with entrepreneurship’s uncertain nature prefer working as employees all their lives. But why is entrepreneurship risky when it comes to starting and running businesses? Here are three reasons entrepreneurs fail in business and how to avoid them.

Inadequate Management of Resources

Often small businesses overspend their resources in the first few years because they want to give the venture all they have to make it successful. However, successful businesses do not require an abundance of resources but better management of resources. Spending a lot of money in the first year means that the business is left with little or no money for the future. Also, small businesses are unable to manage their human resources effectively. The success of a business depends on the strengths of its team. Small businesses and entrepreneurs avoid hiring the required professionals. They try the allocation of several tasks to one person, which causes trouble for the company. Employees wish to work for multinational organizations, and finding a skilled workforce becomes a challenge for the businesses. The lack of management of resources by the company leads to the failure of the business.

Lack of Marketing Efforts

Marketing and advertising are important endeavors for all businesses, large or small. Choosing the right strategies for marketing, sales, and advertising is critical to the company’s success. Entrepreneurs often invest little effort in marketing their business, which fails to attract the target audience; therefore, the business fails. Recent studies on business failure show the small businesses avoid vigorous marketing because they cannot compete with market giants. However, they fail to understand that marketing does not mean making sales more than competitors. Marketing is the process of knowing the target market, analyzing their needs, developing efficient products for the target market, making potential customers aware of the product, and making sales. If any step in the process is not performed properly, the business is likely to fail.

Over-Expanding the Business

A few sales at the start of the business does not indicate expansion. Over-expansion occurs in two ways. Firstly, when businesses receive a few orders and make sales during the first few weeks, they start taking more orders which they cannot fulfill due to the limited resources and experience. This affects the quality of products and services provided to the customers and decreases the repurchase chances by the customers served in these chaotic periods. Customers are always looking for personalized experiences with the company, which is impossible if the company is trying to serve more customers than it can handle. Secondly, the companies start investing in the business, based on the few sales made. More inventory is added, new machines and equipment are purchased, more staff is hired, and a vigorous expansion is witnessed.

On the contrary sustainable businesses demand calculated expenditures. Also, a few sales do not determine the demand and potential of the business. Small businesses must be reluctant to undergo major expansions until they have successfully implemented their initial business plans.

Conclusion

Unlike multinational organizations with abundant resources and the ability to take risks, small businesses cannot endure high risks. In case of a failure, the stakeholders will face huge losses. Entrepreneurs need to understand that running a successful business demands maturity, patience, and the ability to make an efficient, smart, and calculated decision. It demands control of the impulsive attitude of young and inexperienced entrepreneurs. However, a balance between avoiding risks to avoid undue expenses and taking risks to enhance profitability is the key to a successful business.

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

Wealth management is significant for every individual and business. Wealth management can help monitor the money obtained through income, financial investments, taxes, or any other sources of money. A few companies invest in wealth management services to enable them to supervise their economic situation and create an efficient strategy on the best way to manage revenue and income. It is important to ensure that an individual or business’s wealth is secure and to know the capital’s present status. When individuals know everything there is to know about their money, it becomes simple to make decisions that include money.

Private wealth management includes various services that assist individuals in organizing and managing their wealth. Conventionally, these services are for individuals that possess a great amount of wealth and capital. It has developed to include small businesses and families that deal with money that is higher than ordinary. Private wealth management can incorporate investment portfolios and monetary preparation services. The wealth management firm will assist individuals in planning their monetary future. Likewise, it will assist individuals with working on their investment portfolios. Private wealth management professionals collaborate to establish an individual’s bonds and stocks and their personal savings accounts. Then it will also offer an individual the data and information about these accounts frequently. The wealth management firm might also offer advice concerning when an individual should consider moving particular investments or funds to another location. Here are the pros and cons of seeking out wealth management assistance.

Pros

There are various advantages of wealth management assistance. These wealth management professionals assist individuals in creating a solid portfolio. Similarly, they will also assist the individuals in planning their financial future, including their aims and objectives. These businesses can provide knowledge, information, experience, and skill. This range of abilities can assist the individuals in having a strong financial knowledge of the circumstances. After utilizing their suggestion, an individual can effortlessly make the portfolio work for them. Investing is tied up with being intelligent and brilliant, something that many individuals will not have the capacity to manage without professional wealth management.

Wealth managers assist in improving the monetary circumstances of their customers. The wealth managers work intimately with their customers and improve their portfolios as per their situation. Also, they are productive and adaptable towards the concerns of customers.

Wealth managers create plans to sustain and expand the capital of their customers. They constantly meet their customers to deliberate objectives, performances and to re-adjust the monetary portfolio. Usually, wealth management professionals have a lasting relationship with customers. Customers and wealth management professionals will meet and come up with strategies to best maintain and grow wealth.

Cons

The biggest drawback of consulting a wealth management professional is a wealth manager that an individual does not have faith in. It can result in financial devastation. An individual should invest their time in research before choosing a wealth management firm or professional. Some firms or wealth managers might not readily inform the individual about where their money is being invested.

Another drawback of hiring a wealth manager is that they do not always have the individuals’ best interest in mind. While a few advisors and managers will undoubtedly help make choices that benefit the customer, others may only steer their client in a direction that benefits themselves. It is important that you find a wealth management professional that isn’t looking to upsell you or try to get you to pay for products or services you don’t need. Research what you need yourself so you can be prepared to let the wealth manager know you.

Wealth managers employed with investment banks can demand more money from the individuals than what they had decided before. Such managers do not value the small investments as their objective is to acquire average earnings from their lesser customers. Consequently, investors are not able to exploit great market possibilities because of the carelessness of their managers.

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.

Everyone has to deal with debt at some point in their life. Whether it be due to the need for loans to make large purchases or bad debt built from getting behind on interest-bearing accounts. Business debt like personal debt is not unusual; it is relatively expected, especially if your business is in the start-up stage. However, with some businesses, debt has become overwhelming due to money mismanagement. Here are six ways you can minimize and even eliminate debt for your small business.

Assess and Rework Your Budget

Setting an initial budget should be a part of your business plan from the beginning. It is also a changing part of your business that needs routine assessment and reworking when needed and every year. It is best if you hire an accountant or bookkeeper or use accounting bookkeeping software. The main focus is to get a budget and stick to it. Many small business owners have not done one, to their loss or even full failure.  

Reduce Expenses

Once the budget is complete, take a look at all your expenditures. If done accurately, your budget will reveal where their expenditures are and are not essential to the business. Once you have assessed your expenses, pick a few to cut from your budget. Even one unneeded expense can add up to huge savings at the end of the year.

Temporarily Pay with Cash

The primary source of business is debt, loans, or other credit lines, which are sometimes unavoidable. Some even use credit cards to try to pay for the needs of the company. For some time of your choosing, only to pay with money, you know you have. Don’t take out more loans to pay a debt. It is easy to lose control if you have too many loans to pay back.

Communicate with Creditors and Lenders

Most business owners don’t realize that lenders and creditors will often work with you through hardships. Even if you make a lower payment arrangement, they are getting paid. Most lenders would prefer to work out a payment reduction than send it to a debt collector because they only get pennies on the dollar of what the debt is. Creditors also have an interest in you paying something rather than defaulting. Communication is key.

Consolidate and Stack

There are ways you can consolidate your debt, making it one monthly payment instead of one. Generally, you will have to go through a third party willing to take on all your debt and receive one payment. The other method you should incorporate is the stack method. This method entails you paying down from highest to lowest. This saves on interest, and the surplus created can go towards the next debt on your list.

Hire a Debt-Restructuring Firm

If you cannot take care of debt independently, hiring a debt-restructuring firm is a great choice. They specialize in not only restructuring debt but help you explore every possible way to repay your debt quickly. These firms also have the contacts to consolidate your debt, making it manageable with only one payment. While hiring a debt-restructuring firm will incur some cost, it is far less expensive to pay them to get your business on track and out of debt than to continue compounding your financial issues with high-interest rates and the piling on of other debt.

Conclusion

If all else fails, you still have options. For businesses that can’t manage their debt, it might be time to think about selling the business, liquidating all assets, or filing for bankruptcy. But before taking those extreme measures, first try reworking your budget, reducing your budget, temporarily paying with cash, communicating with creditors and lenders, consolidating and stacking, and hiring a debt-restructuring firm. One or more of these can turn your business around.

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

Every organization and business, irrespective of its size, keeps a record of its business transactions such as sales, expenses, and other financial transactions that occur every day. The recording of financial transactions is called bookkeeping, and the individual responsible for the recording is called a bookkeeper. A bookkeeper is responsible for recording day-to-day transactions and presents the data to the accountants who use them to create financial statements, including an income statement, balance sheet, profit and loss statement, and more, as needed. However, some entrepreneurs and small businesses prefer doing the job themselves, which can lead to mistakes. Here are five signs you need to hire a bookkeeper and stop doing the books yourself.

When the Workload Increases

At the beginning of a business venture, a small team can manage the workload, and different tasks can be assigned to each member. However, as the business grows, the responsibilities grow as well. This increases pressure on the team members, which may affect the work’s quality; therefore, the tasks must be reassigned to ensure efficiency. Bookkeeping requires attention and accuracy, as the financial management and projections depend on the company’s revenues and expenses. When a person has various tasks to look after, some expenses may go unrecorded, making it difficult to track the company’s efficiency and profitability.

When the Expenses are Not Categorized Accurately

It is important to track expenses accurately. The business must know when the expenses were incurred and the nature of expenses incurred. If the expenses are not categorized properly, the company may pay more tax credits or face several other business deductions. A person who does not have a proper understanding of bookkeeping is likely to make mistakes in categorizing expenses that will lead the company to pay more. Often the extra amount paid is more than the expense of keeping a bookkeeper.  A bookkeeper will ensure that all expenses are categorized properly to avoid any further expenses.

Lack of Organization

A growing business for an entrepreneur means a lot of chaos and hassle until one develops a team to manage different tasks. The work can be overwhelming, leading to unorganized work and unfinished tasks. Also, a new business must maintain a good reputation amongst stakeholders and ensure timely payments to vendors. This can be a problem for entrepreneurs and small businesses because various tasks are designated to one individual, and the pressure may lead to errors. To avoid unorganized behavior in the business, a bookkeeper must be hired to record financial transactions. This will help keep the business organized and manage the work well.

Moving Towards a Bookkeeping Software

There is bookkeeping software that allows entrepreneurs and small businesses to practice bookkeeping without any hassle. Some people may struggle with this software as they use technical terminologies that may not be easy to interpret by people who do not understand finance. Also, the software may seem confusing to one if he is not familiar with finance. The business may consider hiring a bookkeeper when the business grows, and the need for formal and organized bookkeeping merges. Instead of involving yourself in the software, hiring a bookkeeper would be a great idea.

When Bank Statements Need Reconciliation

Bank reconciliation is integral for ensuring accuracy to eradicate all errors in the financial data. Therefore, it is important to have accurate data in hand. Accuracy in the data ensures that the company is paying the right amount in taxes. However, suppose an entrepreneur or a small business is struggling with bank reconciliation and does not find the time to do it regularly. In that case, hiring a bookkeeper for the job is the only option left. A bookkeeper will take care of all these matters to keep the financial data accurate and updated.

Hiring a bookkeeper can reduce costs that the company would otherwise due to financial errors. Is it time for your company to hire a bookkeeper?

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 property is not always a dependable investment. Unless individuals are completely positive that they will live in the long-term house and will not want to or need to sell it for many years, one should take some time to contemplate before buying a home.

It’s an individual’s choice whether to buy or rent a house. However, it is more advantageous to rent a house rather than buying one in many cases. Renting a home is often more affordable and easier to negotiate than buying one. When individuals buy a home, they get bound to one place, making it difficult if work or other issues make them need to move. Here are five reasons you should consider renting a home instead of buying one.

Real Estate Market Crashes

It is possible that the real estate market could crash at any time or be easily affected by inflation or recessions. Though low-priced down payment mortgages have become more popular, the overall property costs have increased drastically while income has remained the same for many individuals. This means that many individuals might get stuck in a tight spot even if they can afford the down payment to get into a home. Also, it doesn’t appear that the real estate market learned the lessons of the past, and because of commissions, many brokers and agents talk people into homes outside of their means.

As a renter, you are not stuck with a mortgage you can’t afford, and if anything is happening in the real estate market, it doesn’t affect you adversely. It also protects the landlord as they will have some income coming from the rental.

Rentals Are More Adaptable

When individuals decide to buy a home, they commit to the area they live, the neighborhood, and any issues that come with the location. If you purchase a home and discover you have bad neighbors or issues in your neighborhood, you are stuck in your mortgage. If you are a renter, there are generally laws and rules that will allow you to get out of your lease and move if needed.

It isn’t easy to buy or sell a home

Buying and selling a home is sometimes a difficult process. If the real estate market is bad when you need to sell, you could either not sell the home or sell it for far less than the value. While it is understandable that homeownership is something many people strive for, it is not for everyone. Most lifelong renters do so due to the freedom to move as needed and because buying and selling a home can be a challenge.

Affordability

Even if an individual rents a home for a long time, it will cost less than buying a home. The common idea is that if an individual is not going to live somewhere for more than five years, it is not a good plan for them to buy a house. Individuals should compare the total cost of homeownership and the total cost an individual will have to pay when renting a home to ascertain if it bodes well to buy or rent a home. The great thing about renting is that if your income takes a hit, you can more easily move to something you can afford, whereas if you are stuck in a mortgage, you could be looking at foreclosure.

Property Taxes and Maintenance

A lot of property holders are oblivious to the unforeseen costs that come with owning a home. There are costs for owners such as insurance, property taxes, maintenance, and homeowner association fees. Though many landlords will include these costs into the rent if these fees go up or taxes are increased, the renter is locked in with the rental agreement to the amount agreed upon.

Conclusion

While homeowners can use homeownership as an investment if they buy low and sell high, rent out the property, or find other ways to profit from the property, it can be costly and end up as a loss or bad investment. Homeownership overall is not discouraged, but you do need to weigh the pros and cons of homeownership, and in many cases, it will make more sense for you to rent rather than buy.

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.

Bank credit is one of the most common types of financing available for people and businesses. Whether the loan is for real estate, consumers, cars, or businesses, many loan seekers turn to this resource to finance their startups. Although this form of financing is largely criticized, it is a source from which a person can borrow money safely and use it immediately. Below are a few of the advantages and disadvantages of using bank loans.

What is bank credit?

Before getting into the details, it is best to understand the real meaning of the term “bank credit.” Credit is a feasible way of acquiring household goods, real estate, computer equipment, etc., without “breaking the bank.” Bank credit contains all the reserves that the bank provides for personal or business purposes. In return for these funds, the bank obtains a percentage/ fee in the form of interest. The interest ratio can be both variable and fixed. Interest, along with the monthly payments, will be paid depending on the conditions outlined in the loan settlement. There are many conventional bank loans, each with its own interest ratios and conditions. For example, there are bank loans whose repayment term does not exceed 6 months and determined by a certain ceiling. When we talk about consumer credit, revolving credit, overdrafts, money advances, etc., we must also mention the other short-term credits. These often come with a term of three years.  There are also medium-term loans that come with maturity options ranging from three to seven years. Long-term loans are offered for terms of more than seven years. These are particularly relevant to real estate credit, whose refund can last up to thirty years for some banks. For a personal loan, money coming in and bank scoring determine your access to a bank loan. For a company, the lending of such credit relies on collateral, such as a building, commercial walls, etc.

 

What are the advantages of taking out a bank loan?

When a person is looking for funding for their project, there are a plethora of resources to obtain a specific amount. Examples of these include loans to initiate, loans between individuals, microcredit, CAF aid, the sale of real estate or appliances, the sale of furniture to repurchase, and the list goes on and on. Nevertheless, each of the solutions mentioned above has its strengths, as well as its disadvantages. Regarding bank credit, these loans allow for a greater volume of financing compared to other solutions. 

For companies especially, this means of obtaining money is significant because it allows for both obtaining money, buying equipment, and real estate, as well as buying into the culture of a company. In addition, when a manager contracts a bank loan for his business, he cannot be removed from the decision-making power in his structure. There are tax deductibles available relative to the interest of bank credits. 

For individuals, the offer of consumer credit comes with the advantage of accessibility. Moreover, some loans offer a fixed interest ratio and a constant monthly payment. The mortgagor can easily dispose of the property they had once sought-after, even if they lack the funds to pay it off. For example, a person can buy the car or house they always dreamed of only if they meet the required conditions to obtain the credit. This type of personal loan also allows them to cover their finances if they are short on a payment or even if they run out of money entirely. Simply put, even if you have not been saving for fifteen, or even twenty-five years, you can buy a property. Furthermore, those who are stuck behind the repayment of several credits can opt for the restructuring of bank debts. This solution also helps to lighten the financial burden by extending monthly payments over time and consolidating all loans into one. For the banking institution, this type of financing is a financial windfall. Banks reap most of their profits via this situation.

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.

Business partnerships are common among entrepreneurs wanting to start a business. Business partnerships are not the same as those who will invest and share in profits. A business partnership means that the partners are equally responsible and involved in the business. While having a business partner can be beneficial, it should be carefully considered because statistics show that 70% of business partnerships dissolve and, in many cases, ultimately cause businesses to collapse in the wake of the partnership failure. Here are seven business partnership problems and how to avoid them.

Partnerships with Friends or Family is Risky

While some family-owned and operated businesses succeed, others may cause rifts within the family if the partnership doesn’t work out. These rifts are also true of those partnerships started with friends. There can be too many differences to overcome and end the relationship if things don’t work out. Partnering up with friends and family can be a great reward or cause devastation, so if you contemplate a partnership with a friend or family member, you need to try to be as sure as possible that you can trust the other person.

Unequal Commitment

If you are determined to have a partner, you need to make sure the other person will be very committed to the business and its operations. If you don’t carefully consider your partner and get into the business and find you can’t rely on your partner or are pulling more than your share of the business’s weight, this can be harder than if you didn’t have a partner. The best way to handle this is to either decline to partner with the person if you know their commitment level is questionable or have a legally binding contract drawn up by a business lawyer. This contract will protect you and your partner should either of you fail to hold up your end of the partnership.

Lack of Success

Building a business requires patience and perseverance. No matter how many people are involved in the business operation, there can be a lot of stress involved in running a business. Some businesses will succeed immediately, and others will take time to build, but it can cause stress and ultimately damage the partnership if your business is not succeeding. If one partner continues to work towards success, and the other partner is buckling under the stress, it can cause the partnership to fail. Partners will need to find strength in each other while they continue to work towards success. The key is for both partners never to give up and to work through the difficulties.

Different values

Many partnerships do not succeed because the partners are not aligned with the business’s values ​​or goals. If you can’t agree before starting the business, that is a strong sign. You should not even enter into a partnership. However, there are situations where the partners are not aware of these differences until the business starts to evolve. As the differences arise, they must be worked through for the business to survive. If they can’t be resolved or agreements cannot be made, it may be a good choice to end the partnership.

Long-Term Goals

Long-term goals are important for any business, but they need to be agreed upon when working in a partnership. This set of goals makes it especially important for all partners to be involved in developing the business plan. The business plan will include short and long-term goals and many other aspects of the business that will help identify where partners agree and differ. Having long-term goals and a great business plan will help avoid the partnership’s failure or business.

Personality Clashes

Sharing risk and having a set of complementary skills are some of the great advantages of partnerships. Still, if the partners’ personalities do not fit together enough, the business may be in trouble. Disagreements between partners are expected, but if personalities clash and are not fitting together, this could result in the ending of the partnership, the relationship, and possibly the business. The key is to be sure you truly know and understand your partner before you ever enter into a partnership with them.

Risk Tolerance

When we are individuals, we may take more risks than if we are with a partner. However, you should never enter into a partnership in which your risk tolerance doesn’t compare. If one of you is willing to take more risks than the other, that can kill the business right from the start. Therefore, you must agree upon the business’s risk tolerance before entering into a partnership. If you can’t agree, it is probably best if you don’t partner up.

Conclusion

If you are going to start a business with a partner, there should be no surprises once the business as far as the partnership is concerned. However, some personality traits, ideas, or differences of opinion can cause a strain between partners, and you have to work through it. A business partnership is just like a marriage in that there will have to be mutual respect and compromise. Build trust and work together, and you can build a successful partnership and business.

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

Many people daydream about owning their own business but often let that dream go due to the difficulty of successfully running a company. Nevertheless, one corner of business ownership is more easily obtained for those dreamers, the stay-at-home business. Having a stay at home business can be profitable and fairly easy to start. Here are the top five stay at home businesses you can start NOW!

Second-Hand Selling Online

Second-hand or used selling has stretched to other platforms besides eBay, and in some instances, you can sell used items for zero fees to the hosting site. Platforms like Amazon, eBay, and other international platforms present a way to sell items worldwide. They come with fees and some selling limits. These fees and selling limits can be surmounted effortlessly by a knowledgeable dealer. Social media and sales apps offer the ability to sell locally and be profitable and without fees. Having a company website or business page and using the marketplace on platforms like Facebook allows both local and worldwide selling for free. Fees only come into play if you use their promotional ads. This kind of selling is not for the lazy. You have to obtain, refurbish, list, respond to customers, and ship items or meet for the exchange. Nevertheless, some have made this kind of stay at home company exceedingly profitable, making the work worthwhile.

Photography

While it may be valid that any person with a smart device can take stunning photographs, photographers go beyond what they offer. This company is equally as fast to start but does necessitate photography equipment. You can get a decent digital camera and lenses, basic lighting tools, and good photography software for under $2,000, sometimes well under if you’re a savvy shopper, and get started. The photography company requires creativity and patience but can be profitable, especially if your photography is unique. But, keep in mind, this company is extremely competitive, and you will need to stand out and offer high-quality final results.

Home Baked Goods

If you ask most bakery owners how they began, they will tell you they started with a stay at home bakery company. The operating cost is low as you only need to buy the ingredients in most instances and occasionally additional baking equipment. This stay at home company does require a lot of time to be profitable, and you must love to bake. Some successful home bakeries specialize in one kind of baked goods, making it simpler to keep its low operating cost and a lot of baked goods. Some baked goods can even be distributed, such as cookies and certain pastries and cakes that would hold up and taste great upon arrival. Since it is a food-based company, be sure you research the health department requirements for a stay at home food service company.

Freelance Writing

Freelance writing is among the most popular stay at home companies because you can easily start your company if you can write. While it is fairly competitive, freelance booking sites and virtual classified sites such as Craigslist or Fiverr are where writers can put themselves up for hire. Numerous blog sites will pay for blogs if taken after submission. Even if your writing skills are modest, you can take free online writing classes to enhance your writing and use some relatively low-priced editing tools to make your writing shine and give you a competitive edge.

Social Media Specialist

Social media is the number one way that every company, large or small, uses to market. While larger corporations will have more advertising dollars to spend on print, television, and billboard ads, they will still have a strong social media presence for marketing. A social media expert will publish and promote a person or a company on social media platforms. Often, company owners are so concerned with their company’s operations, so they will hire a social media specialist to do it for them. The social media specialist is another company that only requires a bit of social media knowledge, and you can start it now with no overhead.

Conclusion

Though there are hundreds of stay at home company concepts, these are among the top five due to ease of start-up, low overhead, and demand. The information about these five should help you decide to be your boss and start your stay at home company NOW!

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.